Dyes & Pigments · Founded 1989 · www.camexltd.com · BSE 524440 · · ISIN INE198C01010
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Business
Camex Ltd. operates in the Dyes & Pigments sector in India. Its core business involves the manufacturing and sale of various coloring agents. This typically includes a range of dyes (e.g., reactive, direct, acid, vat) and pigments (e.g., organic, inorganic) that are critical inputs for a wide array of industries. The company primarily operates on a Business-to-Business (B2B) model, supplying its products to clients in end-user industries such as textiles, paints, coatings, inks, plastics, paper, and potentially food and cosmetics. Camex Ltd. generates revenue by producing and selling these chemical compounds, with profitability driven by production efficiency, raw material sourcing, and market demand.
Revenue Mix
Specific segment breakdown for Camex Ltd. is not publicly available without financial reports. However, companies in the Dyes & Pigments industry often categorize their revenue based on product type (e.g., reactive dyes, specialty pigments), end-application industry (e.g., textile dyes, paint pigments), or geographic markets (domestic vs. exports). Given its sector, Camex Ltd.'s revenue mix would likely be dominated by sales of various types of dyes and pigments to industrial customers.
Industry
The Dyes & Pigments industry in India is a significant but highly competitive sector, characterized by the presence of large organized players, numerous small and medium enterprises, and global competition (particularly from China). It is largely dependent on the growth and demand from key end-user sectors like textiles, automotive, construction, and consumer goods. India has a strong base for chemical manufacturing, benefiting from skilled labor and access to raw materials. Without specific market share or product specialization details, Camex Ltd. is positioned within this competitive landscape, likely serving a segment of the market or specializing in certain types of dyes/pigments, or having a regional focus within India.
MOAT
Without specific company details, it is difficult to ascertain a strong, durable competitive advantage for Camex Ltd. Potential moats in the Dyes & Pigments industry can include:
Cost Leadership: Achieving economies of scale or efficient manufacturing processes to offer competitive pricing.
Product Specialization/R&D: Developing unique, high-performance, or patented specialty chemicals.
Customer Relationships & Switching Costs: Long-standing relationships with key clients due to product consistency, technical support, and the costs associated with switching suppliers for critical inputs.
Regulatory Compliance: Expertise in navigating stringent environmental and safety regulations, which can be a barrier to entry for new players.
Backward Integration: Control over key raw material supplies to mitigate price volatility.
It is unclear if Camex Ltd. possesses any of these attributes to a significant degree.
Growth Drivers
Key factors that could drive growth for Camex Ltd. over the next 3-5 years include:
Growth in End-User Industries: Continued expansion of the Indian textile, paint, plastics, automotive, and construction sectors will directly increase demand for dyes and pigments.
Specialty Chemicals Demand: Growing preference for high-performance and specialty dyes/pigments with better eco-friendly profiles or specific functionalities.
Export Opportunities: Leveraging India's cost-competitiveness and manufacturing capabilities to tap into global markets, especially given geopolitical shifts affecting supply chains.
"Make in India" Initiatives: Government support and incentives for domestic manufacturing.
Infrastructure Development: Increased infrastructure projects fueling demand for paints, coatings, and construction-related materials.
Risks
Raw Material Price Volatility: Dyes and pigments manufacturing relies heavily on petrochemical derivatives and other chemical intermediates, whose prices can fluctuate significantly due to crude oil prices and global supply/demand dynamics.
Intense Competition: The industry is highly fragmented, leading to pricing pressures from both domestic and international players.
Environmental Regulations: Increasing stringent environmental norms in India and globally could lead to higher compliance costs, operational restrictions, or investment in new eco-friendly technologies.
Demand Cyclicality: The company's performance is tied to the cyclical nature of its end-user industries (e.g., economic slowdowns affecting textile production or construction).
Technological Obsolescence: Need to continuously invest in R&D to develop new, sustainable, or more efficient products to remain competitive.
Management & Ownership
Specific details regarding the promoters, management quality, and ownership structure of Camex Ltd. are not provided. In India, many companies in the chemical sector are promoter-led, where the founding family or group maintains significant control and involvement in strategic decision-making. The quality of management would be assessed based on their strategic vision, execution capabilities, financial prudence, and corporate governance practices, which cannot be determined without further information.
Outlook
Camex Ltd. operates in a foundational industrial sector that is intrinsically linked to the broader economic growth of India. The demand for dyes and pigments is expected to grow, driven by expanding end-user industries and increasing consumption patterns within India. However, the company faces significant challenges, including volatile raw material costs, intense competition, and evolving environmental regulations. Its future performance will largely depend on its ability to manage operational costs efficiently, innovate with specialty products, adapt to sustainability trends, and strategically expand its market presence both domestically and potentially internationally. The sector offers growth potential, but also necessitates robust operational excellence and strategic foresight to navigate its inherent complexities.
| #(Fig in Cr.) | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 48 | 51 | 37 | 34 | 53 | 55 | 45 | 32 | 30 | 40 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Income | 48 | 51 | 37 | 34 | 53 | 55 | 45 | 32 | 31 | 41 |
| Total Expenditure | 47 | 50 | 37 | 33 | 51 | 55 | 44 | 32 | 31 | 40 |
| Operating Profit | 2 | 1 | 0 | 1 | 2 | 0 | 1 | -0 | -0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | -1 | 0 | 2 | 3 | 0 | -0 | -1 | 1 |
| Provision for Tax | 0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Profit After Tax | 1 | 0 | -1 | 0 | 1 | 2 | 0 | -0 | -1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | -1 | 0 | 1 | 2 | 0 | -0 | -0 | 1 |
| Adjusted Earnings Per Share | 0.9 | 0.5 | -0.5 | 0.3 | 1.3 | 2 | 0.3 | -0.4 | -0.5 | 0.6 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 221 | 152 | 113 | 112 | 129 | 147 | 132 | 150 | 179 | 147 |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Income | 222 | 152 | 113 | 113 | 129 | 147 | 132 | 151 | 180 | 149 |
| Total Expenditure | 215 | 146 | 109 | 108 | 123 | 140 | 128 | 147 | 177 | 147 |
| Operating Profit | 7 | 6 | 4 | 5 | 6 | 7 | 4 | 3 | 3 | 2 |
| Interest | 4 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 |
| Profit Before Tax | 3 | 2 | 2 | 3 | 3 | 5 | 2 | 2 | 4 | 0 |
| Provision for Tax | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 0 |
| Profit After Tax | 2 | 2 | 1 | 2 | 2 | 4 | 1 | 1 | 3 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 2 | 2 | 1 | 2 | 2 | 4 | 1 | 1 | 3 | 1 |
| Adjusted Earnings Per Share | 1.9 | 1.5 | 1.2 | 1.9 | 2.2 | 3.6 | 1.2 | 1.3 | 3.1 | -1.1102230246252E-16 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 19% | 7% | 10% | 0% |
| Operating Profit CAGR | 0% | -25% | -10% | 0% |
| PAT CAGR | 200% | -9% | 8% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 51% | 23% | 11% | 6% |
| ROE Average | 9% | 6% | 8% | 8% |
| ROCE Average | 11% | 8% | 9% | 10% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 20 | 22 | 23 | 25 | 27 | 31 | 33 | 34 | 37 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Borrowings | 4 | 2 | 4 | 5 | 9 | 4 | 0 | 7 | 9 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Current Liabilities | 42 | 27 | 22 | 28 | 32 | 26 | 22 | 39 | 16 |
| Total Liabilities | 67 | 52 | 49 | 58 | 69 | 62 | 55 | 81 | 65 |
| Fixed Assets | 6 | 7 | 7 | 8 | 9 | 9 | 9 | 8 | 3 |
| Other Non-Current Assets | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Current Assets | 61 | 45 | 41 | 49 | 59 | 51 | 45 | 72 | 62 |
| Total Assets | 67 | 52 | 49 | 58 | 69 | 62 | 55 | 81 | 65 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 0 | 1 | 1 | 1 | 1 | 2 | 0 | 0 |
| Cash Flow from Operating Activities | 4 | 23 | 8 | -2 | -5 | 20 | 11 | -14 | 2 |
| Cash Flow from Investing Activities | -2 | -2 | -1 | -0 | -2 | -1 | -0 | 0 | 6 |
| Cash Flow from Financing Activities | -4 | -20 | -7 | 3 | 7 | -18 | -12 | 14 | -7 |
| Net Cash Inflow / Outflow | -2 | 0 | 0 | 0 | -0 | 1 | -1 | -0 | 1 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 1 | 1 | 2 | 0 | 0 | 1 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.89 | 1.52 | 1.21 | 1.91 | 2.23 | 3.61 | 1.23 | 1.33 | 3.08 |
| CEPS(Rs) | 2.49 | 2.2 | 1.9 | 2.67 | 3.02 | 4.52 | 2.58 | 2.27 | 3.97 |
| DPS(Rs) | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 19.92 | 21.45 | 22.68 | 24.57 | 26.81 | 30.55 | 31.93 | 33.24 | 36.41 |
| Core EBITDA Margin(%) | 2.95 | 3.65 | 3.61 | 4.01 | 4.68 | 4.9 | 2.68 | 1.95 | 1.38 |
| EBIT Margin(%) | 2.85 | 3.53 | 3.11 | 3.99 | 4.23 | 4.4 | 1.89 | 1.65 | 3 |
| Pre Tax Margin(%) | 1.27 | 1.45 | 1.45 | 2.42 | 2.59 | 3.15 | 1.25 | 1.19 | 2.27 |
| PAT Margin (%) | 0.86 | 0.99 | 1.05 | 1.69 | 1.75 | 2.51 | 0.95 | 0.91 | 1.78 |
| Cash Profit Margin (%) | 1.13 | 1.43 | 1.65 | 2.36 | 2.37 | 3.14 | 2 | 1.54 | 2.26 |
| ROA(%) | 2.88 | 2.61 | 2.43 | 3.63 | 3.57 | 5.63 | 2.14 | 2 | 4.37 |
| ROE(%) | 9.47 | 7.36 | 5.48 | 8.08 | 8.68 | 12.6 | 3.93 | 4.09 | 8.95 |
| ROCE(%) | 11.38 | 11.29 | 9.16 | 11.01 | 10.63 | 12.62 | 6.18 | 5.7 | 11.06 |
| Receivable days | 71.77 | 85.07 | 85.65 | 90.27 | 94.14 | 87.68 | 90.78 | 88.45 | 76.02 |
| Inventory Days | 18.02 | 23.99 | 25.29 | 27.6 | 32.05 | 30.41 | 29.59 | 29.94 | 29.92 |
| Payable days | 15.27 | 23.95 | 31.49 | 30.19 | 23.67 | 30.69 | 49.85 | 59.18 | 46.64 |
| PER(x) | 10.92 | 17.73 | 19.27 | 14.17 | 15.8 | 8.82 | 8.27 | 14.95 | 8.43 |
| Price/Book(x) | 1.03 | 1.26 | 1.03 | 1.1 | 1.31 | 1.04 | 0.32 | 0.6 | 0.71 |
| Dividend Yield(%) | 2.43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.26 | 0.31 | 0.33 | 0.41 | 0.49 | 0.3 | 0.1 | 0.24 | 0.18 |
| EV/Core EBITDA(x) | 8.06 | 7.78 | 8.52 | 8.58 | 9.95 | 6 | 3.29 | 10.59 | 10.77 |
| Net Sales Growth(%) | 0 | -31.46 | -25.28 | -1.1 | 14.92 | 14.24 | -10.38 | 13.83 | 19.36 |
| EBIT Growth(%) | 0 | -13.44 | -34.23 | 26.06 | 19.51 | 17.64 | -61.45 | -0.6 | 116.59 |
| PAT Growth(%) | 0 | -19.27 | -20.61 | 57.93 | 16.82 | 61.97 | -66.01 | 8.44 | 134.17 |
| EPS Growth(%) | 0 | -19.27 | -20.61 | 57.94 | 16.82 | 61.97 | -66.02 | 8.44 | 131.52 |
| Debt/Equity(x) | 1.77 | 0.92 | 0.63 | 0.83 | 1.1 | 0.44 | 0.1 | 0.51 | 0.23 |
| Current Ratio(x) | 1.46 | 1.62 | 1.88 | 1.79 | 1.86 | 1.99 | 2.1 | 1.85 | 3.74 |
| Quick Ratio(x) | 1.2 | 1.27 | 1.57 | 1.4 | 1.48 | 1.51 | 1.69 | 1.45 | 2.91 |
| Interest Cover(x) | 1.81 | 1.7 | 1.87 | 2.54 | 2.57 | 3.53 | 2.94 | 3.6 | 4.13 |
| Total Debt/Mcap(x) | 1.71 | 0.73 | 0.61 | 0.75 | 0.84 | 0.42 | 0.3 | 0.86 | 0.33 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.47 | 46.95 | 44.55 | 44.75 | 44.75 | 44.75 | 44.75 | 44.75 | 44.48 | 44.44 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 51.52 | 53.04 | 55.44 | 55.24 | 55.24 | 55.24 | 55.24 | 55.24 | 55.51 | 55.55 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.49 | 0.48 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.45 | 0.45 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.53 | 0.54 | 0.57 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +19% | +7% | +10% | — |
| Operating Profit CAGR | 0% | -25% | -10% | — |
| PAT CAGR | +200% | -9% | +8% | — |
| Share Price CAGR | +51% | +23% | +11% | +6% |
| ROE Average | +9% | +6% | +8% | +8% |
| ROCE Average | +11% | +8% | +9% | +10% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.47 | 46.95 | 44.55 | 44.75 | 44.75 | 44.75 | 44.75 | 44.75 | 44.48 | 44.44 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 51.52 | 53.04 | 55.44 | 55.24 | 55.24 | 55.24 | 55.24 | 55.24 | 55.51 | 55.55 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.49 | 0.48 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.45 | 0.45 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.53 | 0.54 | 0.57 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 |
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