Atul Auto Ltd(ATULAUTO)

NSE: ATULAUTOBSE: 531795

₹ 387.5-3.37%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,075 crNext results: 31 Oct 2026Website: www.atulauto.co.inUpdated: 24 Oct 2026

About

Atul Auto Ltd is an Indian manufacturer of three-wheelers sold under the 'Atul' brand, producing ICE, EV-L3, and EV-L5 variants for domestic and export markets. In FY26 the company reported revenue of ₹824.39 crore across its Automobiles and Non-Banking Financial businesses. It sells through a dealership network and is present in 16+ countries internationally.^[1][2][3]

Business segments

Automobiles Business contributed 93.7% of revenue (₹779.19 crore) in FY26, covering manufacture and sale of three-wheelers.^[4]
Non-Banking Financial Business contributed 6.3% of revenue (₹52.43 crore) in FY26, with an EBIT margin of 22.5%.^[4]

Products and brands

All three-wheelers are marketed under the brand name 'Atul'; the portfolio spans ICE (gasoline), EV-L3, and EV-L5 variants.^[3][2]
ICE vehicles were the largest volume contributor, with sales rising from 16,439 units in FY24 to 22,188 units in FY25, a 35% increase.^[2]
EV-L5 (sold under subsidiary Atul Greentech) volumes surged 286%, from 455 units in FY24 to 1,755 units in FY25.^[2]
EV-L3 volumes grew 1%, from 6,904 units in FY24 to 6,970 units in FY25.^[2]
Aftermarket spares sales reached ₹51.20 crore in FY25, up from ₹39.83 crore in FY24.^[2]

Manufacturing operations

Ahmedabad (Bhayla) facility has installed capacity of ~60,000 vehicles per year and is the primary production site.^[3][2]
Rajkot facility (~13 acres, written-down value ~₹6.02 crore) is being vacated as manufacturing consolidates at Ahmedabad; it is planned for lease for up to 5 years.^[3]
A letter of intent from a prospective lessee for the Rajkot facility at a competitive monthly rent had already been received as of FY26.^[3]

Key operating volumes

Total sales volume was 32,508 units in FY25, up 31% from 26,039 units in FY24.^[2]
Total domestic three-wheeler industry sales in India were ~7,41,420 units in FY25, compared with ~6,94,801 units in FY24.^[2]

Distribution and customers

The company operates through a dealership network; Khushbu Auto is the authorised dealer for the Ahmedabad region.^[3]
The dealer network was maintained substantially intact through COVID-19 and the company planned to add 50 new dealers in FY26.^[3][2]
Exports reached 16+ countries as of FY25; export contribution was 7% of total revenue with a target of exceeding 20%.^[2]
Proposed related-party transactions with Khushbu Auto (authorised dealer) are capped at ₹120 crore for FY2026-27, representing ~15% of consolidated turnover of the preceding year.^[3]

Expansion and capex

Manufacturing consolidation at Ahmedabad is designed to improve operational efficiency and logistics; the facility has room to expand capacity with minimal additional capex.^[3]
Swappable battery pilot initiative was progressing toward full-scale deployment as of FY25.^[2]

Recent developments

Khushbu Auto, a related-party partnership firm, was incorporated on September 4, 2025, and recorded provisional FY2025-26 turnover of ₹3,792 lakh with profit after tax of ₹99 lakh.^[3]
Final dividend of ₹3.00 per equity share (face value ₹5) declared for FY2025-26; record date fixed at September 11, 2026.^[3]
KPMG was appointed as internal auditor for FY24 and FY25 for the company and its subsidiaries.^[2]

Market Cap

₹1,075 Cr

High / Low

₹597 / 381

Stock P/E

22.8

Price / Book

2.2

Book Value

₹174

EPS

₹15.2

No. of Shares

2.78 Cr

ROCE

11.2%

ROE

9.1%

OPM

8.2%

Debt / Equity

0.30

Sales

₹824 Cr

Net Profit

₹43 Cr

Promoter holding

42.7%

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Atul Auto Ltd(ATULAUTO)

About

Business segments

Products and brands

Manufacturing operations

Key operating volumes

Distribution and customers

Expansion and capex

Recent developments

Signal history

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Verdict

Company data

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