Ducol Organics & Colours Ltd(DUCOL)

NSE: DUCOL

₹ 110+2.76%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 199 crUpdated: 24 Oct 2026

About

Ducol Organics & Colours makes pigments, dispersions, masterbatches, preparations and concentrates for the paints, inks, plastics, textiles, detergents and paper industries. Through its Bitumag subsidiary it has moved into polymer-modified bitumen waterproofing membranes. The report calls Bitumag one of India's leading makers of these membranes. FY26 revenue was 136.07 cr.^[1][2]

Business segments

Two businesses: the core pigment dispersion business (standalone), and waterproofing and construction chemicals through Bitumag, which was first consolidated in H1 FY26.^[3]
FY26 revenue rose 8.54% on a standalone basis and 75.91% on a consolidated basis, which includes Bitumag.^[4]
Bitumag revenue grew from 41.20 cr to 52.11 cr in FY26.^[4]
H1 FY26 consolidated revenue was ₹64.52 cr, against ₹41.18 cr standalone.^[3]

Products

Products include pigments, dispersions, masterbatches, preparations and concentrates (FY25 annual report).^[1]
Bitumag makes self-adhesive and torch-on membranes, plus polymer-modified, emulsion and multigrade bitumen.^[1]
Ducol partners with CPS Colour on machine colorants and has a tie-up with Rheine Chemie for rubber masterbatches.^[1]

Plants and capacity

Installed capacity as of H1 FY25: dry dispersions 10,000-12,000 MTPA, wet dispersions 3,000-4,000 MTPA, masterbatches 2,000-3,000 MTPA.^[5]
Plants are at MIDC Taloja: Unit I, and Unit II, set up for masterbatch production in 2009. A new plant at Mahad was commercialised by H1 FY25.^[1][5]
A second line at Bitumag's Baroda facility doubled its capacity to 10 Mn sq.mt p.a. in FY26.^[4][3]
The FY24 annual report states that no R&D spending was incurred that year.^[6]

Key operating numbers

Bitumag capacity utilisation was 30-35% in FY26, the same as in H1 FY26.^[4][3]
Working capital days were 87 in FY26, against 130 in FY25.^[4][3]
Sales volumes grew over 13% in FY25 while revenue rose 2.58%.^[7]
Standalone H2 FY26 EBITDA margin was 14.22%, against 7.41% in H2 FY25. Management credits operational efficiencies and economies of scale.^[4]

Customers and distribution

Colour products serve the paints, inks, plastics, textiles, detergents and paper industries.^[1]
A strategic alliance with DIC-AP distributes Ducol products across Asia Pacific and the Middle East.^[1]
Foreign exchange earnings were 692.68 lakh in FY25, against 870.22 lakh in FY24.^[1]
Under the Qualibit partnership, 20% of Bitumag capacity is set aside for Malaysia through the Polybit distribution arm (FY26).^[4]
Some existing Ducol clients also buy waterproofing products, which opens cross-selling (H1 FY26).^[3]

Expansion plans

Capacity targets as of FY26: dry dispersions 20,000-25,000 MTPA, up from the earlier target of 18,000-20,000 MT; wet dispersions 8,000-10,000 MTPA; masterbatches 8,000-10,000 MTPA.^[4][3][5]
Management targets Bitumag utilisation above 50%.^[4]
Ongoing capex includes refurbishing the Taloja plant and building two new units at Mahad. Capital WIP was Rs 19.31 cr in H1 FY25, against Rs 14.83 cr at Mar-24.^[5][1]
Plans include expanding exports to SE Asia, the Subcontinent, the Middle East and Africa through partnerships.^[4]

Recent developments

26 Mar 2026: share purchase agreement signed for Xchem Polymers. Phase 1 is ₹38 cr cash for a 50.67% stake; Phase 2 is ₹30 cr via share swap to reach 100% within 2 years.^[4]
Xchem Polymers' provisional FY26 revenue is 72.17 cr.^[4]
In FY25 the company signed a share purchase agreement for Bitumag Industries, a Vadodara maker of polymer-modified bitumen waterproofing membranes. Bitumag was first consolidated in H1 FY26.^[7][3]

Market Cap

₹199 Cr

High / Low

₹210 / 90

Stock P/E

27.4

Price / Book

2.1

Book Value

₹60

EPS

₹4.5

No. of Shares

1.63 Cr

ROCE

9.5%

ROE

7.4%

OPM

9.6%

Debt / Equity

0.43

Sales

₹136 Cr

Net Profit

₹7 Cr

Promoter holding

46.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials