Vijay Kedia portfolio stock zooms 40% in 3 months; analysts see more upside

Sudarshan Chemical Industries shares hit a new high at ₹1,521.55, surging 6 per cent on the BSE in Thursday's intra-day trade in an otherwise weak market

Sudarshan Chemical Industries share price:

Sudarshan Chemical Industries (SCIL) shares hit a new record high at ₹1,521.55, surging 6 per cent on the BSE, in Thursday’s intra-day trade in an otherwise weak market. In comparison, the BSE Sensex was down 0.71 per cent at 80,210 at 1:22 PM.

 

The stock price of the smallcap dyes and pigments company surpassed its previous high of ₹1,500, hit on August 19, 2025. In the past three months, SCIL has outperformed the market by soaring 40 per cent, as compared to a 1.4 per cent decline in the BSE Sensex. It has zoomed 91 per cent from its 52-week low of ₹795.75 touched on March 3, 2025.

Vijay Kishanlal Kedia held over 1 per cent stake in Sudarshan Chemical Industries

Ace investor Vijay Kishanlal Kedia held 1 million equity shares or 1.27 per cent stake in Sudarshan Chemical Industries as of June quarter, according to the shareholding pattern data on BSE.

 

Besides Vijay Kedia, Akash Bhanshali (7.13 per cent) and Lata Bhanshali (1.46 per cent) hold more than 1 per cent stake in Sudarshan Chemical Industries, data shows. 

Overview – Sudarshan Chemical Industries (SCIL)

SCIL has entered into a definitive agreement to acquire the global pigment business of the Germany-based Heubach Group, through its wholly owned subsidiary Sudarshan Europe BV. The company has projected earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Euro 35 million for the financial year 2025-26 (FY26) for this Heubach.

 

India Ratings and Research (Ind-Ra) believes that the proposed acquisition has the potential to bolster SCIL’s position in the global pigments industry. This is because it will significantly increase its market share, broaden its pigment portfolio as well as strengthen its geographical presence in large markets, including Europe and the Americas, while also providing access to new customers and asset footprint across 17 sites globally. 

 

With a track record of two centuries, the Heubach group became the second-largest pigment manufacturer in the world after its debt-funded acquisition of Clariant’s pigment business in 2022, the rating agency said in October 2024 rationale.

Brokerage view 

On July 30, 2025, Anand Rathi Share and Stock Brokers resumed coverage on SCIL with a ‘Buy’ rating and a sum-of-parts target price of ₹1,700 (implied 12x September 2027 EV/Ebitda for the consolidated entity).

 

The outlook for the pigment business is strong with the Heubach acquisition unlocking various synergies, including product integration, deeper market access in Europe and the Americas, and valuable technologies, including key IPs on critical intermediates. Besides, backward integration will reduce dependence on China.

 

Factoring in its three key businesses-legacy (pigments), RIECO Inds. (the engineering subsidiary) and Heubach (global pigments) - analysts said they value the company on a sum-of-parts basis.

 

The brokerage estimate consolidated revenue to grow to ₹10,050 crore in FY26 and ₹11,360 crore in FY28, driven largely by consolidation, recovery, and a scale-up in Heubach. Ebitda is expected to rise to ₹800 crore in FY26 and ₹1,250 crore in FY28, implying margin expansion from 8 per cent to 11 per cent as synergies, cost rationalisation, and a better product-mix play out. Heubach’s Ebitda margin is projected to rise from 5 per cent to 9 per cent, while the legacy (pigments) business would be steady at ~15.6 per cent.