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Atul

ATUL NSE
₹5,156.50 +83.50 (+1.65%)
P/E
19.67
View as Markdown
MCP
Close 4 Nov 2026 ₹5,156.50 −604.00 −10.5% 1Y
Start ₹5,760.50

Key Fundamentals

SmallcapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.90%
Debt to Equity
0.03
EPS (TTM)
₹262.19
Book Value
₹2,235.96
Market Cap
—
P/E (TTM)
19.67
P/B
2.31
ROE
11.50%
Dividend Yield
0.59%
EBITDA
₹1,234 Cr
52W High
₹7,180.00
52W Low
₹4,995.00
Day Range
₹5,018.00 – ₹5,175.00
Volume
65,899

Peer Comparison

Commodities › Chemicals › Specialty Chemicals

Atul peer comparison
Pidilite Industries
₹1,510.2058.04₹1,54,107 Cr13.721.42%23.90%31.00%₹15,399 Cr₹2,677 Cr
Gujarat Fluorochemicals
₹4,613.3083.76₹49,073 Cr6.040.07%7.82%9.64%₹5,303 Cr₹600 Cr
Navin Fluorine International
₹8,785.0057.03₹44,060 Cr10.100.09%19.60%21.00%₹3,634 Cr₹789 Cr
Deepak Nitrite
₹1,578.4027.48₹20,919 Cr3.320.49%9.82%11.40%₹8,575 Cr₹784 Cr
Aether Industries
₹1,540.7086.90₹20,030 Cr7.880.00%9.66%11.90%₹1,231 Cr₹235 Cr
Aarti Industries
₹447.5530.57₹15,838 Cr2.590.23%7.13%6.86%₹9,010 Cr₹531 Cr
Atul (this company)
₹5,156.5019.67₹14,827 Cr2.310.59%11.50%14.90%₹6,969 Cr₹788 Cr
Median 7 companies₹1,578.4057.03₹20,919 Cr6.040.23%9.82%11.90%₹6,969 Cr₹784 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
61
Good
Returns, margins, earnings quality 22% weight
Valuation
65
Good
Cheap vs sector & own history 24% weight
Growth
61
Good
Sales & profit trajectory 9% weight
Financial Health
82
Strong
Solvency, leverage, coverage 9% weight
Momentum
13
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

2
  • 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1234
OscillatorsBullish234
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
28.75
Bullish
MACD (12,26,9)
−278.58
Bearish
SMA (50)
6,001.20
Bearish
SMA (200)
6,384.48
Bearish

As of

Analyst Rating

Based on 11 analysts
BUY73%

8 of 11 analysts rate Buy, 2 Hold, 1 Sell.

As of

BUY
8
73%
HOLD
2
18%
SELL
1
9%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.23%
5Y+10.95%
3Y+4.95%
1Y+12.38%
TTM+18.14%

Net profit

Net profit growth by window
10Y+9.66%
5Y+0.86%
3Y+10.77%
1Y+38.08%
TTM+40.46%

Operating cash flow

Operating cash flow growth by window
10Y+9.82%
5Y+7.34%
3Y+13.11%
1Y+69.65%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.28 pp
5Y−8.12 pp
3Y+1.61 pp
1Y+0.04 pp
TTM+0.67 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,834 Cr
Mar 2018₹3,514 Cr
Mar 2019₹4,038 Cr
Mar 2020₹4,093 Cr
Mar 2021₹3,731 Cr
Mar 2022₹5,081 Cr
Mar 2023₹5,428 Cr
Mar 2024₹4,726 Cr
Mar 2025₹5,583 Cr
Mar 2026₹6,274 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹323 Cr
Mar 2018₹281 Cr
Mar 2019₹436 Cr
Mar 2020₹671 Cr
Mar 2021₹660 Cr
Mar 2022₹605 Cr
Mar 2023₹507 Cr
Mar 2024₹324 Cr
Mar 2025₹499 Cr
Mar 2026₹689 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹287 Cr −3.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Atul Ltd trades at ₹5,028.50 as of 2026-10-30 with a market cap of ₹14,804.79 Cr and a PE of 19.18x on TTM EPS of ₹262.19. The company is virtually debt-free (D/E of 0.03) and has posted strong TTM profit growth of 42%, though its stock has delivered negative returns over 1-year (-5%), 3-year (-4%), and 5-year (-10%) CAGR periods.

Bull Case 8
  • Near-zero leverage with a debt-to-equity ratio of just 0.03, providing significant financial flexibility and resilience through commodity cycles.
  • TTM compounded profit growth of 42% signals a sharp earnings recovery and potential operating leverage kicking in.
  • TTM sales growth of 18% marks a meaningful acceleration versus the 5-year compounded sales CAGR of 11% and 3-year CAGR of 5%.
  • Trading near its 52-week low of ₹4,995 (current price ₹5,028.50 versus 52-week high of ₹7,180), the stock is 30% off its highs, compressing valuation multiples.
  • ROE has improved to 10.95% (last year 11%) from the 3-year average of 9%, indicating improving capital efficiency.
  • PE of 19.18x is reasonable for a specialty chemicals company with a near-debt-free balance sheet and accelerating earnings growth.
  • 10-year compounded sales and profit CAGR of 9% each, alongside a 10-year stock CAGR of 9%, demonstrate long-term business consistency.
  • ROCE of 13.54% comfortably exceeds cost of capital for a virtually unleveraged business, reflecting productive asset deployment.
Bear Case 6
  • 5-year compounded sales growth of only 11% is considered poor for the specialty chemicals sector, suggesting limited top-line momentum over a sustained period.
  • Stock CAGR is negative across all medium-term horizons: -5% over 1 year, -4% over 3 years, and -10% over 5 years, indicating persistent value erosion for shareholders.
  • 3-year average ROE of just 9% is low for a capital-intensive chemicals business and trails the 10-year average of 13%, pointing to a structural decline in profitability.
  • 5-year compounded profit CAGR of only 1% suggests the strong TTM profit growth of 42% may be a low-base recovery rather than a sustainable trend.
  • Price-to-book of 2.25x on an ROE of 10.95% implies the market is pricing in improvement that has yet to be sustained over multiple years.
  • 10-year ROE trend has declined from 13% to the current 10.95%, suggesting diminishing return on incremental capital deployed over time.

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

AI News Digest

9h ago

TL;DR: Atul Ltd's ongoing ₹90 crore buyback provides a floor of capital-return support, but only ~12% has been utilised through three days. The 10.6% YoY drop in Q2FY27 net profit flags earnings softness. With limited recent newsflow, the near-term trajectory hinges on whether upcoming quarters show margin recovery or further deterioration.

Headwinds 1
  • Q2FY27 net profit drops 10.6% Nov 04

    Atul Ltd reported Q2FY27 net profit of ₹158.71 crore, down 10.6% YoY, signalling near-term earnings pressure.

Neutral 1
  • Buyback utilisation still early Nov 04

    Atul Ltd bought back 4,100 shares at avg ₹5,094.70 on Nov 4 (day three), with cumulative 21,200 shares purchased for ₹10.82 crore of the ₹90 crore earmarked — just 12% utilised so far.

Quarterly Results

₹ Cr
ATUL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,194
1,138
1,212
1,322
1,393
1,417
1,452
1,478
1,552
1,574
1,670
1,848
1,877
Expenses
1,039
986
1,065
1,099
1,150
1,193
1,229
1,242
1,284
1,327
1,389
1,454
1,630
Operating Profit
155
152
148
223
243
224
223
236
267
247
281
394
247
OPM %
13%
13%
12%
17%
17%
16%
15%
16%
17%
16%
17%
21%
13%
Other Income
24
15
16
16
35
19
48.7
26.24
48.5
38.59
89.57
35
48.4
Interest
2
2
5
5
9
4
5
5
5
4
4
4
4
Depreciation
54
61
76
77
78
81
82
82
81
80
79
78
78
PBT
124
105
83
158
191
158
185
175
230
203
289
347
214
Tax %
26%
32%
29%
29%
27%
26%
30%
25%
21%
20%
27%
27%
26%
Net Profit
91
72
59
112
140
117
130
132
182
164
211
254
159
EPS (₹)
30.6
24.04
19.84
38
46.47
36.93
42.97
43.4
60.88
54.6
71.38
83.32
52.89

Profit & Loss

₹ Cr
ATUL profit and loss, annual, ₹ crore
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
6,969
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
5,801
Operating Profit
402
461
510
505
768
902
918
913
807
639
918
1,034
1,168
OPM %
15%
18%
18%
14%
19%
22%
25%
18%
15%
14%
16%
16%
17%
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
16
Depreciation
60
66
95
110
119
130
136
177
198
243
317
322
315
PBT
326
404
446
412
680
845
882
810
688
451
692
900
1,053
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
787
EPS (₹)
81.13
92.44
109
93.21
146
225
222
204
174
110
164
230
262
Div. Payout %
10%
9%
9%
13%
10%
12%
9%
12%
19%
18%
15%
13%
—

Balance Sheet

₹ Cr
ATUL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
30
30
30
30
30
30
30
30
30
29
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
6,554
Borrowings
299
316
168
16
55
108
127
144
52
237
202
183
169
Other Liabilities
485
535
591
749
783
880
982
1,117
1,028
1,104
1,179
1,465
1,666
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
8,418
Fixed Assets
514
750
1,026
1,027
1,104
1,125
1,418
1,634
1,770
2,792
2,847
2,676
2,656
CWIP
112
180
59
96
172
368
250
420
1,033
281
124
110
122
Investments
66
382
429
470
752
1,137
1,361
1,339
881
1,392
1,766
2,592
2,808
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
2,833
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
8,418

Cash Flow

₹ Cr
ATUL cash flow, annual, ₹ crore
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/EBITDA
95
111
93
91
86
122
100
47
112
121
82
113

Ratios

ATUL financial ratios, annual
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

Log in to view Atul insights

67 extracted metrics across FY04–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 45.33%
  • DIIs 25.23%
  • Public 16.01%
  • FIIs 8.90%
  • Others 4.52%

0.97% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Apr 2026
    PPT
  • Concall · Jan 2026
    PPT
  • Concall · Oct 2025
    PPT
  • Concall · May 2025
    PPT
  • Q3 FY25 concall · Jan 2025
    PPT

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.
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 PE ratio of Atul Ltd?
Atul Ltd trades at a PE ratio of 19.67 as of 4 Nov 2026, on earnings per share of ₹262.19, against a book value of ₹2,235.96 per share.
What is the 52-week high and low of Atul Ltd?
Over the last 52 weeks Atul Ltd has traded between ₹4,995 and ₹7,180 as of 4 Nov 2026.
Does Atul Ltd pay dividends?
Atul Ltd has a dividend yield of 0.59%.
What is the Return on Equity (ROE) of Atul Ltd?
Atul Ltd reported a return on equity of 11.50%. 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. 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.

Website atul.co.in
CEO Mr. Sunil Siddharth Lalbhai
Employees 3,365
Listed 6 May 1998
Face Value ₹10

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