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1 — At a Glance
Some companies change strategy. This one has also changed its stationery, twice.
Incorporated in 1956, the business traded as Clariant Chemicals (India) until October 2022. It then became Heubach Colorants India. A postal ballot, a shareholder vote taken by post rather than at a meeting, closed on 8 December 2025 and renamed it Sudarshan Colorants India Limited. The letterhead still carries “formerly known as” in brackets.
The three months to June 2026 brought revenue of ₹222.39 crore and operating profit of ₹25.59 crore. Net profit was ₹20.36 crore. Earnings per share, the profit attributed to each share, came to ₹8.82. Against the same quarter of 2025, revenue rose 5.5% and profit rose 19.1%. Operating profit in the March 2026 quarter was ₹4.43 crore, the thinnest print in the ten-quarter series.
The promoter column changed as well. Promoters are the controlling shareholder group. Through September 2025 the holding read 54.37%, split between Colorants International AG and Ebito Chemiebeteilgungen AG. From December 2025 it reads 70.26%. Sudarshan Europe B.V. holds 15.89%, and the promoter list now runs to roughly seventy entities. Most of them sit at 0.00%, spanning Thailand, Peru, Turkey, Osaka and a company called VP4 Frankfurt GmbH.
The finance chair has been musical. The chief financial officer resigned with effect from 9 March 2026. An interim chief financial officer was appointed on 11 May 2026. A pigment maker that has spent four years renaming itself has, in the same stretch, filed ten quarters of numbers.
2 — Introduction
The company manufactures and sells specialty chemicals, and has done so under one corporate identity number since 1956. It has been described as part of the Clariant group. The range covers organic and inorganic high-performance pigments and pigment preparations. That is roughly 2,000-plus products, supported by about ten technical centres. Manufacturing sites sit in Maharashtra, Tamil Nadu and Madhya Pradesh.
The recent corporate calendar is dense. A postal ballot notice of 6 November 2025 carried three items: re-appointment of the managing director from 25 November 2025, the change of name to Sudarshan, and the appointment of Amitabha Mukhopadhyay. The scrutinizer, the independent official who counts such a vote, reported on 8 December 2025 that all three resolutions passed.
On 3 February 2026 the board approved results for the three and nine months to December 2025. The same day it disclosed the chief financial officer’s resignation and an independent director’s appointment. Mrs Sudha Navandar (DIN 02804964) joined as a non-executive and independent director, additional, for five years from 3 February 2026. Shareholders approved that on 9 April 2026 through a postal ballot. Also on 3 February, the company disclosed an appeal against a goods and services tax order dated 29 October 2025. The demand came to ₹3.87 crore. Tax accounted for ₹3.51 crore and the penalty for ₹0.35 crore.
A second tax order followed on 23 March 2026, demanding ₹0.62 crore for April 2024 to March 2025. The company said it would appeal that one as well.
On 11 May 2026 the board approved audited results for the year to March 2026. It appointed Mr Nilkanth Natu as interim chief financial officer and reappointed PwC as internal auditor.
On 5 August 2026 the board approved the June quarter results. On the nomination and remuneration committee’s recommendation, it appointed Mr Vijayant as India legal head and senior management personnel. He holds a five-year integrated Bachelor of Laws from the University of Pune. He has over 18 years in corporate legal affairs, previously at JCB India, Global Indian School Education Services, Quick Heal Technologies and John Deere India. The board met at 4:00 p.m. and finished at 7:30 p.m.
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3 — Business Model: WTF Do They Even Do?
They make colour. Not the fun kind squeezed from a tube, but the industrial kind that arrives in drums. It ends up in car bumpers, paint tins and shampoo bottles. If the packaging is any good, it ends up on the shampoo label too.
There are two verticals. Plastics & Coatings covers pigments, pigment preparations, additives and masterbatches, which are concentrated colour pellets mixed into plastic. Specialty Chemicals covers dyestuff, synthetic resins, functional effects and coating, and auxiliaries and chemicals. In the year to March 2023 the split was roughly 95% Plastics & Coatings against roughly 5% Specialty Chemicals. That is less a two-legged business than a business with one leg and a very supportive walking stick.
The product profile runs four ways. Organic pigments are colourful compounds from organic sources. Inorganic pigments are mineral-based, durable and stable. Pigment preparations are pre-blended, so the customer does not have to think. Dyes have high solubility and run from textiles to plastics. The preparation line is the honest one in the family: pre-blending is the step a customer down the chain pays not to do.
The end industries read like a census of everything manufactured. Colorants for special applications go into home and personal care, agro, viscose and latex, with leather and stationery alongside. Coatings customers are automotive, architectural, wood and glass,
