Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments: Which Stock Should You Track

Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments starts with the core numbers most investors compare within the chemicals segment: market capitalisation, valuation multiples, profitability, dividend yield and the latest quarterly results. Figures below are sourced as of October 2026 and will shift with daily price moves.

All three names sit in the chemicals bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses. The sections below cover the company profiles, a valuation table, the latest quarter and a five-quarter trend for revenue and net profit.

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Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments: Company Overview

Dharmaj Crop Guard is a listed Indian company in the chemicals space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 886 crore, a return on equity of 12.17% and a book value of Rs 132.86 per share. Its quarterly revenue moved from Rs 368.15 crore in June 2025 to Rs 383.51 crore in June 2026, a change of +4.2%.

Excel Industries is a listed Indian company in the chemicals space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 1,167 crore, a return on equity of 4.44% and a book value of Rs 1354.74 per share. Its quarterly revenue moved from Rs 321.73 crore in June 2025 to Rs 300.54 crore in June 2026, a change of -6.6%.

Ultramarine and Pigments is a listed Indian company in the chemicals space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 1,168 crore, a return on equity of 9.29% and a book value of Rs 297.90 per share. Its quarterly revenue moved from Rs 187.21 crore in June 2025 to Rs 245.68 crore in June 2026, a change of +31.2%.

Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments: Valuation and Profitability Snapshot

Metric	Dharmaj Crop Guard	Excel Industries	Ultramarine and Pigments
Market Cap (approx.)	Rs 886 crore	Rs 1,167 crore	Rs 1,168 crore
PE Ratio (TTM)	14.72	16.35	12.67
PB Ratio	1.97	0.69	1.34
Return on Equity (ROE)	12.17%	4.44%	9.29%
EPS (TTM, Rs)	17.80	56.78	31.57
Dividend Yield	0.00%	1.48%	1.50%
Debt to Equity	0.29	0.00	0.10
Book Value per Share (Rs)	132.86	1354.74	297.90

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On valuation, Dharmaj Crop Guard trades at a PE of 14.72 and a PB of 1.97, Excel Industries at a PE of 16.35 and a PB of 0.69, while Ultramarine and Pigments trades at a PE of 12.67 and a PB of 1.34. On return on equity, the three post 12.17%, 4.44% and 9.29% respectively, and on dividend yield they stand at 0.00%, 1.48% and 1.50%. Ultramarine and Pigments has the highest market capitalisation of the three at Rs 1,168 crore, while Dharmaj Crop Guard has the lowest at Rs 886 crore. Excel Industries has the highest PE ratio of the three at 16.35, while Ultramarine and Pigments has the lowest at 12.67. Dharmaj Crop Guard has the highest return on equity of the three at 12.17%, while Excel Industries has the lowest at 4.44%. Dharmaj Crop Guard has the highest debt to equity ratio of the three at 0.29, while Excel Industries has the lowest at 0.00. Debt to equity is 0.29, 0.00 and 0.10 for the three respectively.

Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments: Latest Quarterly Results

Company	Latest Quarter Revenue	Latest Quarter Net Profit	YoY Change (Revenue)	QoQ Change (Revenue)	YoY Change (Net Profit)
Dharmaj Crop Guard	Rs 383.51 crore	Rs 38.11 crore	+4.2%	+61.0%	+16.9%
Excel Industries	Rs 300.54 crore	Rs 29.47 crore	-6.6%	+5.9%	-12.7%
Ultramarine and Pigments	Rs 245.68 crore	Rs 31.59 crore	+31.2%	+21.8%	+56.5%

Quarterly figures above are the most recent reported quarter for each company (Q1 FY27, quarter ended June 2026), compared with the year-ago and preceding quarter. A percentage change in net profit is shown as NA where the comparison quarter was a loss or the latest quarter is a loss, since the percentage is not meaningful in that case.

Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments: Five-Quarter Revenue and Net Profit Trend

The five-quarter view below shows how revenue and net profit moved from June 2025 to June 2026 for each company in Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments, which helps separate a one-quarter move from a steadier pattern.

Quarterly revenue (Rs crore)

Quarter	Dharmaj Crop Guard	Excel Industries	Ultramarine and Pigments
June 2025	Rs 368.15 crore	Rs 321.73 crore	Rs 187.21 crore
September 2025	Rs 347.30 crore	Rs 277.67 crore	Rs 198.46 crore
December 2025	Rs 192.71 crore	Rs 238.65 crore	Rs 199.03 crore
March 2026	Rs 238.15 crore	Rs 283.81 crore	Rs 201.70 crore
June 2026	Rs 383.51 crore	Rs 300.54 crore	Rs 245.68 crore

Quarterly net profit (Rs crore)

Quarter	Dharmaj Crop Guard	Excel Industries	Ultramarine and Pigments
June 2025	Rs 32.59 crore	Rs 33.76 crore	Rs 20.19 crore
September 2025	Rs 17.33 crore	Rs 21.19 crore	Rs 19.36 crore
December 2025	Rs 0.76 crore	Rs 8.44 crore	Rs 27.09 crore
March 2026	Rs 3.97 crore	Rs 12.28 crore	Rs 14.15 crore
June 2026	Rs 38.11 crore	Rs 29.47 crore	Rs 31.59 crore

Dharmaj Crop Guard reported revenue of Rs 368.15 crore in June 2025 and Rs 383.51 crore in June 2026, a change of +4.2% across the period. Its highest quarterly revenue in this window was Rs 383.51 crore in June 2026. Net profit stood at Rs 38.11 crore in June 2026, which is a net profit margin of 9.94%.

Excel Industries reported revenue of Rs 321.73 crore in June 2025 and Rs 300.54 crore in June 2026, a change of -6.6% across the period. Its highest quarterly revenue in this window was Rs 321.73 crore in June 2025. Net profit stood at Rs 29.47 crore in June 2026, which is a net profit margin of 9.81%.

Ultramarine and Pigments reported revenue of Rs 187.21 crore in June 2025 and Rs 245.68 crore in June 2026, a change of +31.2% across the period. Its highest quarterly revenue in this window was Rs 245.68 crore in June 2026. Net profit stood at Rs 31.59 crore in June 2026, which is a net profit margin of 12.86%.

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What Should Investors Look at Beyond These Numbers?

Beyond the metrics above, investors comparing these three chemicals names should track quarter-on-quarter revenue and margin trends, management commentary on demand and cost drivers, and factors specific to the segment such as raw material prices, seasonal demand, crop cycles and environmental compliance. A single-quarter snapshot can shift quickly, and smaller companies in particular can show wide swings from one quarter to the next.

It also helps to read the latest quarterly filings and investor presentations of Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments directly, since the figures here come from standardised data and do not capture company-specific context such as one-time items, order timing or promoter actions.

Conclusion

Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments highlights how differently three companies in the same chemicals segment can look across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.

FAQs on Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments

What is the market cap difference between Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments?

Ans. As of October 2026, Dharmaj Crop Guard has a market cap of approximately Rs 886 crore, Excel Industries is at approximately Rs 1,167 crore, and Ultramarine and Pigments is at approximately Rs 1,168 crore. Ultramarine and Pigments is the largest of the three, and its market capitalisation is about 1.3 times that of Dharmaj Crop Guard, the smallest. Market capitalisation reflects the size of a company in the market rather than the quality of its business, so a larger value does not by itself signal a higher quality company. These figures move with the share price every trading day, which is why the table above should be read as a snapshot rather than a fixed ranking in the Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments comparison.

What are the PE and PB ratios of Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments?

Ans. As of October 2026, the PE ratios stand at 14.72, 16.35 and 12.67 respectively, and the price to book ratios stand at 1.97, 0.69 and 1.34 respectively. All three companies have a positive trailing PE, so the multiples can be compared directly. The PE ratio shows how much investors pay for each rupee of trailing earnings, while the PB ratio compares the market value with the net assets on the balance sheet. Both multiples should be read against the segment norms for chemicals and against each company's own growth and earnings stability, because a high multiple can reflect expected growth or simply a small earnings base.

Which of the three has the highest ROE?

Ans. Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments post ROE of 12.17%, 4.44% and 9.29% respectively as of October 2026. Dharmaj Crop Guard has the highest return on equity of the three at 12.17%, while Excel Industries has the lowest at 4.44%. Return on equity measures how much profit a company generates on the capital contributed by its shareholders, so it is a useful gauge of how efficiently equity is being used. A negative ROE points to losses over the period, and a very high ROE can sometimes result from a small equity base rather than operating performance. It is therefore worth reading ROE together with debt levels and the five-quarter profit trend before drawing any conclusion from the Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments figures.

Which of these three stocks pays the highest dividend yield?

Ans. Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments carry dividend yields of 0.00%, 1.48% and 1.50% respectively as of October 2026. Dividend yield is the annual dividend per share expressed as a percentage of the current share price, so it changes whenever the price changes. A low or zero yield is common among companies that retain profits to fund expansion, repay debt or absorb losses, and it does not by itself say anything about business quality. Investors who care about income should also check how consistently each company has paid dividends and what share of profit it distributes.

What is the debt to equity ratio for Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments?

Ans. Dharmaj Crop Guard carries a debt to equity of 0.29, Excel Industries of 0.00, and Ultramarine and Pigments of 0.10. Dharmaj Crop Guard has the highest debt to equity ratio of the three at 0.29, while Excel Industries has the lowest at 0.00. The debt to equity ratio compares total borrowings with shareholders' funds, and a higher figure means the company relies more on borrowed money to run its business. What counts as a comfortable level differs by segment, since some businesses in chemicals need heavy capital and carry more debt than others. Investors usually read this ratio alongside interest costs and cash generation to judge how well each company can service its borrowings in the Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments comparison.

What were the latest quarterly revenue and net profit of Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments?

Ans. For Q1 FY27 (quarter ended June 2026), Dharmaj Crop Guard reported revenue of Rs 383.51 crore and net profit of Rs 38.11 crore, Excel Industries reported revenue of Rs 300.54 crore and net profit of Rs 29.47 crore, and Ultramarine and Pigments reported revenue of Rs 245.68 crore and net profit of Rs 31.59 crore. Compared with the quarter ended June 2025, revenue changed by +4.2% for Dharmaj Crop Guard, -6.6% for Excel Industries and +31.2% for Ultramarine and Pigments. A single quarter can be affected by seasonality, one-time items and the timing of orders, so the five-quarter tables above give a clearer sense of direction than any one result. A net loss in a quarter does not always mean a troubled business, but it does call for a closer look at costs, debt and the reasons behind the swing in the Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments results.

Does this comparison recommend one of Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments?

Ans. This comparison does not declare one stock ahead of another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor's own criteria and research. Instead of a verdict, the tables above lay out the figures so that readers can weigh them against their own goals, time horizon and tolerance for risk. For companies in chemicals, it also helps to look at factors such as raw material prices, seasonal demand, crop cycles and environmental compliance. Reading the latest filings and investor presentations of Dharmaj Crop Guard, Excel Industries and Ultramarine and Pigments directly, and speaking to a SEBI registered adviser where needed, is a sensible step before acting on any numbers shown in Dharmaj Crop Guard vs Excel Industries vs Ultramarine and Pigments.