Dyes And Pigments industry

18 companies · ₹19,815 cr · 8 with AI deep dives · Q1FY27 report

Dye intermediate price surge lifts margins, but volume recovery lags the Gulf war supply shock

Turning upmargin troughed at 2.7% and has risen for 2 quarters to 10.4%, on positive revenue growth

Revenue YoY: +18.2%
EBITDA margin: 10.4%; +220bps YoY
Price, 1 year: -14.8%; 43% of names up
P/E vs own 5y: +15.5%; 21.7x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	4,692 cr	4,527 cr	+3.6%	3,970 cr	+18.2%	4,692 cr	0.0%
EBITDA margin	10.4%	5.2%	+520bps	8.2%	+220bps	11.1%	-70bps

Revenue

Jun 26: 4,692 cr
Mar 26: 4,527 cr
QoQ: +3.6%
Jun 25: 3,970 cr
YoY: +18.2%
Peak: 4,692 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 10.4%
Mar 26: 5.2%
QoQ: +520bps
Jun 25: 8.2%

Sept 26: 0 of 7 reported so far, so it is not in the trend above.

Breadth: 100% of 7 companies grew revenue year on year (was 71% a quarter earlier) and 57% expanded margin (was 14%).

Exhibit 2What it costs

13.79x - 24.1x across the panel today

The median name trades at 21.7x, +15.5% against this industry's own 5-year median of 18.8x, and -18.0% against its own peak of 26.4x.

Exhibit 3Structure

₹19,815 cr

Sudarshan Chemical Industries Ltd is 41.7% of this industry by market cap. The top 5 are 81.8% and the top 10 are 96.1%.

small 6micro 127 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 21.66x, 5y ROCE above its median of 9.71%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (18 of 18)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sudarshan Chemical Industries Ltd	₹8,193 cr	111.7x	16.1x	5.6%	6.0%	+5.4%	Unlock
Kiri Industries Ltd	₹3,105 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindDye intermediate price surge driving value growth ahead of volumes3 managements

H-Acid and Vinyl Sulphone prices reached multi-year highs. Kiri Industries' standalone material margin expanded from 23.5% to 31.9% YoY entirely on pricing. Bhageria confirmed…

KIRIINDUS (Q1FY27): “The growth was primarily realization-led, supported by improved average selling…”

tailwind4 managements headwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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