Atul Ltd logo

Atul Ltd

ATUL NSE

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]

AI Verdict: HOLD Confidence: 5%

Atul Ltd is nearly debt-free with a TTM profit growth of 39%, but a 3-year ROE of just 9% and negative stock CAGR over 5 years (-6%) suggest the market is not rewarding its capital allocation. At a PE of 27.8x for a specialty chemicals company delivering only 5% sales CAGR over 3 years, the valuation appears stretched relative to growth.

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹19,523 Cr
Volatility
Moderate
P/E Ratio
28.97
EBITDA
₹1,031 Cr
Return on Equity
6.28%
Debt to Equity
0.04
Book Value
₹2,113.31
EPS
₹112.61
52W High
₹7,788
52W Low
₹5,560.5

Technical Indicators

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

4
  • Stock is trading at 3.13 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 9.13% over last 3 years.
  • Working capital days have increased from 104 days to 165 days

Growth Rate

Revenue Growth
10.21% ↗
Net Income Growth
46.15% ↗
Cash Flow Change
-9.64% ↘
ROE
40.29% ↗
ROCE
41.77% ↗
EBITDA Margin (Avg.)
-11.42% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Atul Ltd is nearly debt-free with a TTM profit growth of 39%, but a 3-year ROE of just 9% and negative stock CAGR over 5 years (-6%) suggest the market is not rewarding its capital allocation. At a PE of 27.8x for a specialty chemicals company delivering only 5% sales CAGR over 3 years, the valuation appears stretched relative to growth.

Bull Case 7
  • Company is almost debt-free, providing strong balance sheet resilience and financial flexibility in a capital-intensive chemicals sector
  • TTM compounded profit growth of 39% signals a sharp earnings recovery and potential margin expansion
  • 70% of analysts (7 out of 10) rate the stock a Buy, indicating broad Street confidence in medium-term prospects
  • 10-year stock CAGR of 13% demonstrates long-term wealth creation track record for patient investors
  • 10-year compounded sales growth of 9% reflects a steady demand base and diversified product portfolio across life sciences and performance chemicals
  • 10-year ROE of 13% shows the company has historically generated reasonable returns on shareholder equity
  • TTM sales growth of 12% indicates an acceleration from the 3-year CAGR of 5%, suggesting a demand recovery is underway
Bear Case 8
  • 3-year ROE of only 9% is well below cost of equity for a specialty chemicals company, indicating poor capital efficiency
  • Working capital days have deteriorated sharply from 104 days to 165 days, locking up cash and signalling potential collection or inventory issues
  • 5-year stock CAGR of -6% means the stock has destroyed value for medium-term investors despite underlying business growth
  • PE of 27.8x is expensive given only 5% compounded sales growth over 3 years and 1% profit CAGR over 5 years
  • Price-to-book of 3.07x is elevated for a business delivering sub-10% ROE, implying the market is pricing in a turnaround not yet visible in fundamentals
  • Dividend yield of just 0.46% offers minimal income support while investors wait for capital appreciation
  • 5-year compounded profit growth of only 1% indicates the recent 39% TTM spike may be a one-off recovery rather than a sustainable trend
  • 1-year stock return of -6% shows continued negative momentum and lack of near-term catalysts

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Neutral 1
  • Promoter share encumbrance disclosure Jun 4

    Atul Limited disclosed FY26 share encumbrance status. Promoters have pledged 1.30 lakh shares, representing 0.44% of total paid-up capital.

TL;DR: Limited news flow for Atul Ltd in this period. The only disclosure is a routine share encumbrance filing showing a minimal 0.44% promoter pledge, which poses no material concern. No operational or financial updates to signal a change in trend.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,195
1,182
1,194
1,138
1,212
1,322
1,393
1,417
1,452
1,478
1,552
1,574
1,670
Expenses
1,046
1,000
1,039
986
1,065
1,099
1,150
1,193
1,229
1,242
1,284
1,327
1,389
Operating Profit
149
182
155
152
148
223
243
224
223
236
267
247
281
OPM %
12%
15%
13%
13%
12%
17%
17%
16%
15%
16%
17%
16%
17%
Other Income
26
10
24
17
16
16
35
19
50
28
50
40
92
Interest
2
2
2
2
5
5
9
4
5
5
5
4
4
Depreciation
51
52
54
61
76
77
78
81
82
82
81
80
79
PBT
122
138
124
105
83
158
191
158
186
177
231
203
289
Tax %
24%
26%
26%
32%
29%
29%
27%
26%
30%
25%
21%
20%
27%
Net Profit
92
102
91
72
59
112
140
117
130
132
182
164
211
EPS in Rs
31.7
35.02
30.6
24.04
19.84
38
46.47
36.93
42.97
43.4
60.88
54.6
71.38
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
2,235
2,134
2,324
3,008
3,270
3,191
2,813
4,168
4,620
4,086
4,665
5,243
Operating Profit
402
461
510
505
768
902
918
913
807
639
918
1,031
OPM %
15%
18%
18%
14%
19%
22%
25%
18%
15%
14%
16%
16%
Other Income
9
37
57
30
38
83
109
82
86
65
115
209
Interest
26
28
25
13
7
9
9
9
8
11
24
17
Depreciation
60
66
95
110
119
130
136
177
198
243
317
322
PBT
326
404
446
412
680
845
882
810
688
451
692
900
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
EPS in Rs
81.13
92.44
109
93.21
146
225
222
204
174
110
164
230
Div. Payout %
10%
9%
9%
13%
10%
12%
9%
12%
19%
18%
15%
13%
Figures in ₹ Crores

Balance Sheet

  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
133
144
52
237
202
183
Other Liabilities
485
535
591
749
783
880
976
1,117
1,028
1,104
1,179
1,496
Total Liabilities
1,823
2,465
2,724
3,009
3,543
4,144
4,935
5,690
5,752
6,455
6,980
7,900
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
2,523
Total Assets
1,823
2,465
2,724
3,009
3,543
4,144
4,935
5,690
5,752
6,455
6,980
7,900
Figures in ₹ Crores

Cash Flow

  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
-895
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
30
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
114
Figures in ₹ Crores

Ratios

  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
165
ROCE %
26%
26%
23%
19%
27%
28%
24%
19%
15%
9%
13%
15%

Shareholding Pattern

As of Mar 2026
Promoters 45.22%
DIIs 25.90%
Public 16.55%
FIIs 7.50%
Others 4.82%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
44.93%
44.93%
44.94%
44.94%
44.94%
45.05%
45.05%
45.06%
45.06%
45.06%
45.06%
45.07%
45.17%
45.17%
45.17%
45.17%
45.18%
45.18%
45.21%
45.22%
45.22%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.71%
8.06%
8.47%
8.63%
9.67%
11.22%
9.79%
8.78%
8.31%
7.45%
7.50%
DIIs
23.02%
22.23%
21.96%
21.87%
23.10%
22.98%
22.95%
24.22%
25.23%
25.73%
26.51%
26.08%
25.68%
25.82%
24.54%
22.79%
23.62%
24.97%
24.96%
25.41%
25.90%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.00%
0.00%
Public
18.28%
18.21%
18.40%
18.53%
18.20%
18.20%
17.80%
17.30%
16.90%
16.69%
16.28%
16.03%
16.41%
16.35%
16.59%
16.56%
17.13%
16.86%
17.23%
16.93%
16.55%
Others
13.77%
14.62%
14.70%
14.66%
13.76%
13.76%
14.19%
13.42%
12.81%
12.52%
4.45%
4.76%
4.27%
4.03%
4.03%
4.26%
4.27%
4.20%
4.28%
4.99%
4.82%
No. of Shareholders
50,197
54,214
59,726
67,025
64,429
69,679
70,248
66,455
67,542
68,751
66,776
65,757
66,589
67,753
60,354
59,110
59,642
55,505
56,951
57,263
56,855

Documents

1
Concall - Apr 2026 Apr 2026
2
Concall - Jul 2023 Jul 2023
3
Concall - Oct 2023 Oct 2023
4
Concall - Jan 2024 Jan 2024
5
Concall - May 2024 May 2024

Frequently Asked Questions about Atul Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: ATUL and BSE: 500027. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Atul Ltd belong to?
Atul Ltd operates in the Commodities sector within the Chemicals & Petrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Atul Ltd?
Atul Ltd has a market capitalisation of approximately ₹19522.83 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Atul Ltd?
The Price-to-Earnings (PE) ratio of Atul Ltd is 28.97. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Atul Ltd?
Over the past 52 weeks, Atul Ltd has traded between a low of ₹5,560.5 and a high of ₹7,788. This range helps investors understand the stock's price volatility and recent trading levels.
Does Atul Ltd pay dividends?
Yes, Atul Ltd has a dividend yield of 0.45%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Atul Ltd?
Atul Ltd has a Return on Equity (ROE) of 6.28%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Atul Ltd on Tapetide?
On Tapetide, you can view Atul Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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