Atul Ltd

₹ 5,906 2.50%

03 Nov - 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

History
The company is a part of Lalbhai Group, one of the oldest business houses in India and the first company in India inaugurated by the first Prime Minister. It was originally promoted by Padma Bhushan late Kasturbhai Lalbhai in 1947 as Atul Products Ltd and was later renamed Atul Ltd in 1996. It has followed the B2B model since inception, it has now also ventured into B2C products. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 17,390 Cr.
Current Price ₹ 5,906
High / Low ₹ 8,099 / 4,752
Stock P/E 35.6
Book Value ₹ 1,973
Dividend Yield 0.42 %
ROCE 11.9 %
ROE 8.64 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 2.99 times its book value
The company has delivered a poor sales growth of 5.38% over past five years.
Company has a low return on equity of 9.68% 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

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

Part of BSE 500 Nifty 500 BSE SmallCap Nifty Smallcap 100 BSE Allcap BSE Commodities BSE SmallCap Select Index BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Multicap India Manufacturing 50:30:20 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	1,356	1,194	1,086	1,030	1,110	1,106	1,112	1,208	1,279	1,274	1,315	1,305	1,410
	1,167	1,015	965	883	970	957	985	1,022	1,085	1,111	1,147	1,143	1,190
Operating Profit	189	180	121	147	139	149	126	185	194	163	168	162	219
OPM %	14%	15%	11%	14%	13%	13%	11%	15%	15%	13%	13%	12%	16%
	72	45	36	27	42	44	21	14	39	25	55	29	59
Interest	0	0	1	1	1	0	1	1	4	0	2	1	1
Depreciation	40	41	42	43	44	47	50	51	52	55	55	56	55
Profit before tax	220	183	115	131	137	146	96	148	178	132	165	135	222
Tax %	23%	25%	23%	26%	25%	25%	22%	26%	28%	30%	24%	27%	22%
	168	137	88	97	103	110	75	109	129	93	126	98	172
EPS in Rs	57.02	46.37	29.97	32.72	35.01	37.19	25.44	37.08	43.73	31.47	42.69	33.20	58.53
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2,343	2,535	2,454	2,695	3,107	3,916	3,906	3,512	4,993	5,062	4,358	5,075	5,303
	2,000	2,159	2,012	2,224	2,635	3,178	3,061	2,665	4,128	4,334	3,794	4,361	4,591
Operating Profit	343	376	443	470	473	738	845	847	865	728	564	714	712
OPM %	15%	15%	18%	17%	15%	19%	22%	24%	17%	14%	13%	14%	13%
	40	15	45	42	38	30	77	103	88	167	132	129	167
Interest	31	24	26	21	9	4	2	2	3	2	2	6	4
Depreciation	54	55	62	91	105	112	117	120	146	163	184	213	221
Profit before tax	297	312	400	401	397	652	803	828	804	730	510	623	654
Tax %	28%	30%	31%	29%	32%	34%	20%	24%	24%	24%	25%	27%
	213	217	274	285	270	429	640	631	608	552	385	456	488
EPS in Rs	71.74	73.30	92.53	96.18	91.16	144.51	215.82	213.23	205.34	187.08	130.62	154.98	165.89
Dividend Payout %	10%	12%	11%	10%	13%	10%	13%	9%	12%	17%	15%	16%

Compounded Sales Growth
10 Years:	7%
5 Years:	5%
3 Years:	1%
TTM:	13%

Compounded Profit Growth
10 Years:	8%
5 Years:	-6%
3 Years:	-8%
TTM:	16%

Stock Price CAGR
10 Years:	13%
5 Years:	-1%
3 Years:	-11%
1 Year:	-24%

Return on Equity
10 Years:	14%
5 Years:	12%
3 Years:	10%
Last Year:	9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	30	30	30	30	30	30	30	30	30	30	29	29	29
Reserves	912	986	1,562	1,891	2,168	2,620	3,041	3,682	4,287	4,560	5,060	5,509	5,778
	351	281	302	155	0	0	0	0	73	5	11	8	2
	483	465	487	544	722	696	779	876	961	836	905	1,005	1,155
Total Liabilities	1,776	1,762	2,381	2,620	2,919	3,346	3,849	4,587	5,351	5,431	6,005	6,551	6,965
	520	474	713	931	922	921	907	1,059	1,276	1,349	1,657	1,742	1,694
CWIP	53	104	170	37	70	70	235	239	173	356	217	91	79
Investments	136	149	449	532	595	926	1,330	1,551	1,551	1,128	2,460	2,829	3,136
	1,067	1,035	1,050	1,120	1,333	1,428	1,377	1,739	2,350	2,598	1,671	1,889	2,055
Total Assets	1,776	1,762	2,381	2,620	2,919	3,346	3,849	4,587	5,351	5,431	6,005	6,551	6,965

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	141	317	375	370	325	397	852	677	217	732	624	427
	-80	-196	-342	-160	-87	-358	-709	-603	-225	-498	-483	-366
	-60	-123	-34	-208	-224	-44	-154	-64	11	-252	-133	-68
Net Cash Flow	1	-3	-1	2	15	-5	-10	10	3	-18	8	-7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	70	63	62	69	84	71	67	74	77	64	71	74
Inventory Days	111	98	111	99	82	76	83	116	98	88	87	91
Days Payable	94	74	88	88	101	74	93	128	86	72	86	85
Cash Conversion Cycle	86	88	86	79	65	73	57	62	89	80	71	80
Working Capital Days	48	46	42	64	82	77	58	61	74	82	70	73
ROCE %	27%	26%	27%	21%	19%	27%	28%	24%	19%	17%	11%	12%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	45.06%	45.05%	45.05%	45.05%	45.06%	45.17%	45.17%	45.17%	45.18%	45.18%	45.18%	45.21%
	8.92%	8.15%	7.61%	7.71%	8.06%	8.47%	8.63%	9.66%	11.22%	9.79%	8.77%	8.31%
	24.21%	25.23%	26.16%	26.50%	26.08%	25.67%	25.81%	24.54%	22.78%	23.62%	24.97%	24.95%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
	21.78%	21.56%	21.17%	20.73%	20.79%	20.69%	20.39%	20.63%	20.82%	21.40%	21.05%	21.51%
No. of Shareholders	66,455	67,542	68,751	66,776	65,757	66,589	67,753	60,354	59,110	59,642	55,505	56,951

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	44.47%	44.64%	44.70%	44.80%	44.93%	44.94%	45.05%	45.17%	45.18%	45.21%
	6.12%	4.91%	6.61%	6.89%	9.48%	9.22%	8.15%	8.47%	9.79%	8.31%
	20.52%	23.44%	22.72%	24.49%	23.11%	23.43%	25.23%	25.67%	23.62%	24.95%
	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%
	28.89%	26.39%	25.97%	23.81%	22.48%	22.41%	21.56%	20.69%	21.40%	21.51%
No. of Shareholders	30,021	24,738	27,117	35,827	50,197	64,429	67,542	66,589	59,642	56,951

* 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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