Atul logo

Atul

ATUL NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹18,224 Cr
Volatility
Moderate
P/E Ratio
23.11
EBITDA
₹1,234 Cr
Return on Equity
10.95%
Debt to Equity
0.03
Book Value
₹2,113.31
EPS
₹112.61
52W High
₹7,180
52W Low
₹5,560.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • Stock is trading at 2.95 times its book value
  • The company has delivered a poor sales growth of 11.0% over past five years.
  • Company has a low return on equity of 9.23% over last 3 years.

Growth Rate

Revenue Growth
13.77% higher than 3Y
Net Income Growth
38.21% higher than 3Y
Cash Flow Change
69.58% higher than 3Y
ROE
24.29% higher than 3Y
ROCE
15.63% lower than 3Y
EBITDA Margin (Avg.)
6.13% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Atul Ltd is a mid-cap specialty chemicals company with a market cap of ₹18,224 Cr trading at a PE of 23x and PB of 3x. The company is virtually debt-free and has shown a sharp TTM profit recovery of 59%, though its 5-year compounded profit growth stands at just 1% and 3-year ROE has averaged 9%, below what investors typically expect from the sector.

Bull Case 7
  • The company is almost debt-free, giving it significant financial flexibility and low interest cost burden in a capital-intensive chemicals sector.
  • TTM compounded profit growth has surged to 59%, indicating a strong earnings recovery cycle after a period of margin compression.
  • TTM sales growth of 16% marks a notable acceleration compared to the 5-year compounded sales CAGR of 11% and 3-year CAGR of 5%.
  • 10-year compounded sales CAGR of 9% and profit CAGR of 9% demonstrate a track record of steady long-term growth through multiple cycles.
  • 10-year stock CAGR of 12% shows the company has delivered meaningful long-term wealth creation for patient shareholders.
  • PE of 23x is moderate for a debt-free specialty chemicals company, especially in the context of a 59% TTM profit jump that could compress the forward multiple.
  • Last year ROE improved to 11% from the 3-year average of 9%, suggesting a potential inflection in capital efficiency as earnings recover.
Bear Case 7
  • 3-year ROE of just 9% is low for a specialty chemicals business, indicating suboptimal utilisation of shareholder equity over a meaningful period.
  • 5-year compounded profit growth of only 1% shows the company struggled to translate revenue into bottom-line growth for an extended period.
  • Stock price has delivered negative returns over 1-year (-1%), 3-year (-5%), and 5-year (-7%) horizons, reflecting sustained market scepticism.
  • 5-year compounded sales growth of 11% is modest for a mid-cap chemicals player, and the 3-year figure drops further to just 5%.
  • PB ratio of 3x means the stock trades at a significant premium to book value, which is harder to justify with a 3-year ROE of only 9%.
  • Dividend yield of 0.47% offers minimal income cushion and suggests limited near-term shareholder return via dividends.
  • 10-year ROE has trended down from 13% to 9% over 3 years, indicating a structural decline in return ratios rather than a one-off dip.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 1
  • New Independent Director Appointed Sep 7

    Atul Ltd appointed Vinayak Deshpande as Independent Director for a five-year term, approved by shareholders via postal ballot and remote e-voting.

TL;DR: Limited recent news flow for Atul Ltd with only a routine board appointment announced. No material headwinds or positive catalysts emerged in the latest coverage. The appointment signals normal governance continuity. Investors should watch for upcoming quarterly results and chemical sector demand trends for directional cues.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,182
1,194
1,138
1,212
1,322
1,393
1,417
1,452
1,478
1,552
1,574
1,670
1,848
Expenses
1,000
1,039
986
1,065
1,099
1,150
1,193
1,229
1,242
1,284
1,327
1,389
1,454
Operating Profit
182
155
152
148
223
243
224
223
236
267
247
281
394
OPM %
15%
13%
13%
12%
17%
17%
16%
15%
16%
17%
16%
17%
21%
Other Income
10
24
17
16
16
35
19
50
28
50
40
92
35
Interest
2
2
2
5
5
9
4
5
5
5
4
4
4
Depreciation
52
54
61
76
77
78
81
82
82
81
80
79
78
PBT
138
124
105
83
158
191
158
186
177
231
203
289
347
Tax %
26%
26%
32%
29%
29%
27%
26%
30%
25%
21%
20%
27%
27%
Net Profit
102
91
72
59
112
140
117
130
132
182
164
211
254
EPS in Rs
35.02
30.6
24.04
19.84
38
46.47
36.93
42.97
43.4
60.88
54.6
71.38
83.32
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,637
2,595
2,834
3,514
4,038
4,093
3,731
5,081
5,428
4,726
5,583
6,274
6,643
Expenses
2,235
2,134
2,324
3,008
3,270
3,191
2,813
4,168
4,620
4,086
4,665
5,240
5,455
Operating Profit
402
461
510
505
768
902
918
913
807
639
918
1,034
1,189
OPM %
15%
18%
18%
14%
19%
22%
25%
18%
15%
14%
16%
16%
18%
Other Income
9
37
57
30
38
83
109
82
86
65
115
206
217
Interest
26
28
25
13
7
9
9
9
8
11
24
17
17
Depreciation
60
66
95
110
119
130
136
177
198
243
317
322
318
PBT
326
404
446
412
680
845
882
810
688
451
692
900
1,070
Tax %
31%
32%
28%
32%
36%
21%
25%
25%
26%
28%
28%
23%
—
Net Profit
240
274
323
281
436
671
660
605
507
324
499
689
811
EPS in Rs
81.13
92.44
109
93.21
146
225
222
204
174
110
164
230
270
Div. Payout %
10%
9%
9%
13%
10%
12%
9%
12%
19%
18%
15%
13%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
30
30
30
30
30
30
30
30
30
29
29
29
Reserves
1,009
1,585
1,936
2,214
2,676
3,125
3,797
4,399
4,642
5,085
5,569
6,192
Borrowings
299
316
168
16
55
108
127
144
52
237
202
183
Other Liabilities
485
535
591
749
783
880
982
1,117
1,028
1,104
1,179
1,465
Total Liabilities
1,823
2,465
2,724
3,009
3,543
4,144
4,935
5,690
5,752
6,455
6,980
7,870
Fixed Assets
514
750
1,026
1,027
1,104
1,125
1,418
1,634
1,770
2,792
2,847
2,676
CWIP
112
180
59
96
172
368
250
420
1,033
281
124
110
Investments
66
382
429
470
752
1,137
1,361
1,339
881
1,392
1,766
2,592
Other Assets
1,131
1,154
1,210
1,415
1,515
1,513
1,906
2,297
2,068
1,990
2,242
2,492
Total Assets
1,823
2,465
2,724
3,009
3,543
4,144
4,935
5,690
5,752
6,455
6,980
7,870
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
306
401
392
356
404
881
718
231
707
667
603
1,023
Investing
-167
-375
-175
-129
-408
-782
-645
-163
-469
-683
-494
-891
Financing
-124
-39
-212
-207
-1
-111
-52
-57
-257
38
-118
-98
Net Cash Flow
16
-13
5
19
-5
-11
21
11
-20
22
-9
34
Free Cash Flow
111
31
180
213
195
508
396
-359
-167
164
334
851
CFO/OP
95
111
93
91
86
122
100
47
112
121
82
113
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
61
62
67
75
63
64
72
71
57
72
74
74
Inventory Days
105
118
107
83
89
93
128
122
101
90
97
90
Days Payable
69
87
86
93
66
88
121
90
69
84
82
94
Cash Conversion Cycle
97
93
88
66
86
69
78
103
89
77
89
70
Working Capital Days
50
46
65
76
74
59
65
77
68
69
77
69
ROCE %
26%
26%
23%
19%
27%
28%
24%
19%
15%
9%
13%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others4.70%Promot.45.33%FIIs7.44%Public16.59%DIIs25.93%As ofJun 2026
0.97% of promoter holding pledged as of Jun 2026

Documents

1
Concall - Apr 2026 Apr 2026
2
Concall - Jan 2026 Jan 2026
3
Concall - Oct 2025 Oct 2025
4
Concall - May 2025 May 2025
5
Concall - Jan 2025 Jan 2025

Frequently Asked Questions about Atul

What does Atul Ltd do?
Atul Ltd. is a diversified and integrated Indian chemical company (a part of Lalbhai Group, Gujarat). The products of the company are used in various Industries and come mainly under two segments, Life Science Chemicals and Performance and Other Chemicals under 9 Businesses. [1] Since its incorpo...
Where is Atul Ltd (ATUL) listed?
Atul Ltd trades as ATUL on the NSE and under code 500027 on the BSE.
Which sector does Atul Ltd belong to?
Atul Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Atul Ltd?
Atul Ltd has a market capitalisation of ₹18,224 Cr, which places it in the Mid Cap band.
What is the PE ratio of Atul Ltd?
Atul Ltd trades at a PE ratio of 23.11, on earnings per share of ₹112.61, against a book value of ₹2,113.31 per share.
What is the 52-week high and low of Atul Ltd?
Over the last 52 weeks Atul Ltd has traded between ₹5,560.5 and ₹7,180.
Does Atul Ltd pay dividends?
Atul Ltd has a dividend yield of 0.47%.
What is the Return on Equity (ROE) of Atul Ltd?
Atul Ltd reported a return on equity of 10.95%. Its debt-to-equity ratio is 0.03.

Company Information

Atul Ltd. is a diversified and integrated Indian chemical company (a part of Lalbhai Group, Gujarat). The products of the company are used in various Industries and come mainly under two segments, Life Science Chemicals and Performance and Other Chemicals under 9 Businesses. [1] Since its incorporation, the company has manufactured many products for the first time in India Dyes including Vat Dyes, crop care chemicals, Phosgene, Carbamite, 2,4-D Acid, para Cresol, tissue culture raised date palms. [2]

Website atul.co.in
CEO Mr. Sunil Siddharth Lalbhai
Employees 3,365
Listed 1998-05-06
Face Value ₹ 10
Issued Size 2,94,41,755

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