NSE: ATUL · BSE: 500027
ATUL LTD
Manufactures and sells specialty chemicals across three reported segments. Performance and Other Chemicals accounts for 71.0% of segment revenue (Rs 4,608.73 cr) while Life Science Chemicals contributes 27.8% (Rs 1,805.24 cr), and Others the remaining 1.2%. Operations span 4 manufacturing plants and 8 offices in India, with products sold in over 40 countries and exports making up 42% of sales. The company carries a crop protection retail portfolio of 59 brands across major Indian crops, and runs a pharmaceuticals business under a senior vice president. Raw materials are the largest cost at 51.9% of revenue. Atul is debt-free with a net cash surplus, has approved a Rs 167 crore greenfield capex for MCPP-p (1,000 tpa) and MCPA (750 tpa) herbicides capacity due to complete in 67 weeks, and formed a 50:50 JV with Buckman USA in February 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Performance and Other Chemicals (71%), Life Science Chemicals (28%), Others (1%). Diversified specialty chemicals manufacturer; materials-heavy cost base, debt-free.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,081 | 5,428 | 4,726 | 5,583 | 6,274 |
| EBITDA (ex other income) | 911 | 779 | 637 | 913 | 1,037 |
| margin % | 17.9 | 14.3 | 13.5 | 16.4 | 16.5 |
| Owners' profit | 597 | (89) | 323 | 484 | 678 |
| EPS, as reported (₹) | 204.23 | 174.15 | 109.54 | 164.37 | 230.25 |
| ROE % · ROCE % | 13.4 · 17.2 | 10.7 · 14.1 | 6.3 · 8.1 | 8.8 · 11.5 | 10.9 · 13.5 |
| Debt / equity (x) | 0.03 | 0.01 | 0.04 | 0.03 | 0.03 |
| Cash from operations | 231 | 707 | 667 | 603 | 1,023 |
| Capex | (591) | (875) | (504) | (270) | (175) |
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 | 1,393 | 1,417 | 1,452 | 1,478 | 1,552 | 1,574 | 1,670 | 1,848 |
| Profit before tax | 188 | 155 | 185 | 175 | 230 | 202 | 289 | 345 |
| Net profit | 140 | 117 | 130 | 132 | 182 | 164 | 211 | 254 |
| EPS (₹) | 46.47 | 36.93 | 42.97 | 43.40 | 60.88 | 54.60 | 71.38 | 83.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Life Science Chemicals | 1,805 | 27.8 |
| Performance and Other Chemicals | 3,464 | 53.3 |
| Others | 62 | 1.0 |
| Ohters | 19 | 0.3 |
| Performance and other chemicals | 1,145 | 17.6 |
| Total, before eliminations | 6,494 | 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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.3 | 23.1 | 37 of 99 | 63% |
| P/B | 2.4 | 2.8 | 43 of 99 | 57% |
| ROCE | 13.3 | 10.1 | 40 of 106 | 63% |
| ROE | 10.9 | 8.1 | 42 of 99 | 58% |
| Debt / Equity | 0.0 | 0.2 | 28 of 99 | 72% |
| EBITDA margin | 23.1 | 15.5 | 29 of 99 | 71% |
| Revenue growth | 25.0 | 24.4 | 45 of 94 | 53% |
| Profit growth | 91.8 | 55.1 | 32 of 92 | 66% |
| Market cap | 15332 | 699 | 9 of 108 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Atul approves up to Rs 90 crore open-market share buyback | corporate actions | high | — | — |
| 27 Oct 2026 · Atul approves Rs 90 crore open-market share buyback | corporate actions | high | — | — |
| 24 Oct 2026 · Quarter and six-month results approved; investor presentation available | investor communications | medium | — | — |
| 24 Oct 2026 · Atul discloses Q2 results for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 23 Oct 2026 · Atul second-quarter consolidated revenue rises 21%; board approves ₹90 crore buyback | results | high | — | — |
| 23 Oct 2026 · Q2 profit dips; first-half sales and profit rise; ₹90 crore buy-back approved | results | high | — | — |
| 23 Oct 2026 · September quarter revenue up 21%, profit down 13%; up to Rs 90 crore buyback approved | results | high | — | — |
| 19 Oct 2026 · Atul Ltd receives GPCB directions over damaged effluent pipeline at Atul site | regulatory legal | high | — | — |
| 19 Oct 2026 · Atul Ltd board to consider share buyback proposal on Oct 23, 2026 | corporate actions | high | — | — |
| 16 Oct 2026 · Atul Ltd clarifies treated effluent discharge at its Valsad site | regulatory legal | 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.