Atul Ltd

₹ 5,837 -4.48%

09 May - close price

About

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]

Key Points

Evolution of the company over the years
Atul was earlier one of the largest dyestuff manufacturing companies in India; however, through its strong R&D initiatives, JV with multinational companies, and acquisitions, Atul has expanded its product portfolio significantly over the last few years in the areas of aromatics, crop protection, polymers and pharma intermediates which are specialty chemicals as compared to conventional dyestuff products. This shift in product mix has led to better profitability which has also shown a greater degree of resilience compared to the scenario of around a decade back. ^[1]

Website BSE NSE

Market Cap ₹ 17,185 Cr.
Current Price ₹ 5,837
High / Low ₹ 7,590 / 5,720
Stock P/E 53.2
Book Value ₹ 1,737
Dividend Yield 0.43 %
ROCE 9.08 %
ROE 6.60 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Stock is trading at 3.36 times its book value
The company has delivered a poor sales growth of 3.20% over past five years.
Company has a low return on equity of 10.6% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	1,116	1,080	1,250	1,380	1,370	1,477	1,487	1,268	1,195	1,182	1,194	1,138	1,212
	862	844	1,031	1,129	1,165	1,244	1,267	1,096	1,046	1,000	1,039	986	1,065
Operating Profit	254	236	219	251	205	233	220	172	149	182	155	152	148
OPM %	23%	22%	17%	18%	15%	16%	15%	14%	12%	15%	13%	13%	12%
	21	32	23	6	24	37	33	23	26	10	24	17	16
Interest	2	2	2	2	3	2	2	2	2	2	2	2	5
Depreciation	37	43	44	45	44	47	49	50	51	52	54	61	76
Profit before tax	236	222	196	210	182	221	202	142	122	138	124	105	83
Tax %	25%	26%	25%	25%	25%	26%	27%	28%	24%	26%	26%	32%	29%
	177	165	146	157	137	163	148	103	92	102	91	72	59
EPS in Rs	59.16	56.09	49.56	52.53	46.05	55.74	51.13	35.61	31.70	35.02	30.60	24.04	19.84
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2,029	2,439	2,637	2,595	2,834	3,514	4,038	4,093	3,731	5,081	5,428	4,726
	1,780	2,075	2,235	2,134	2,324	3,008	3,270	3,191	2,813	4,168	4,620	4,089
Operating Profit	249	364	402	461	510	505	768	902	918	913	807	637
OPM %	12%	15%	15%	18%	18%	14%	19%	22%	25%	18%	15%	13%
	22	36	9	37	57	30	38	83	109	82	86	68
Interest	33	33	26	28	25	13	7	9	9	9	8	11
Depreciation	51	58	60	66	95	110	119	130	136	177	198	243
Profit before tax	186	308	326	404	446	412	680	845	882	810	688	451
Tax %	31%	29%	31%	32%	28%	32%	36%	21%	25%	25%	26%	28%
	120	219	240	274	323	281	436	671	660	605	507	324
EPS in Rs	40.38	73.90	81.13	92.44	108.88	93.21	145.72	224.69	221.64	204.23	174.19	109.71
Dividend Payout %	15%	10%	10%	9%	9%	13%	10%	12%	9%	12%	19%	18%

Compounded Sales Growth
10 Years:	7%
5 Years:	3%
3 Years:	8%
TTM:	-13%

Compounded Profit Growth
10 Years:	4%
5 Years:	-6%
3 Years:	-20%
TTM:	-38%

Stock Price CAGR
10 Years:	23%
5 Years:	10%
3 Years:	-11%
1 Year:	-16%

Return on Equity
10 Years:	15%
5 Years:	14%
3 Years:	11%
Last Year:	7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	29
Reserves	725	919	1,009	1,585	1,936	2,214	2,676	3,125	3,797	4,399	4,642	5,085
	370	367	299	316	168	16	55	108	133	144	52	237
	440	502	485	535	591	749	783	880	976	1,117	1,028	1,125
Total Liabilities	1,564	1,818	1,823	2,465	2,724	3,009	3,543	4,144	4,935	5,690	5,752	6,476
	506	570	514	750	1,026	1,027	1,104	1,110	1,418	1,634	1,770	2,792
CWIP	66	59	112	180	59	96	172	368	250	420	1,033	281
Investments	67	63	66	382	429	470	752	1,137	1,361	1,339	881	1,342
	925	1,126	1,131	1,154	1,210	1,415	1,515	1,528	1,906	2,297	2,068	2,061
Total Assets	1,564	1,818	1,823	2,465	2,724	3,009	3,543	4,144	4,935	5,690	5,752	6,476

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	187	152	306	401	392	356	404	881	718	231	707	667
	-116	-83	-167	-375	-175	-129	-408	-782	-645	-163	-469	-683
	-78	-60	-124	-39	-212	-207	-1	-111	-52	-57	-257	38
Net Cash Flow	-6	8	16	-13	5	19	-5	-11	21	11	-20	22

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	63	65	61	62	67	75	63	64	72	71	57	72
Inventory Days	116	119	105	118	107	83	89	93	128	122	101	90
Days Payable	92	89	69	87	86	93	66	88	121	90	69	84
Cash Conversion Cycle	87	95	97	93	88	66	86	69	78	103	89	77
Working Capital Days	71	76	75	82	84	78	75	60	68	83	69	103
ROCE %	20%	28%	26%	26%	23%	19%	27%	28%	24%	19%	15%

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	44.93%	44.94%	44.94%	44.94%	45.05%	45.06%	45.06%	45.05%	45.05%	45.05%	45.06%	45.17%
	10.27%	10.22%	9.98%	9.22%	8.82%	9.20%	8.92%	8.15%	7.61%	7.71%	8.06%	8.47%
	22.37%	22.21%	22.20%	23.43%	23.37%	23.41%	24.21%	25.23%	26.16%	26.50%	26.08%	25.67%
	22.43%	22.64%	22.88%	22.41%	22.76%	22.32%	21.78%	21.56%	21.17%	20.73%	20.79%	20.69%
No. of Shareholders	54,524	59,726	67,025	64,429	69,679	70,248	66,455	67,542	68,751	66,776	65,757	66,589

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	44.47%	44.64%	44.70%	44.80%	44.93%	44.94%	45.05%	45.17%
	6.12%	4.91%	6.61%	6.89%	9.48%	9.22%	8.15%	8.47%
	20.52%	23.44%	22.72%	24.49%	23.11%	23.43%	25.23%	25.67%
	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	28.89%	26.39%	25.97%	23.81%	22.48%	22.41%	21.56%	20.69%
No. of Shareholders	30,021	24,738	27,117	35,827	50,197	64,429	67,542	66,589

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Atul Ltd

Atul Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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