Atul Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2014 • Performance & Other Chemicals: 69.6% • Life Science Chemicals: 30.4%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Latest quarter profit grew 105.7% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.23x)
- Company comfortably covers its interest (212.7x coverage)
- Company has a consistent dividend-paying track record
- Stock looks reasonably valued - P/E of 26.2 is below its historical median
CONS
- A large part of profit comes from other income (26.2% of PBT)
- Company has a low return on equity of 8.9% over last 3 years
- Company has a low return on capital employed of 11.8%
- Company has delivered a poor profit growth of -1.2% over past five years
- Operating margins have contracted to 13.7% from 17.4%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22305.00 | 101.35 | 201838.07 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1572.50 | 60.43 | 160061.58 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2515.00 | 34.49 | 74550.84 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4753.80 | 84.91 | 52220.49 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8796.15 | 57.15 | 45131.39 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1132.45 | 32.45 | 38146.70 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1642.10 | 28.59 | 22397.10 | 0.46 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1612.65 | 91.01 | 21404.36 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6217.65 | 23.01 | 18305.85 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 497.05 | 33.95 | 18029.33 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1358.70 | 17.49 | 17209.68 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| BASF | 3745.25 | 25.21 | 16211.55 | 0.67 | 360.29 | 162.22 | 4824.26 | 24.57 | 15.23 | 10.46 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,030 | 1,110 | 1,106 | 1,112 | 1,208 | 1,279 | 1,274 | 1,315 | 1,305 | 1,410 | 1,352 | 1,498 | 1,589 | |
| 883 | 970 | 957 | 985 | 1,022 | 1,085 | 1,111 | 1,147 | 1,143 | 1,190 | 1,179 | 1,271 | 1,345 | |
| Operating Profit | 147 | 139 | 149 | 126 | 185 | 194 | 163 | 168 | 162 | 219 | 172 | 227 | 244 |
| OPM % | 14.26% | 12.56% | 13.48% | 11.34% | 15.34% | 15.15% | 12.80% | 12.76% | 12.42% | 15.56% | 12.75% | 15.15% | 15.33% |
| 27 | 42 | 44 | 21 | 14 | 39 | 25 | 55 | 29 | 59 | 36 | 75 | 26 | |
| Interest | 1 | 1 | 0 | 1 | 1 | 4 | 0 | 2 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 43 | 44 | 47 | 50 | 51 | 52 | 55 | 55 | 56 | 55 | 53 | 52 | 52 |
| Profit before Tax | 131 | 137 | 146 | 96 | 148 | 178 | 132 | 165 | 135 | 222 | 155 | 249 | 270 |
| Tax % | 26.35% | 24.51% | 24.64% | 21.86% | 26.09% | 27.52% | 30.06% | 24.05% | 27.34% | 22.33% | 21.78% | 18.05% | 25.50% |
| Net Profit | 97 | 103 | 110 | 75 | 109 | 129 | 93 | 126 | 98 | 172 | 121 | 204 | 201 |
| 32.72 | 35.01 | 37.20 | 25.40 | 37.08 | 43.73 | 31.47 | 42.69 | 33.20 | 58.53 | 41.15 | 69.24 | 68.28 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,695 | 3,107 | 3,916 | 3,906 | 3,512 | 4,993 | 5,062 | 4,358 | 5,075 | 5,564 | 5,848 | |
| 2,224 | 2,635 | 3,180 | 3,061 | 2,674 | 4,131 | 4,366 | 3,797 | 4,365 | 4,783 | 4,985 | |
| Operating Profit | 470 | 472 | 736 | 844 | 839 | 861 | 696 | 561 | 710 | 780 | 862 |
| OPM % | 17.45% | 15.20% | 18.80% | 21.62% | 23.88% | 17.25% | 13.74% | 12.88% | 13.98% | 14.02% | 14.74% |
| 42 | 38 | 31 | 78 | 111 | 92 | 199 | 135 | 133 | 199 | 196 | |
| Interest | 21 | 9 | 4 | 2 | 2 | 3 | 2 | 2 | 6 | 4 | 4 |
| Depreciation | 91 | 105 | 112 | 117 | 120 | 146 | 163 | 184 | 213 | 216 | 212 |
| Profit before Tax | 401 | 397 | 652 | 803 | 828 | 804 | 730 | 510 | 623 | 760 | 895 |
| Tax % | 28.77% | 31.93% | 34.25% | 20.23% | 23.78% | 24.43% | 24.38% | 24.52% | 26.80% | 21.70% | 22.00% |
| Net Profit | 285 | 270 | 429 | 640 | 631 | 608 | 552 | 385 | 456 | 595 | 698 |
| EPS | 96.18 | 91.16 | 144.51 | 215.82 | 212.78 | 205.34 | 187.05 | 130.63 | 154.99 | 202.12 | — |
| Dividend Payout % | 10.40% | 13.16% | 10.38% | 12.74% | 9.38% | 12.18% | 17.37% | 15.31% | 16.13% | 14.84% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 10%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- -1%
- 3 Years:
- 3%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- -7%
- 3 Years:
- -6%
- 1 Year:
- -1%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 11%
- 3 Years:
- 9%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 29 | 29 | 29 |
| 1,891 | 2,168 | 2,620 | 3,041 | 3,682 | 4,287 | 4,560 | 5,060 | 5,509 | 6,026 | |
| 177 | 23 | 25 | 3 | 3 | 76 | 8 | 14 | 12 | 10 | |
| Trade Payables | 329 | 470 | 418 | 478 | 563 | 620 | 531 | 561 | 610 | 824 |
| 274 | 325 | 498 | 502 | 506 | 541 | 480 | 453 | 534 | 553 | |
| Total Liabilities | 2,701 | 3,015 | 3,590 | 4,054 | 4,782 | 5,553 | 5,608 | 6,116 | 6,693 | 7,443 |
| 928 | 919 | 918 | 904 | 1,056 | 1,273 | 1,345 | 1,654 | 1,739 | 1,640 | |
| Capital Work in Progress | 37 | 70 | 70 | 235 | 239 | 173 | 356 | 217 | 91 | 81 |
| 532 | 595 | 926 | 1,330 | 1,551 | 1,551 | 1,128 | 2,460 | 2,829 | 3,444 | |
| 368 | 379 | 428 | 427 | 511 | 701 | 648 | 563 | 655 | 727 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 849 | 1,027 | 1,176 | |
| Cash & Bank | 7 | 22 | 29 | 9 | 309 | 21 | 3 | 11 | 4 | 21 |
| 829 | 1,031 | 1,220 | 1,149 | 1,117 | 1,834 | 2,128 | 363 | 347 | 354 | |
| Total Assets | 2,701 | 3,015 | 3,590 | 4,054 | 4,782 | 5,553 | 5,608 | 6,116 | 6,693 | 7,443 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 445 | 423 | 644 | 1,062 | 873 | 409 | 909 | 624 | 427 | 716 | |
| Cash from Investing | -160 | -87 | -358 | -709 | -603 | -225 | -498 | -483 | -366 | -621 |
| Cash from Financing | -208 | -224 | -44 | -154 | -64 | 11 | -252 | -133 | -68 | -79 |
| 2 | 15 | -5 | -10 | 10 | 3 | -18 | 8 | -7 | 16 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Atul Limited has informed the Exchange regarding ''.
2026-08-08 - Atul Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-06 - Atul Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-05 - Atul Limited has informed the Exchange about General Updates
2026-07-31 - Atul Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 31, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-07-25 - Atul Limited has informed the Exchange about General Updates
2026-07-24 - Atul Limited has informed the Exchange regarding Appointment of Mr Vinayak Deshpande as Independent Director of the company w.e.f. August 01, 2026.
2026-07-24 - Atul Limited has informed the Exchange about Capacity addition
2026-07-24 - Atul Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for ATUL
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