---
title: "Ushanti Colour Chem Ltd (UCL) — Share Price, Financials & Analysis"
symbol: "UCL"
company: "Ushanti Colour Chem Ltd"
canonical: "https://tapetide.com/stocks/UCL"
isin: "INE00NI01015"
nse_symbol: "UCL"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
market_cap_cr: 333.21
generated_at: "2026-09-13T18:36:12.855Z"
---

# Ushanti Colour Chem Ltd (UCL)

Canonical page: https://tapetide.com/stocks/UCL

## Company

- **NSE Symbol:** UCL
- **ISIN:** INE00NI01015
- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2018-08-02
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** ushanti.com

## About

Ushanti Colour Chem Ltd manufactures dyes, pigments, additives and intermediates for textile, paper, leather, paint, plastic and ink applications. It operates the legacy Vatva business and consolidates 51%-owned UC Colours and Intermediates Pvt Ltd, which houses the Saykha project.[1] [2]

## Latest Price

- **Price:** ₹239.95
- **Change:** 0 (0%)
- **Open:** ₹235.2
- **Day High:** ₹239.95
- **Day Low:** ₹239.95
- **Previous Close:** ₹239.95
- **Volume:** 0
- **As Of:** 2026-09-11T09:46:12+00:00

## Key Fundamentals

Observed at 2026-09-11T04:45:51.125241Z.

- **Market Cap:** ₹333.21 Cr
- **Classification:** SME
- **P/E (reported):** -62.7
- **Book Value:** ₹35.95
- **Price to Book:** 6.68
- **Dividend Yield:** 0%
- **ROE:** -10.66%
- **ROCE:** 1.79%
- **Debt to Equity:** 1.08
- **Revenue (yearly):** ₹143.1 Cr
- **Net Income:** ₹-5.3 Cr
- **EBITDA:** ₹4.6 Cr
- **52-Week High:** ₹260
- **52-Week Low:** ₹39
- **RSI (14):** 67.16

## Key Insights

### Weaknesses

- Stock is trading at 6.67 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -13.0%
- Company has a low return on equity of -4.29% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.4.25 Cr.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -200.59% | -8.26% | -278.05% |
| ebitda margin growth | -95.66% | -19.65% | -46.02% | -62.56% |
| net income growth | -96.09% | -24.29% | 21% | -541.67% |
| revenue growth | -96.11% | 80% | 47% | 32% |
| roce | — | -225.17% | — | 1.66% |
| roe | — | -39.36% | -13.02% | -402.84% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 13 | 23 | 21 | 27 | 27 | 17 | 21 | 30 | 37 | 23 | 55 | 84 |
| Expenses | 11 | 19 | 19 | 25 | 26 | 18 | 20 | 29 | 36 | 21 | 55 | 83 |
| Operating Profit | 1 | 4 | 2 | 2 | 1 | -1 | 1 | 1 | 1 | 2 | 0 | 1 |
| OPM % | 11 | 16 | 9 | 7 | 2.9 | -4.9 | 3.5 | 3.5 | 1.5 | 9 | -0.7 | 0.9 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 1 | 1 | 1 | 1 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 3 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 |
| Profit before tax | 0 | 3 | 1 | 1 | 0 | 1 | -1 | -2 | -3 | -2 | -4 | 1 |
| Tax % | 28 | 27 | 26 | 38 | -71 | -2 | 109 | 36 | 10 | 9 | 17 | 215 |
| Net Profit | 0 | 2 | 1 | 0 | 0 | 1 | -2 | -3 | -3 | -3 | -4 | -1 |
| EPS in Rs | 0.44 | 2.7 | 0.97 | 0.53 | -0.04 | 0.94 | -1.44 | -1.23 | -1.01 | -0.46 | -1.89 | 1.38 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 46 | 35 | 48 | 44 | 51 | 78 | 139 |
| Expenses | 41 | 30 | 44 | 44 | 49 | 76 | 139 |
| Operating Profit | 5 | 5 | 4 | 0 | 2 | 2 | 0 |
| OPM % | 11 | 14 | 8 | 0 | 3.5 | 2.2 | 0.2 |
| Other Income | 1 | 0 | 0 | 3 | 1 | 1 | 4 |
| Interest | 1 | 1 | 1 | 1 | 3 | 5 | 4 |
| Depreciation | 2 | 1 | 2 | 2 | 3 | 4 | 3 |
| Profit before tax | 3 | 3 | 2 | 1 | -3 | -6 | -3 |
| Tax % | 26 | 27 | 31 | -7 | 54 | 14 | 76 |
| Net Profit | 2 | 2 | 1 | 1 | -5 | -7 | -5 |
| EPS in Rs | 3.08 | 3.13 | 1.51 | 0.91 | -2.32 | -2.35 | -0.14 |
| Dividend Payout % | 6 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 7 | 7 | 7 | 10 | 11 | 11 | 14 |
| Reserves | 18 | 20 | 25 | 36 | 34 | 29 | 36 |
| Borrowings | 11 | 13 | 17 | 40 | 52 | 57 | 54 |
| Other Liabilities | 5 | 5 | 11 | 13 | 13 | 23 | 36 |
| Total Liabilities | 41 | 46 | 60 | 100 | 109 | 119 | 140 |
| Fixed Assets | 19 | 19 | 20 | 22 | 64 | 62 | 62 |
| CWIP | 1 | 3 | 10 | 38 | 0 | 2 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 21 | 24 | 30 | 40 | 45 | 56 | 78 |
| Total Assets | 41 | 46 | 60 | 100 | 109 | 119 | 140 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0 | 1 | 3 | 5 | -5 | 5 | -5 |
| Cash from Investing Activity | 0 | -3 | -10 | -40 | -9 | -7 | 5 |
| Cash from Financing Activity | 0 | 2 | 7 | 36 | 13 | 3 | 7 |
| Net Cash Flow | 0 | 0 | 0 | 1 | -1 | 0 | 7 |
| Free Cash Flow | 0 | -2 | -7 | -25 | -14 | 2 | -4 |
| CFO/OP | 29 | 46 | 91 | — | -237 | 338 | -1213 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 73 | 97 | 81 | 88 | 69 | 59 | 79 |
| Inventory Days | 67 | 124 | 102 | 80 | 147 | 102 | 34 |
| Days Payable | 38 | 68 | 98 | 84 | 105 | 107 | 85 |
| Cash Conversion Cycle | 102 | 154 | 86 | 84 | 112 | 54 | 28 |
| Working Capital Days | 39 | 4 | 44 | 69 | -29 | -69 | -19 |
| ROCE % | — | 10 | 6 | -1 | 0 | -1 | -1 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2018 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 74.53% | 74.55% | 74.8% | 74.8% | 70.49% | 70.49% | 67.86% | 67.86% | 67.86% | 67.86% | 54.91% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 20.08% | 20.41% | 22.43% | 22.27% | 26.6% | 23.57% | 21.45% | 19.68% | 19.9% | 19.99% | 26.09% |
| Others | 0% | 5.4% | 5.04% | 2.77% | 2.93% | 2.91% | 5.94% | 10.69% | 12.47% | 12.24% | 12.15% | 19.01% |
| No. of Shareholders | 9 | 242 | 245 | 245 | 279 | 280 | 315 | 295 | 295 | 1221 | 1218 | 1202 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 4 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 243.58 | Sell |
| EMA (10) | 240.6 | Sell |
| SMA (20) | 223.4 | Buy |
| EMA (20) | 226.72 | Buy |
| SMA (50) | 190.74 | Buy |
| EMA (50) | 193.42 | Buy |
| SMA (100) | 141.34 | Buy |
| EMA (100) | 156.16 | Buy |
| SMA (200) | 96.49 | Buy |
| EMA (200) | 119.52 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 67.16 | Neutral |
| MACD (12,26,9) | 18.63 | Buy |
| Stochastic (14,3,3) | 74.16 | Neutral |
| ADX (14) | 39.9 | Buy |
| Williams %R (14) | -36.32 | Neutral |
| ATR (14) | 7.31 | High Volatility |
| ROC (12) | 12.68 | Buy |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 76.89 | Sell |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 6 May 2026 - Maunal Shantilal Gandhi has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, … | [Disclosure under SEBI Takeover Regulations 6 May 2026 - Maunal Shantilal Gandhi has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …](https://nsearchives.nseindia.com/corporate/team_sandeshc_16042026124800_40.pdf) |
| 31 March 2026 - Allotment of 1,657,000 shares at ₹58 via warrant conversion; paid-up capital increases to 13,886,700 shares. | [Outcome of Board Meeting 31 March 2026 - Allotment of 1,657,000 shares at ₹58 via warrant conversion; paid-up capital increases to 13,886,700 shares.](https://nsearchives.nseindia.com/corporate/UCL_31032026160233_BM_Outcome_UCL_31032026signed.pdf) |
| 31 March 2026 - 31 Mar 2026: Allotted 1,657,000 shares at ₹58 on warrant conversion; paid-up capital increased to 13,886,700. | [Allotment of Securities 31 March 2026 - 31 Mar 2026: Allotted 1,657,000 shares at ₹58 on warrant conversion; paid-up capital increased to 13,886,700.](https://nsearchives.nseindia.com/corporate/UCL_31032026160652_BM_Outcome_UCL_31032026signed.pdf) |
| 30 Jun - Postal ballot approved migration of equity shares from NSE SME Emerge to main board on 28 June 2026. | [Shareholders meeting 30 Jun - Postal ballot approved migration of equity shares from NSE SME Emerge to main board on 28 June 2026.](https://nsearchives.nseindia.com/corporate/UCL_30062026121735_UCL_Scrutinizer_Rpt.pdf) |
| 30 January 2026 - EGM (28 Jan 2026) approved 31,00,000 warrants @₹58 (₹17.98 crore) and a material related-party transaction. | [Shareholders meeting 30 January 2026 - EGM (28 Jan 2026) approved 31,00,000 warrants @₹58 (₹17.98 crore) and a material related-party transaction.](https://nsearchives.nseindia.com/corporate/UCL_30012026121317_VR_UCL_KS.pdf) |
| 3 Jul - Filed annual secretarial compliance report for FY2026; no deviations observed. | [General Updates 3 Jul - Filed annual secretarial compliance report for FY2026; no deviations observed.](https://nsearchives.nseindia.com/corporate/UCL_03072026112413_Annual_Secretarial_Compliance_Report_UCL.pdf) |
| 29 May - Published newspaper notices for postal ballot dispatch and e-voting on 29 May 2026. | [Copy of Newspaper Publication 29 May - Published newspaper notices for postal ballot dispatch and e-voting on 29 May 2026.](https://nsearchives.nseindia.com/corporate/UCL_29052026123803_NP_Submission_Letter_UCL.pdf) |
| 28 May 2026 - Postal ballot seeks shareholder approval to migrate NSE listing from SME Emerge to Main Board. | [Shareholders meeting 28 May 2026 - Postal ballot seeks shareholder approval to migrate NSE listing from SME Emerge to Main Board.](https://nsearchives.nseindia.com/corporate/UCL_28052026150857_UCL_PB_Notice_Intimation.pdf) |
| 28 January 2026 - EGM seeks 31 lakh warrants at ₹58 (₹17.98 crore) and related-party transactions up to ₹100 crore. | [General Updates 28 January 2026 - EGM seeks 31 lakh warrants at ₹58 (₹17.98 crore) and related-party transactions up to ₹100 crore.](https://nsearchives.nseindia.com/corporate/UCL_28012026154849_UCL_Notice_Change.pdf) |
| 28 April 2026 - Company confirms it is not a Large Corporate as of March 31, 2026. | [Updates 28 April 2026 - Company confirms it is not a Large Corporate as of March 31, 2026.](https://nsearchives.nseindia.com/corporate/UCL_28042026123330_Large_Corporate_UCL.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30648_UCL_2025_2026_A_1919560_26082026145424.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28428_UCL_2024_2025_A_1483417_04092025165802.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25715_UCL_2023_2024_04092024184726.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23492_UCL_2022_2023_05092023153057_09052023160013.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21529_UCL_2021_2022_06092022185757_09062022190009.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19102_UCL_2020_2021_01092021120930_09012021130006.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_16580_UCL_2019_2020_28072020142717_28072020150002.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15744_UCL_2018_2019_04092019174828_04092019180020.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_14351_UCL_2017_2018_19102018173537.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:36:12.855Z.