Dyes & Pigments · Founded 1989 · www.shreyasintermediates.co.in · BSE 526335 · · ISIN INE115F01017
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Business
Shreyas Intermediates Ltd. operates in the Dyes & Pigments sector in India. Based on its name, the company primarily manufactures and supplies chemical intermediates. These intermediates serve as crucial raw materials for the production of various dyes and pigments, which are then used in a wide range of end-user industries such as textiles, paints, coatings, printing inks, plastics, and potentially agrochemicals or pharmaceuticals. The company's core business model is Business-to-Business (B2B), selling these chemical compounds to other manufacturers. It makes money by producing and selling these intermediates, leveraging its manufacturing capabilities and chemical expertise.
Revenue Mix
Specific details regarding the company's revenue mix or distinct operational segments are not publicly available without access to financial reports. However, within the chemical intermediates space, segments could potentially be categorized by the type of intermediate produced (e.g., naphthols, anilines, sulfonic acids, acid chlorides, etc.) or by the target application area (e.g., intermediates for reactive dyes, disperse dyes, organic pigments). Without specific data, the exact contribution of any such potential segments cannot be determined.
Industry
The Indian Dyes & Pigments industry is a significant global player, characterized by a mix of large integrated manufacturers and numerous small to medium-sized specialized players. The industry is highly reliant on raw material availability (often crude oil derivatives), susceptible to environmental regulations, and driven by demand from domestic consumption and export markets. As an intermediates manufacturer, Shreyas Intermediates Ltd. likely operates in the upstream part of this value chain, supplying to dye and pigment producers. Its positioning would depend on its product specialization, cost efficiency, quality standards, and customer relationships within a competitive landscape that includes both domestic and international suppliers. India's "China Plus One" strategy has also increased its importance as a global sourcing hub.
MOAT
Without specific company details, potential competitive advantages for a chemical intermediates manufacturer like Shreyas Intermediates Ltd. could include:
Process Know-how & Efficiency: Expertise in complex chemical synthesis processes leading to cost-effective production.
Customer Lock-in / Switching Costs: If its intermediates are specialized or critical to customer formulations, switching suppliers can be costly and time-consuming for clients.
Regulatory Compliance: Strong capabilities in navigating and adhering to stringent environmental, health, and safety regulations can be a barrier to entry for new competitors.
Strategic Sourcing: Efficient access to raw materials or backward integration can provide a cost advantage.
Product Customization/Specialization: Developing niche intermediates for specific applications or customer needs.
Growth Drivers
Key factors that could drive growth for Shreyas Intermediates Ltd. over the next 3-5 years include:
Growth in End-User Industries: Increased demand from the textile, paint, coatings, plastics, and printing ink sectors in India and globally.
"China Plus One" Strategy: Global diversification of supply chains, leading to increased orders for Indian chemical manufacturers.
Rising Domestic Consumption: India's growing economy and disposable income fueling demand for products that use dyes and pigments.
Export Opportunities: Competitive pricing and quality can drive demand from international markets.
Specialty Chemicals Shift: Increasing focus on value-added specialty intermediates, which command higher margins.
Risks
Shreyas Intermediates Ltd. faces several risks common to the chemical industry:
Raw Material Price Volatility: Fluctuations in the prices of key petrochemical-derived raw materials can significantly impact production costs and profitability.
Environmental Regulations: Increasingly stringent environmental norms in India can lead to higher compliance costs, operational disruptions, or temporary plant closures.
Intense Competition: The presence of numerous domestic and international players can put pressure on pricing and margins.
Exchange Rate Fluctuations: As an exporter and potentially importer of raw materials, currency volatility can affect profitability.
Economic Slowdown: A downturn in the global or domestic economy could reduce demand from end-user industries.
Technological Obsolescence: Emergence of new chemical processes or substitute products could render existing manufacturing methods less competitive.
Supply Chain Disruptions: Geopolitical events, pandemics, or logistical challenges can impact raw material availability and product delivery.
Management & Ownership
Specific details regarding the promoters, individual management quality, or precise ownership structure (e.g., institutional vs. promoter vs. public holding percentages) are not available without detailed financial filings or annual reports. Typically, many Indian companies, especially in specialized manufacturing sectors, are promoter-led, where the founding family or group holds a significant stake and plays an active role in strategic decision-making and daily operations.
Outlook
Shreyas Intermediates Ltd. operates in a foundational part of the robust Indian chemical industry, which benefits from strong domestic demand and a growing global appetite for diversified supply chains. The company's future outlook is influenced by both tailwinds and headwinds. On one hand, the expansion of end-user industries like textiles, paints, and plastics, coupled with the "China Plus One" strategy, provides significant growth potential for chemical intermediates. A focus on specialty chemicals and efficient manufacturing could enhance margins and market position. On the other hand, the business is inherently exposed to the volatility of raw material prices, stringent and evolving environmental regulations, and competitive pressures within the fragmented Dyes & Pigments sector. The ability to effectively manage these risks while capitalizing on market growth and operational efficiencies will be critical for sustained performance.
| #(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 | 0 | 0 | 0 | 0 | 0 | 6 | 10 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 6 | 10 | 0 | 0 | 0 |
| Total Expenditure | -0 | 0 | 0 | 0 | 0 | 6 | 10 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | -0 | -0.1 | -0.1 | -0.1 | -0 | -0 | -0 | -0.1 | -0 | -0 |
| #(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 | 46 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Other Income | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 46 | 8 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 10 |
| Total Expenditure | 51 | 9 | 3 | 3 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 10 |
| Operating Profit | -5 | -1 | -1 | -2 | -1 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 4 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 0 |
| Exceptional Income / Expenses | 32 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 24 | -5 | -3 | -3 | -3 | -2 | -1 | -1 | -2 | -2 | -2 | 0 |
| Provision for Tax | -1 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 25 | -5 | -2 | -3 | -3 | -2 | -1 | -1 | -2 | -2 | -2 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 25 | -5 | -2 | -3 | -3 | -2 | -1 | -1 | -2 | -2 | -2 | 0 |
| Adjusted Earnings Per Share | 15.7 | -3.1 | -1.2 | -2 | -1.8 | -0.3 | -0.2 | -0.2 | -0.2 | -0.2 | -0.2 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | -100% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -1% | -19% | 5% | 8% |
| ROE Average | -12% | -11% | -10% | -4% |
| ROCE Average | -6% | -6% | -5% | -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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -51 | -56 | -58 | -61 | -64 | 24 | 22 | 21 | 20 | 18 | 16 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 99 | 99 | 99 | 98 | 97 | 8 | 7 | 8 | 8 | 8 | 8 |
| Other Non-Current Liabilities | -1 | -1 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 |
| Total Current Liabilities | 6 | 3 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Liabilities | 53 | 45 | 40 | 38 | 33 | 32 | 29 | 29 | 27 | 26 | 25 |
| Fixed Assets | 32 | 30 | 28 | 27 | 25 | 23 | 21 | 20 | 18 | 16 | 15 |
| Other Non-Current Assets | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Current Assets | 12 | 8 | 7 | 9 | 8 | 9 | 8 | 9 | 9 | 9 | 9 |
| Total Assets | 53 | 45 | 40 | 38 | 33 | 32 | 29 | 29 | 27 | 26 | 25 |
| #(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 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -14 | -1 | -1 | -0 | -0 | -1 | 0 | -2 | -1 | 1 | 1 |
| Cash Flow from Investing Activities | 37 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -1 | -1 |
| Cash Flow from Financing Activities | -25 | -0 | -0 | -0 | -1 | 0 | -1 | 1 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | -2 | -1 | 0 | -0 | -0 | 0 | -0 | 0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 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) | 15.72 | -3.15 | -1.21 | -2.04 | -1.8 | -0.29 | -0.21 | -0.19 | -0.22 | -0.22 | -0.22 |
| CEPS(Rs) | 17.44 | -0.63 | -0.15 | -0.98 | -0.74 | -0.05 | 0.03 | 0.05 | 0.02 | 0.02 | 0.02 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -40.93 | -48.67 | -48.42 | -49 | -49.34 | 2.82 | 2.61 | 2.42 | 2.2 | 1.97 | 1.75 |
| Core EBITDA Margin(%) | -10.79 | -13.41 | -474.45 | -464.41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 52.93 | -66.1 | -573.79 | -682.39 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 52.91 | -66.64 | -576.57 | -682.93 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 55.19 | -66.64 | -394.73 | -682.93 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 61.23 | -13.29 | -49.85 | -329.04 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | 32.6 | -10.33 | -4.57 | -8.42 | -8.18 | -6.28 | -4.82 | -4.65 | -5.57 | -5.97 | -6.29 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | -7.64 | -7.61 | -9.59 | -10.73 | -12.03 |
| ROCE(%) | 37.35 | -11.99 | -7.95 | -9.41 | -8.55 | -6.31 | -4.83 | -4.67 | -5.42 | -5.97 | -6.31 |
| Receivable days | 85 | 366.83 | 4846.38 | 5212.24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 16.66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 116.47 | 396.97 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0.46 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | -0.18 | -0.07 | -0.12 | -0.15 | -0.07 | 1.07 | 1.92 | 4.8 | 3.23 | 4.48 | 4.73 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.73 | 15.76 | 248.5 | 259.31 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | -25.65 | -123.62 | -108.56 | -78.94 | -101.29 | -101.36 | 191.11 | 267.3 | 339.5 | 602.69 | 529.77 |
| Net Sales Growth(%) | 236.54 | -83.41 | -93.5 | -2.54 | -100 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 484.4 | -120.71 | 43.6 | -15.9 | 12.86 | 29.16 | 27.85 | 7.52 | -12.42 | -3.9 | 0.61 |
| PAT Growth(%) | 264.63 | -120.03 | 61.51 | -68.61 | 11.83 | 29.9 | 27.85 | 7.69 | -15.71 | -1.1 | -0.07 |
| EPS Growth(%) | 264.62 | -120.03 | 61.52 | -68.61 | 11.83 | 84.07 | 27.84 | 7.73 | -15.75 | -1.09 | -0.09 |
| Debt/Equity(x) | -1.95 | -1.56 | -1.57 | -1.54 | -1.51 | 0.32 | 0.3 | 0.37 | 0.4 | 0.43 | 0.47 |
| Current Ratio(x) | 1.97 | 2.56 | 4.47 | 3.06 | 3.93 | 4.18 | 3.81 | 4.54 | 4.78 | 4.75 | 3.72 |
| Quick Ratio(x) | 1.63 | 2.56 | 4.47 | 3.06 | 3.93 | 4.18 | 3.81 | 4.54 | 4.78 | 4.75 | 3.72 |
| Interest Cover(x) | 1967.38 | -122.29 | -206.5 | -1275.42 | -79.27 | -501.32 | -507.15 | -7724.8 | -34.06 | -608.38 | -118.21 |
| Total Debt/Mcap(x) | 8.55 | 16.86 | 10.56 | 8.27 | 18.18 | 1.56 | 0.19 | 0.09 | 0.15 | 0.12 | 0.13 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 |
| FII | 9.46 | 9.46 | 9.46 | 8.54 | 8.53 | 8.53 | 8.42 | 8.39 | 8.39 | 8.39 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.33 | 33.33 | 33.33 | 34.25 | 34.26 | 34.26 | 34.37 | 34.4 | 34.4 | 34.4 |
| 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 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 |
| FII | 0.67 | 0.67 | 0.67 | 0.61 | 0.6 | 0.6 | 0.6 | 0.59 | 0.59 | 0.59 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.36 | 2.36 | 2.36 | 2.43 | 2.43 | 2.43 | 2.44 | 2.44 | 2.44 | 2.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | -100% |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | 0% |
| Share Price CAGR | -1% | -19% | +5% | +8% |
| ROE Average | -12% | -11% | -10% | -4% |
| ROCE Average | -6% | -6% | -5% | -3% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 | 57.21 |
| FII | 9.46 | 9.46 | 9.46 | 8.54 | 8.53 | 8.53 | 8.42 | 8.39 | 8.39 | 8.39 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.33 | 33.33 | 33.33 | 34.25 | 34.26 | 34.26 | 34.37 | 34.4 | 34.4 | 34.4 |
| 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 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 |
| FII | 0.67 | 0.67 | 0.67 | 0.61 | 0.6 | 0.6 | 0.6 | 0.59 | 0.59 | 0.59 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.36 | 2.36 | 2.36 | 2.43 | 2.43 | 2.43 | 2.44 | 2.44 | 2.44 | 2.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 | 7.09 |
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