Atul Ltd

₹ 7,331 -1.77%

10 Jun - 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 ₹ 21,584 Cr.
Current Price ₹ 7,331
High / Low ₹ 8,180 / 4,752
Stock P/E 44.6
Book Value ₹ 1,902
Dividend Yield 0.34 %
ROCE 12.7 %
ROE 9.03 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 17.4%

Cons

Stock is trading at 3.86 times its book value
The company has delivered a poor sales growth of 6.41% over past five years.
Company has a low return on equity of 8.90% over last 3 years.
Working capital days have increased from 90.3 days to 132 days

* 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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	1,370	1,477	1,487	1,268	1,195	1,182	1,194	1,138	1,212	1,322	1,393	1,417	1,452
	1,165	1,244	1,267	1,096	1,046	1,000	1,039	986	1,065	1,099	1,150	1,193	1,229
Operating Profit	205	233	220	172	149	182	155	152	148	223	243	224	223
OPM %	15%	16%	15%	14%	12%	15%	13%	13%	12%	17%	17%	16%	15%
	24	37	33	23	26	10	24	17	16	16	35	19	50
Interest	3	2	2	2	2	2	2	2	5	5	9	4	5
Depreciation	44	47	49	50	51	52	54	61	76	77	78	81	82
Profit before tax	182	221	202	142	122	138	124	105	83	158	191	158	186
Tax %	25%	26%	27%	28%	24%	26%	26%	32%	29%	29%	27%	26%	30%
	137	163	148	103	92	102	91	72	59	112	140	117	130
EPS in Rs	46.05	55.74	51.13	35.61	31.70	35.02	30.60	24.04	19.84	38.00	46.47	36.93	42.97
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2,439	2,637	2,595	2,834	3,514	4,038	4,093	3,731	5,081	5,428	4,726	5,583
	2,075	2,235	2,134	2,324	3,008	3,270	3,191	2,813	4,168	4,620	4,086	4,670
Operating Profit	364	402	461	510	505	768	902	918	913	807	639	913
OPM %	15%	15%	18%	18%	14%	19%	22%	25%	18%	15%	14%	16%
	36	9	37	57	30	38	83	109	82	86	65	120
Interest	33	26	28	25	13	7	9	9	9	8	11	24
Depreciation	58	60	66	95	110	119	130	136	177	198	243	317
Profit before tax	308	326	404	446	412	680	845	882	810	688	451	692
Tax %	29%	31%	32%	28%	32%	36%	21%	25%	25%	26%	28%	28%
	219	240	274	323	281	436	671	660	605	507	324	499
EPS in Rs	73.90	81.13	92.44	108.88	93.21	145.72	224.69	221.64	204.23	174.19	109.71	164.37
Dividend Payout %	10%	10%	9%	9%	13%	10%	12%	9%	12%	19%	18%	15%

Compounded Sales Growth
10 Years:	8%
5 Years:	6%
3 Years:	3%
TTM:	18%

Compounded Profit Growth
10 Years:	7%
5 Years:	-6%
3 Years:	-6%
TTM:	56%

Stock Price CAGR
10 Years:	21%
5 Years:	10%
3 Years:	-3%
1 Year:	20%

Return on Equity
10 Years:	14%
5 Years:	11%
3 Years:	9%
Last Year:	9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	30	30	30	30	30	30	30	30	30	30	29	29
Reserves	919	1,009	1,585	1,936	2,214	2,676	3,125	3,797	4,399	4,642	5,085	5,569
	367	299	316	168	16	55	108	133	144	52	237	202
	502	485	535	591	749	783	880	976	1,117	1,028	1,104	1,201
Total Liabilities	1,818	1,823	2,465	2,724	3,009	3,543	4,144	4,935	5,690	5,752	6,455	7,001
	570	514	750	1,026	1,027	1,104	1,110	1,418	1,634	1,770	2,792	2,847
CWIP	59	112	180	59	96	172	368	250	420	1,033	281	124
Investments	63	66	382	429	470	752	1,137	1,361	1,339	881	1,392	1,766
	1,126	1,131	1,154	1,210	1,415	1,515	1,528	1,906	2,297	2,068	1,990	2,263
Total Assets	1,818	1,823	2,465	2,724	3,009	3,543	4,144	4,935	5,690	5,752	6,455	7,001

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	152	306	401	392	356	404	881	718	231	707	667	603
	-83	-167	-375	-175	-129	-408	-782	-645	-163	-469	-683	-495
	-60	-124	-39	-212	-207	-1	-111	-52	-57	-257	38	-118
Net Cash Flow	8	16	-13	5	19	-5	-11	21	11	-20	22	-10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	65	61	62	67	75	63	64	72	71	57	72	74
Inventory Days	119	105	118	107	83	89	93	128	122	101	90	97
Days Payable	89	69	87	86	93	66	88	121	90	69	84	82
Cash Conversion Cycle	95	97	93	88	66	86	69	78	103	89	77	89
Working Capital Days	76	75	82	84	78	75	60	68	83	69	70	132
ROCE %	28%	26%	26%	23%	19%	27%	28%	24%	19%	15%	9%	13%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	45.05%	45.06%	45.06%	45.05%	45.05%	45.05%	45.06%	45.17%	45.17%	45.17%	45.18%	45.18%
	8.82%	9.20%	8.92%	8.15%	7.61%	7.71%	8.06%	8.47%	8.63%	9.66%	11.22%	9.79%
	23.37%	23.41%	24.21%	25.23%	26.16%	26.50%	26.08%	25.67%	25.81%	24.54%	22.78%	23.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%
	22.76%	22.32%	21.78%	21.56%	21.17%	20.73%	20.79%	20.69%	20.39%	20.63%	20.82%	21.40%
No. of Shareholders	69,679	70,248	66,455	67,542	68,751	66,776	65,757	66,589	67,753	60,354	59,110	59,642

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

* 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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