Ultramar & Pigments

₹420.1 17.9 | 4.5%

WEBSITE BSE:506685 NSE : ULTRAMARINE 05 Jun, 16:01

Market Cap ₹1227 Cr.

Stock P/E 21.3

P/B 1.4

Current Price ₹420.1

Book Value ₹ 305.9

Face Value 2

52W High ₹463.3

Dividend Yield 1.19%

52W Low ₹ 311

Edit Ratio

Ultramar & Pigments Research see more...

Overview Inc. Year: 1960Industry: Chemicals

Ultramarine & Pigments Ltd is an totally India-based employer, which is engaged in providing surfactants, pigments and information technology-enabled offerings (ITES). The Company operates via 3 segments: Laundry and allied merchandise, IT enabled offerings & BPO activities, and Wind Turbine Generator. The Company's operations relate to manufacture of laundry and allied products and its intermediaries, and imparting ITES and business process outsourcing (BPO) activities. The Company is likewise engaged in generation of power from wind turbine. The Company caters to the wishes of the domestic marketplace. It's products include detergents, sulfonation and pigments. The Company's manufacturing plants are placed at Ambattur, Ranipet and T V K Industrial Estate in Tamil Nadu.

Ultramar & Pigments Share Price

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Peer Comparison

Ultramar & Pigments Quarterly Results

#(Fig in Cr.)	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
Net Sales	69	65	76	73	76	75	83	73	71	80
Other Income	1	5	3	0	1	6	2	2	2	6
Total Income	70	70	79	73	78	80	84	75	73	86
Total Expenditure	54	50	60	58	61	56	58	62	52	62
Operating Profit	16	19	19	15	17	24	26	13	21	24
Interest	0	0	0	0	0	0	0	0	0	1
Depreciation	1	1	1	1	1	1	1	2	2	2
Exceptional Income / Expenses	0	0	0	0	5	1	0	0	0	0
Profit Before Tax	15	18	18	13	21	23	25	11	18	21
Provision for Tax	5	4	6	5	5	7	9	4	3	2
Profit After Tax	10	14	12	8	16	17	16	7	15	19
Adjustments	-10	-14	-12	-8	-16	0	0	0	0	0
Profit After Adjustments	0	0	0	0	0	17	16	7	15	19
Adjusted Earnings Per Share	3.3	4.7	4.1	2.9	5.6	5.7	5.5	2.5	5.1	6.3

Ultramar & Pigments Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	140	150	172	220	255	277	307	306	308	491	541	307
Other Income	4	3	2	5	3	9	10	12	10	9	12	12
Total Income	144	153	174	225	258	286	317	318	318	500	554	318
Total Expenditure	119	125	143	183	205	217	236	230	232	407	449	234
Operating Profit	25	28	31	43	53	69	81	88	85	93	105	84
Interest	2	1	0	0	1	1	1	2	2	4	4	1
Depreciation	6	6	3	3	4	5	6	9	9	12	14	7
Exceptional Income / Expenses	0	0	0	0	0	0	6	0	0	0	0	0
Profit Before Tax	17	22	28	39	48	63	80	78	75	78	88	75
Provision for Tax	5	7	9	12	16	20	24	16	19	19	21	18
Profit After Tax	12	14	19	27	32	44	56	62	56	58	66	57
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	12	14	19	27	32	44	56	62	56	58	66	57
Adjusted Earnings Per Share	4.2	4.9	6.4	9.4	11.1	14.9	19.3	21.2	19.1	20	22.8	19.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	10%	21%	14%	14%
Operating Profit CAGR	13%	6%	9%	15%
PAT CAGR	14%	2%	8%	19%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	29%	8%	16%	21%
ROE Average	8%	11%	12%	15%
ROCE Average	11%	14%	16%	21%

Ultramar & Pigments Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	86	92	99	115	314	511	385	302	461	860	733
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	2	0	0	0	0	0	0	20	35	30	31
Other Non-Current Liabilities	9	18	7	9	30	44	62	15	91	90	77
Total Current Liabilities	22	34	40	29	48	57	59	44	71	78	85
Total Liabilities	119	144	146	153	392	612	505	381	658	1058	926
Fixed Assets	41	41	38	52	60	70	79	91	119	142	157
Other Non-Current Assets	23	33	23	25	215	414	254	126	304	691	532
Total Current Assets	56	70	85	75	117	128	173	164	235	225	237
Total Assets	119	144	146	153	392	612	505	381	658	1058	926

Ultramar & Pigments Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	4	4	12	16	12	15	14	27	20	69	28
Cash Flow from Operating Activities	14	17	23	28	30	55	30	48	57	37	68
Cash Flow from Investing Activities	1	2	-8	-9	-27	-41	-2	-39	-20	-60	-49
Cash Flow from Financing Activities	-15	-11	-11	-23	-0	-15	-15	-16	13	-18	-17
Net Cash Inflow / Outflow	0	8	4	-5	3	-1	13	-7	50	-41	3
Closing Cash & Cash Equivalent	4	12	16	12	15	14	27	20	69	28	31

Ultramar & Pigments Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.15	4.93	6.42	9.37	11.12	14.95	19.34	21.24	19.11	19.97	22.76
CEPS(Rs)	6.13	6.85	7.5	10.47	12.55	16.6	21.33	24.19	22.11	24.05	27.53
DPS(Rs)	2.25	2.5	3	3.5	4	4.25	4.5	5	5	5	5
Book NAV/Share(Rs)	29.56	31.57	34.07	39.22	107.38	175.03	131.81	103.59	157.9	294.37	251
Core EBITDA Margin(%)	13.73	15.47	15.84	15.65	18.01	21.43	23.04	24.97	24.58	17.13	17.11
EBIT Margin(%)	12.43	13.89	15.08	16.39	17.51	22.81	26.39	25.92	24.86	16.55	16.83
Pre Tax Margin(%)	11.4	13.3	14.81	16.24	17.26	22.44	26.19	25.35	24.32	15.81	16.17
PAT Margin (%)	7.96	8.87	10.09	11.38	11.63	15.45	18.41	20.25	18.1	11.88	12.28
Cash Profit Margin (%)	11.74	12.33	11.78	12.71	13.12	17.16	20.3	23.07	20.95	14.3	14.85
ROA(%)	9.92	10.94	12.92	18.3	11.93	8.69	10.11	13.99	10.73	6.8	6.7
ROE(%)	14.42	16.13	19.55	25.56	15.17	10.58	12.61	18.04	14.61	8.83	8.35
ROCE(%)	20.59	24.17	28.92	36.82	22.83	15.63	18.07	22.43	18.7	11.67	10.93
Receivable days	53.18	51.51	43.09	36.85	39.61	38.82	35.17	43.08	49.2	30.97	27.61
Inventory Days	33	33.55	37.93	31.24	30.16	32.61	31.08	36.36	41.91	40.17	50.99
Payable days	38.86	33.57	45.82	47.06	59.36	72.07	65.55	70.16	82.52	48.52	50.52
PER(x)	15.27	10.31	10.11	11.61	16.58	18.4	13.58	6.66	15.3	16.28	14.32
Price/Book(x)	2.14	1.61	1.9	2.77	1.72	1.57	1.99	1.37	1.85	1.1	1.3
Dividend Yield(%)	3.55	4.92	4.62	3.22	2.17	1.55	1.71	3.53	1.71	1.54	1.53
EV/Net Sales(x)	1.28	0.92	1.01	1.39	2.05	2.84	2.41	1.35	2.66	1.95	1.77
EV/Core EBITDA(x)	7.29	4.89	5.56	7.17	9.86	11.37	9.14	4.69	9.59	10.27	9.13
Net Sales Growth(%)	3.02	7.19	14.6	27.92	15.98	8.59	10.63	-0.22	0.66	59.32	10.26
EBIT Growth(%)	-5.23	19.1	24.22	40.69	24.04	31.87	25.63	-1.98	-3.46	6.07	12.09
PAT Growth(%)	-11.46	18.73	30.17	45.98	18.71	34.39	29.41	9.8	-10.04	4.55	13.96
EPS Growth(%)	-11.46	18.73	30.17	45.98	18.71	34.39	29.41	9.8	-10.04	4.55	13.96
Debt/Equity(x)	0.07	0.02	0	0	0	0	0	0.07	0.08	0.04	0.05
Current Ratio(x)	2.51	2.07	2.14	2.58	2.44	2.24	2.95	3.74	3.29	2.88	2.79
Quick Ratio(x)	1.99	1.53	1.62	1.86	1.91	1.8	2.49	2.97	2.77	1.97	1.85
Interest Cover(x)	12.11	23.56	56.87	110.17	70.91	61.91	133.35	45.75	46.01	22.33	25.59
Total Debt/Mcap(x)	0.03	0.01	0	0	0	0	0	0.05	0.04	0.04	0.04

Ultramar & Pigments Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	44.53	44.07	43.04	42.96	42.66	42.37	42.37	41.68	41.08	41.05
FII	0.58	0.54	0.73	0.71	0.67	0.8	0.8	0.8	0.84	1.21
DII	0.13	0.13	0.15	0.32	0.15	0.83	0.83	0.83	0.83	0.24
Public	54.75	55.26	56.08	56.01	56.52	56	56	56.69	57.26	57.5
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.3	1.29	1.26	1.25	1.25	1.24	1.24	1.22	1.2	1.2
FII	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.04
DII	0	0	0	0.01	0	0.02	0.02	0.02	0.02	0.01
Public	1.6	1.61	1.64	1.64	1.65	1.64	1.64	1.66	1.67	1.68
Others	0	0	0	0	0	0	0	0	0	0
Total	2.92	2.92	2.92	2.92	2.92	2.92	2.92	2.92	2.92	2.92

Pros

Company is almost debt free.

Cons

Promoter holding is low: 41.05%.
Company has a low return on equity of 11% over the last 3 years.
Debtor days have increased from 48.52 to 50.52days.
The company has delivered a poor profit growth of 8% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.