Sudarshan Chemical Industries Limited stands as a globally recognized leader in the pigment industry, serving as the 3rd largest pigment manufacturer globally. The Company is engaged in supplying pigments and solvent dyes for coatings, plastics, printing and digital printing, cosmetics, and special applications. With a rich heritage spanning over seven decades since its incorporation in 1951, the company has evolved into a comprehensive color solutions provider with an extensive portfolio of organic, inorganic, and effect pigments.
The company operates through multiple segments, with the primary focus on pigments production and sales. The Pigments segment produces and sells a range of organic, inorganic, effect pigments, and dispersions primarily for paints, plastics, inks, and cosmetics industries. Additionally, The Others segment comprises of project engineering and manufacturing business of grinding solutions, clean air solutions, power handling solutions.
Sudarshan Chemical Industries has established itself as a dominant force in the global pigment market, maintaining a 35% market share in FY24. The company's strategic positioning has been significantly strengthened following its transformative acquisition of Germany-based Heubach Group, which was completed in March 2025. This landmark acquisition has expanded the company's global footprint to operations across 19 sites in all regions.
The acquisition of Heubach Group represents one of the most significant developments in the pigment industry, creating a global pigment leader, bringing together SCIL's operations and expertise with Heubach's technological capabilities. Heubach has a 200-year-old history and became the second largest pigment player in the world after its integration with Clariant in 2022.
The acquisition of Heubach Group for Rs 1,180 crore (€127.5 million) represents a strategic milestone that has transformed Sudarshan Chemical into a truly global pigment powerhouse. It had over a billion euros in revenue in FY21 and FY22, with a global footprint especially in Europe, Americas, and the APAC region. The combined entity now operates with a diversified asset footprint across 19 global sites, providing enhanced capabilities to serve customers worldwide.
This acquisition addresses the financial challenges that Heubach faced, as Heubach faced financial challenges over the past two years due to rising costs, inventory issues, and high interest rates. SCIL's acquisition of Heubach will address these challenges with a clear turnaround plan.
As of recent market data, Sudarshan Chemical Industries maintains a strong market position with a Market Cap of ₹ 9,788 Cr. The company's financial performance has shown resilience, with robust financial performance in Q3 FY25, with an 18% increase in total income driven by strong export sales. However, the company has experienced some challenges, as Sudarshan Chemical Industries Ltd's net profit fell -96.5% since last year same period to ₹0.51Cr in the Q3 2024-2025.
Key financial metrics include:
- During FY24, the company clocked a net profit of Rs 335 crore on revenues of Rs 2,141 crore
- Stock P/E 68.6
- Book Value ₹ 175
- Dividend Yield 0.37 %
- ROCE 11.4 %
- ROE 11.3 %
The company's comprehensive product portfolio encompasses a wide range of pigments and colorants designed to meet diverse industrial applications. Sudarshan Chemical Industries manufactures and sells a wide range of Organic and Inorganic Pigments, Effect Pigments. The Group also manufactures Pollution Control Equipment, Size Reduction Equipment and Grinding Equipments for industrial applications.
The integration with Heubach has significantly enhanced the company's technological capabilities and product offerings. Creates a broad pigment portfolio with state-of-the art technologies, enabling the company to serve a more diverse customer base across various industries including coatings, plastics, inks, cosmetics, and specialty applications.
The company is led by Mr. Rajesh Rathi, will lead the combined entity as CEO, bringing extensive experience and vision to guide the enlarged organization. The management team has demonstrated strong execution capabilities, particularly in navigating the complexities of the Heubach acquisition and integration process.
Looking ahead, Sudarshan Chemical Industries is well-positioned to capitalize on its enhanced global presence and expanded capabilities. Our goal is now to create the world's most valuable pigment company with great financial strength and profitability. The company's strategic focus includes operational excellence, customer centricity, and leveraging synergies from the Heubach acquisition.
The integration strategy emphasizes unlocking efficiencies, driving synergies, and fully integrating legacy Clariant, Heubach, and Sudarshan into a unified, stronger organization with shared values. This approach is expected to deliver significant value creation for stakeholders while strengthening the company's competitive position in the global pigment market.
