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Shankar Lal Rampal Dye-Chem Ltd

SRD

NSE

₹37.89-2.24%19 Oct 2026

Reports

Dyes and Pigments

Shankar Lal Rampal Dye-Chem Ltd

SRD

NSE

₹37.89

-2.24%

19 Oct 2026

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Dyes and Pigments

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Shankar Lal Rampal Dye-Chem Ltd is a pure-play chemical trader that buys finished dyes and industrial chemicals from third parties and resells them to textile and home-care factories, with no factory of its own - at least not yet. Incorporated in 2005 in Bhilwara, Rajasthan, and run by four brothers as working directors, the company has spent two decades building a domestic distribution network for everything from sulfur dyes to soda ash. The recurring approach that explains everything else is a trader’s instinct for staying light: avoid manufacturing overheads, lean on supplier relationships and bank credit, and now, only after reaching national scale, begin a careful backward integration into making the home-care chemicals it already sells.

Business segments

A single trading engine that moves dyes and chemicals from suppliers to factory floors - now laying the groundwork to add a manufacturing leg beneath it.

1. Chemical trading: a bridge between global suppliers and Indian factories

The company buys finished chemicals from producers, stores them in two ISO-certified warehouses, and delivers them to textile mills and cleaning-product makers - it earns the spread without owning a reactor.

No factory, no problem - the company has never operated a manufacturing plant; it purchases finished dyes and chemicals from third-party suppliers and resells them, which keeps capital expenditure near zero and lets it scale up or down with demand.
A broad chemical catalogue - the portfolio spans organic dyes, sulfur dyes, hydrogen peroxide, sodium bicarbonate, soda ash light, and linear alkyl benzene sulphonic acid (a key ingredient in detergents), serving textile dyeing, home care, personal care, and sanitization industries.
Two warehouses, one corridor - trading facilities in Bhilwara (Rajasthan) and Mumbai (Maharashtra) handle storage, quality checks, and dispatch; both sites hold ISO 9001:2015 and ISO 14001:2015 certifications, so customers get quality assurance even though the company does not make the product.
Overwhelmingly domestic, with a sliver of exports - in FY22 and earlier years, virtually 100% of sales were within India; by FY25, export earnings were just Rs. 20.64 lakhs, meaning the business is built on supplying Indian factories, not global markets.
Dependence is the risk, relationships are the hedge - because it has no in-house production, the company is vulnerable to supplier pricing and availability; it mitigates this through long-standing supplier relationships, high purchase volumes, and forward contracts to manage the rupee-dollar swings on its substantial imports.

Group structure and partners

A standalone company with no subsidiaries or joint ventures, backed by a promoter group that shares the chemical-trading DNA.

The company has no subsidiaries, associates, or joint ventures, and it is not a holding company - it is a single corporate entity with no equity investments in other businesses.
A promoter group entity, Inani Chemicals Private Limited (formerly Classic Prime Home Care Private Limited), holds 8.18% of the company’s shares; another promoter entity, Oasis Capital Private Limited, also holds a stake.
The company’s working capital - the fuel for its trading cycle - comes from fund-based and non-fund-based credit lines with ICICI Bank, with no long-term borrowings on the books.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹242Cr

Close Price

₹37.80

Industry

Dyes and Pigments

Price To Earnings

13.08

Price To Sales

0.51

Revenue

₹478Cr

Rev Gr TTM

Revenue Growth TTM

12.40%

PAT Gr TTM

PAT Growth TTM

51.77%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	70	86	77	99	94	102	107	122	113	91	139	136
Growth YoY Revenue Growth YoY%	-6.2	10.8	-12.2	80.7	34.6	18.6	38.6	23.8	19.4	-11.1	30.5	10.9
Expenses ExpensesCr	68	83	74	94	91	98	103	116	109	88	133	123
Operating Profit Operating ProfitCr	2	3	3	5	4	4	4	6	4	3	7	13
OPM OPM%	3.5	3.9	3.4	4.9	3.9	4.1	3.6	5.1	3.4	3.0	4.8	9.4
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	2	3	3	5	3	4	4	6	4	2	7	12
Tax TaxCr	1	1	1	1	1	1	1	1	1	0	2	3
PAT PATCr	2	2	2	3	3	3	3	4	2	2	5	9
Growth YoY PAT Growth YoY%	-65.4	96.7	60.5	500.0	36.0	20.2	44.0	21.8	-6.3	-27.3	90.5	116.8
NPM NPM%	2.6	2.8	2.3	3.5	2.7	2.8	2.4	3.5	2.1	2.3	3.5	6.8
EPS EPS₹	0.3	0.4	0.3	0.5	0.4	0.5	0.4	0.7	0.4	0.3	0.8	1.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	70	86	77	99	94	102	107	122	113	91	139	136
Growth YoY Revenue Growth YoY%	-6.2	10.8	-12.2	80.7	34.6	18.6	38.6	23.8	19.4	-11.1	30.5	10.9
Expenses ExpensesCr	68	83	74	94	91	98	103	116	109	88	133	123
Operating Profit Operating ProfitCr	2	3	3	5	4	4	4	6	4	3	7	13
OPM OPM%	3.5	3.9	3.4	4.9	3.9	4.1	3.6	5.1	3.4	3.0	4.8	9.4
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	2	3	3	5	3	4	4	6	4	2	7	12
Tax TaxCr	1	1	1	1	1	1	1	1	1	0	2	3
PAT PATCr	2	2	2	3	3	3	3	4	2	2	5	9
Growth YoY PAT Growth YoY%	-65.4	96.7	60.5	500.0	36.0	20.2	44.0	21.8	-6.3	-27.3	90.5	116.8
NPM NPM%	2.6	2.8	2.3	3.5	2.7	2.8	2.4	3.5	2.1	2.3	3.5	6.8
EPS EPS₹	0.3	0.4	0.3	0.5	0.4	0.5	0.4	0.7	0.4	0.3	0.8	1.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	26	29	75	176	133	178	303	323	288	402	465	478
Growth Revenue Growth%	18.5	12.3	157.5	134.0	-24.6	33.9	70.8	6.7	-11.0	39.6	15.7	12.4
Expenses ExpensesCr	26	29	73	172	127	165	266	301	278	385	445	452
Operating Profit Operating ProfitCr	0	0	2	4	6	12	37	22	9	16	19	26
OPM OPM%	0.9	1.4	3.1	2.3	4.2	6.8	12.3	6.8	3.3	4.1	4.2	5.4
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	1	2	2	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	1	2	4	11	36	21	9	15	18	25
Tax TaxCr	0	0	0	1	1	3	9	5	2	4	5	6
PAT PATCr	0	0	1	2	3	8	27	16	7	11	13	18
Growth PAT Growth%	58.3	12.0	766.1	55.5	79.7	183.2	254.6	-41.2	-59.2	75.3	18.4	51.8
NPM NPM%	0.4	0.4	1.3	0.8	2.0	4.3	8.9	4.9	2.3	2.8	2.9	3.9
EPS EPS₹	0.6	0.6	2.2	0.4	0.6	1.2	1.4	2.5	1.0	1.8	2.1	2.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	26	29	75	176	133	178	303	323	288	402	465	478
Growth Revenue Growth%	18.5	12.3	157.5	134.0	-24.6	33.9	70.8	6.7	-11.0	39.6	15.7	12.4
Expenses ExpensesCr	26	29	73	172	127	165	266	301	278	385	445	452
Operating Profit Operating ProfitCr	0	0	2	4	6	12	37	22	9	16	19	26
OPM OPM%	0.9	1.4	3.1	2.3	4.2	6.8	12.3	6.8	3.3	4.1	4.2	5.4
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	1	2	2	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	1	2	4	11	36	21	9	15	18	25
Tax TaxCr	0	0	0	1	1	3	9	5	2	4	5	6
PAT PATCr	0	0	1	2	3	8	27	16	7	11	13	18
Growth PAT Growth%	58.3	12.0	766.1	55.5	79.7	183.2	254.6	-41.2	-59.2	75.3	18.4	51.8
NPM NPM%	0.4	0.4	1.3	0.8	2.0	4.3	8.9	4.9	2.3	2.8	2.9	3.9
EPS EPS₹	0.6	0.6	2.2	0.4	0.6	1.2	1.4	2.5	1.0	1.8	2.1	2.9

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	4	6	8	11	21	64	64	64	64
Reserves ReservesCr	6	6	17	24	34	39	55	28	35	46	59
Current Liabilities Current LiabilitiesCr	2	2	11	27	18	15	28	18	7	19	33
Non Current Liabilities Non Current LiabilitiesCr	0	1	10	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	10	11	42	56	60	65	105	110	106	129	157
Current Assets Current AssetsCr	10	10	42	56	59	65	105	109	104	128	153
Non Current Assets Non Current AssetsCr	0	0	0	0	1	1	1	1	1	1	3
Total Assets Total AssetsCr	10	11	42	56	60	65	105	110	106	129	157

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	4	6	8	11	21	64	64	64	64
Reserves ReservesCr	6	6	17	24	34	39	55	28	35	46	59
Current Liabilities Current LiabilitiesCr	2	2	11	27	18	15	28	18	7	19	33
Non Current Liabilities Non Current LiabilitiesCr	0	1	10	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	10	11	42	56	60	65	105	110	106	129	157
Current Assets Current AssetsCr	10	10	42	56	59	65	105	109	104	128	153
Non Current Assets Non Current AssetsCr	0	0	0	0	1	1	1	1	1	1	3
Total Assets Total AssetsCr	10	11	42	56	60	65	105	110	106	129	157

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	-20	-3	-6	10	-17	15	6	-13	-7
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	1	20	15	-1	-5	7	-6	-11	10	6
Net Cash Flow Net Cash FlowCr	0	1	0	12	-7	5	-10	8	-5	-2	-1
Free Cash Flow Free Cash FlowCr	0	0	-20	-3	-6	10	-17	14	6	-13	-7
CFO To PAT CFO To PAT%	138.9	83.1	-2,042.5	-204.3	-204.2	132.3	-62.9	91.7	90.4	-110.5	-52.3
CFO To EBITDA CFO To EBITDA%	57.1	22.3	-831.7	-74.9	-99.6	83.4	-45.7	66.4	62.3	-76.5	-36.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	-20	-3	-6	10	-17	15	6	-13	-7
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	1	20	15	-1	-5	7	-6	-11	10	6
Net Cash Flow Net Cash FlowCr	0	1	0	12	-7	5	-10	8	-5	-2	-1
Free Cash Flow Free Cash FlowCr	0	0	-20	-3	-6	10	-17	14	6	-13	-7
CFO To PAT CFO To PAT%	138.9	83.1	-2,042.5	-204.3	-204.2	132.3	-62.9	91.7	90.4	-110.5	-52.3
CFO To EBITDA CFO To EBITDA%	57.1	22.3	-831.7	-74.9	-99.6	83.4	-45.7	66.4	62.3	-76.5	-36.3

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				25	33	45	354	892	666	353	250	242
Price To Earnings Price To Earnings				17.0	12.2	5.9	13.1	56.0	102.1	31.0	18.5	13.1
Price To Sales Price To Sales				0.1	0.3	0.3	1.2	2.8	2.3	0.8	0.5	0.5
Price To Book Price To Book				0.9	0.8	0.9	4.6	9.7	6.8	3.2	2.0	2.0
EV To EBITDA EV To EBITDA				9.2	7.8	3.8	10.1	40.9	71.0	22.5	14.2	10.5
Profitability Ratios Profitability Ratios
GPM GPM%	2.3	2.8	15.1	7.2	8.1	10.0	14.5	10.5	5.7	5.7	6.0	6.0
OPM OPM%	0.9	1.4	3.1	2.3	4.2	6.8	12.3	6.8	3.3	4.1	4.2	5.4
NPM NPM%	0.4	0.4	1.3	0.8	2.0	4.3	8.9	4.9	2.3	2.8	2.9	3.9
ROCE ROCE%	2.4	3.7	6.8	7.6	9.9	19.5	38.2	20.7	9.2	12.8	13.0	13.0
ROE ROE%	1.3	1.4	4.6	5.0	6.4	15.3	35.3	17.2	6.6	10.4	11.0	11.0
ROA ROA%	1.0	1.1	2.3	2.7	4.5	11.7	25.7	14.5	6.2	8.8	8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				25	33	45	354	892	666	353	250	242
Price To Earnings Price To Earnings				17.0	12.2	5.9	13.1	56.0	102.1	31.0	18.5	13.1
Price To Sales Price To Sales				0.1	0.3	0.3	1.2	2.8	2.3	0.8	0.5	0.5
Price To Book Price To Book				0.9	0.8	0.9	4.6	9.7	6.8	3.2	2.0	2.0
EV To EBITDA EV To EBITDA				9.2	7.8	3.8	10.1	40.9	71.0	22.5	14.2	10.5
Profitability Ratios Profitability Ratios
GPM GPM%	2.3	2.8	15.1	7.2	8.1	10.0	14.5	10.5	5.7	5.7	6.0	6.0
OPM OPM%	0.9	1.4	3.1	2.3	4.2	6.8	12.3	6.8	3.3	4.1	4.2	5.4
NPM NPM%	0.4	0.4	1.3	0.8	2.0	4.3	8.9	4.9	2.3	2.8	2.9	3.9
ROCE ROCE%	2.4	3.7	6.8	7.6	9.9	19.5	38.2	20.7	9.2	12.8	13.0	13.0
ROE ROE%	1.3	1.4	4.6	5.0	6.4	15.3	35.3	17.2	6.6	10.4	11.0	11.0
ROA ROA%	1.0	1.1	2.3	2.7	4.5	11.7	25.7	14.5	6.2	8.8	8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	UCL	MAHICKRA	INDTONER	SRD	DUCOL	JAYSYNTH	HPIL
Market CapitalizationMkt CapCr	278	265	247	242	219	189	138
Close PriceClose₹	199.95	271.00	47.49	37.80	121.50	14.00	121.00
IndustryIndustry	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments
Price To EarningsPE		43.15	11.96	13.08	28.86	10.22	39.41
Price To SalesPS	2.00	2.49	1.51	0.51	1.61	0.73	1.24
RevenueRevenueCr	139	106	163	478	136	259	111
Revenue Growth TTMRev Gr TTM%	131.9%	20.6%	3.9%	12.4%	75.9%	9.3%	1.8%
PAT Growth TTMPAT Gr TTM%	6.5%	102.9%	-3.7%	51.8%	56.8%	27.4%	136.5%

	UCL	MAHICKRA	INDTONER	SRD	DUCOL	JAYSYNTH	HPIL
Market CapitalizationMkt CapCr	278	265	247	242	219	189	138
Close PriceClose₹	199.95	271.00	47.49	37.80	121.50	14.00	121.00
IndustryIndustry	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments
Price To EarningsPE		43.15	11.96	13.08	28.86	10.22	39.41
Price To SalesPS	2.00	2.49	1.51	0.51	1.61	0.73	1.24
RevenueRevenueCr	139	106	163	478	136	259	111
Revenue Growth TTMRev Gr TTM%	131.9%	20.6%	3.9%	12.4%	75.9%	9.3%	1.8%
PAT Growth TTMPAT Gr TTM%	6.5%	102.9%	-3.7%	51.8%	56.8%	27.4%	136.5%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26