Atul Ltd(ATUL)

NSE: ATULBSE: 500027

₹ 5,377.85-3.60%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 15,833 crWebsite: www.atul.co.inUpdated: 24 Oct 2026

About

Atul Ltd is an Indian specialty chemicals company that manufactures Life Science Chemicals (APIs, crop protection actives) and Performance and Other Chemicals (epoxy resins, dyes, adhesives, pigments) sold across diverse industries worldwide. In FY26 the company reported consolidated revenue of ₹6,274 cr, up 12% year-on-year, with volume accounting for roughly 10% of that growth. The company is debt-free and carried net treasury funds of ₹1,578 cr as of March 31, 2026.^[1][2]

Business segments

Life Science Chemicals EBIT margin was 23% in FY26 vs 20% in FY25; Performance and Other Chemicals EBIT margin was 9% in FY26 vs 8% in FY25.^[1]

Key operating numbers

Polymers - Performance Materials (PM) sales grew to ₹1,710 cr in FY26, up 18% in value and 21% in volume year-on-year, with international sales at 45% of the sub-segment.^[1]
Atul Products Ltd (APL, 100% subsidiary, chlor-alkali) grew 43% in value and 46% in volume in FY26 to ₹504 cr from ₹352 cr, with increased capacity utilisation.^[1]
Crop Protection Retail grew to ₹278 cr in FY26 (10% value, 15% volume growth) from ₹253 cr; three in-house registration approvals secured and four new products launched.^[1]
Aromatics sub-segment saw -6% value and -7% volume decline in FY26 despite three new product commercialisations; unrealised sales potential grew to ₹212 cr from ₹156 cr.^[1]
Atul Bioscience DMF filings rose to 11 in FY26 from 7 in FY25; both units are now USFDA inspected.^[1]
Net working capital days improved by 10 days in FY26; RoCE improved from 15% to 17%.^[1]

Operations and capacity

Captive power capacity stands at 73 MW; a 13.2 MW hybrid renewable supply under group captive arrangement with Torrent Urja is targeted to commence by end of March 2027.^[3]
50 KT Liquid Epoxy Resin (LER) plant was recently commissioned and production stabilised; the plant carries ₹650 cr of unrealised sales potential as utilisation ramps up.^[1][4]
Multigrip Resin capacity increased by ~830 TPA and the RACL plant capacity increased by ~475 TPM during Q3 FY26.^[3]
RACL (50-50 JV under Colors segment) achieved highest-ever sales of ₹167 cr and PBT of ₹36 cr in FY25.^[5]

Products and portfolio

The group serves industries including adhesives, agriculture, animal feed, and automobiles with products spanning adhesion promoters, epoxy resins, textile dyes, APIs and crop protection actives.^[5]
New adhesive products launched in H1 FY26: Lapox Tilegrip (tile adhesives) and Lapox Ultralock (premium cyanoacrylate bonding acrylic, ceramic, glass, metal, stone, wood and plastics).^[4]
Three new products commercialised in Q3 FY26: Toluloxy benzyl amine hydrochloride, Dichloroprop-P and Chlorsulfuron.^[3]
Atul Bioscience received the Certificate of Suitability (CEP) for Valacyclovir in Q3 FY26, enabling regulated-market sales of this antiviral API.^[3]

Customers and distribution

Life Science Chemicals export growth in FY26 was led by 2,4-D, Indoxacarb and Sulphonyl Urea in Crop Protection - Bulk Actives; Polymers PM international sales mix was 45% in FY26.^[4][1]
Crop Protection Retail expanded into Maharashtra East in FY26; plans include channel expansion, financing, and exploring inorganic growth.^[1]

Unrealised sales potential and expansion

Total unrealised sales potential of ₹1,700 cr as of FY26: ₹600 cr from new projects and ₹1,100 cr from existing underutilised capacity across all sub-segments.^[1]
Sub-segment unrealised potentials: Polymers PM ₹650 cr, Colors ₹310 cr, Aromatics ₹212 cr, Anaven LLP ₹137 cr, Atul Bioscience ₹110 cr, Bulk Chemicals & Intermediates ₹83 cr, Crop Protection Bulk Actives ₹80 cr, Pharmaceuticals ₹65 cr, Floras ₹54 cr.^[1]
RoI capital projects of ₹243 cr and non-RoI projects of ₹206 cr (warehouse, infrastructure) were under execution as of FY25 year-end.^[5]
Capex declined to ₹172 cr in FY26 from ₹246 cr in FY25; net treasury funds (net of borrowings) rose to ₹1,578 cr.^[1]

Recent developments

Board recommended a dividend of ₹30 per equity share of ₹10 each for FY26, subject to member approval at the AGM scheduled July 31, 2026.^[6]
Investments made during FY25 in new group entities: Atul Healthcare Ltd, Atul Bio Space Ltd and Atul Finserv Ltd, indicating continued group diversification.^[5]
Company is engaging with the government on tariff and non-tariff barrier initiatives to address growing China competition in organic chemicals (Chapter 29).^[1]
Board plans to induct two additional Independent Directors with commercial and techno-commercial expertise, and two additional Executive Directors.^[5]

Market Cap

₹15,833 Cr

High / Low

₹7,198 / 5,534

Stock P/E

20.6

Price / Book

2.6

Book Value

₹2,113

EPS

₹230.3

No. of Shares

2.94 Cr

ROCE

14.8%

ROE

11.5%

OPM

14.1%

Debt / Equity

0.03

Sales

₹6,274 Cr

Net Profit

₹689 Cr

Promoter holding

45.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Atul Ltd(ATUL)

About

Business segments

Key operating numbers

Operations and capacity

Products and portfolio

Customers and distribution

Unrealised sales potential and expansion

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions