Ultramarine & Pigments Limited (ULTRAMAR.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-45.3%

₹194.71

vs ₹355.85 price

Levered DCF

₹99.80

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.25×	18.22×	18.1×	13.76×	16.28×	15.3×	6.66×	13.52×
P/B	1.23×	1.41×	1.16×	1.29×	1.1×	1.85×	1.37×	1.98×
P/S	1.38×	1.97×	1.87×	1.72×	1.94×	2.78×	1.36×	2.5×
EV / EBITDA	9.25×	11.86×	10.27×	8.82×	10.45×	9.44×	4.83×	8.48×
Gross margin	23.8%	38.6%	38.9%	46.5%	40.9%	50.5%	54.0%	51.6%
Operating margin	12.5%	28.2%	26.9%	15.2%	14.9%	22.3%	22.3%	21.5%
Net margin	10.4%	10.8%	10.3%	12.5%	11.9%	18.2%	20.4%	18.5%
Current ratio	2.05×	2.93×	2.94×	3.37×	3.28×	4.06×	3.74×	4.41×
Debt / equity	0.1×	0.1×	0.09×	0.1×	0.06×	0.08×	0.09×	0×
Interest coverage	15.78×	29.05×	20.7×	16.69×	20.04×	41.11×	39.14×	107.87×
Dividend yield	1.6%	1.1%	1.4%	1.5%	1.5%	0.0%	8.1%	2.0%
Payout ratio	21.7%	19.5%	25.3%	21.1%	25.0%	0.0%	53.9%	26.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.3%	7.7%	6.4%	9.4%	6.8%	12.1%	20.5%	14.7%
Return on invested capital	7.6%	13.5%	11.4%	7.8%	5.8%	10.0%	16.0%	11.6%
Return on assets	7.4%	6.4%	5.4%	7.9%	5.9%	10.0%	16.3%	13.1%
Free cash flow yield	5.1%	2.7%	1.4%	-0.1%	-4.3%	1.7%	1.3%	1.4%
Earnings yield	7.5%	5.5%	5.5%	7.3%	6.1%	6.5%	15.0%	7.4%
Enterprise value	₹11.5B	₹14B	₹10.8B	₹10B	₹9.7B	₹8.1B	₹4.2B	₹7.4B
Net debt / EBITDA	0.62×	0.28×	0.34×	0.38×	0.25×	-0.55×	0.1×	-0.31×
Cash conversion cycle (days)	52	73	74	88	72	94	63	56