Ducol Organics & Colours Ltd. · NSE:DUCOL
Ducol Organics & Colours — H1 FY26 Earnings Presentation
34 slides from Ducol Organics & Colours's earnings presentation, Nov 14, 2025
Slide 1: Digital signature page
SABINA BEE Digitally signed by SABINA BEE MOHAMMED MOHAMMED SHAHID SHAHID QURESHI Date: 2025.11.14 QURESHI 11:35:17 +05'30'
Slide 2: Result Update Presentation H1 FY26
Ducol Organics And Colours Limited Result Update Presentation H1 FY26 Unlocking potential through acquisition
Slide 3: Disclaimer
This presentation has been prepared by Ducol Organics and Colours Limited (the “Company” or “Ducol”) solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection
Slide 4: Agenda
Financial Highlights 01 Company Overview 02 Business Overview 03 Industry Overview 04 Way Ahead 05
Slide 5: Financial Highlights
o DUCOL Py es Financial Highlights
Slide 6: Management commentary on H1 FY26 results
Commenting on the result, “The first half of FY26 has been a landmark period for Ducol Organics & Colours Limited as we report our first set of consolidated financials post the acquisition of Bitumag Industries Pvt. Ltd. We are pleased to share that our Revenue from Operations stood at ₹64.52 crore
Slide 7: Bitumag acquisition and integration update
The acquisition was completed during H1 FY26, financed through a mix of debt and equity, resulting in higher interest costs on a consolidated basis As part of the integration, Ducol commissioned a second manufacturing line at the Bitumag facility. The capital expenditure for this expansion was i
Slide 8: Consolidated and standalone H1 FY26 results
Consolidated Standalone Particulars (Rs. Cr.) H1 FY26 H1 FY26 H1 FY25 H2 FY25 Revenue from operations 64.52 41.18 38.58 38.77 Total Raw Material 44.54 27.04 24.88 25.80 Employee Cost 5.79 4.07 3.77 4.37 Other Expenses 8.39 6.31 5.53 5.89 Total Expenditure 58.72 37.42 34.17 36.06 EBITDA 5.80 3.76 4.4
Slide 9: Revenue from Operations and PAT
Revenue from Operations ( Rs. Cr) PAT (Rs. Cr) 90.73 6.11 75.41 77.35 4.82 4.62 64.52 2.82 FY23 FY24 FY25 H1 FY26* FY23 FY24 FY25 H1 FY26* *Consolidated numbers
Slide 10: FY25 and FY24 profit and loss
Particulars (Rs. Cr.) FY25 FY24 Revenue from operations 77.35 75.41 Total Raw Material 50.68 48.33 Employee Cost 8.13 7.94 Other Expenses 11.25 12.19 Total Expenditure 70.07 68.45 EBITDA 7.28 6.95 EBITDA Margin % 9.42% 9.22% Other Income 3.48 3.99 Depreciation 2.62 2.62 Finance Cost 1.95 1.87 Profit
Slide 11: Balance sheet as on Sep'25
Particulars (Rs. Cr) As on Sep’25 As on Mar’25 Particulars (Rs. Cr) As on Sep’25 As on Mar’25 Non Current Assets 87.09 51.29 Shareholders Funds 93.02 90.23 Property, Plant & Equipment 24.53 18.70 Share Capital 16.29 16.29 Right of Use Asset 1.26 0.63 Reserves & Surplus 76.73 73.94 Intangible Assets
Slide 12: Working capital days, debt to equity, RoCE, RoE
Working Capital Days Debt to Equity 130 0.32 0.30 103 0.22 71 FY23 FY24 FY25 FY23 FY24 FY25 RoCE* RoE** 15.61% 10.29% 7.47% 9.59% 6.72% 5.12% FY23 FY24 FY25 FY23 FY24 FY25 *RoCE = EBIT/(Shareholders Fund + Total Debt- Non Current Investments); **RoE = Net Profit/Net Worth
Slide 13: Company Overview
Company Overview
Slide 14: Company at a glance
1994 Ducol Organics and Colours established as manufacturer of Dispersion products Manufacturing Facilities 2 units in Taloja, 2 unit in Mahad, and 1 unit in Vadodara Countries that we Export - USA, China, South Korea, Bangladesh, Kenya, Tanzania, etc. Dual Core Expertise Complete understanding of P
Slide 15: Company milestones
1990 1996 2009 2012 2019 2024 Set-up R&D labs to Started commercial Tie-up with DIC-AP for Setting up facilities at Commercialization of M1 Setting up of Unit II at research and develop process production by setting up Unit I distribution of Ducol products Mahad unit at Mahad Plant MIDC, Taloja for
Slide 16: Strengths: management, products, clientele, R&D
Diversified Products with Strong and Experienced Management varied Applications • Over 30 years of experience in pigments and dispersion • Wide product range with diverse applications technology across various industries • Customized products to meet industry’s needs & requirements Strong Clientele
Slide 17: Business Overview
Business Overview
Slide 18: Product portfolio and end use applications
Our dual core expertise in pigments and dispersion, combined with customer-centric approach, enables us to deliver tailored solutions that create tangible impact and long-term value for our clients Product Portfolio Pigment dispersion for soles, uppers, and Dutint: Water-based pigment Duprint: Finel
Slide 19: R&D labs and technology expertise
Company began with basics - setting up R&D labs initially and developing expertise & mastering solutions before venturing into setting up commercial manufacturing base Analytical, Synthesis, Product Development and Product Application Labs across 4 centers Continuous technological research supported
Slide 20: Strong Marquee Clients
. . . DUCOL Strong Marquee Clients — Industry Leaders in India trois Sams a aS BE sitearsttet cp “Ss al ie cHoweue asianpaints INDIGO Unilever oncc Sw pants 3@ KANSAI_ | Gb... = G NEROLAC = AN TOYOIN< & normet ~ © FlintGroup | G)seenesesmit| [S]urech | @)HEMPEL | FEBOLEX @ a Opusse wW ry as Quality
Slide 21: Export geographies
Bangladesh, Nepal, Bahrain Bangladesh South Africa China East Africa Bahrain USA
Slide 22: Certifications and manufacturing facilities
• ISO 9001-2015 Certified • Government recognized export house • F4 manufacturing facilities - 2 units at Taloja; 1 unit at Mahad; 1 newly acquired unit at Vadodara • Total existing production plant area of over 1,40,000 sq.ft • On going modernization with top grade and latest technology & High-end
Slide 23: Plant capacity and future expansion plans
4 Units Taloja T1 Taloja T2 Current Capacity Future Expansion Plans Wet Dispersions 4,000 MTPA 8,000 – 10,000 MTPA Dry Dispersions 15,000 MTPA 20,000 – 25,000 MTPA Master Batches 2,000 – 3,000 MTPA 8,000 - 10,000 MTPA Mahad M1 Bitumag Capacity 10 Million Sq. Meter To be planned *Capacities depend on
Slide 24: R&D labs and technology expertise
Company began with basics - setting up R&D labs initially and developing expertise & mastering solutions before venturing into setting up commercial manufacturing base Analytical, Synthesis, Product Development and Product Application Labs across 4 centers Continuous technological research supported
Slide 25: Industry Overview
Industry Overview
Slide 26: Global pigment and dispersion market
Global pigment market 2021 Global pigment dispersion market size as of 2022 $34.5 bn $23.9 bn Dispersion Market (by value)* Others Market size by 2031 10% Plastics $53.8 bn 15% CAGR: 4.6% Inks 35% Paints 40% Asia Pacific Contribution > 40% *Source: Company Management Source: transparencymarketresear
Slide 27: Growth drivers for Ducol's product portfolio
Currently world’s 5th largest economy Set to be 3rd largest by 2027 Growth Drivers for Ducol’s product portfolio Real Estate ($ bn) Automobile ($ bn) Packaging ($ bn) 1000 130 160 100 72 200 2021 2030 2021 2027 2023 2028 Textile & Apparel ($ bn) FMCG ($ bn) 190 615 75 110 2020 2027 2021 2027 Source:
Slide 28: Global and Indian paint market
Global Paint Market (in $ bn*) 235.1 167.0 Segment Break-up Indian Paint Global region wise industry Industry distribution in 2022 19% 2022 2028 23% 30% Indian Paint Market (in $ bn*) 7% 70% 100.0 6% 62.0 45% Industrial Segment Decorative/Architectural Segment North America Latin America Middle East
Slide 29: Global and Indian ink market
Global Ink Market (in $ bn*) Indian Printing Ink Market by 2026 (in $ mn*) 24.0 19.8 206 Oil Based 150 2022 2028 Solvent Based Indian Ink Market (in $ bn**) Exports Imports 1.3 CAGR 2.1% CAGR 2.6% 1.0 Water Based Since 2021 Since 2021 India Ranked 12th India Ranked 11th *Value may vary based on sour
Slide 30: Global and Indian plastic market
Global Plastic Market (in $ bn*) Country wise exports of plastic products during 2021* 752.2 India’s Platics & Linoleum exports ($ bn*) 599.3 USA, 15.07% 9.80 8.60 2021 2028 China, 12.84% 7.60 7.50 6.90 Indian Plastic Market (in $ bn*) Others, 60.64% 5.80 UAE, 4.24% 56.4 UK, 3.87% Germany , 3.34% 36
Slide 31: Way Ahead
Way Ahead
Slide 32: CapEx plans, expansion and growth plans
CapEx Plans • Refurbishing existing Taloja plant with latest technology and infrastructure • Developing two new units at Mahad plant Expanding Product Portfolio & Growth Plans • Continued focus on innovation and new product development • Develop Value Added products • Proactively engage with compani
Slide 33: Healthcare, Education, Green Initiative
Healthcarae Education Green Initiative • Diagnostic Tools & Infrastructure: Equipping healthcare • Empowering Education: Providing generous support to • Sustainable Practices: Implementation of robust centers and clinics with schools and institutions to empower quality standards and best practices t
Slide 34: Company and Investor Relations contacts
Company Investor Relations Advisors Ducol Organics And Colours Adfactorspr Pvt. Ltd. Limited Ms. Sabina Qureshi, CS Mr. Amit Sharma cs@ducol.com Amit.sharma@adfactorspr.com Ms. Disha Shah disha.shah@adfactorspr.com www.ducol.com www.adfactorspr.com
Ducol Organics and Colours — H1 FY26 Earnings Presentation on 6ix