Atul Limited (ATUL) · mywealthgrid

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About

Atul Limited is a specialty chemicals company with a market cap of ₹19,783 Cr, positioned in the Materials sector. Consistent dividend payments and low leverage indicate an established, cash-generative business. Verify the company's specific product portfolio, end-markets, and market position relative to competitors in specialty chemicals.

Founded: 1947
Face value: ₹10

Market cap

₹17,231 Cr

P/E

24.5×

P/B

2.8×

Dividend yield

0.5%

ROE

11.5%

ROCE

14.1%

Debt / equity

0.03

OPM

16.4%

EPS (TTM)

₹239.0

Book value

₹2,112.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranged from 12.75% (Dec 2025) to 21.3% (Jun 2026) over recent quarters—verify whether this reflects demand cyclicality, raw material cost swings, or product mix shifts.
Valuation: PE of 28.1 on modest 1-year return (1.49%) suggests the market is pricing in growth not yet reflected in historical returns. Verify what drivers justify this multiple.
ROE of 11.47% is modest for a specialty chemicals company. Verify whether capital efficiency is improving or whether returns are constrained by competitive or operational factors.
Price currently at ₹6,729 is near the 52-week high of ₹7,108. Downside risk if growth expectations disappoint or margins compress again toward Dec 2025 lows.

Generated analysis · source review pending

Growth drivers

Margin expansion: Peak OPM of 21.3% (Jun 2026) indicates potential for strong operating leverage; verify whether this margin level reflects a structural improvement or temporary strengths, and identify the drivers (product mix, pricing, cost control).
EPS growth: Recent EPS of ₹83.32 (Jun 2026) is nearly double Dec 2025's ₹41.15; verify whether this swing reflects volume growth, pricing power, or margin recovery and whether it is sustainable.
Cash generation capacity: Consistent annual dividends since 2022 indicate stable cash generation; verify the payout ratio and whether growing profits could fund higher dividends or strategic investments.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹5,861.0-2%1Y

Quick read

rule-based

Pros

+Profit CAGR of 54.9% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 52.3×

Cons

−Low return on equity of 9% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 59
Growth: 73
Valuation: 64

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40
Privi Speciality Chemicals LimitedPRIVISCLPRIVISCL	₹13,970 Cr	₹14,980 Cr	₹2,671 Cr	₹666 Cr	25.2%	₹342 Cr	12.4%	27.7%	25.2%	158
Sudeep Pharma LimitedSUDEEPPHRMSUDEEPPHRM	₹13,546 Cr	₹13,694 Cr	₹676 Cr	₹233 Cr	34.6%	₹133 Cr	27.1%	31.1%	25.2%	366
Anupam Rasayan India LimitedANURASANURAS	₹13,243 Cr	₹15,058 Cr	₹2,535 Cr	₹563 Cr	22.2%	₹175 Cr	9.4%	9.1%	5.5%	377
Vinati Organics LimitedVINATIORGAVINATIORGA	₹12,528 Cr	₹12,528 Cr	₹2,381 Cr	₹665 Cr	29.4%	₹448 Cr	19.9%	18.8%	14.9%	152
Elantas Beck India LimitedELANTASELANTAS	₹10,644 Cr	₹10,644 Cr	₹778 Cr	₹147 Cr	20.3%	₹136 Cr	17.4%	20.6%	15.8%	70

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,093	3,731	5,081	5,428	4,726	5,583	6,274
COGS	1,970	1,695	2,589	2,864	2,511	2,746	3,306
Gross profit	2,123	2,036	2,492	2,564	2,215	2,838	2,967
	1,216	1,112	1,581	1,789	1,578	1,913	1,937
	907	924	911	775	637	924	1,031
OPM %	22.2%	24.8%	17.9%	14.3%	13.5%	16.6%	16.4%
Depreciation	130	136	177	198	243	317	322
Interest	9	9	9	8	11	24	17
	78	103	84	119	68	109	209
Profit before tax	845	882	810	688	451	692	915
Tax	175	222	205	181	127	194	225
Tax %	20.6%	25.1%	25.3%	26.3%	28.1%	28%	24.6%
	671	660	605	507	324	499	689
PAT margin %	16.4%	17.7%	11.9%	9.3%	6.9%	8.9%	11%
EPS (₹)	224.7	221.2	204.2	174.2	109.5	164.4	230.3
EPS adjusted (₹)	224.6	25.7	204.1	-30	109.7	164.3	230.1
	12.2%	9%	15.9%	14.4%	18.3%	15.2%	13%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	30	30	30	30	29	29	29
Reserves	—	3,797	4,399	4,642	5,085	5,569	6,193
Minority interest	—	31	31	48	49	64	75
	—	102	138	47	228	198	180
	—	978	1,108	1,002	1,085	1,141	1,424
Total equity & liabilities	—	4,937	5,706	5,768	6,476	7,001	7,900
	1,107	1,399	1,613	1,747	2,768	2,823	2,650
CWIP	—	250	420	1,033	281	124	110
Investments	—	1,364	1,342	884	1,395	1,769	2,595
	—	1,925	2,331	2,104	2,032	2,285	2,545
Total assets	—	4,937	5,706	5,768	6,476	7,001	7,900

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Performance and Other Chemicals	4,608.73	85.51	3,861.45	924.58	2,936.87	2.91
Life Science Chemicals	1,805.24	417.06

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.9%	54.6%	49.1%	47.2%	46.9%	50.8%	47.3%
EBITDA margin %	22%	24.6%	17.9%	14.3%	13.5%	16.4%	16.4%
EBIT margin %	18.9%	20.9%	14.5%	10.6%	8.3%	10.7%	11.3%
PAT margin %	16.4%	17.7%	11.9%	9.3%	6.9%	8.9%	11%
Working capital
Receivable days	—	72	71	57	72	74	74
Inventory days	—	128	122	101	90	97	90
Payable days	—	127	94	69	84	82	94
NWC days	—	73	99	89	77	89	70
Leverage
Current ratio	—	3.16	2.67	2.49	2.53	3.33	3.61
Debt to EBITDA	—	0.11	0.15	0.06	0.36	0.22	0.17
Debt to equity	—	0.03	0.03	0.01	0.04	0.04	0.03
Interest coverage	90.4	94.5	88.4	87.6	40.8	29.4	52.3
Asset turnover	—	0.76	0.89	0.94	0.73	0.8	0.79
Return ratios
Return on assets %	—	13.4%	10.6%	8.8%	5%	7.1%	8.7%
Return on capital employed %	—	21.4%	18.3%	14.4%	8.6%	12%	14.1%
Return on equity %	—	17.2%	13.7%	10.8%	6.3%	8.9%	11.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.06%	45.07%	45.17%	45.17%	45.17%	45.17%	45.18%	45.18%	45.21%	45.22%	45.22%	45.33%
	7.71%	8.06%	8.47%	8.63%	9.67%	11.22%	9.79%	8.78%	8.31%	7.45%	7.5%	7.44%
	26.51%	26.08%	25.68%	25.81%	24.54%	22.79%	23.62%	24.97%	24.96%	25.41%	25.9%	25.93%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0%	0%	0%
	20.72%	20.79%	20.68%	20.39%	20.62%	20.82%	21.41%	21.07%	21.51%	21.92%	21.38%	21.3%
No. of shareholders	—	—	—	—	—	—	—	—	56,951	57,263	56,855	56,570

Promoter holding up 0.27 percentage points since Sep 2023.

33 deals · 2 Sept 2021 – 17 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Nov 2025	NILESH KISHOR SHAH (HUF)	Bulk	NSE	Buy	1,71,000	₹5,954.94	₹101.83 Cr
24 Jan 2024	HRTI PRIVATE LIMITED	Bulk	BSE	Buy	587	₹6,356.95	₹0.37 Cr
24 Jan 2024	NK SECURITIES RESEARCH PVT. LTD.	Bulk	BSE	Sell	442	₹6,350.93	₹0.28 Cr
24 Jan 2024	NK SECURITIES RESEARCH PVT. LTD.	Bulk	BSE	Buy	442	₹6,344.97	₹0.28 Cr
24 Jan 2024	HRTI PRIVATE LIMITED	Bulk	BSE	Sell	229	₹6,317.34	₹0.14 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	16,893	₹8,341.55	₹14.09 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	16,893	₹8,341.55	₹14.09 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	16,894	₹8,359.85	₹14.12 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	16,894	₹8,359.85	₹14.12 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	15,750	₹8,379.95	₹13.20 Cr

1–10 of 33

1 / 4

Mr. Sunil Siddharth LalbhaiExecutive Director-Chairperson-MD
Mr. Samvegbhai Arvindbhai LalbhaiExecutive Director-MD
Mr. Gopi Kannan Rengachari ThirukondaExecutive Director
Mr. Pradeep Jyoti BanerjeeNon-Executive - Independent Director
Mr. Rangaswamy Rathakrishnan IyerNon-Executive - Independent Director
Mr. Sharadchandra Damodar AbhyankarNon-Executive - Independent Director
Mr. Sujal Anil ShahNon-Executive - Independent Director
Mr. Praveen Purushottam KadleNon-Executive - Independent Director
Ms. Padmaja ChunduruNon-Executive - Independent Director
Mr. Vivek Yeshwant GadreExecutive Director
Mr. Shantanu Maharaj KhoslaNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

of the company's equity

All mutual funds

14.08%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 10 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	4.04 L	258.07	1.19%	1.373%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	3.5 L	223.72	2.28%	1.19%	—
Mid Cap Fund	DSP Mutual Fund	3.19 L	203.96	0.97%	1.085%	-49,804
Multi Cap FundNEW	ICICI Prudential Mutual Fund	2.19 L	139.75	0.72%	0.744%	—
Manufacturing Fund	ICICI Prudential Mutual Fund	2.02 L	129.02	1.8%	0.687%	-0
ELSS Tax Saver Fund	DSP Mutual Fund	1.86 L	118.8	0.71%	0.632%	-0
Large & Mid Cap Fund	DSP Mutual Fund	1.71 L	109.23	0.59%	0.581%	-0
Business Cycle Fund	ICICI Prudential Mutual Fund	1.62 L	103.43	0.65%	0.55%	-0

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

18 announcementsExport CSV

28 Sept 2026, 10:31 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 10:28 amBoard Meeting

Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results For The Quarter / Six Months Ending On September 30, 2026

Exchange filing PDF

7 Sept 2026, 5:40 pmCompany Update

Outcome Of Postal Ballot

General PDF

31 Jul 2026, 5:31 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

31 Jul 2026, 5:27 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

25 Jul 2026, 3:03 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

24 Jul 2026, 2:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

24 Jul 2026, 2:35 pmCompany Update

Letter Attached

General PDF

Date	Category	Subject	Filing
28 Sept 2026, 10:31 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 10:28 am	Board Meeting	Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results For The Quarter / Six Months Ending On September 30, 2026

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.9%	54.6%	49.1%	47.2%	46.9%	50.8%	47.3%
EBITDA margin %	22%	24.6%	17.9%	14.3%	13.5%	16.4%	16.4%
EBIT margin %	18.9%	20.9%	14.5%	10.6%	8.3%	10.7%	11.3%
PAT margin %	16.4%	17.7%	11.9%	9.3%	6.9%	8.9%	11%
Working capital
Receivable days	—	72	71	57	72	74	74
Inventory days	—	128	122	101	90	97	90
Payable days	—	127	94	69	84	82	94
NWC days	—	73	99	89	77	89	70
Leverage
Current ratio	—	3.16	2.67	2.49	2.53	3.33	3.61
Debt to EBITDA	—	0.11	0.15	0.06	0.36	0.22	0.17
Debt to equity	—	0.03	0.03	0.01	0.04	0.04	0.03
Interest coverage	90.4	94.5	88.4	87.6	40.8	29.4	52.3
Asset turnover	—	0.76	0.89	0.94	0.73	0.8	0.79
Return ratios
Return on assets %	—	13.4%	10.6%	8.8%	5%	7.1%	8.7%
Return on capital employed %	—	21.4%	18.3%	14.4%	8.6%	12%	14.1%
Return on equity %	—	17.2%	13.7%	10.8%	6.3%	8.9%	11.1%

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	718	231	707	667	603	1,023
	-646	-168	-469	-683	-495	-895
	-52	-57	-257	38	-84	-98
Net cash flow	19	6	-20	22	24	30
Free cash flow	395	-359	-168	164	333	848
CFO / Operating profit %	78.3%	25.4%	91.2%	104.8%	66.1%	99.2%

Atul Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

1

22

2

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Life Science Chemicals · revenue

Atul Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Upcoming and recent1

Dividends22

Board meetings2

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Life Science Chemicals · revenue

1

22

2