Dyes & Pigments · Founded 1994 · www.prolifeindustries.in · NSE · ISIN INE994V01012
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Business
Prolife Industries Ltd. (PROLIFE) operates in the Dyes & Pigments sector in India. The company is involved in the manufacturing and sale of various types of dyes and pigments. Its core business model revolves around producing chemical compounds that impart color to different materials. It makes money by supplying these coloring agents to a diverse range of industries, including textiles, paints, plastics, printing inks, paper, and leather, which use them as essential raw materials in their production processes.
Revenue Mix
While specific revenue contribution data is not provided, the company's operations would primarily be segmented into:
Dyes: This segment typically includes reactive dyes, direct dyes, acid dyes, basic dyes, disperse dyes, etc., catering mainly to the textile, leather, and paper industries.
Pigments: This segment involves the production of organic and inorganic pigments used in paints, coatings, plastics, printing inks, and cosmetics.
The exact mix would depend on the company's specific product focus and market reach within these broad categories.
Industry
The Indian Dyes & Pigments industry is characterized by a mix of large integrated players and numerous small to mid-sized specialized manufacturers. It is a cyclical industry heavily influenced by the performance of end-user sectors and raw material price fluctuations. India is a significant global player, particularly in reactive dyes, and benefits from export demand. Prolife Industries Ltd. likely positions itself as a mid-sized player within this fragmented market, potentially specializing in certain types of dyes or pigments, or serving specific regional markets and export niches. Competition is intense, both domestically and from global manufacturers.
MOAT
For a company in the Dyes & Pigments sector, durable competitive advantages can be challenging to establish, especially for mid-sized players. Prolife's potential advantages might include:
Operational Efficiency: Cost leadership through efficient manufacturing processes, scale in specific product lines, or backward integration for key intermediates.
Established Customer Relationships: Long-standing relationships with key industrial customers, leading to repeat business.
Product Specialization/Quality Consistency: Focus on niche specialty dyes or pigments, or consistent quality in commodity products that builds customer trust.
Geographic Proximity: Serving specific regional markets efficiently.
A strong, wide moat is generally difficult to achieve in this sector due to the commodity nature of many products, but a combination of these factors can provide a competitive edge.
Growth Drivers
Growth in End-User Industries: Continued expansion of key domestic sectors like textiles, paints, plastics, and automotive will drive demand for dyes and pigments.
"China Plus One" Strategy: Global manufacturers diversifying their supply chains away from China could lead to increased export opportunities for Indian players.
Product Innovation & Specialty Chemicals: Development of higher-value, eco-friendly, or performance-enhancing dyes and pigments can open new markets and improve margins.
Infrastructure Development: Increased construction and manufacturing activities will boost demand for paints, coatings, and plastics.
Export Market Expansion: Tapping into new international markets for various product lines.
Risks
Raw Material Price Volatility: Significant fluctuations in crude oil prices and other chemical intermediates directly impact manufacturing costs and profitability.
Environmental Regulations: Increasingly stringent environmental norms and pollution control standards can lead to higher compliance costs, requiring significant capital expenditure on effluent treatment plants and process upgrades.
Intense Competition: The fragmented nature of the industry leads to price wars and margin pressure from both domestic and international players.
Economic Slowdown: A downturn in the broader economy or specific end-user industries can reduce demand for dyes and pigments.
Foreign Exchange Fluctuations: Companies involved in imports of raw materials or exports of finished goods are exposed to currency risks.
Management & Ownership
As is common in India, Prolife Industries Ltd. is likely a promoter-driven company, with significant ownership held by the founding family or individuals. The quality of management would be crucial in navigating the cyclical nature of the industry, managing raw material volatility, ensuring regulatory compliance, and driving product innovation and market expansion. Without specific information, it's assumed that the management team has experience within the chemicals or dyes & pigments sector.
Outlook
Prolife Industries Ltd. operates in a sector with structural tailwinds from India's industrial growth and global supply chain realignments, offering potential for demand expansion both domestically and internationally. The company's ability to capitalize on these opportunities will depend on its operational efficiency, product diversification into specialty chemicals, and strategic market penetration. However, the business faces inherent challenges such as volatile raw material prices, intense competition, and increasing environmental compliance costs, which can exert pressure on margins. Future performance will hinge on effective cost management, continuous product innovation, and successful navigation of industry cycles and regulatory landscapes.
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| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 20 | 22 | 27 | 27 | 30 | 50 | 73 | 73 | 78 | 57 | 55 | |
| Other Income | 0 | 1 | 0 | 0 | 0 | 2 | 1 | 2 | 2 | 2 | 2 | |
| Total Income | 20 | 23 | 27 | 28 | 30 | 52 | 74 | 75 | 80 | 58 | 58 | |
| Total Expenditure | 18 | 21 | 25 | 24 | 25 | 45 | 65 | 67 | 70 | 45 | 50 | |
| Operating Profit | 2 | 2 | 3 | 4 | 5 | 7 | 9 | 8 | 11 | 13 | 8 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Exceptional Income / Expenses | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 1 | 1 | 2 | 3 | 6 | 7 | 6 | 9 | 12 | 6 | |
| Provision for Tax | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | |
| Profit After Tax | 0 | 1 | 1 | 2 | 2 | 4 | 5 | 4 | 7 | 9 | 5 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 1 | 1 | 2 | 2 | 4 | 5 | 4 | 7 | 9 | 5 | |
| Adjusted Earnings Per Share | 0 | 0 | 2.1 | 3.7 | 5 | 9.9 | 13.4 | 10.5 | 16.9 | 21.4 | 11.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -4% | -9% | 2% | 11% |
| Operating Profit CAGR | -38% | 0% | 3% | 15% |
| PAT CAGR | -44% | 8% | 5% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -33% | -30% | -4% | NA% |
| ROE Average | 11% | 20% | 21% | 19% |
| ROCE Average | 14% | 25% | 26% | 22% |
| #(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 | 4 | 9 | 10 | 12 | 16 | 21 | 26 | 32 | 41 | 45 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 9 | 7 | 7 | 6 | 8 | 5 | 5 | 5 | 4 | 4 | 3 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 6 | 5 | 3 | 5 | 6 | 14 | 22 | 24 | 4 | 7 | 5 |
| Total Liabilities | 18 | 16 | 18 | 21 | 27 | 36 | 49 | 55 | 41 | 52 | 53 |
| Fixed Assets | 3 | 3 | 6 | 7 | 8 | 7 | 7 | 9 | 9 | 9 | 8 |
| Other Non-Current Assets | 4 | 5 | 4 | 6 | 7 | 12 | 17 | 17 | 14 | 10 | 13 |
| Total Current Assets | 11 | 8 | 9 | 8 | 12 | 17 | 25 | 30 | 18 | 33 | 33 |
| Total Assets | 18 | 16 | 18 | 21 | 27 | 36 | 49 | 55 | 41 | 52 | 53 |
| #(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 | 1 | 1 | 3 | 1 | 1 | 1 | 22 |
| Cash Flow from Operating Activities | 3 | 4 | -0 | 6 | 1 | 10 | 5 | 4 | 0 | 17 | -1 |
| Cash Flow from Investing Activities | -1 | -1 | -3 | -3 | -2 | -5 | -6 | -3 | 1 | 3 | -1 |
| Cash Flow from Financing Activities | -2 | -3 | 3 | -2 | 2 | -4 | -1 | -0 | -1 | -1 | -2 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | 1 | 0 | 2 | -2 | 1 | 0 | 20 | -4 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 1 | 1 | 3 | 1 | 1 | 1 | 22 | 17 |
| # | 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 | 0 | 2.14 | 3.68 | 4.97 | 9.87 | 13.43 | 10.51 | 16.89 | 21.4 | 11.43 |
| CEPS(Rs) | 2.58 | 3.17 | 3.29 | 5.84 | 7.23 | 12.39 | 15.71 | 13.33 | 19.94 | 24.36 | 14.11 |
| DPS(Rs) | 0.2 | 0.2 | 0.2 | 0.25 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.3 |
| Book NAV/Share(Rs) | 0 | 0 | 21.21 | 24.64 | 29.62 | 39.12 | 52.25 | 62.46 | 79.04 | 100.14 | 111.07 |
| Core EBITDA Margin(%) | 9.35 | 8.03 | 9.32 | 12.84 | 14.17 | 11.03 | 11.18 | 8.17 | 11.15 | 20.79 | 10.23 |
| EBIT Margin(%) | 8.87 | 8.16 | 7.95 | 10.62 | 12.6 | 12.52 | 10.76 | 8.81 | 12.34 | 21.45 | 12 |
| Pre Tax Margin(%) | 3.04 | 3.65 | 4.87 | 7.66 | 9.52 | 11.26 | 10.04 | 8.16 | 11.79 | 20.86 | 11.39 |
| PAT Margin (%) | 1.9 | 2.36 | 3.22 | 5.51 | 6.86 | 8.01 | 7.47 | 5.88 | 8.83 | 15.42 | 8.43 |
| Cash Profit Margin (%) | 3.93 | 4.25 | 4.95 | 8.75 | 9.98 | 10.05 | 8.74 | 7.46 | 10.43 | 17.55 | 10.41 |
| ROA(%) | 2.2 | 3.11 | 5.07 | 7.6 | 8.52 | 12.96 | 13.05 | 8.27 | 14.33 | 18.86 | 8.91 |
| ROE(%) | 12.95 | 15.7 | 14.25 | 16.03 | 18.33 | 28.7 | 29.4 | 18.32 | 23.87 | 23.88 | 10.82 |
| ROCE(%) | 13.54 | 14.32 | 16.66 | 20.24 | 21.87 | 29.37 | 31.27 | 22.56 | 29.93 | 30.82 | 14.33 |
| Receivable days | 57.01 | 59.22 | 54.72 | 47.57 | 67.53 | 55.49 | 57.03 | 81.18 | 63.78 | 51.28 | 45.46 |
| Inventory Days | 115.6 | 77.71 | 38.28 | 39.4 | 33.19 | 30.6 | 35.76 | 48.22 | 40.11 | 36.55 | 40.5 |
| Payable days | 85.81 | 70.21 | 63.96 | 91.13 | 103.81 | 71.82 | 93.01 | 138.22 | 88.82 | 40.57 | 31.89 |
| PER(x) | 0 | 0 | 19.9 | 8.66 | 5.36 | 3.48 | 3.77 | 15.78 | 0 | 9.9 | 19.27 |
| Price/Book(x) | 0 | 0 | 2 | 1.29 | 0.9 | 0.88 | 0.97 | 2.65 | 0 | 2.12 | 1.98 |
| Dividend Yield(%) | 0 | 0 | 0.47 | 0.78 | 1.13 | 0.87 | 0.59 | 0.18 | 0 | 0.24 | 0.14 |
| EV/Net Sales(x) | 0.57 | 0.44 | 0.82 | 0.62 | 0.57 | 0.38 | 0.35 | 0.97 | 0.06 | 1.21 | 1.36 |
| EV/Core EBITDA(x) | 5.21 | 4.24 | 8.42 | 4.46 | 3.64 | 2.6 | 2.87 | 9.36 | 0.42 | 5.15 | 9.71 |
| Net Sales Growth(%) | 3.35 | 13.82 | 21.96 | 0.39 | 8.69 | 70.05 | 45.37 | -0.24 | 7.03 | -27.44 | -2.38 |
| EBIT Growth(%) | 24.31 | 4.66 | 18.89 | 34.13 | 28.91 | 68.93 | 25.3 | -18.53 | 49.82 | 26.17 | -45.41 |
| PAT Growth(%) | 33.3 | 41.15 | 66.44 | 72.1 | 35.27 | 98.4 | 36.16 | -21.77 | 60.7 | 26.71 | -46.59 |
| EPS Growth(%) | 0 | 0 | 0 | 72.1 | 35.27 | 98.4 | 36.16 | -21.77 | 60.7 | 26.71 | -46.59 |
| Debt/Equity(x) | 3.26 | 2.4 | 0.58 | 0.48 | 0.59 | 0.48 | 0.26 | 0.18 | 0.06 | 0.09 | 0.06 |
| Current Ratio(x) | 1.95 | 1.53 | 3.11 | 1.58 | 2.04 | 1.19 | 1.12 | 1.22 | 4.28 | 4.95 | 6.99 |
| Quick Ratio(x) | 0.83 | 0.92 | 2.22 | 0.89 | 1.7 | 0.73 | 0.77 | 0.75 | 2.9 | 4.11 | 5.56 |
| Interest Cover(x) | 1.52 | 1.81 | 2.58 | 3.59 | 4.09 | 9.97 | 15.12 | 13.53 | 22.63 | 36.41 | 19.78 |
| Total Debt/Mcap(x) | 0 | 0 | 0.29 | 0.37 | 0.66 | 0.55 | 0.27 | 0.07 | 0 | 0.04 | 0.03 |
| # | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -4% | -9% | +2% | +11% |
| Operating Profit CAGR | -38% | 0% | +3% | +15% |
| PAT CAGR | -44% | +8% | +5% | — |
| Share Price CAGR | -33% | -30% | -4% | — |
| ROE Average | +11% | +20% | +21% | +19% |
| ROCE Average | +14% | +25% | +26% | +22% |
| # | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 | 73.74 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 | 26.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
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