Ducol Organics And Colours Limited (DUCOL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Ducol Organics' revenue was ₹71.6 Cr (+83.5% year on year, +10.1% on the previous half-year), and net profit ₹4.4 Cr (+121.4% year on year); the operating margin was 12.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹71.6 | +83.5% | +10.1% |
| Operating profit | ₹8.8 | +193.1% | +75.8% |
| Net profit | ₹4.4 | +121.4% | +47.6% |
| EPS (₹) | 2.61 | +100.8% | +50.9% |
| Operating margin | 12.3% | — | — |
DUCOL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the DUCOL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 94.21%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 92.3% · 100.0% · 100.0% · 86.5% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ducol Organics and Colours Limited concluded its Annual General Meeting on September 17, 2026. A total of 93,73,190 votes were polled across 1,80,58,655 outstanding shares, representing a 51.90% overall turnout. All three agenda items—including the adoption of FY26 financial statements, the reappointment of director Mr. Hani Ahmed Farid, and the appointment of independent director Mrs. Priyanka Dharmesh Pandey—were approved with 100% votes in favour.
- 51.90% of total outstanding shares voted (93,73,190 out of 1,80,58,655 shares)
- 100% of promoter shares voted (83,43,490 shares) and cast 100% votes in favour
- Public non-institutional turnout was 10.60% (10,29,700 shares), voting 100% in favour
- All 3 resolutions passed unanimously with zero votes cast against
Ducol Organics And Colours Limited has issued the notice for its Annual General Meeting scheduled for September 17, 2026, alongside its FY25-26 Annual Report. The filing details operational progress including the integration of Bitumag Industries and doubling waterproofing capacity to 10 million square metres per annum. For FY26, the company reported an operating margin of 10.72% (up from 9.42% in FY25) and consolidated net worth of Rs 97.33 Cr. Debt-to-equity ratio stood at 0.43x compared to 0.30x in FY25.
- Annual General Meeting convened for September 17, 2026.
- Doubled Bitumag production capacity to 10 million square metres per annum via a second line.
- FY26 consolidated operating margin improved to 10.72% versus 9.42% in FY25.
- Consolidated net worth increased to Rs 9,732.80 Lakhs (Rs 97.33 Cr) from Rs 9,023.22 Lakhs.
- Debt-to-equity ratio increased to 0.43x in FY26 from 0.30x in FY25.
Ducol Organics And Colours Limited has submitted a regulatory intimation regarding the schedule of an upcoming analyst or institutional investor meeting. The filing details are administrative with no immediate financial impact or operational data disclosed. Ducol currently operates with a market cap of ₹180 Cr and trailing twelve-month revenue of ₹215 Cr.
- Intimation filed under Regulation 30 regarding schedule of analyst/investor meet
- Filing submitted and digitally signed on August 24, 2026
- Specific investor names and presentation details were not disclosed in the filing extract
Ducol Organics And Colours Limited has submitted a regulatory intimation regarding the book closure dates for its upcoming Annual General Meeting (AGM) pursuant to Regulation 42 of SEBI LODR Regulations, 2015. This is a standard administrative compliance filing to determine shareholder entitlement for AGM participation. The announcement has no impact on business operations, financials (TTM revenue of ₹215 Cr, TTM PAT of ₹12 Cr), or valuation.
- Intimation of Book Closure submitted under Regulation 42 of SEBI LODR Regulations, 2015
- Filing executed and submitted to the exchange on August 20, 2026
- Ducol has a market capitalization of ₹175 Cr with TTM revenue standing at ₹215 Cr
Ducol Organics And Colours Limited informed the exchange regarding the outcome of its Board Meeting held on August 20, 2026. The provided disclosure document contains procedural digital signature details without specific resolutions or financial figures in the excerpt. Ducol has a market capitalization of Rs 175 Cr and TTM revenue of Rs 215 Cr. Investors await detailed disclosures or minutes if substantive corporate actions were decided.
- Board meeting conducted on August 20, 2026
- Filing digitally signed on August 20, 2026 at 17:21:25 IST
- Specific outcome details and resolutions are not disclosed in the filing extract
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 64.52 Cr in H1 FY26, driven by the core dispersion business and the newly acquired Bitumag waterproofing segment. Standalone revenue for FY25 was INR 77.35 Cr, a 2.58% increase from INR 75.41 Cr in FY24, primarily impacted by passing on lower raw material costs to customers.
Geographic Revenue Split
The company serves the entire Indian market with a presence across diverse industrial hubs. Specific percentage splits per region are not disclosed, but operations are centered around manufacturing facilities in Taloja and Mahad, Maharashtra.
Profitability Margins
Standalone Net Profit Margin declined from 6.37% in FY24 to 5.98% in FY25. Consolidated PAT margin for H1 FY26 stood at 4.37%, compressed by one-time acquisition costs and higher interest outgo.
EBITDA Margin
Standalone EBITDA margin improved slightly from 9.22% in FY24 to 9.42% in FY25 (INR 7.28 Cr). Consolidated EBITDA margin for H1 FY26 was 8.98% (INR 5.80 Cr), reflecting the initial integration phase of Bitumag.
Capital Expenditure
The company commissioned a second manufacturing line at the Bitumag facility in H1 FY26, doubling its capacity. Total assets increased to INR 164.52 Cr as of September 2025 from INR 135.62 Cr in March 2025, including INR 23.10 Cr in Goodwill from the acquisition.
Credit Rating & Borrowing
Consolidated debt stood at INR 27.31 Cr as of March 31, 2025, with a debt-to-equity ratio of 0.30. The company incurred INR 1.02 Cr in additional finance costs during H1 FY26 specifically for acquisition-related borrowings.
Operational Drivers
Raw Materials
Key raw materials include pigments for the core dispersion business and bitumen (polymer-modified, emulsion, and multigrade) for the construction chemicals segment. Raw material costs accounted for 65.5% of revenue in FY25 (INR 50.68 Cr) and 69% in H1 FY26 (INR 44.54 Cr).
Import Sources
Not specifically disclosed, though the company monitors global market prices and foreign exchange rates for procurement.
Capacity Expansion
Doubled capacity at the Bitumag facility by adding a second manufacturing line during H1 FY26. The company operates three existing plants (two in Taloja, one in Mahad) for its core dispersion products.
Raw Material Costs
Raw material costs were INR 50.68 Cr in FY25, up 4.86% from INR 48.33 Cr in FY24. In H1 FY26, raw material expenses were INR 44.54 Cr, representing a significant portion of the consolidated expenditure.
Manufacturing Efficiency
Current capacity utilization post-expansion stands at 30-35% as of H1 FY26, with management expecting a gradual increase as synergies with existing clients are realized.
Strategic Growth
Expected Growth Rate
66%
Growth Strategy
Growth is targeted through the integration of Bitumag Industries, enabling entry into the waterproofing and construction chemicals market. The strategy involves cross-selling these new products to Ducol's existing client base in the paints and infrastructure sectors and increasing capacity utilization from the current 30-35%.
Products & Services
Pigment dispersions, masterbatches, paste colorants, polymer-modified bitumen, emulsion bitumen, and multigrade bitumen for waterproofing and construction.
Brand Portfolio
Ducol, Bitumag.
New Products/Services
Waterproofing and construction chemicals added via Bitumag acquisition; expected to contribute significantly as utilization scales up from 30-35%.
Market Expansion
Expanding into the non-pigment dispersion space (waterproofing) and targeting the growing residential construction and infrastructure sectors in India.
Strategic Alliances
Acquisition of Bitumag Industries Pvt. Ltd. completed in H1 FY26.
External Factors
Industry Trends
The pigment and dispersion industry is seeing a recovery driven by the paints and coatings sector. The global dispersion market is expanding, and Ducol is positioning itself in the high-performance construction chemicals niche to capture this growth.
Competitive Landscape
Faces competition from both domestic and multinational companies; differentiates through product quality, innovation, and long-term client relationships.
Competitive Moat
Moat is built on 30 years of expertise in pigment chemistry, integrated manufacturing facilities, and a long-standing client base. The acquisition of Bitumag adds a specialized technological moat in bitumen-based dispersions.
Macro Economic Sensitivity
Sensitive to the Indian real estate and infrastructure sectors; global economic growth projections of 3.1% to 3.2% for 2024-2025 influence overall demand.
Consumer Behavior
Increased demand for durable, high-performance solutions in infrastructure and home remodeling is driving the shift toward specialized construction chemicals.
Geopolitical Risks
Exposure to global supply chain fluctuations and market price changes for financial instruments.
Regulatory & Governance
Industry Regulations
Complies with SEBI (LODR) Regulations, Companies Act 2013, and labour/tax laws. Voluntarily adopted IND-AS for financial reporting despite being in an exempted category.
Taxation Policy Impact
Effective tax rate was approximately 25.3% in FY25 (INR 1.57 Cr tax on INR 6.20 Cr PBT).
Legal Contingencies
The company uses stringent contractual terms to restrict liabilities; no specific pending high-value court cases were mentioned in the provided documents.
Risk Analysis
Key Uncertainties
Integration risk of the Bitumag acquisition and the ability to scale capacity utilization from 30% to optimal levels could impact projected profitability by 10-15%.
Geographic Concentration Risk
Manufacturing is concentrated in Maharashtra (Taloja and Mahad), making it susceptible to regional regulatory or environmental shifts.
Third Party Dependencies
Dependent on specialized suppliers for bitumen and pigment precursors; specific dependency percentages are not disclosed.
Technology Obsolescence Risk
Risk of falling behind in dispersion technology; mitigated by continuous investment in R&D and people.
Credit & Counterparty Risk
Credit risk is managed through a strict credit policy and rigorous follow-up; Debtors Turnover Ratio was 6.36 times in FY25.
