Ultramarine & Pigments

hi Aashav

this is a great write up! i was trying to figure the following -

  1. who would be Ultramarine’s closest competitors in the surfactants division? on comparing rough realizations of UPL in surfactants on a per kg basis with Galaxy Surfactants, it works out to following - UPL - INR 59 per kg (160 crores / 28000 MT) vs Galsurf’s 114 per kg. have you looked at this?
  2. Do you know how much would the 1,500 MT new pigment capacity contribute to sales?
  3. what % of RM costs would be Alpha Olefin?
  4. if you are ok sharing, what is the source for 13% market share?

thanks a lot!

Today stock closed at all time high with close to 6 lakh share exchange hand in last 4 days. Hopefully the promoter has mostly exited there shares.

disc - invested

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They are selling every day 0.01 to 0.05 percentage shares by this figure, hopefully, they would have completely exited by EOM or first week

Promoter Selling Update as on 19-09-2021

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Can someone please explain what was the rational behind promotors selling shares everyday rather than just selling it at once or maybe in a few transactions?

As that would result in a supply demand mismatch, and the share price will come crashing down to hit a lower circuit.

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Marcellus newsletter(dated 7th Mar 2022) with focus on Ultramarine & Pigments.

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This seems an outdated letter from Marcellus. As per the last update I have, they have completely exited from Ultramarine & Pigments by Q3.

Can it be possible for you to share in the forum


This report is published on March 7 , 2022

Promoter shareholding reduction is mainly due to exit of a set of promoters who were NOT running the business. The promoters who are running the business have increased their shareholding.


If anyone can share the AGM recording or/and transcript, it will be very helpful. Cannot attend due to some reason.

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Hi anyone have the AGM recording/details? Was not able to attend and the company is not being helpful to provide the same either