About Sudarshan Chemical Industries Limited

Sudarshan Chemical Industries Limited is an Indian pigment manufacturer founded in 1952, focused on organic, inorganic, and effect pigments for coatings, plastics, inks, cosmetics, and specialties, with manufacturing in Maharashtra and a global commercial footprint supported by recent acquisitions and subsidiaries worldwide. The company’s vision is to be the inspirational leader in the global colorant industry, driven by customer-centric R&D, world‑class quality, and sustainability embedded across operations.

Activities, products/services, and geographies

• Core activities: manufacturing and selling organic, inorganic, and effect pigments; solution partnering with customers; and global technical marketing and service support across industries such as coatings, plastics, and inks.

• Operating geographies: India manufacturing at Roha and Mahad, and global presence through subsidiaries and step‑down subsidiaries across Europe, North America, Latin America, Middle East, Africa, and Asia-Pacific, enhanced by the Heubach colorants acquisition in FY 2024–25.

• Products/services: pigment chemistries and preparations supplied with Material Safety Data Sheets and GHS-compliant labelling; ISO-led quality and safety systems with customer complaint SOPs and corrective actions frameworks.

Subsidiaries and key milestones

• Direct subsidiaries (as on March 31, 2025): Sudarshan Europe B.V., Sudarshan CSR Foundation, and RIECO Industries Limited.

• Step‑down subsidiaries: a global network including Sudarshan North America Inc., Sudarshan Mexico S. de R. L. de CV., Sudarshan Brasil Ltda., Sudarshan Japan Limited, Sudarshan Switzerland group entities, Sudarshan USA entities, and numerous rebranded former Heubach Colorants entities across Europe, Asia, Africa, Middle East, and Latin America; also, incorporation of Sudarshan Middle East General Trading L.L.C. on February 13, 2025.

• FY 2024–25 milestones: completion by Sudarshan Europe B.V. of the acquisition of the Global Pigment Business Operations of Heubach Group on March 3, 2025; reorganisation transferring Sudarshan Japan Limited shareholding to Sudarshan Europe B.V. on March 25, 2025, making it a step‑down subsidiary.
  

Sudarshan Chemical Industries Limited Business segments

• The report describes business as pigments across organic, inorganic, and effect lines; revenue percentage by segment/vertical and domestic vs international split is not disclosed in the cited sections and is therefore omitted in line with instructions.

Sudarshan Chemical Industries Limited Key Management

• Rajesh B. Rathi — Chairman and Managing Director (appointed Chairman effective May 29, 2025, in addition to Managing Director).

• P. R. Rathi — Chairman and Non‑Executive, Non‑Independent Director (resigned effective May 29, 2025).

• Ashish Vij — Wholetime Director.

• Independent Directors as on March 31, 2025: S. A. Panse; N. T. Raisinghani; S. P. Navandar; A. A. Wakhlu; B. Batra.

• Key managerial personnel mentioned: Nilkanth Natu — Chief Financial Officer; Mandar Velankar — General Counsel and Company Secretary.

Latest Updates on Sudarshan Chemical Industries Limited

• Acquisition: Sudarshan Europe B.V. completed the acquisition of the Global Pigment Business Operations of Heubach Group on March 3, 2025, expanding to 58 subsidiaries and 2 joint ventures post‑deal.

• Capital raise: Qualified Institutions Placement on January 29, 2025, allotted 74,76,635 equity shares at Rs 1,070, increasing shares from 7,10,96,250 to 7,85,72,885, aggregating to Rs 7,999.99 crore (Rs 7,999.99 crore stated as Rs 799,99.99 lakh in report).

• Governance changes: P. R. Rathi resigned as Chairman and Non‑Executive Director effective May 29, 2025; Rajesh B. Rathi appointed Chairman the same day, continuing as Managing Director.

• Fundraising approvals: Postal ballot approvals on November 30, 2024 for increasing authorised share capital, enabling securities issuance, raising borrowing limits, and creating charges over assets; EOGMs on January 4, 2025 and March 4, 2025 passed special resolutions for preferential issues and pledges or asset-related approvals at material subsidiaries.

Credit ratings: Ind-Ra upgraded long-term issuer rating to IND AA (Stable) in July 2024; placed certain instruments on Rating Watch with Developing Implications on October 22, 2024; CRISIL affirmed A1 on commercial paper and removed RWD on April 20, 2025.