Ultramarine & Pigments

In the past few years, company has really ramped up their capex spends. I have summarized their finished and announced capexes over time.

Capex

• FY18: Doing 70 cr. capex for a new surfactant plant in Naidupet (30’000 MTPA capacity; delayed and commercialized in FY21)
• FY21: Greenfield capex of 67 cr. (revised cost: 76 cr.) for premium grade pigments at Naidupet (1’500 MTPA capacity; commercialized in FY22)
• FY22:
  – Capex of 21 cr. for specialty chemicals i.e. ingredients for food, cosmetics, personal care (capacity: 1’800 MT) (commercialized in FY23)
  – Capex of 24.4 cr. for mixed metal oxides in Naidupet (expected commercialization in FY23)
  – Capex for 61.5 cr. for additional pigment capacity in Naidupet (1’500 MTPA)
• FY23
  – Capex of 80 cr. in another new Pigments Projects at Naidupeta (capacity: 2250 MT). Expect some portion of the capacity to come online in FY24
  – Another project for complex inorganic pigments. Partially completed, balance in FY24. Total cost: 37 cr.

Disclosure: Not invested (no transactions in last-30 days)