Sudarshan Chemical Industries Limited reported a transformative financial performance for FY26, with consolidated revenue from operations surging to ₹9,787 Crores, up significantly from ₹3,346 Crores in FY25. This growth marks the first full year of consolidation following the acquisition of the Heubach Group in March 2025. The company’s Business EBITDA (Pigments) reached ₹579 Crores, compared to ₹402 Crores in the previous year. Alongside these results, Sudarshan Chemical has submitted its newspaper publication for the 75th Annual General Meeting (AGM), scheduled for August 18, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance: Consolidated and Standalone

The integration of Sudarshan, Heubach, and Clariant’s pigment legacies under the "ONE Sudarshan" banner has positioned the company as a global leader in color solutions. While comparisons are affected by the consolidation, key metrics highlight strong operational scaling.

Within the combined pigments business, operating conditions were uneven. Revenue in the legacy Sudarshan business remained broadly stable, influenced by changes to the go-to-market model in parts of Europe and Latin America. The acquired business experienced customer destocking during parts of the year, though demand normalised from the fourth quarter onwards. Focused value-capture initiatives delivered a positive EBITDA turnaround for the acquired business.

RIECO Industries Limited, a subsidiary, also improved its performance, reporting revenue of approximately ₹268 Crores compared with ₹228 Crores in FY25, and EBITDA of ₹10 Crores compared with an EBITDA loss of ₹17 Crores in the previous year.

Dividend and Capital Allocation

The Board of Directors at its meeting held on May 25, 2026, recommended a Final Dividend of ₹5.00 (Rupees Five only) per Equity Share of ₹2.00 each (i.e., 250%) for FY26, subject to shareholder approval at the 75th AGM. The record date for this dividend is Tuesday, August 11, 2026, and payment is scheduled on or before September 8, 2026.

For reference, the dividend trend over the past five years is presented below:

Operational Scale and Global Footprint

Following the Heubach Group acquisition, Sudarshan Chemical now operates one of the most expansive manufacturing networks in the global pigments industry. Key operational highlights include:

During FY26, the company focused on harmonising its expanded network through aligned systems, processes, and performance standards. Project Integra, which aims to consolidate four legacy SAP systems into a single unified landscape, is underway. A Global Capability Center (GCC) was inaugurated in Pune to streamline operations and support future-ready operating models.

ESG and Sustainability Highlights

Sustainability remains central to Sudarshan’s operations. Key ESG metrics for FY26 are as follows:

The company’s CSR initiative, SUDHA, touched over 1,31,228 beneficiaries during the year across education, health, women’s empowerment, environment, and community development.

75th Annual General Meeting and Shareholder Actions

The 75th Annual General Meeting of Sudarshan Chemical Industries Limited is scheduled to be held on Tuesday, August 18, 2026, at 4:00 p.m. (IST) through Video Conferencing / Other Audio Visual Means (VC/OAVM). The cut-off date for e-voting is Tuesday, August 11, 2026, with remote e-voting open from Thursday, August 13, 2026, at 9:00 a.m. (IST) to Monday, August 17, 2026, at 5:00 p.m. (IST).

Shareholders holding securities in physical form must update their KYC details, including PAN, contact details, bank account details, specimen signature, and choice of nomination, with the Registrar and Share Transfer Agent (RTA) by August 11, 2026, to receive dividends electronically as mandated by SEBI circulars effective April 1, 2024. Failure to update these details may result in withheld dividend payments. Members can update their details by submitting prescribed forms to the RTA at investor.helpdesk@in.mpms.mufg.com or contacting their Depository Participant (DP) for dematerialised holdings.

What the Numbers Show

The significant jump in consolidated revenue to ₹9,787 Crores underscores the immediate impact of the Heubach acquisition on Sudarshan’s scale. However, the divergence between the robust Business EBITDA growth (₹579 Crores vs ₹402 Crores) and the modest Consolidated Profit After Tax (₹41 Crores) suggests that integration costs and other expenses are currently absorbing much of the operational leverage gained. The stable standalone PAT growth to ₹290.3 Crores indicates that the legacy Indian business remains a steady cash generator while the global integration matures.

Sudarshan Chemical Industries confirmed that its promoter group did not encumber any shares during the financial year ended March 31, 2026. The disclosure, submitted to BSE and NSE, confirms compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The promoter group collectively holds a 8.19% stake in the company, amounting to 64,40,604 shares.

Rajesh Balkrishna Rathi, Chairman and Managing Director, stated that neither the promoter group nor any persons acting in concert created any direct or indirect encumbrance on shares during FY26. The filing provides a detailed breakdown of the shareholding held by the group as of March 31, 2026.

The largest individual shareholder within the promoter group is Rajesh Balkrishna Rathi, holding 40,50,359 shares, which translates to a 5.15% stake. The Sow Rachna Rathi Family Trust holds 12,08,250 shares, accounting for 1.54% of the equity. Other significant holdings include Manan Ajay Rathi with 5,27,900 shares (0.67%) and Balkrishna Rathi Finance Private Limited with 4,62,550 shares (0.59%).

Several members of the promoter group reported nil shareholding as of the specified date. This includes Ajay Balkrishna Rathi, Ajoy Balkrishna Rathi (HUF), Nisha Ajay Rathi, Kusum Balkrishna Rathi, and Balkrishna Jagannath Rathi (HUF). The Shri Balkrishna Rathi Family Trust also reported no shareholding.

The following table details the shareholding pattern of the promoter group: