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Atul

ATUL NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹17,446 Cr
Volatility
Moderate
P/E Ratio
21.69
EBITDA
₹1,234 Cr
Return on Equity
10.95%
Debt to Equity
0.03
Book Value
₹2,113.31
EPS
₹112.61
52W High
₹7,180
52W Low
₹5,560.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • Stock is trading at 2.77 times its book value
  • 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.

Growth Rate

Revenue Growth
13.77% higher than 3Y
Net Income Growth
38.21% higher than 3Y
Cash Flow Change
69.58% higher than 3Y
ROE
24.29% higher than 3Y
ROCE
15.63% lower than 3Y
EBITDA Margin (Avg.)
6.13% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Atul Ltd is a diversified specialty chemicals company with a market capitalisation of about ₹17,959 crore. It trades at a P/E of 22.2x and a P/B of 2.9x, and it is almost debt free. Trailing twelve-month sales growth of 16% and profit growth of 59% show a clear recovery, but longer-term figures are weaker: 3-year ROE averages 9%, 5-year profit CAGR is 1%, and the stock's 5-year return is -8% CAGR.

Bull Case 8
  • TTM compounded profit growth of 59% shows a sharp earnings recovery from the cyclical downturn in chemicals, running well above the 3-year profit CAGR of 9%.
  • TTM sales growth of 16% is roughly three times the 3-year sales CAGR of 5%, which points to recovering volumes and demand across its product segments.
  • The company is almost debt free, which gives it balance sheet room to fund capex and absorb cyclical swings without relying on borrowing.
  • Last-year ROE of 11% is up from the 3-year average of 9%, suggesting returns are starting to move back toward the 10-year average of 13%.
  • A P/E of 22.2x is modest for an Indian specialty chemicals company growing TTM profits at 59%, so part of the recovery may not yet be reflected in the valuation.
  • The long-term record is steady: 10-year sales and profit CAGRs are both 9%, and the stock's 10-year CAGR is 10%, which shows the business can compound across cycles.
  • The 5-year sales CAGR of 11% shows the company kept growing its top line despite industry headwinds such as Chinese dumping and destocking.
  • A dividend yield of 0.49% gives a small but consistent cash return, backed by a debt-free balance sheet.
Bear Case 8
  • The 3-year average ROE of 9.23% is low for a specialty chemicals company and likely near or below its cost of equity, which suggests weak capital efficiency.
  • 5-year profit CAGR is only 1% while sales grew at 11% over the same period, indicating significant margin compression over the cycle.
  • The stock has returned -8% CAGR over 5 years and -5% over 3 years, reflecting sustained de-rating and lagging earnings.
  • A P/B of 2.87x is expensive relative to a 3-year ROE of 9%, since investors are paying close to 3x book for single-digit returns on equity.
  • The 3-year sales CAGR of 5% is weak and shows how exposed the business is to chemical industry cycles and pricing pressure.
  • The 59% TTM profit growth comes off a low, depressed base, so it may overstate the underlying trend if pricing or demand weakens again.
  • The stock's 1-year return of 1% shows little market re-rating despite the earnings recovery, which could signal doubts about how long the improvement will last.
  • A dividend yield of 0.49% is low, so shareholders depend mostly on capital appreciation, and that has been negative over 3 and 5 years.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Neutral 2
  • ₹31.61 crore block trade flagged Sep 22

    About 51,228 Atul shares changed hands on NSE at ₹6,170.50 per share, a combined ₹31.61 crore. This is a real-time signal, not a confirmed exchange-reported event, and buyer/seller identities and direction are not disclosed.

  • Vinayak Deshpande joins as ID Sep 7

    Shareholders used postal ballot remote e-voting to approve Vinayak Deshpande as an Independent Director for a five-year term. This is a routine governance update that adds independent oversight to the board.

TL;DR: The recent news on Atul Ltd is limited and neutral, covering one large trade and one routine board appointment. Neither item shows a clear operating or financial trigger. The ₹31.61 crore trade at ₹6,170.50 suggests institutional activity, but its direction is unknown and it has not been confirmed by the exchange. Investors should watch the official NSE/BSE bulk/block deal disclosures, the upcoming quarterly results, and chemical-sector demand and pricing trends to judge the trend from here.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,182
1,194
1,138
1,212
1,322
1,393
1,417
1,452
1,478
1,552
1,574
1,670
1,848
Expenses
1,000
1,039
986
1,065
1,099
1,150
1,193
1,229
1,242
1,284
1,327
1,389
1,454
Operating Profit
182
155
152
148
223
243
224
223
236
267
247
281
394
OPM %
15%
13%
13%
12%
17%
17%
16%
15%
16%
17%
16%
17%
21%
Other Income
10
24
17
16
16
35
19
50
28
50
40
92
35
Interest
2
2
2
5
5
9
4
5
5
5
4
4
4
Depreciation
52
54
61
76
77
78
81
82
82
81
80
79
78
PBT
138
124
105
83
158
191
158
186
177
231
203
289
347
Tax %
26%
26%
32%
29%
29%
27%
26%
30%
25%
21%
20%
27%
27%
Net Profit
102
91
72
59
112
140
117
130
132
182
164
211
254
EPS in Rs
35.02
30.6
24.04
19.84
38
46.47
36.93
42.97
43.4
60.88
54.6
71.38
83.32
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,637
2,595
2,834
3,514
4,038
4,093
3,731
5,081
5,428
4,726
5,583
6,274
6,643
Expenses
2,235
2,134
2,324
3,008
3,270
3,191
2,813
4,168
4,620
4,086
4,665
5,240
5,455
Operating Profit
402
461
510
505
768
902
918
913
807
639
918
1,034
1,189
OPM %
15%
18%
18%
14%
19%
22%
25%
18%
15%
14%
16%
16%
18%
Other Income
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
17
Depreciation
60
66
95
110
119
130
136
177
198
243
317
322
318
PBT
326
404
446
412
680
845
882
810
688
451
692
900
1,070
Tax %
31%
32%
28%
32%
36%
21%
25%
25%
26%
28%
28%
23%
—
Net Profit
240
274
323
281
436
671
660
605
507
324
499
689
811
EPS in Rs
81.13
92.44
109
93.21
146
225
222
204
174
110
164
230
270
Div. Payout %
10%
9%
9%
13%
10%
12%
9%
12%
19%
18%
15%
13%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
30
30
30
30
30
30
30
30
30
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
Borrowings
299
316
168
16
55
108
127
144
52
237
202
183
Other Liabilities
485
535
591
749
783
880
982
1,117
1,028
1,104
1,179
1,465
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
Fixed Assets
514
750
1,026
1,027
1,104
1,125
1,418
1,634
1,770
2,792
2,847
2,676
CWIP
112
180
59
96
172
368
250
420
1,033
281
124
110
Investments
66
382
429
470
752
1,137
1,361
1,339
881
1,392
1,766
2,592
Other Assets
1,131
1,154
1,210
1,415
1,515
1,513
1,906
2,297
2,068
1,990
2,242
2,492
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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
306
401
392
356
404
881
718
231
707
667
603
1,023
Investing
-167
-375
-175
-129
-408
-782
-645
-163
-469
-683
-494
-891
Financing
-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/OP
95
111
93
91
86
122
100
47
112
121
82
113
Figures in ₹ Crores

Ratios

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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY04–FY27.

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Shareholding Pattern

Others4.70%Promot.45.33%FIIs7.44%Public16.59%DIIs25.93%As ofJun 2026
0.97% of promoter holding pledged as of Jun 2026

Documents

1
Concall - Apr 2026 Apr 2026
2
Concall - Jan 2026 Jan 2026
3
Concall - Oct 2025 Oct 2025
4
Concall - May 2025 May 2025
5
Concall - Jan 2025 Jan 2025

Frequently Asked Questions about Atul

What does Atul Ltd do?
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 incorpo...
Where is Atul Ltd (ATUL) listed?
Atul Ltd trades as ATUL on the NSE and under code 500027 on the BSE.
Which sector does Atul Ltd belong to?
Atul Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Atul Ltd?
Atul Ltd has a market capitalisation of ₹17,446 Cr, which places it in the Mid Cap band.
What is the PE ratio of Atul Ltd?
Atul Ltd trades at a PE ratio of 21.69, on earnings per share of ₹112.61, against a book value of ₹2,113.31 per share.
What is the 52-week high and low of Atul Ltd?
Over the last 52 weeks Atul Ltd has traded between ₹5,560.5 and ₹7,180.
Does Atul Ltd pay dividends?
Atul Ltd has a dividend yield of 0.51%.
What is the Return on Equity (ROE) of Atul Ltd?
Atul Ltd reported a return on equity of 10.95%. Its debt-to-equity ratio is 0.03.

Company Information

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]

Website atul.co.in
CEO Mr. Sunil Siddharth Lalbhai
Employees 3,365
Listed 1998-05-06
Face Value ₹ 10
Issued Size 2,94,41,755

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