Last updated : December 19, 2025 10:36 am
Ducol Organics & Colours provides a wide range of color solutions across eight key industrial verticals, including paints, plastics, textiles, and detergents
Aamer Ahmed Farid, Managing Director, Ducol Organics & Colours in an exclusive interview with Pravin Prashant, Executive Editor, Indian Chemical News talks about industry trends, company's performance, focus areas, leveraging Bitumag's product, capacity expansion, and future products keeping in view sustainability. Excerpts of the interview:
2026 industry trends in paints, coatings, plastics, inks, textiles, and construction industries?
As we look ahead to 2026, the direction of industries are becoming increasingly clear. In paints and coatings, the global shift towards water-based and low-VOC systems continues to accelerate, supported by regulatory requirements and growing customer preference for cleaner and more durable colour systems. This has increased the importance of advanced dispersions where particle size control, stability, and compatibility play a critical role.
In plastics, the focus is steadily moving toward recyclability, lightweighting, and value-engineered additives that enhance performance without compromising sustainability. Inks and textiles are also evolving rapidly, with greater adoption of digital and high-speed applications where dispersion consistency becomes essential.
The construction chemicals sector, particularly in India, is witnessing a long-term growth cycle driven by infrastructure and real estate development. Demand for waterproofing systems, polymer-modified chemistries, and hybrid materials continues to rise. Across all these industries, the common trend is a move towards cleaner, efficient, and functional chemistry, which aligns closely with our long-term strategy.
How has Ducol Organics & Colours Ltd. performed in H1 FY 2025-26 and what's the forecast for H2 FY 2025-26?
H1 FY26 has been an important period for us, as it marks our first consolidated performance following the acquisition of Bitumag Industries. Our revenue from operations for H1 FY26 stood at Rs. 64.52 crore, supported by healthy volume momentum in our core dispersion business and the incremental contribution from Bitumag’s waterproofing and construction chemicals segment. EBITDA for the period was Rs. 5.80 crore, while profit after tax stood at Rs. 2.82 crore.
Operationally, the integration of Bitumag has progressed well. During the half year, we commissioned a new manufacturing line at the Vadodara facility, effectively doubling its waterproofing capacity. Current utilisation levels are around 30 to 35 percent, and we expect this to move towards 50 percent over the next six to nine months as order visibility improves and customer synergies deepen.
For H2 FY26, the overall demand environment remains stable. We expect continued momentum across our key application areas and will remain focused on improving utilisation, operational efficiency, and profitability.
The company is focusing on three pillars - Expanding product offerings and geographic footprint, deepening customer engagement, and driving sustainable growth through strategic initiatives. Please explain?
These three pillars reflect our long-term approach to building a resilient organisation. Expanding our product offerings and geographic footprint is aligned with the increasing sophistication of the Indian market. Customers today expect deeper chemistry, stronger technical engagement, and reliable access across regions. Along with strengthening our presence in metros, we are actively investing in growing our business and market share across North, East, and West India.
Deepening customer engagement is critical because dispersions directly influence the customer’s final formulation. Even small changes can have a significant impact on performance. By working closely with customers, we are able to deliver higher consistency, better efficiency, and more predictable outcomes.
Driving sustainable growth is about creating a strong foundation for the future. This includes modernising our manufacturing facilities, strengthening leadership depth, investing in technology and systems, and expanding into adjacencies such as waterproofing and construction chemicals through Bitumag, while remaining firmly rooted in chemistry-led value creation.
How has the acquisition of Bitumag Industries helped Ducol Organics & Colours to expand its product portfolio and geographic footprint?
The acquisition of Bitumag has strengthened our presence in the waterproofing and construction chemicals segment, which is experiencing sustained growth. It adds a complementary product portfolio, experienced technical capabilities, and customer relationships that align well with our existing dispersion business.
From an operational standpoint, the impact is already visible. In H1 FY26, we commissioned a second manufacturing line at the Vadodara facility, which doubled Bitumag’s waterproofing capacity. Utilisation currently stands at around 30 to 35 percent, and we expect it to cross 50 percent in the coming months as customer synergies deepen. Several of our long-standing dispersion customers are also users of waterproofing products, which is helping drive natural traction.
In addition, we are actively looking at overseas markets and expanding our business with existing international customers, while also adding new customers and entering new geographies. This approach allows us to scale Bitumag's product portfolio in a measured and sustainable manner while strengthening our global presence.
The company is planning an ongoing modernization in plants with top grade and latest technologies and high end machinery for wet and dry dispersions and master batches. Please explain?
Our modernisation initiatives are focused on improving precision, consistency, and long-term efficiency. The M1 unit at Mahad was designed with PLC-based systems and advanced dispersion technology. Today, around 30 to 40 percent of our production comes from automated processes, which improves batch uniformity, material utilisation, and process safety.
We are also integrating digital quality control systems and inline monitoring tools to strengthen process control. These upgrades support efficient scaling while maintaining consistency and quality. In parallel, refurbishment of the Taloja plant is underway, and work on the second unit at Mahad has already begun as part of our long-term manufacturing roadmap.
Present and future capacities of wet dispersions, dry dispersions, master batches, and Bitumag? When are you planning to add these capacities?
As per our current operating structure, we have approximately 4,000 MTPA of wet dispersions capacity, 15,000 MTPA of dry dispersions capacity, and between 2,000 and 3,000 MTPA of masterbatch capacity. Bitumag’s waterproofing capacity stands at around 10 million square meters, supported by the recently commissioned additional line.
Over the next five years, we plan to scale wet dispersions between 8,000 - 10,000 MTPA, dry dispersions between 20,000 - 25,000 MTPA, and masterbatches between 8,000 - 10,000 MTPA. Capacity expansion at Bitumag will be aligned with utilisation levels and demand visibility, and additions will be phased in a disciplined manner.
Plan for developing two manufacturing units in Mahad in FY 2026-27 and Capex to be incurred in these plants?
Mahad is a strategically important manufacturing location for us due to its industrial ecosystem and access to skilled manpower. The M1 unit has already been commercialised, and work on the M2 facility is currently in progress. Both units are being developed with modular layouts, automation readiness, and energy-efficient systems. These facilities will significantly strengthen our ability to scale dispersions and support emerging chemistries. Alongside this, we are upgrading our Taloja plant with modern infrastructure and machinery to ensure our legacy facilities remain aligned with our long-term manufacturing vision.
On the R&D front, what are the new things you are focusing on keeping sustainability at the centre?
Our R&D efforts are focused on delivering better performance while reducing environmental impact. We are strengthening our work in water-based and low-VOC dispersions, high-performance pigment systems, and next-generation construction chemical formulations, including polymer-modified, and hybrid waterproofing products.
We are also working to improve pigment utilisation efficiency, reduce waste in dispersion processes, and integrate digital tools into formulation and quality control workflows. Looking ahead, we are exploring areas such as advanced materials, performance additives, and chemistries relevant to clean air, clean water, and clean energy, all of which align naturally with our core capabilities.