NSE: ATULAUTO · BSE: 531795
ATUL AUTO LIMITED
Manufactures three-wheelers in both internal combustion engine (IC engine) and electric vehicle (EV) variants, sold under its own brand and, for EVs, through a partnership with Exponent Energy targeting a minimum of 15,000 rapid-charging passenger 3-wheelers over three years. In FY26, the Automobiles Business accounted for 93.7% of segment revenue at Rs 779.19 crore, with FY26 three-wheeler sales volume of 38,449 units, up from 34,012 in FY25. The EV portfolio expanded through the acquisition of the L5 business division from subsidiary Atul Greentech Private Limited, effective January 15, 2026, via slump sale. A Non-Banking Financial Business made up the remaining 6.3% of segment revenue at Rs 52.43 crore, supporting financing activity. Monthly sales updates through FY27 show strong IC-engine-led growth, with total three-wheeler sales of 3,641 units in June 2026 and 3,800 units in July 2026, and YTD FY27 total sales of 9,878 units. Operations span 25 states domestically and exports go to over 20 countries. Materials at 69.6% of revenue are the dominant cost, and the FY26 EBITDA margin stood at 10.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automobiles Business (94%), Non Banking Financial Business (6%). Three-wheeler OEM (IC engine and EV) with a captive NBFC financing arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 315 | 513 | 527 | 723 | 824 |
| EBITDA (ex other income) | (16) | 36 | 40 | 52 | 83 |
| margin % | (5.2) | 7.1 | 7.6 | 7.2 | 10.0 |
| Owners' profit | (25) | 4 | 9 | 22 | 42 |
| EPS, as reported (₹) | (11.37) | 1.82 | 3.39 | 6.61 | 15.23 |
| ROE % · ROCE % | (9.0) · (5.9) | 0.9 · 5.1 | 1.6 · 4.8 | 4.1 · 6.9 | 8.8 · 12.1 |
| Debt / equity (x) | 0.68 | 0.48 | 0.34 | 0.25 | 0.29 |
| Cash from operations | (169) | (18) | (1) | 34 | 47 |
| Capex | (9) | (7) | (9) | (17) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 182 | 195 | 211 | 153 | 200 | 231 | 241 | 218 |
| Profit before tax | 7 | 10 | 9 | 3 | 12 | 20 | 22 | 11 |
| Net profit | 5 | 7 | 6 | 2 | 8 | 15 | 18 | 8 |
| EPS (₹) | 1.65 | 2.57 | 2.12 | 1.06 | 3.30 | 5.52 | 5.33 | 2.86 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automobiles Business | 777 | 93.5 |
| Non Banking Financial Business | 54 | 6.5 |
| Total, before eliminations | 831 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA MOTORS LIMITED | 1,47,234 | 35.1 | 11.56 | 19.9 | 23.8 | 20.7 | — | 17.4 |
| ASHOK LEYLAND LTD | 84,848 | 24.4 | 4.57 | 13.0 | 20.1 | 7.5 | 23.7 | 19.9 |
| SML MAHINDRA LIMITED | 6,911 | 44.2 | 13.31 | — | 30.8 | 35.2 | — | 10.6 |
| ATUL AUTO LIMITED ◆ | 1,143 | 24.2 | 2.33 | 14.9 | 8.8 | 10.4 | 22.7 | 8.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.2 | 27.8 | 4 of 11 | 70% |
| P/B | 2.3 | 4.6 | 2 of 11 | 90% |
| ROCE | 10.4 | 12.3 | 7 of 11 | 40% |
| ROE | 8.8 | 16.2 | 8 of 11 | 30% |
| Debt / Equity | 0.3 | 0.3 | 7 of 11 | 40% |
| EBITDA margin | 8.3 | 15.2 | 9 of 12 | 27% |
| Revenue growth | 43.0 | 20.1 | 2 of 11 | 90% |
| Profit growth | 290.3 | 7.3 | 1 of 10 | 100% |
| Market cap | 1143 | 6625 | 10 of 12 | 18% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board meeting on Oct 31, 2026 to approve Q2/HY FY26-27 results | results | low | — | — |
| 9 Oct 2026 · Routine compliance certificate for securities dematerialization Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Atul Auto invests Rs 18.34 cr in subsidiary KAFL via rights issue | business updates | low | — | — |
| 1 Oct 2026 · Atul Auto Sept 2026 domestic sales up 25% YoY, total up 17% with exports | business updates | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · 38th AGM voting results - all 8 resolutions passed | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Atul Auto 38th AGM held on Sept 18; 8 resolutions put to e-vote | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 38th AGM held via video conference on Sept 18, 2026; 8 resolutions put to e-voting | board shareholder meetings | low | — | — |
| 1 Sept 2026 · AGM Notice and Annual Report Web Link Sent to Shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · August 2026 sales up about 33 percent on strong three wheeler demand | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.