Atul Ltd

₹ 7,211 -0.69%

13 Dec - 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 ₹ 21,231 Cr.
Current Price ₹ 7,211
High / Low ₹ 8,180 / 5,175
Stock P/E 56.2
Book Value ₹ 1,905
Dividend Yield 0.28 %
ROCE 8.74 %
ROE 6.35 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 71.1%

Cons

Stock is trading at 3.79 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 10.5% 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

Part of Nifty500 Multicap India Manufacturing 50:30:20 BSE 500 Nifty 500 Nifty Smallcap 100 BSE Allcap BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Midcap150 Quality 50 BSE SmallCap Select Index Nifty 500 Multicap 50:25:25 Nifty Smallcap 50 Nifty Smallcap 250 Nifty Total Market BSE SmallCap BSE 250 SmallCap Index BSE Commodities

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	1,250	1,380	1,370	1,477	1,487	1,268	1,195	1,182	1,194	1,138	1,212	1,322	1,393
	1,031	1,129	1,165	1,244	1,267	1,096	1,046	1,000	1,039	986	1,065	1,099	1,150
Operating Profit	219	251	205	233	220	172	149	182	155	152	148	223	243
OPM %	17%	18%	15%	16%	15%	14%	12%	15%	13%	13%	12%	17%	17%
	23	6	24	37	33	23	26	10	24	17	16	16	35
Interest	2	2	3	2	2	2	2	2	2	2	5	5	9
Depreciation	44	45	44	47	49	50	51	52	54	61	76	77	78
Profit before tax	196	210	182	221	202	142	122	138	124	105	83	158	191
Tax %	25%	25%	25%	26%	27%	28%	24%	26%	26%	32%	29%	29%	27%
	146	157	137	163	148	103	92	102	91	72	59	112	140
EPS in Rs	49.56	52.53	46.05	55.74	51.13	35.61	31.70	35.02	30.60	24.04	19.84	38.00	46.47
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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	TTM
	2,029	2,439	2,637	2,595	2,834	3,514	4,038	4,093	3,731	5,081	5,428	4,726	5,065
	1,780	2,075	2,235	2,134	2,324	3,008	3,270	3,191	2,813	4,168	4,620	4,086	4,300
Operating Profit	249	364	402	461	510	505	768	902	918	913	807	639	765
OPM %	12%	15%	15%	18%	18%	14%	19%	22%	25%	18%	15%	14%	15%
	22	36	9	37	57	30	38	83	109	82	86	65	84
Interest	33	33	26	28	25	13	7	9	9	9	8	11	21
Depreciation	51	58	60	66	95	110	119	130	136	177	198	243	291
Profit before tax	186	308	326	404	446	412	680	845	882	810	688	451	537
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	382
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	128.35
Dividend Payout %	15%	10%	10%	9%	9%	13%	10%	12%	9%	12%	19%	182%

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

Compounded Profit Growth
10 Years:	4%
5 Years:	-6%
3 Years:	-21%
TTM:	-2%

Stock Price CAGR
10 Years:	19%
5 Years:	12%
3 Years:	-6%
1 Year:	3%

Return on Equity
10 Years:	15%
5 Years:	14%
3 Years:	10%
Last Year:	6%

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	Sep 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	29	29
Reserves	725	919	1,009	1,585	1,936	2,214	2,676	3,125	3,797	4,399	4,642	5,085	5,579
	370	367	299	316	168	16	55	108	133	144	52	237	217
	440	502	485	535	591	749	783	880	976	1,117	1,028	1,104	1,332
Total Liabilities	1,564	1,818	1,823	2,465	2,724	3,009	3,543	4,144	4,935	5,690	5,752	6,455	7,158
	506	570	514	750	1,026	1,027	1,104	1,110	1,418	1,634	1,770	2,792	2,816
CWIP	66	59	112	180	59	96	172	368	250	420	1,033	281	212
Investments	67	63	66	382	429	470	752	1,137	1,361	1,339	881	1,392	1,693
	925	1,126	1,131	1,154	1,210	1,415	1,515	1,528	1,906	2,297	2,068	1,990	2,437
Total Assets	1,564	1,818	1,823	2,465	2,724	3,009	3,543	4,144	4,935	5,690	5,752	6,455	7,158

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	70
ROCE %	20%	28%	26%	26%	23%	19%	27%	28%	24%	19%	15%	9%

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	44.94%	44.94%	45.05%	45.06%	45.06%	45.05%	45.05%	45.05%	45.06%	45.17%	45.17%	45.17%
	9.98%	9.22%	8.82%	9.20%	8.92%	8.15%	7.61%	7.71%	8.06%	8.47%	8.63%	9.66%
	22.20%	23.43%	23.37%	23.41%	24.21%	25.23%	26.16%	26.50%	26.08%	25.67%	25.81%	24.54%
	22.88%	22.41%	22.76%	22.32%	21.78%	21.56%	21.17%	20.73%	20.79%	20.69%	20.39%	20.63%
No. of Shareholders	67,025	64,429	69,679	70,248	66,455	67,542	68,751	66,776	65,757	66,589	67,753	60,354

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	44.47%	44.64%	44.70%	44.80%	44.93%	44.94%	45.05%	45.17%	45.17%
	6.12%	4.91%	6.61%	6.89%	9.48%	9.22%	8.15%	8.47%	9.66%
	20.52%	23.44%	22.72%	24.49%	23.11%	23.43%	25.23%	25.67%	24.54%
	0.00%	0.62%	0.00%	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%	20.63%
No. of Shareholders	30,021	24,738	27,117	35,827	50,197	64,429	67,542	66,589	60,354

* 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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