Sudarshan Colorants India Limited - chemicals and materials in Thane, Maharashtra, India. FY 2026 financials & compliance.
CIN L24110MH1956PLC010806 Incorporated 27 December 1956 ROC Mumbai HQ Thane, Maharashtra, India
Active Listed - NSE: SUDARCOLOR · BSE: 506390 Public Limited Company chemicals and materials
Data last updated
Market Cap
₹836 Cr
SUDARCOLOR · NSE
Share Price
₹427.90
+18.17% today
Revenue
₹781 Cr
FY 2025-26 · -5.4% YoY
EBITDA
₹52.96 Cr
Margin 6.8%
Net Profit
₹48.11 Cr
FY 2025-26 · -16.8% YoY
P/E (TTM)
11.1x
P/B 2.7x
ROE
8.2%
ROCE 10.3%
Debt / Equity
0.04
Interest cover 7.6x

About Sudarshan Colorants India Limited

Data last updated:

Sudarshan Colorants India Limited is a public limited company based in Thane, Maharashtra, India. It operates in the specialty chemicals segment of the chemicals and materials sector. It was incorporated on 27 December 1956 and has been in existence for over 70 years.

The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L24110MH1956PLC010806. Its GSTIN is 27AAACC5602P1ZJ (Maharashtra). The company holds 10 GST registrations, of which 5 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 506390 and NSE: SUDARCOLOR.

The company has an authorised share capital of ₹30 Cr and a paid-up capital of ₹23.08 Cr. It was formerly known as Colour Chem Limited. It is led by directors including Sambit Roy (Managing Director) and Mandar Meenanath Velankar.

Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Thane, Maharashtra.

As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹780.63 Cr, a decline of 5.4% compared to the previous year. For the same year it recorded a net profit of ₹48.11 Cr (net margin 6.2%) and EBITDA of ₹52.96 Cr (EBITDA margin 6.8%). The net worth stands at ₹570.08 Cr (up 8.9% YoY). Total assets are valued at ₹603.34 Cr (up 7.3% YoY).

The company has about 496 employees on its provident fund (EPFO) records.

The company is associated with 2 brands: Clariant and Heubach. As per MCA filings, the company has open charges of ₹9.55 Cr and satisfied charges of ₹54.66 Cr on record. Court records list 84 cases involving the company, including 52 filed by the company and 32 filed against it; 12 cases are pending. The company has 26 deals on record (22 market trades, 2 acquisitions, 1 buyback); the latest was in October 2024. Its 6 peer companies in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 3 larger and 3 smaller; the largest is Gulbrandsen Private Limited with revenue of ₹884.43 Cr. The company has 13 MSME Form 1 returns on record between 2019 and 2023, listing 243 overdue payments to 43 micro and small suppliers.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website heubach.com.

Company details

CIN L24110MH1956PLC010806
Registration Number 010806
Incorporation Date 27 December 1956
ROC Mumbai
Listing Status Listed - Listed on NSE (SUDARCOLOR); Listed on BSE (506390)
Company Status Active
Date of Last AGM 29 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant

Name history

Sudarshan Colorants India has undergone 2 name changes throughout its history. The company was previously known as Colour Chem Limited, and Sudarshan Colorants India Limited. The current legal name is Sudarshan Colorants India Limited.

Company NameStatus
Sudarshan Colorants India LimitedCurrent
Colour Chem LimitedPrevious

Contact details

Sudarshan Colorants India Limited's registered office is in Thane, Maharashtra. Its website is heubach.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Social Media
  • Registered Address
    Rupa Renaissance B Wing 25th Floor D – 33 MIDC Road, Ttc Industrial Area Juinagar Navi Mumbai, Thane, Maharashtra, India – 400705
  • Industry
    Chemicals and Materials, Specialty Chemicals, Dyes & Pigments, Colorants

To see the full contact details of Sudarshan Colorants India Limited, buy the company report.

Comprehensive company report
Sudarshan Colorants India Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Sudarshan Colorants India operates two associated brands: Clariant and Heubach. Each brand links to its own profile.

BrandDescriptionWebsite
Speciality Chemicals manufacturerclariant.com
Pigments, dyes, and speciality materials are manufactured for industrial applications.heubach.com

Business activity

The main business activities of Sudarshan Colorants India are manufacturing and trade. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products and wholesale trading. 2 activity segments are registered with the MCA.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturingC6Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products
GTradeG1Wholesale Trading

To see the full business activity and turnover split of Sudarshan Colorants India Limited, buy the company report.

Financials of Sudarshan Colorants India Limited

FY 2025-26 filings available

Sudarshan Colorants India Limited reported revenue of ₹780.63 Cr (down 5.4% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Standalone
Revenue
₹781 Cr
-5.4% YoY
EBITDA
₹52.96 Cr
-27.4% YoY
Profit After Tax
₹48.11 Cr
-16.8% YoY
Net Worth
₹570 Cr
+8.9% YoY
Total Assets
₹603 Cr
+7.3% YoY
Total Debt
₹22.98 Cr
-8.4% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue781825791766840731757
Revenue growth-5.4%+4.4%+3.2%-8.7%+14.9%-3.5%-
EBITDA52.9672.9872.0755.1861.6481.8659.87
EBITDA margin+6.8%+8.9%+9.1%+7.2%+7.3%+11.2%+7.9%
Profit before tax57.6268.1155.9939.9749.4931466.45
Net profit48.1157.8441.1023.0138.8437.6349.62
Net profit margin+6.2%+7.0%+5.2%+3.0%+4.6%+5.2%+6.6%
EPS (₹)19.2922.2917.828.3118.7795.2121.97
Balance sheet
Total assets603562510440419414694
Net worth570523472432414407651
Total debt22.9825.0927.020.000.210.5332.18
Cash & bank23519111338.8312.0532.2432.00
Net working capital387356266231188187307
Cash flow
Cash from operations34.2411194.5136.3113.1456.68101
Cash from investing(73.33)(36.69)(17.24)(8.92)4.81415(77.89)
Cash from financing(4.63)(4.55)(3.48)(0.37)(35.28)(474)(25.43)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue222211176183211220213218
Revenue growth (YoY)+5.5%-4.2%-17.5%-16.2%+21.5%---
Other income7.3317.244.299.464.169.454.063.25
Total expenses197207177166186211188190
EBITDA25.594.43(1.50)17.3024.428.9824.9427.92
EBITDA margin+11.5%+2.1%-0.9%+9.4%+11.6%+4.1%+11.7%+12.8%
Depreciation5.054.874.894.954.955.045.135.31
Interest0.630.610.550.710.650.660.630.68
Profit before tax27.2416.19(2.65)21.1022.9812.7323.2425.18
Tax6.883.04(0.65)4.815.892.096.026.77

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 28 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue222211176183211220213218
Revenue growth (YoY)+5.5%-4.2%-17.5%-16.2%+21.5%---
Other income7.3317.244.299.464.169.454.063.25
Total expenses197207177166186211188190
EBITDA25.594.43(1.50)17.3024.428.9824.9427.92
EBITDA margin+11.5%+2.1%-0.9%+9.4%+11.6%+4.1%+11.7%+12.8%
Depreciation5.054.874.894.954.955.045.135.31
Interest0.630.610.550.710.650.660.630.68
Profit before tax27.2416.19(2.65)21.1022.9812.7323.2425.18
Tax6.883.04(0.65)4.815.892.096.026.77
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue781825791766840731757
Revenue growth-5.4%+4.4%+3.2%-8.7%+14.9%-3.5%-
Other income26.8418.778.725.428.6727149.65
Total expenses728752719711778649697
Employee cost71.1084.7874.8769.2063.9063.4962.03
EBITDA52.9672.9872.0755.1861.6481.8659.87
EBITDA margin+6.8%+8.9%+9.1%+7.2%+7.3%+11.2%+7.9%
Depreciation19.6621.0222.6120.4020.3535.9739.24
Interest2.522.622.190.230.472.603.83
Profit before tax57.6268.1155.9939.9749.4931466.45
Tax13.0916.6614.8620.786.1894.2115.73
Net profit48.1157.8441.1023.0138.8437.6349.62
Net profit margin+6.2%+7.0%+5.2%+3.0%+4.6%+5.2%+6.6%
EPS (₹)19.2922.2917.828.3118.7795.2121.97
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital23.0823.0823.0823.0823.0823.0823.08
Reserves & surplus547500449409391384628
Shareholders' funds (net worth)570523472432414407651
Secured loans0.000.000.000.000.000.000.00
Unsecured loans22.9825.0927.020.000.210.5332.18
Total debt22.9825.0927.020.000.210.5332.18
Total liabilities603562510440419414694
Assets
Gross block371362358313298279375
Net block165160172146150150227
Capital work in progress7.634.753.877.538.118.613.32
Investments4.234.234.233.009.309.6581.29
Inventories156131124129150135126
Sundry debtors179154195218168170148
Cash & bank balances23519111338.8312.0532.2432.00
Loans & advances17.1774.8946.7761.1166.7578.84245
Total current assets588551479447397416551
Total current liabilities201194213216209228244
Net working capital387356266231188187307
Total assets603562510440419414694
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash17710833.946.9324.2525.8828.14
Net cash from operating activities34.2411194.5136.3113.1456.68101
Net cash from investing activities(73.33)(36.69)(17.24)(8.92)4.81415(77.89)
Net cash from financing activities(4.63)(4.55)(3.48)(0.37)(35.28)(474)(25.43)
Net change in cash(43.72)69.3573.7927.02(17.33)(1.63)(2.25)
Closing cash23519111338.8312.0532.2432.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-5.4%+4.4%+3.2%-8.7%+14.9%-3.5%-
EBITDA growth-27.4%+1.3%+30.6%-10.5%-24.7%+36.7%-
PBT growth-15.4%+21.7%+40.1%-19.2%-84.2%+372.5%+128.9%
Net income growth-16.8%+40.7%+78.6%-40.8%+3.2%-24.2%-
Revenue CAGR (3Y)+0.6%-0.6%+2.7%+0.4%+5.3%-10.3%-8.3%
EBITDA CAGR (3Y)-1.4%+5.8%-4.2%-2.7%+13.9%+23.0%-3.7%
Profitability & leverage
Net income margin+5.7%+6.2%+5.2%+2.5%+5.2%+30.1%+6.7%
Return on capital employed+10.3%+14.8%+12.3%+10.7%+10.6%+11.4%+10.6%
Return on net worth+8.2%+11.6%+9.1%+5.4%+9.5%+7.1%+8.0%
Debt / equity0.040.050.030.000.000.030.03
Long-term debt / equity0.040.050.030.000.000.020.02
Interest cover7.575.044.430.661.145.6718.57
Efficiency & per share
Fixed asset turnover2.132.292.362.512.912.231.79
Inventory turnover5.436.466.245.495.905.614.90
Debtors turnover4.694.733.833.974.974.604.60
EPS (₹)19.2922.2917.828.3118.7795.2121.97
Dividend per share (₹)0.000.000.000.000.00205.0011.00
Book value per share (₹)247.00226.75204.68187.34179.30176.42282.22

To see the full year-wise statements and ratios of Sudarshan Colorants India Limited, buy the company report.

Board of directors of Sudarshan Colorants India Limited

Sudarshan Colorants India has 8 current directors and 38 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Mandar Meenanath VelankarDirector02 May 20251 Years 5 MonthsCurrent
Anu Arun WakhluDirector14 Apr 20251 Years 6 MonthsCurrent
Naresh Thakurdas RaisinghaniDirector14 Apr 20251 Years 6 MonthsCurrent
Rajesh Balkrishna RathiDirector14 Apr 20251 Years 6 MonthsCurrent
Amitabha MukhopadhyayDirector31 Oct 20250 Years 11 MonthsCurrent
Sambit RoyManaging Director25 Nov 20241 Years 11 MonthsCurrent
Showing 6 of 8 current directors. View all directors

Peer comparison

Sudarshan Colorants India Limited is compared with the 6 companies closest to it by revenue in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Gulbrandsen Private Limited₹884.43 Cr (FY 2025)18.0%Vadodara, Gujarat, India
Aether Industries Limited₹880.33 Cr (FY 2025)38.0%Surat, Gujarat, India
Shiva Pharmachem Limited₹873.45 Cr (FY 2025)11.0%Vadodara, Gujarat, India
Navin Fluorine Advanced Sciences Limited₹842.48 Cr (FY 2025)10.0%Mumbai, Maharashtra, India
Krishna Antioxidants Private Limited₹829.3 Cr (FY 2025)11.0%Mumbai, Maharashtra, India
Neogen Chemicals Limited₹781.57 Cr (FY 2025)12.0%Thane, Maharashtra, India
Sudarshan Colorants India Limitedthis company₹780.63 Cr (FY 2026)₹48.11 Cr6.2%-5.4%496Thane, Maharashtra, India

To see the full peer comparison of Sudarshan Colorants India Limited, buy the company report.

Auditor

Sudarshan Colorants India Limited is audited by MSKA & Associates for the financial year 2022.

Auditor firmFinancial yearFirm registration number
MSKA & AssociatesFY 2022105047W

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 70.30%, foreign institutional investors hold 0.20%, domestic institutional investors hold 0.50% and retail and other public shareholders hold 29.10%.

Promoters: 70.30%DII (Domestic Institutional): 0.50%FII (Foreign Institutional): 0.20%Retail & Others: 29.10%
Sep 2026
QUARTER
70.30% Promoters
0.50% DII (Domestic Institutional)
0.20% FII (Foreign Institutional)
29.10% Retail & Others
Promoter holding - history
Now 70.30% · Sep 2026High 70.30% · Mar 2026Low 54.40% · Dec 2025
53%57.8%62.5%67.3%72%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 54.40%Mar 2026: 70.30%Jun 2026: 70.30%Sep 2026: 70.30%70.30%54.40%70.30%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters70.30%70.30%70.30%54.40%
Public29.70%29.70%29.70%45.60%

Charges & borrowings

Open charges
₹9.55 Cr
Satisfied charges
₹54.66 Cr
Breakdown by lending institutions
United Bankn of India Ltd₹2.80 Cr
United Bank of India₹2.25 Cr
The Bank of India Ltd₹1.50 Cr
The Ind. Credit and Investment Corp. of India Ltd.₹1.50 Cr
City Bank N a₹1.35 Cr
Others₹0.15 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
20 Dec 199590284813City Bank N a₹1.35 CrOpen
11 Oct 199390285064The Ind. Credit and Investment Corp. of India Ltd.₹1.5 CrOpen
02 Dec 198590284711State Ind. Promotion Corp. of Tamilnadu Ltd.₹15 LakhOpen
22 Nov 197490227362United Bank of India₹2.25 CrOpen
18 Dec 196890227243United Bankn of India Ltd₹2.8 CrOpen

To see the full charge records of Sudarshan Colorants India Limited, buy the company report.

Total charge records: 31 View all charges

Deals & funding

Sudarshan Colorants India Limited has 26 deals on record (22 market trades, 2 acquisitions, 1 buyback); the latest was in October 2024.

Total deals
26
Market trades
22
Acquisitions
2
Buyback
1
Secondary share transfer
1

Deals on record (5 of 26)

WhenDealAmountParties
Oct 2024Market trade₹10.1 CrBuyer: Hrti Private Limited
Seller: Hrti Private Limited
Oct 2024Market trade₹9.13 CrBuyer: Hrti Private Limited
Seller: Hrti Private Limited
Aug 2024Market trade₹15.94 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP , Aamara Capital Private Limited
Jun 2024Market trade₹9.22 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP
Apr 2024Market trade₹5 CrBuyer: Graviton Research Capital LLP
Seller: Graviton Research Capital LLP

To see the full deal history of Sudarshan Colorants India Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

Sudarshan Colorants India Limited has 13 MSME Form 1 returns on record between 2019 and 2023, listing 243 overdue payments to 43 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 43)

SupplierAmount dueDue sinceReported on
an individual supplier
Dhanashree Polymers Private Limited
an individual supplier
Dextech Allied Private Limited
an individual supplier

To see the full MSME payment records of Sudarshan Colorants India Limited, buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Employees & EPFO

Sudarshan Colorants India Limited has a workforce of 496 employees on its EPFO records as of Mar 23, 2024, across 7 active EPFO establishments.

Employee count
496
Active EPFO establishments
7
Employee growth
0.2%

GST

Sudarshan Colorants India has 10 GST registrations: 5 active and 5 cancelled or inactive. The first 4 active GSTINs are listed below.

Total GSTINs
10
Active
5
Cancelled / inactive
5
GSTINStateStatusRegistered on
27AAACC5602P1ZJMaharashtraActive01 Jul 2017
27AAACC5602P2ZIMaharashtraActive30 Aug 2017
23AAACC5602P1ZRMadhya PradeshActive01 Jul 2017
33AAACC5602P1ZQTamil NaduActive01 Jul 2017

To see the full GST registrations and return filing status of Sudarshan Colorants India Limited, buy the company report.

Recent activity

Sudarshan Colorants India Limited has 76 board changes on record since 2005: 43 appointments and 33 cessations. The latest: Sudha Pravin Navandar was appointed as Director on 03 Feb 2026.

Filing
Sudarshan Colorants India Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai Ii.
Appointed
Sudha Pravin Navandar was appointed as Director.
Appointed
Amitabha Mukhopadhyay was appointed as Director.
Ceased
Kewal Kundanlal Handa ceased to be Director.
AGM
Sudarshan Colorants India Limited last Annual general meeting of members was held on 29 Sep 2025 as per latest MCA records.
Ceased
Ravi Brijmohan Kapoor ceased to be Director.
Appointed
Mandar Meenanath Velankar was appointed as Director.
Appointed
Anu Arun Wakhlu was appointed as Director.
Appointed
Naresh Thakurdas Raisinghani was appointed as Director.
Appointed
Rajesh Balkrishna Rathi was appointed as Director.
Appointed
Sambit Roy was appointed as Managing Director.
Ceased
Bharath Ramraman Sesha ceased to be Managing Director.

137 earlier events are in the company report.

News

SUDARCOLOR: Q2 SL NET PROFIT 241M RUPEES VS 162.8M (YOY); Q2 REVENUE 2.7B RUPEES VS 1.83B (YOY)
28 Oct 2026 · Exchange Update
SUDARCOLOR: Q2 EBITDA 344M RUPEES VS 177.9M (YOY); Q2 EBITDA MARGIN 12.78% VS 9.71% (YOY)
28 Oct 2026 · Exchange Update
Sudarshan Colorants India: Sudarshan Chemical Industries Buys 15.89% Ownership In Sudarshan Colorants India From Its Subsidiary Sudarshan Europe B.V.
21 Oct 2026 · Exchange Update

Frequently asked questions

Sudarshan Colorants India is an active public limited company based in Thane, Maharashtra, India. The company works in specialty chemicals, within the chemicals and materials industry. It was incorporated on 27 December 1956 (70+ years old) and is registered under CIN L24110MH1956PLC010806. Listed on BSE: 506390 and NSE: SUDARCOLOR.

Sudarshan Colorants India reported revenue of ₹780.63 Cr for FY 2025-26 (down 5.4% YoY) based on standalone financials.

Sudarshan Colorants India has 8 current directors:

The latest financial statements of Sudarshan Colorants India on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Sudarshan Colorants India is 27AAACC5602P1ZJ, registered in Maharashtra. The company has 10 GST registrations in all, of which 5 are active and 5 are cancelled or inactive. Other active GSTINs include 27AAACC5602P2ZI (Maharashtra), 23AAACC5602P1ZR (Madhya Pradesh), 33AAACC5602P1ZQ (Tamil Nadu).

The CIN (Corporate Identification Number) of Sudarshan Colorants India is L24110MH1956PLC010806. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Sudarshan Colorants India is a listed company as per MCA records. Its shares are listed on both BSE (code: 506390) and NSE (symbol: SUDARCOLOR).

Sudarshan Colorants India has 84 court cases on record: 52 filed by the company and 32 filed against it. 12 are pending. Most are in the high courts.

Sudarshan Colorants India was incorporated on 27 December 1956, making it 70+ years old. It is registered with the Registrar of Companies, Mumbai.

Sudarshan Colorants India has 26 deals on record (22 market trades, 2 acquisitions, 1 buyback); the latest was in October 2024.

The peers of Sudarshan Colorants India by revenue are Gulbrandsen Private Limited, Aether Industries Limited, Shiva Pharmachem Limited, Navin Fluorine Advanced Sciences Limited, Krishna Antioxidants Private Limited and 1 more, all in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).

Sudha Pravin Navandar was appointed as Director on 03 Feb 2026. Amitabha Mukhopadhyay was appointed as Director on 31 Oct 2025. Kewal Kundanlal Handa ceased to be Director on 28 Oct 2025. Sudarshan Colorants India has 76 board changes on record in total.