Dyes & Pigments · Founded 1991 · www.dharapratiksha.com · BSE 531257 · · ISIN INE530D01012
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Business
Vellora Impact Ltd. operates in the Dyes & Pigments sector in India. The company's core business involves the manufacturing and sale of various dyes and pigments. These specialty chemicals are crucial inputs for a wide range of end-user industries. The company's business model is primarily B2B, supplying its products to manufacturers in sectors such as textiles, paints & coatings, plastics, printing inks, and potentially others. Vellora Impact Ltd. generates revenue by producing and selling these chemical compounds, typically tailored to specific industrial requirements for color, performance, and application.
Revenue Mix
While specific revenue contributions for Vellora Impact Ltd. are not publicly available, companies in the Dyes & Pigments sector typically segment their products and revenues by:
Product Type: Such as reactive dyes, disperse dyes, acid dyes, organic pigments, inorganic pigments, optical brightening agents, or specialty chemicals/intermediates.
Application/End-use Industry: For example, textiles, paints & coatings, printing inks, plastics, paper, leather, or agrochemicals.
Without specific data, it is not possible to quantify the exact contribution of each segment for Vellora Impact Ltd.
Industry
The Dyes & Pigments industry in India is a significant part of the specialty chemicals sector. It is characterized by a mix of large integrated players, mid-sized companies like Vellora Impact Ltd., and numerous smaller, regional manufacturers. The industry is raw material intensive, subject to fluctuations in crude oil and other commodity prices, and increasingly impacted by environmental regulations. Globally, the industry sees consolidation, but in India, competition remains strong. Vellora Impact Ltd. operates within this competitive landscape, likely differentiating itself through product quality, customer service, niche applications, or cost-effectiveness within its target market segments in India.
MOAT
Without specific information on Vellora Impact Ltd., potential competitive advantages (moats) in the Dyes & Pigments sector could include:
Customer Switching Costs: For specialized dyes or pigments that require specific formulations or regulatory approvals, switching suppliers can be costly and time-consuming for industrial customers.
Proprietary Formulations/R&D: Expertise in developing unique or high-performance products can create a differentiated offering.
Economies of Scale: Larger production volumes can lead to lower per-unit costs, though this is more applicable to commodity-grade products.
Backward Integration: Control over raw material sourcing can mitigate price volatility and ensure supply chain stability.
It is unclear whether Vellora Impact Ltd. possesses any of these durable advantages to a significant degree based on available information.
Growth Drivers
Key factors that can drive growth for Vellora Impact Ltd. over the next 3-5 years include:
Growth in End-User Industries: Robust demand from sectors like textiles, paints, plastics, and printing inks, driven by India's economic growth and urbanization.
Increased Domestic Consumption: Rising disposable incomes and changing lifestyles in India leading to higher consumption of products that use dyes and pigments.
Export Opportunities: Leveraging India's cost-competitiveness and manufacturing capabilities to tap into global markets for dyes and pigments.
Product Innovation & Diversification: Developing new, eco-friendly, or high-performance dyes and pigments to cater to evolving market demands and expand into new application areas.
Sustainability Focus: Growing demand for greener products and processes can create opportunities for companies investing in sustainable solutions.
Risks
Vellora Impact Ltd. faces several risks inherent to the Dyes & Pigments industry:
Raw Material Price Volatility: Fluctuations in prices of key raw materials (e.g., crude oil derivatives, intermediates) can impact production costs and profit margins.
Environmental Regulations: Increasingly stringent environmental norms regarding pollution control, waste disposal, and chemical usage can lead to higher compliance costs and operational challenges.
Intense Competition: High competition from both domestic and international players can put pressure on pricing and market share.
Economic Downturn: A slowdown in India's economy or key global markets can reduce demand from end-user industries.
Foreign Exchange Fluctuations: For companies involved in importing raw materials or exporting finished goods, currency volatility can affect profitability.
Management & Ownership
As indicated by the ticker "PRATIKSHA CH," Vellora Impact Ltd. is likely promoted by a founding family or a specific promoter group. In many Indian companies, promoter families hold significant ownership stakes and often play a direct role in the management. Details on the specific individuals comprising the management team and their experience, or the precise ownership structure beyond the promoter group, are not available from the provided information.
Outlook
Vellora Impact Ltd. operates in a crucial segment of the Indian chemical industry with strong underlying demand drivers from a growing economy. The ongoing expansion of sectors like textiles, paints, and plastics in India presents a significant opportunity for growth. However, the company will need to navigate challenges such as volatile raw material prices, increasing environmental scrutiny, and fierce competition. Success will likely depend on its ability to manage costs efficiently, innovate in product development, maintain strong customer relationships, and adapt to evolving regulatory landscapes. The long-term outlook will also be influenced by its capacity for sustainable practices and market penetration in specialty segments.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 2 | 2 | 2 | 0 | 1 | 2 | 0 | 1 | 142 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 4 | 2 | 2 | 2 | 1 | 1 | 2 | 0 | 1 | 142 |
| Total Expenditure | 4 | 2 | 2 | 2 | 5 | 3 | 3 | 0 | 1 | 134 |
| Operating Profit | 0 | 0 | 0 | -0 | -4 | -2 | -1 | 0 | 1 | 8 |
| Interest | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -5 | 3 | 0 | 7 | -0 | -0 | 0 |
| Profit Before Tax | 0 | 0 | -0 | -6 | -2 | -2 | 7 | 0 | 1 | 8 |
| Provision for Tax | 0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | -6 | -2 | -2 | 7 | 0 | 0 | 8 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | -0 |
| Profit After Adjustments | -0 | -0 | -0 | -6 | -2 | -2 | 7 | 0 | 0 | 8 |
| Adjusted Earnings Per Share | -0 | -0.1 | -0.2 | -9.9 | -3.5 | -3.8 | 11.8 | 0.2 | 0.4 | 14.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 11 | 13 | 11 | 12 | 16 | 11 | 16 | 10 | 10 | 6 | 145 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 10 | 11 | 13 | 11 | 12 | 16 | 11 | 17 | 10 | 10 | 6 | 145 |
| Total Expenditure | 10 | 11 | 12 | 10 | 11 | 16 | 11 | 16 | 9 | 10 | 11 | 138 |
| Operating Profit | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -5 | 8 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 7 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | -8 | 16 |
| Provision for Tax | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 1 | 0 | 0 | -8 | 15 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 1 | 0 | 0 | -8 | 15 |
| Adjusted Earnings Per Share | 0 | 0 | 0.3 | 0.1 | 0 | -0.3 | 0.8 | 0.9 | 0.2 | 0.1 | -13.8 | 26.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -40% | -28% | -18% | -5% |
| Operating Profit CAGR | -600% | NAN% | NAN% | NAN% |
| PAT CAGR | 0% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | -12% | -15% | 14% |
| ROE Average | 0% | 1% | 7% | 3% |
| ROCE Average | -224% | -71% | -36% | -14% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | -4 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 2 | 2 | 2 | 0 | 0 | 1 | 3 | 3 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 |
| Total Current Liabilities | 4 | 4 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 6 | 7 |
| Total Liabilities | 8 | 8 | 7 | 7 | 9 | 6 | 6 | 7 | 11 | 13 | 3 |
| Fixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Total Current Assets | 6 | 6 | 5 | 5 | 6 | 4 | 4 | 5 | 8 | 11 | 2 |
| Total Assets | 8 | 8 | 7 | 7 | 9 | 6 | 6 | 7 | 11 | 13 | 3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | 0 | 1 | 1 | -0 | 2 | 1 | 1 | -2 | -0 | -0 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | -0 | -0 | -1 | -1 | -1 | -0 | 1 |
| Cash Flow from Financing Activities | -0 | -0 | -1 | -0 | 0 | -2 | 0 | 0 | 3 | -0 | -0 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.03 | 0.04 | 0.27 | 0.05 | 0.01 | -0.29 | 0.84 | 0.94 | 0.16 | 0.1 | -13.76 |
| CEPS(Rs) | 0.69 | 0.59 | 0.79 | 0.56 | 0.53 | 0.18 | 1.34 | 1.59 | 0.8 | 0.65 | -13.33 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 4.72 | 4.75 | 5.21 | 5.26 | 5.28 | 4.99 | 5.83 | 6.28 | 6.42 | 6.52 | -7.24 |
| Core EBITDA Margin(%) | 4.55 | 4.47 | 2.12 | 4.24 | 4.72 | 3.13 | 6.46 | 5.58 | 4.39 | 6.77 | -78.72 |
| EBIT Margin(%) | 2.24 | 2 | 1.5 | 2.46 | 2.34 | 1.7 | 4.07 | 3.88 | 3.16 | 4.22 | -121.34 |
| Pre Tax Margin(%) | 0.21 | 0.24 | 0.41 | 1.24 | 0.7 | 0.71 | 3.76 | 3.74 | 1.24 | 1.11 | -127.27 |
| PAT Margin (%) | 0.17 | 0.17 | 1.09 | 0.26 | 0.06 | -0.99 | 4.11 | 3.18 | 0.9 | 0.51 | -126.5 |
| Cash Profit Margin (%) | 3.56 | 2.78 | 3.14 | 2.78 | 2.57 | 0.61 | 6.6 | 5.39 | 4.56 | 3.52 | -122.57 |
| ROA(%) | 0.22 | 0.26 | 2.04 | 0.39 | 0.09 | -2.2 | 7.6 | 7.7 | 0.98 | 0.44 | -93.05 |
| ROE(%) | 0.71 | 0.75 | 5.48 | 0.98 | 0.24 | -5.59 | 15.48 | 15.5 | 2.49 | 1.47 | 0 |
| ROCE(%) | 4.29 | 4.43 | 4.27 | 5.73 | 5.47 | 6.7 | 13.91 | 16.56 | 5.5 | 6.17 | -224.03 |
| Receivable days | 42.38 | 44.54 | 53.95 | 69.26 | 69.17 | 65.21 | 100 | 68.78 | 94.36 | 84.15 | 106.38 |
| Inventory Days | 144.79 | 116.98 | 79.85 | 85.52 | 102.04 | 50.88 | 24.52 | 24.33 | 127.44 | 230.96 | 280.32 |
| Payable days | 123.8 | 104.34 | 94.35 | 121.59 | 126.07 | 85.59 | 118.6 | 79.77 | 183.41 | 243.14 | 186.07 |
| PER(x) | 74.63 | 78.31 | 20.53 | 0 | 398.8 | 0 | 7.52 | 27.46 | 142.59 | 239.64 | 0 |
| Price/Book(x) | 0.53 | 0.58 | 1.08 | 0 | 0.94 | 0.4 | 1.08 | 4.1 | 3.5 | 3.5 | -2.52 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.94 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.42 | 0.36 | 0.39 | 0.65 | 0.42 | 0.09 | 0.33 | 0.91 | 1.59 | 1.56 | 2.25 |
| EV/Core EBITDA(x) | 7.02 | 7.33 | 9.92 | 12.66 | 8.63 | 2.72 | 5.07 | 14.98 | 23.39 | 21.64 | -2.89 |
| Net Sales Growth(%) | 56.4 | 8.61 | 15.35 | -14.42 | 6.35 | 38.72 | -29.38 | 44.75 | -40.77 | 5.84 | -41.17 |
| EBIT Growth(%) | 8.62 | -3.16 | -10.85 | 30.78 | -1.42 | 1.07 | 68.71 | 38.11 | -51.85 | 41.36 | -1792.47 |
| PAT Growth(%) | 31.35 | 5.72 | 670.58 | -81.14 | -75.96 | -2417.39 | 391.68 | 12.01 | -83.17 | -39.7 | 0 |
| EPS Growth(%) | 31.2 | 5.97 | 669.68 | -81.14 | -75.96 | -2417.73 | 391.64 | 12 | -83.17 | -39.73 | 0 |
| Debt/Equity(x) | 1.11 | 0.93 | 0.63 | 0.65 | 0.72 | 0.12 | 0.08 | 0.2 | 0.96 | 0.95 | -0.87 |
| Current Ratio(x) | 1.4 | 1.42 | 1.76 | 1.86 | 1.77 | 1.39 | 1.42 | 1.49 | 2.09 | 1.73 | 0.34 |
| Quick Ratio(x) | 0.45 | 0.53 | 0.89 | 0.84 | 0.74 | 1.14 | 1.14 | 1.03 | 0.65 | 0.47 | 0.12 |
| Interest Cover(x) | 1.1 | 1.14 | 1.37 | 2.02 | 1.43 | 1.72 | 12.94 | 26.26 | 1.65 | 1.36 | -20.48 |
| Total Debt/Mcap(x) | 2.1 | 1.58 | 0.59 | 0 | 0.77 | 0.31 | 0.08 | 0.05 | 0.27 | 0.27 | 0.35 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 45.98 | 46.01 | 46.01 | 46.01 | 43.3 | 29.83 | 3.12 | 3.12 | 3.12 | 3.12 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 54.02 | 53.99 | 53.99 | 53.99 | 56.7 | 70.17 | 96.88 | 96.88 | 96.88 | 96.88 |
| 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 | 0.26 | 0.26 | 0.26 | 0.26 | 0.24 | 0.17 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.3 | 0.3 | 0.3 | 0.3 | 0.32 | 0.39 | 0.54 | 0.54 | 0.54 | 0.54 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -40% | -28% | -18% | -5% |
| Operating Profit CAGR | -600% | 0% | 0% | 0% |
| PAT CAGR | — | 0% | — | — |
| Share Price CAGR | -29% | -12% | -15% | +14% |
| ROE Average | 0% | +1% | +7% | +3% |
| ROCE Average | -224% | -71% | -36% | -14% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 45.98 | 46.01 | 46.01 | 46.01 | 43.3 | 29.83 | 3.12 | 3.12 | 3.12 | 3.12 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 54.02 | 53.99 | 53.99 | 53.99 | 56.7 | 70.17 | 96.88 | 96.88 | 96.88 | 96.88 |
| 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 | 0.26 | 0.26 | 0.26 | 0.26 | 0.24 | 0.17 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.3 | 0.3 | 0.3 | 0.3 | 0.32 | 0.39 | 0.54 | 0.54 | 0.54 | 0.54 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 |
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