Atul Ltd

₹ 5,028 -2.28%

30 Oct - 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

Business Segments^[1]
1) Life Science Chemicals (29% in FY26 vs 30% in FY25):
a) Crop Protection - Bulk Actives: ^[1] ^[2] The company offers 36 products and 46 formulations across herbicides, insecticides, fungicides, and other crop protection chemicals, serving 224 customers in the Agriculture and Crop Protection Chemicals industries. Key products include 2,4-D, Indoxacarb, and Sulfonylurea herbicides, with a global market share of 13% in 2,4-D and 14% in Indoxacarb as of FY26.

Website BSE NSE

Market Cap ₹ 14,805 Cr.
Current Price ₹ 5,028
High / Low ₹ 7,198 / 4,995
Stock P/E 19.2
Book Value ₹ 2,236
Dividend Yield 0.60 %
ROCE 14.9 %
ROE 11.5 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

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.

* 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 Commodities BSE SmallCap Select Index BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty 500 Multicap 50:25:25 Nifty Smallcap 250 Nifty MidSmallcap 400 Nifty Total Market Nifty500 Shariah Nifty500 Multicap India Manufacturing 50:30:20 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty Chemicals Nifty Smallcap 500 Nifty MidSmallcap400 50:50

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	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
	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%
	24	17	16	16	35	19	50	28	50	40	92	35	50
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
Profit before tax	124	105	83	158	191	158	186	177	231	203	289	347	214
Tax %	26%	32%	29%	29%	27%	26%	30%	25%	21%	20%	27%	27%	26%
	91	72	59	112	140	117	130	132	182	164	211	254	159
EPS in Rs	30.60	24.04	19.84	38.00	46.47	36.93	42.97	43.40	60.88	54.60	71.38	83.32	52.89
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	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
	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%
	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
Profit before tax	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%
	240	274	323	281	436	671	660	605	507	324	499	689	787
EPS in Rs	81.13	92.44	108.88	93.21	145.72	224.69	221.64	204.23	174.19	109.71	164.37	230.25	262.19
Dividend Payout %	10%	9%	9%	13%	10%	12%	9%	12%	19%	18%	15%	13%

Compounded Sales Growth
10 Years:	9%
5 Years:	11%
3 Years:	5%
TTM:	18%

Compounded Profit Growth
10 Years:	9%
5 Years:	1%
3 Years:	9%
TTM:	42%

Stock Price CAGR
10 Years:	9%
5 Years:	-11%
3 Years:	-7%
1 Year:	-13%

Return on Equity
10 Years:	13%
5 Years:	11%
3 Years:	9%
Last Year:	11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 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
	299	316	168	16	55	108	127	144	52	237	202	183	169
	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
	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
	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 Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	306	401	392	356	404	881	718	231	707	667	603	1,023
	-167	-375	-175	-129	-408	-782	-645	-163	-469	-683	-494	-891
	-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 Share of operating profit converting into cash: CFO (before tax) / Operating Profit	95%	111%	93%	91%	86%	122%	100%	47%	112%	121%	82%	113%

Ratios

Consolidated / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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

In beta

Mar 2016

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Export share (sales outside India)
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Number of brands
count

Number of countries served
count

Number of customers
count

Number of products and formulations
count

Performance and Other Chemicals segment revenue share
%

Captive power plant capacity
MW

Number of manufacturing plants in India
count ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	45.06%	45.17%	45.17%	45.17%	45.18%	45.18%	45.18%	45.21%	45.22%	45.22%	45.33%	45.33%
	8.06%	8.47%	8.63%	9.66%	11.22%	9.79%	8.77%	8.31%	7.45%	7.50%	7.44%	8.90%
	26.08%	25.67%	25.81%	24.54%	22.78%	23.62%	24.97%	24.95%	25.41%	25.89%	25.93%	25.22%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
	20.79%	20.69%	20.39%	20.63%	20.82%	21.40%	21.05%	21.51%	21.92%	21.37%	21.30%	20.53%
No. of Shareholders	65,757	66,589	67,753	60,354	59,110	59,642	55,505	56,951	57,263	56,855	56,570	54,964

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	44.47%	44.64%	44.70%	44.80%	44.93%	44.94%	45.05%	45.17%	45.18%	45.22%	45.33%
	6.12%	4.91%	6.61%	6.89%	9.48%	9.22%	8.15%	8.47%	9.79%	7.50%	8.90%
	20.52%	23.44%	22.72%	24.49%	23.11%	23.43%	25.23%	25.67%	23.62%	25.89%	25.22%
	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%
	28.89%	26.39%	25.97%	23.81%	22.48%	22.41%	21.56%	20.69%	21.40%	21.37%	20.53%
No. of Shareholders	30,021	24,738	27,117	35,827	50,197	64,429	67,542	66,589	59,642	56,855	54,964

* 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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