ULTRAMARUltramarine & Pigments Ltd.
Ultramarine & Pigments Q2 FY27 Results: Consolidated Net Profit ₹29.34 Crore on Total Income of ₹255 Crore
- Earnings
- Inorganic pigments
Reviewed byKeshav SehgalBlacklitt Research
Ultramarine & Pigments (NSE: ULTRAMAR) reported consolidated total income of ₹255 crore and net profit of ₹29 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹241 crore and net profit of ₹28 crore, it said in a filing on 05 Nov 2026. The results were approved by the board on 5 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹254.95 crore, up 28.5% YoY and 3.8% QoQ
- Net profit and EPS: ₹29.34 crore, up 51.5% YoY and down 7.1% QoQ; basic EPS ₹10.05
- Profit before tax: ₹38.82 crore, up 50.4% YoY; tax expense ₹9.48 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹240.81 crore, up 29.5% YoY and 7.3% QoQ
- Net profit and EPS: ₹28.12 crore, up 40.7% YoY and 0.5% QoQ; basic EPS ₹9.63
- Other comprehensive income: Loss of ₹33.95 crore in the quarter, mainly from equity instruments
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 255 | 198 | +28.5% | 246 | +3.8% | |
| Revenue from operations | 252 | 196 | +28.4% | 240 | +4.9% |
| Other income | 3 | 2 | +36.8% | 6 | -42.8% |
| 29 | 19 | +51.5% | 32 | -7.1% | |
| Profit before tax | 39 | 26 | +50.4% | 42 | -8.4% |
| Finance costs | 1 | 2 | -12.9% | 1 | -3.4% |
| Depreciation | 8 | 7 | +19.5% | 7 | +7.5% |
| Tax expense | 9 | 6 | +47.0% | 11 | -12.1% |
| Net profit margin | 11.51% | 9.76% | +1.75 pp | 12.86% | -1.35 pp |
| EPS, basic (₹) | 10.05 | 6.63 | +51.6% | 10.82 | -7.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income. Consolidated net profit rose 51.5% to ₹29.34 crore, against total income growth of 28.5%, and profit before tax rose 50.4%. Revenue from operations rose 28.4% to ₹251.68 crore, while other income rose 36.8% to ₹3.27 crore, a small share of the total at 1.2% of total income.
Finance costs were ₹1.42 crore against ₹1.63 crore a year earlier, and are 0.6% of revenue from operations. Depreciation rose to ₹7.89 crore from ₹6.60 crore. Tax took 24.4% of profit before tax, against 25.0% in the year-earlier quarter.
Compared with the previous quarter, total income rose 3.8% while net profit fell 7.1%, with tax expense down 12.1% to ₹9.48 crore. The filing does not give a reason for the change in the quarter-on-quarter figures.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 241 | 186 | +29.5% | 225 | +7.3% | |
| Revenue from operations | 235 | 181 | +29.8% | 219 | +7.3% |
| Other income | 6 | 5 | +18.4% | 6 | +7.3% |
| 28 | 20 | +40.7% | 28 | +0.5% | |
| Profit before tax | 37 | 26 | +41.6% | 38 | -3.2% |
| Finance costs | 0 | 1 | -38.3% | 0 | -9.8% |
| Depreciation | 5 | 5 | +15.1% | 5 | +6.9% |
| Tax expense | 9 | 6 | +44.9% | 10 | -13.6% |
| Net profit margin | 11.68% | 10.75% | +0.93 pp | 12.46% | -0.78 pp |
| EPS, basic (₹) | 9.63 | 6.85 | +40.6% | 9.58 | +0.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 40.7% to ₹28.12 crore, slower than profit before tax at 41.6%. Revenue from operations rose 29.8% to ₹234.75 crore, faster than other income at 18.4%. Other income was ₹6.06 crore, 16.5% of profit before tax of ₹36.80 crore.
Standalone finance costs were ₹0.37 crore, against ₹0.60 crore a year earlier. Depreciation rose to ₹5.27 crore from ₹4.58 crore. The standalone net profit was almost flat against the previous quarter, up 0.5%, while total income rose 7.3%.
The standalone statement shows other comprehensive income of a loss of ₹33.95 crore in the quarter, mainly from equity instruments through other comprehensive income. The filing does not give the reason for this loss.
Inference
The filing states that the auditors' reports on the results are unqualified, and that other auditors reviewed the results of the subsidiary Ultramarine Specialty Chemicals Limited, while the results of Ultramarine Fine Chemicals Limited have not been reviewed by its auditors.
The cash flow statement shows dividends paid of ₹17.52 crore in the half year ended 30 Sep 2026, the same as in the corresponding period a year earlier. The filing does not say whether a dividend has been declared for the current period, nor the reason for the quarter's standalone other comprehensive income loss.
Filed with BSE on . Reference: Original filing (PDF)
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