Sudarshan Colorants India Ltd is the Indian-listed face of ONE Sudarshan, a global top-two pigments powerhouse formed in 2025 when Sudarshan Chemical Industries acquired Germany’s 200-year-old Heubach Group and folded in the former Clariant pigments business - uniting over 270 years of colour-making expertise under one roof. The company began life in 1956 as Colour-Chem Limited, spent decades as Clariant Chemicals (India), and became Heubach Colorants India in 2022 before taking its current name. Its recurring approach is to turn chemical know-how into an ever-wider palette of pigments and preparations that industrial customers cannot easily switch away from - then lock in that advantage through application labs, sustainability credentials, and a manufacturing footprint that spans continents. # Business segments Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Colorants: the sole operating engine, built on a global pigment portfolio **The company makes and sells over 500 pigments, pigment preparations, and dyes - the colour ingredients that go into paints, plastics, printing inks, and dozens of specialty products - and it does so as part of a combined entity with roughly 1,600 products and 19 factories across 11 countries.** - **A pigment for every surface** - organic pigments like Quinacridone and Phthalos deliver high colour strength for coatings and inks, while inorganic pigments like Bismuth Vanadate and Cobalt blue provide the opacity and weather resistance that outdoor paints and construction plastics demand. Pigment preparations go a step further: they are pre-dispersed, ready-to-use colour blends that let paint and plastic makers skip a grinding step entirely. - **Coatings is the biggest customer, plastics is next** - automotive topcoats, decorative wall paints, powder coatings, and road-marking paints all draw from the same pigment catalogue, followed by plastics used in car parts, packaging, and consumer goods. Printing inks and a long tail of special applications - from seed coloration to aluminium anodising dyes - fill out the demand base. - **Exports are a third of the business, routed through group channels** - 32% of revenue came from exports in FY2025, reaching over 75 countries, with no sales to dealers or distributors; the company sells direct to industrial buyers and through associated entities. - **Three Indian plants, plugged into a global network** - manufacturing happens at Roha (two plants), Cuddalore, and Nagda, while ONE Sudarshan’s 19-site footprint across Europe, the Americas, Asia, and Africa gives the unified global entity access to capacity and customers it could not build alone. - **R&D is the repeat-purchase engine** - a DSIR-recognised R&D centre and application labs co-create formulations with customers, and over 200 technology employees across ONE Sudarshan keep the innovation pipeline flowing with products like Easily Dispersible Pigments that eliminate a bead-milling step, saving paint manufacturers time, electricity, and wastewater. # Group structure and partners **The company is a publicly listed Indian entity with no subsidiaries of its own, but it sits inside a global structure controlled by Sudarshan Chemical Industries through a chain of European holding companies.** - **Sudarshan Europe B.V. calls the shots** - incorporated in the Netherlands and wholly owned by Sudarshan Chemical Industries, it indirectly holds 54.36% of the voting shares through its subsidiaries, Heubach Holding Switzerland AG (36.56%) and Heubach Ebito Chemiebeteiligungen AG (17.80%). A subsequent direct purchase of 15.89% took the promoter group holding to 70.25%. - **The Heubach acquisition was a EUR 127.5 million cash deal** - completed on 3 March 2025, it brought the entire global pigment operations of the insolvent Heubach Group under Sudarshan’s control, including 58 subsidiaries and two joint ventures, for a headline consideration of roughly ₹1,160 crore plus adjustments. - **The company was already a consolidation story** - in 2022, Clariant AG sold its pigments business to a consortium of Heubach Group and SK Capital, creating a combined entity with about EUR 1 billion in annual sales and roughly 3,000 employees, and the Indian entity changed its name from Clariant Chemicals to Heubach Colorants India. - **A captive solar stake secures green power** - the company holds up to 26% of First Energy 2 Private Limited, a special-purpose vehicle that supplies solar power to the Roha factory under a captive power agreement, meeting the regulatory requirement for captive-user status under Indian electricity law. - **Legacy businesses were sold, not shut** - the Masterbatches business went to PolyOne in 2020 for ₹412.99 crore, the Additives business moved to a Clariant affiliate, and supply agreements with Archroma and Stahl keep the company manufacturing for the textile, paper, emulsion, and leather industries it once served directly.