Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
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Research updated
Atul Ltd.
NSE: ATULBasic MaterialsSpecialty Chemicals
- Last close
- ₹6,196.50
- Day change
- −₹0.50 (−0.01%)vs
- Market cap
- ₹18,244 crIndian rupees
- Research updated
- 1 report
About Atul
Atul Ltd. is a diversified chemical company based in India, engaged in the production of a wide array of chemicals and products that serve numerous industries worldwide. The company's primary function is the manufacturing and distribution of specialty chemicals, pharmaceuticals, aromatics, colors, polymers, and crop protection products. Atul Ltd. plays a significant role in sectors such as agriculture, textile, healthcare, and personal care, supplying essential ingredients that enhance product performance and user safety. The company's operations are well-integrated over a comprehensive value chain, from research and development to manufacturing and customer service. Within the financial markets, Atul Ltd. holds a prominent position due to its strong commitment to sustainable practices and its strategic expansion into global markets. This has not only elevated its status within the domestic market but also bolstered its presence on international platforms, contributing to its reputation as a leading player in the chemical industry.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: ATUL
- Employees
- 3,338
- Headquarters
- Valsad, India
- ISIN
- INE100A01010
- Website
- atul.co.in
Public research · Report of
Business model & financial foundation
Atul (NSE: ATUL), Diversified specialty chemicals: revenue of ₹6,274 crore in FY26 (+12.4% on FY25), an EBITDA margin of 16.4%, net profit of ₹677.9 crore and net cash of ₹1,553 crore.
- Revenue, FY26 (₹ crore)
- 6,274
- consolidated
- Revenue growth, FY26
- +12.4%
- on FY25
- EBITDA margin, FY26
- 16.4%
- EBITDA (Operating EBITDA excluding other income and equity-accounted profits) / revenue
- Net profit, FY26 (₹ crore)
- 677.9
- to owners
- Return on equity, FY26
- 11.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,553
- Debt less cash equivalents and current liquid investments
- Market capitalisation (₹ crore)
- 17,889
- at the close of 16 Oct 2026
Company profile
Diversified Indian chemical manufacturer within the Lalbhai Group. Reports Life Science Chemicals and Performance and Other Chemicals, with pharmaceutical, agrochemical, polymer, aromatic and other chemical businesses. Consolidated reporting captures manufacturing and marketing subsidiaries, a joint operation and equity-accounted associates/JVs.
| Item | Value |
|---|---|
| Legal name | Atul Ltd (formerly Atul Products Limited) |
| Exchange and ticker | NSE: ATUL; BSE: 500027 |
| ISIN | INE100A01010 |
| CIN | L99999GJ1975PLC002859 |
| Sector | Chemicals |
| Industry | Diversified specialty chemicals |
| Headquarters | Valsad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since Reappointed July2022) |
| Market capitalisation | ₹17,889 crore (16 Oct 2026) |
| Shares outstanding | 2.94 crore shares (FY26) |
| Price | ₹6,197 (close, 16 Oct 2026) |
| 52-week range | ₹5,561 - ₹7,180 (to 16 Oct 2026) |
| Website | https://www.atul.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Atul Products Ltd | 100% | Manufacture caustic chlorine; FY26 shareholder-letter ownership confirmed. |
| Atul Bioscience Ltd | 100% | Pharmaceutical APIs/intermediates; FY26 shareholder-letter ownership confirmed. |
| DPD Ltd | 98% | UK chemical manufacturing; FY26 shareholder-letter ownership confirmed. |
| Atul Rajasthan Date Palms Ltd | 73.98% | Date palm production/tissue culture; precise FY24 holding, FY26 letter rounds74%. |
| Atul UK Ltd (formerly Atul Europe Ltd) | 100% | UK marketing; FY24 holding100%, FY26 report p4 confirms renamed UK entity; rename date not retrieved. |
| Atul USA Inc | 100% | US marketing; holding from FY24 AOC1; presence continued FY26. |
| Atul China Ltd | 100% | China marketing; holding from FY24 AOC1; presence continued FY26. |
| Atul Brasil Quimicos Ltda | 100% | Brazil marketing; holding from FY24 AOC1; presence continued FY26. |
| Atul Middle East FZ-LLC | 100% | UAE marketing; holding from FY24 AOC1; presence continued FY26. |
| Atul Ireland Ltd | 100% | Ireland entity; holding from FY24 AOC1; FY26 report names entity. |
| Atul Deutschland GmbH | 100% | Germany subsidiary; non-operational FY24, not newly incorporated FY26; FY24 AOC1 holding. |
| Osia Infrastructure Ltd | 100% | Infrastructure; FY24 AOC1 holding, latest FY26 holding not extracted. |
Part of Lalbhai Group, no legal corporate parent established. Material subset; historical holdings labelled. Amal associate49.85% FY25 (49.86% FY24); Rudolf Atul Chemicals50% JV; Anaven50% JO (proportionate IndAS); Valsad Institute of Medical Sciences50% associate. New Atul-Buckman50% JV Feb6 2026. CARE scope is analytical and treats Amal fully consolidated; not IndAS scope. Full FY26 ownership table not retrieved.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 45.22% | |||
| Foreign institutions | 7.50% | |||
| Domestic institutions | 25.90% | |||
| of which mutual funds | 14.50% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Atul Ltd (NSE ATUL/BSE500027, INE100A01010) is a Lalbhai-group diversified chemical manufacturer. Life Science Chemicals supplies pharma APIs/intermediates and crop protection; Performance and Other Chemicals supplies polymers, aromatics, colours and bulk chemicals, including caustic. Manufacturing subsidiaries and marketing entities matter; Anaven is a proportionately consolidated joint operation while other affiliates contribute equity-accounted profit. All financial/model lines here are consolidated IndAS, money INRcrore, shares crore, EPS INR/share, fiscal year endMarch. FY26 revenue6273.54cr and ownersPAT677.90cr. Operating EBITDA1030.79 excludes otherincome202.90 and affiliates6.37; PBT900.50 includes them. The issuer's presentation EBITDA is not interchangeable. Cost stack includes power/fuel/water within combined other_expenses. Borrowings179.76 excludes leases3.26; netcash1553.28 =cash85.06+current investments1647.98-borrowings. Quoted noncurrent strategic/financial holdings are excluded conservatively until exact portfolio treatment is established, not assumed worthless.
| Segment | gross sales, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | revenue including intersegment presentation, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Life Science Chemicals | 1,805 | 27.8% | 417.1 | 49.3% | 1,805 | 28.1% |
| Performance and Other Chemicals | 4,609 | 71.0% | 416.7 | 49.3% | 4,609 | 71.9% |
| Others | 80.4 | 1.2% | 11.8 | 1.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| SRF (SRF) | |
| Deepak Nitrite (DEEPAKNTR) | Commodity-to-specialty intermediates incl. phenol/acetone; similar cyclical intermediates exposure and size. |
| Aarti Industries (AARTIIND) | Benzene-based intermediates, agro/pharma end-markets; similar market cap and cycle. |
| Vinati Organics (VINATIORGA) | Net-cash specialty intermediates (ATBS, IBB) and antioxidants; balance sheet akin to Atul. |
| Navin Fluorine (NAVINFLUOR) | |
| Clean Science and Technology (CLEAN) | Specialty intermediates (performance chemicals, pharma) with net cash; listed in Indian peer table. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,024 | 5,366 | 4,726 | 5,583 | 6,274 |
| Cost of revenue (vendor classification) * | 2,648 | 2,924 | 2,564 | 2,806 | 3,359 |
| Other operating costs (vendor classification) * | 1,172 | 1,316 | 1,117 | 1,396 | 1,352 |
| EBITDA (vendor classification) * | 963.2 | 875.7 | 686.1 | 962.7 | 1,158 |
| Operating EBIT excluding other income and equity-accounted profit | 818.0 | 695.5 | 393.8 | 596.1 | 708.7 |
| Finance costs including lease interest | 8.21 | 7.67 | 11.1 | 24.0 | 17.4 |
| Profit before tax including equity-accounted profits | 809.7 | 687.8 | 450.6 | 692.5 | 900.5 |
| Total tax expense | 205.0 | 181.2 | 126.5 | 193.7 | 211.1 |
| Profit for year including non-controlling interests | 604.7 | 506.6 | 324.1 | 498.8 | 689.4 |
| Diluted EPS (₹) | 204.2 | 174.2 | 109.5 | 164.4 | 230.3 |
| Cost of materials consumed | 2,203 | 2,805 | 3,253 | ||
| Purchases of stock-in-trade | 158.7 | 70.1 | 100.2 | ||
| Changes in finished goods, WIP and stock-in-trade | 149.3 | -130.0 | -46.9 | ||
| Materials, traded purchases and inventory change | 2,511 | 2,746 | 3,306 | ||
| Employee benefit expenses | 398.0 | 454.6 | 515.6 | ||
| Power, fuel and water | 553.2 | 652.4 | 644.7 | ||
| Other expenses as reported, excluding separately disclosed utilities | 627.2 | 817.8 | 776.3 | ||
| Other operating expenses including power, fuel and water | 1,180 | 1,470 | 1,421 | ||
| Operating EBITDA excluding other income and equity-accounted profits | 636.7 | 913.0 | 1,031 | ||
| Other income | 58.2 | 109.0 | 202.9 | ||
| Depreciation and amortisation expenses | 242.9 | 316.8 | 322.1 | ||
| Separately presented exceptional items | n.d. | n.d. | n.d. | ||
| Profit attributable to non-controlling interests | 1.10 | 14.9 | 11.5 | ||
| Equity-accounted share of associate and JV profits | 9.70 | 11.3 | 6.37 | ||
| Profit attributable to owners of Atul Ltd | 323.0 | 483.9 | 677.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 4,460 | 4,719 | 5,163 | 5,662 | 6,297 |
| Total debt excluding leases | 144.2 | 52.2 | 231.9 | 197.7 | 179.8 |
| Cash and cash equivalents | 57.7 | 38.1 | 60.3 | 51.4 | 85.1 |
| Trade receivables | 989.0 | 844.6 | 927.0 | 1,126 | 1,271 |
| Inventories | 884.0 | 820.7 | 618.3 | 729.3 | 815.5 |
| Trade payables | 634.7 | 538.5 | 579.3 | 614.7 | 852.2 |
| Net property, plant and equipment excluding investment property | 6.41 | 6.41 | 2,737 | 2,792 | 2,619 |
| Capital work in progress | 507.2 | 1,057 | 280.8 | 124.3 | 110.1 |
| Total assets | 5,706 | 5,768 | 6,476 | 7,001 | 7,900 |
| Cash equivalents plus current liquid investments | 486.7 | 867.6 | 1,733 | ||
| Debt less cash equivalents and current liquid investments | -254.8 | -670.0 | -1,553 | ||
| Bank balances other than cash equivalents | 12.0 | 13.3 | 9.61 | ||
| Lease liabilities, separate from borrowings | 4.70 | 4.04 | 3.26 | ||
| Equity attributable to owners | 5,114 | 5,599 | 6,222 | ||
| Current borrowings including current maturities | 22.6 | 15.7 | 19.5 | ||
| Non-current borrowings | 209.3 | 182.0 | 160.3 | ||
| Current investments: mutual funds and FVTPL bonds | 426.4 | 816.3 | 1,648 | ||
| Non-current investments excluding equity-method investments | 916.1 | 892.6 | 887.2 | ||
| Current plus non-current financial investments | 1,342 | 1,709 | 2,535 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 299.6 | 704.7 | 667.5 | 603.1 | 1,023 |
| Free cash flow (vendor definition) * | -359.5 | -168.0 | 163.6 | 333.0 | 847.9 |
| Equity dividend paid, positive outflow magnitude | -59.0 | -96.1 | 73.8 | 58.9 | 73.6 |
| Gross cash capex, positive outflow magnitude | -590.5 | -873.9 | 503.9 | 270.2 | 174.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Fully paid subscribed shares excluding forfeited shares | 2.96 | 2.95 | 2.94 | 2.94 | 2.94 |
| Weighted-average basic and diluted shares | 2.95 | 2.94 | 2.94 | ||
| CFO / group PAT (x) | 2.06x | 1.21x | 1.48x | ||
| CFO / PAT attributable to owners (x) | 2.07x | 1.25x | 1.51x | ||
| FY24-FY26 cumulative CFO / group PAT (x) | 1.52x | ||||
| FY24-FY26 cumulative CFO / owners PAT (x) | 1.54x | ||||
| Revenue growth (%) | 18.1% | 12.4% | |||
| Receivables growth (%) | 21.5% | 12.9% | |||
| Receivables growth minus revenue growth (%) | 3.3% | 0.5% | |||
| Contingencies / owners net worth (%) | 5.2% | 2.9% | 2.6% | ||
| Conservative net debt / operating EBITDA (x) | -0.40x | -0.73x | -1.51x | ||
| Operating EBIT / finance cost (x) | 35.5x | 24.9x | 40.7x | ||
| KMP-controlled category services / group revenue (%) | 0.0% | 0.0% | 0.0% | ||
| Promoter-controlled external RPT / revenue (%) | n.r. | n.r. | n.r. | ||
| Borrowings due within 24 months | n.r. | ||||
| Borrowings due within 12 months / cash (x) | 0.23x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,393 | 1,417 | 1,452 | 1,478 | 1,552 | 1,574 | 1,670 | 1,848 |
| Cost of revenue (vendor classification) * | 653.8 | 700.9 | 730.5 | 758.6 | 826.2 | 893.0 | 947.1 | |
| Other operating costs (vendor classification) * | 377.9 | 379.5 | 379.4 | 363.9 | 333.6 | 388.5 | 375.1 | |
| EBITDA (vendor classification) * | 277.4 | 243.1 | 273.2 | 263.6 | 287.0 | 372.2 | 428.9 | |
| Operating EBIT excluding other income and equity affiliates | 165.2 | 143.1 | 141.2 | 153.5 | 186.5 | 167.3 | 201.5 | 315.5 |
| Finance costs | 8.89 | 4.29 | 5.42 | 4.54 | 4.89 | 3.70 | 4.30 | 4.02 |
| Profit before tax including associate and JV share | 191.0 | 157.8 | 186.1 | 177.0 | 231.3 | 203.5 | 288.7 | 346.8 |
| Total tax expense including prior-period adjustments | 51.4 | 40.7 | 56.0 | 44.7 | 48.9 | 39.9 | 77.6 | 92.9 |
| Profit after tax before non-controlling allocation | 139.5 | 117.1 | 130.1 | 132.4 | 182.4 | 163.5 | 211.1 | 253.9 |
| Diluted EPS, not annualised (₹) | 46.47 | 36.93 | 42.97 | 43.40 | 60.88 | 54.60 | 71.38 | 83.32 |
| Materials, purchases and signed inventory movement | 653.8 | 700.9 | 730.5 | 758.6 | 828.4 | 826.2 | 893.1 | 947.1 |
| Employee benefit expenses | 118.4 | 112.4 | 118.9 | 120.0 | 121.1 | 166.7 | 107.7 | 132.2 |
| Other operating expenses including power, fuel and water | 377.9 | 379.5 | 379.4 | 363.9 | 334.9 | 333.6 | 388.6 | 375.1 |
| Operating EBITDA excluding other income and equity affiliates | 242.7 | 224.1 | 222.9 | 235.5 | 267.5 | 247.1 | 280.7 | 393.5 |
| Other income | 31.5 | 15.8 | 48.7 | 26.2 | 48.5 | 38.6 | 89.6 | 33.3 |
| Depreciation and amortisation expenses | 77.5 | 81.0 | 81.7 | 82.0 | 81.0 | 79.8 | 79.3 | 78.1 |
| PAT attributable to owners of the Company | 136.8 | 108.7 | 126.5 | 127.8 | 179.2 | 160.7 | 210.2 | 245.3 |
| PAT attributable to non-controlling interests | 2.72 | 8.36 | 3.63 | 4.59 | 3.13 | 2.80 | 0.97 | 8.63 |
| Share of net profit of associate and joint venture companies | 3.14 | 3.29 | 1.59 | 1.87 | 1.18 | 1.33 | 1.99 | 2.09 |
| Separately reported exceptional items | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 36.6% | 6.8% | -11.9% | 18.1% | 12.4% |
| EBITDA margin | 13.5% | 16.4% | 16.4% | ||
| Net margin | 6.8% | 8.7% | 10.8% | ||
| Return on equity | 6.5% | 8.9% | 11.3% | ||
| Return on capital employed | 19.0% | 14.8% | 7.7% | 10.6% | 11.5% |
| Return on assets | 5.3% | 7.2% | 9.1% | ||
| Net debt (₹ crore) | -254.8 | -670.0 | -1,553 | ||
| Net debt / EBITDA | -0.40x | -0.73x | -1.51x | ||
| Interest cover | 99.6x | 90.7x | 35.5x | 24.9x | 40.7x |
| Asset turnover | 0.94x | 0.94x | 0.77x | 0.83x | 0.84x |
| Receivable days | 72 | 57 | 72 | 74 | 74 |
| Inventory days (on revenue) | 64 | 56 | 48 | 48 | 47 |
| Payable days (on revenue) | 46 | 37 | 45 | 40 | 50 |
| Cash conversion | 2.07x | 1.25x | 1.51x | ||
| Capex intensity | 11.8% | 16.3% | 10.7% | 4.8% | 2.8% |
| Free cash flow (₹ crore) | -290.9 | -169.2 | 163.6 | 333.0 | 847.9 |
| Dividend payout | 22.8% | 12.2% | 10.9% | ||
| EPS, diluted (₹) | 204.2 | 174.2 | 109.5 | 164.4 | 230.3 |
| Book value per share (₹) | 1,507 | 1,599 | 1,754 | 1,923 | 2,139 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and equity-accounted profits) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Debt less cash equivalents and current liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and equity-accounted profits).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Atul includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Atul
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