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Driven by the initial consolidation of Heubach (for 28 days; y/y, q/q not comparable), which brought Rs5.25bn revenue and a 55.8% gross margin in Mar, Sudarshan Chemicals’ Q4 FY25 revenue was up 77% y/y to Rs13.5bn and adj. EBITDA, 24% y/y to Rs1.48bn.

Revenues reached Rs. 696 crore, marking a 16% y-o-y increase and a 10% q-o-q rise, with
exports growing by 44% y-o-y.

Sudarshan Chemical Industries’ (SCIL) Q1FY25 print was slightly weaker than expected with pigment revenue growing only 10% YoY (down 8.4% QoQ on seasonality) while RIECO revenue dipped 38% YoY.

Sudarshan Chemical Industries’ (SCIL) Q1FY24 print showed recovery in margins (partly optical with drop in prices) on lower input cost. India demand was impacted from destocking in coating segment while plastics business has started growing. International business revenue was impacted from macro-headwinds.

Sudarshan Chemical Industries’ (SCIL) Q4FY23 print showed early signs of demand revival across categories. SCIL sees tailwinds from recovery in demand; it is receiving good response for its new products, which are niche chemistries; ramp up in new capacity to provide pigment segment revenue visibility of Rs30-33bn and softening raw material prices will help normalise margins.

dumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will be ~US$2-3/kg and will be levied for five years. As per the initial document filed by the company, overall import volumes for mica pigment from key geographies is at ~2181 MT at an imported price of | 380/kg. The price undercutting is estimated to be ~20-30% as on inquiry date. Mica pigment currently contributes in low single digits to overall revenue of Sudarshan Chemical. Based on our calculation, sales volumes should be ~1300 MT against total capacity of ~3000 MT as per the pre-feasibility study report filed earlier. We expect potential earnings benefits due to price hike to be ~4-5% on FY21 PAT. We have not factored in any...

Strong volume growth drove H2 but sharp intermediate price increases impacted margins. However, the company expects to pass on most of the raw material inflation to end users. Despite pandemic, Sudarshan has almost competed | 600 crore of capex (revenue potential of | 1000-1200 crore), which gives strong visibility and management commitment towards future growth. The company's strong track record, with favourable macro factors and strong domestic demand are key catalysts for future course. Margins are also likely to improve due to backward integration and increase speciality...

The company's operations and demand from end users are reverting back to normal as the economy opens up. The company's H2 is also likely to benefit amid some pent-up demand. Owing to strong demand, the company is trying to expedite its growth capex plans of | 585 crore (which have been bit delayed amid Covid), which gives strong visibility and management commitment towards future growth. Sudarshan's strong track record, with favourable macro factors and strong domestic demand are key catalysts for it. Margins are also likely to improve due to backward integration and change...

Since the Coronavirus issue outbreak in China, technical/key input prices like H Acid, Vinyl sulphone surged at least 30-50% in a month. This is largely owing to the fact that Wuhan is considered one of the largest manufacturer of dye intermediates. However, we believe the recent price increase is largely sentimental in nature. Once China comes back into production, we expect to see a softening in key input prices. India had witnessed Vinyl sulphone imports of mere | 47 crore from China in FY19 while exports remained at | 740 crore of which exports to China were at | 299 crore...

ICICI Securities Ltd | Retail Equity Research Bodal Chemicals (Bodal) reported a muted Q4FY18 performance on the back of softer blended realisation compared to base quarter. Net sales for the quarter were at | 282.4 crore, down 2.8% YoY EBITDA in Q4FY18 came in at | 46.7 crore with corresponding EBITDA margins at 16.5% (down 220 bps YoY). Lower margins were a result of higher overheads incurred in FY18 due to execution of major expansion projects and were not operational in nature...

Sudarshan Chemical Industries Limited (Sudarshan) Q3FY18: Sudarshan reported results above our estimates with robust sales pigment growth in both the domestic and export markets while margins...

ICICI Securities Ltd | Retail Equity Research Shree Pushkar Chemicals (SPCL) reported a strong H1FY18 with sales coming in at | 174.4 crore (up 20.9% YoY), EBITDA at | 30.8 crore (up 20.3% YoY) with corresponding EBITDA margins at 17.7%. PAT in H1FY18 was at | 17.4 crore, up 15.2% YoY SPCL has successfully moved up the value chain post commissioning its Phase 1 (3000 MT) fully integrated dyestuff capacity in March 2016. Through impressive client acquisitions, this...

ICICI Securities Ltd | Retail Equity Research Shree Pushkar Chemicals & Fertilisers (SPCL) reported a steady Q4FY17 performance. Net sales for the quarter was at | 92.7 crore EBITDA in Q4FY17 was at | 14.4 crore with corresponding EBITDA margins at 15.5%. PAT in Q4FY17 was at | 8.2 crore, up 43.4% YoY The management guided for scheduled commissioning of phase-2 of dyestuff facility (3000 tonne) by Q1FY18, which will drive the next leg of growth with phase-1 currently operating at 80% utilisation level...

Sudarshan Chemical Industries Ltd. reported standalone Q3FY17 sales at INR 283 cr, 1% above our estimates