Hold Sudarshan Chemical; target of Rs 385: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Sudarshan Chemical

Established in 1951, Sudarshan Chemical is a leading player in the Indian colour pigment industry with ~35% market share and is also among the top four players globally. It has a wide portfolio of 4,000+ varieties of products of Azos, blue and green, high performance pigments (HPPs), effects, pigment preparations and inorganics • Among end users, coatings industries contribute highest followed by plastics, inks, cosmetics and other applications.

Outlook

Maintain HOLD as we believe margin recovery is key besides sustained revenue traction. We value Sudarshan Chemicals at 16x P/E FY24E EPS to arrive at a revised target price of Rs 385/share (earlier Rs 515/share).

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Sudarshan Chemical - 14 -11-2022 - icici