Atul Ltd. is a diversified and integrated Indian chemical company (a part of Lalbhai Group, Gujarat). The products of the company are used in various Industries and come mainly under two segments, Life Science Chemicals and Performance and Other Chemicals under 9 Businesses.[1]Since its incorporation, the company has manufactured many products for the first time in India Dyes including Vat Dyes, crop care chemicals, Phosgene, Carbamite, 2,4-D Acid, para Cresol, tissue culture raised date palms.[2]
HistoryThe company is a part of Lalbhai Group, one of the oldest business houses in India and the first company in India inaugurated by the first Prime Minister. It was originally promoted by Padma Bhushan late Kasturbhai Lalbhai in 1947 as Atul Products Ltd and was later renamed Atul Ltd in 1996. It has followed the B2B model since inception, it has now also ventured into B2C products.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Pidilite Inds. | 1476.05 | 66.94 | 150219.71 | 0.67 | 584.60 | 8.36 | 3554.44 | 9.88 | 29.84 | 13817.59 | 23.31 | 2244.67 | 579.23 | 15.78 | 16.22 | 0.05 |
| 2. | Gujarat Fluoroch | 3362.80 | 54.36 | 36940.38 | 0.09 | 179.00 | 47.93 | 1210.00 | 1.85 | 9.89 | 4864.00 | 26.89 | 680.00 | 179.00 | 4.84 | 5.51 | 0.23 |
| 3. | Navin Fluo.Intl. | 6123.00 | 70.64 | 31378.85 | 0.20 | 148.37 | 152.24 | 758.42 | 46.26 | 11.68 | 2790.96 | 27.91 | 444.09 | 148.37 | 8.72 | 6.27 | 0.33 |
| 4. | Deepak Nitrite | 1550.30 | 39.81 | 21145.00 | 0.48 | 118.75 | -38.87 | 1901.89 | -6.40 | 16.28 | 7874.86 | 11.16 | 531.41 | 118.71 | 3.82 | 9.86 | 0.23 |
| 5. | Atul | 5972.50 | 35.99 | 17584.08 | 0.42 | 172.31 | 33.83 | 1409.52 | 10.23 | 11.90 | 5302.58 | 13.43 | 488.40 | 172.31 | 3.02 | 7.31 | 0.00 |
| 6. | Vinati Organics | 1586.75 | 35.39 | 16449.14 | 0.47 | 129.02 | 21.59 | 546.27 | -1.27 | 20.61 | 2258.65 | 29.70 | 464.92 | 129.02 | 5.57 | 13.64 | 0.00 |
| 7. | BASF India | 3633.00 | 40.87 | 15725.68 | 0.54 | 101.05 | -21.02 | 3904.04 | -8.09 | 18.02 | 14603.55 | 4.17 | 384.69 | 101.05 | 4.14 | 6.07 | 0.04 |
| – | Median: 92 Co. | 282.65 | 26.95 | 836.42 | 0.34 | 7.21 | 2.98 | 134.38 | 5.61 | 15.16 | 512.22 | 13.09 | 26.07 | 7.24 | 2.69 | 7.88 | 0.11 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,356 | 1,194 | 1,086 | 1,030 | 1,110 | 1,106 | 1,112 | 1,208 | 1,279 | 1,274 | 1,315 | 1,305 | 1,410 |
Expenses | 1,167 | 1,015 | 965 | 883 | 970 | 957 | 985 | 1,022 | 1,085 | 1,111 | 1,147 | 1,143 | 1,190 |
Operating Profit | 189 | 180 | 121 | 147 | 139 | 149 | 126 | 185 | 194 | 163 | 168 | 162 | 219 |
Other Income | 72 | 45 | 36 | 27 | 42 | 44 | 21 | 14 | 39 | 25 | 55 | 29 | 59 |
Profit before tax | 220 | 183 | 115 | 131 | 137 | 146 | 96 | 148 | 178 | 132 | 165 | 135 | 222 |
Tax % | 23% | 25% | 23% | 26% | 25% | 25% | 22% | 26% | 28% | 30% | 24% | 27% | 22% |
Net Profit | 168 | 137 | 88 | 97 | 103 | 110 | 75 | 109 | 129 | 93 | 126 | 98 | 172 |
EPS in Rs | 57.02 | 46.37 | 29.97 | 32.72 | 35.01 | 37.19 | 25.44 | 37.08 | 43.73 | 31.47 | 42.69 | 33.20 | 58.53 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,343 | 2,535 | 2,454 | 2,695 | 3,107 | 3,916 | 3,906 | 3,512 | 4,993 | 5,062 | 4,358 | 5,075 | 5,303 |
Expenses | 2,000 | 2,159 | 2,012 | 2,224 | 2,635 | 3,178 | 3,061 | 2,665 | 4,128 | 4,334 | 3,794 | 4,361 | 4,591 |
Operating Profit | 343 | 376 | 443 | 470 | 473 | 738 | 845 | 847 | 865 | 728 | 564 | 714 | 712 |
Other Income | 40 | 15 | 45 | 42 | 38 | 30 | 77 | 103 | 88 | 167 | 132 | 129 | 167 |
Interest | 31 | 24 | 26 | 21 | 9 | 4 | 2 | 2 | 3 | 2 | 2 | 6 | 4 |
Depreciation | 54 | 55 | 62 | 91 | 105 | 112 | 117 | 120 | 146 | 163 | 184 | 213 | 221 |
Profit before tax | 297 | 312 | 400 | 401 | 397 | 652 | 803 | 828 | 804 | 730 | 510 | 623 | 654 |
Net Profit | 213 | 217 | 274 | 285 | 270 | 429 | 640 | 631 | 608 | 552 | 385 | 456 | 488 |
EPS in Rs | 71.74 | 73.30 | 92.53 | 96.18 | 91.16 | 144.51 | 215.82 | 213.23 | 205.34 | 187.08 | 130.62 | 154.98 | 165.89 |
Dividend Payout % | 10% | 12% | 11% | 10% | 13% | 10% | 13% | 9% | 12% | 17% | 15% | 16% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 29 | 29 | 29 |
Reserves | 912 | 986 | 1,562 | 1,891 | 2,168 | 2,620 | 3,041 | 3,682 | 4,287 | 4,560 | 5,060 | 5,509 | 5,778 |
Borrowings | 351 | 281 | 302 | 155 | 0 | 0 | 0 | 0 | 73 | 5 | 11 | 8 | 2 |
Other Liabilities | 483 | 465 | 487 | 544 | 722 | 696 | 779 | 876 | 961 | 836 | 905 | 1,005 | 1,155 |
Total Liabilities | 1,776 | 1,762 | 2,381 | 2,620 | 2,919 | 3,346 | 3,849 | 4,587 | 5,351 | 5,431 | 6,005 | 6,551 | 6,965 |
Fixed Assets | 520 | 474 | 713 | 931 | 922 | 921 | 907 | 1,059 | 1,276 | 1,349 | 1,657 | 1,742 | 1,694 |
Gross Block | 1,231.66 | 1,241.00 | 774.76 | 1,083.65 | 1,176.39 | 1,265.88 | 1,363.28 | 1,603.49 | 1,927.33 | 2,131.97 | 2,603.51 | 2,846.19 | – |
Accumulated Depreciation | 712.06 | 766.74 | 61.81 | 152.72 | 254.29 | 344.81 | 455.95 | 544.38 | 651.13 | 783.36 | 946.76 | 1,104.26 | – |
CWIP | 53 | 104 | 170 | 37 | 70 | 70 | 235 | 239 | 173 | 356 | 217 | 91 | 79 |
Investments | 136 | 149 | 449 | 532 | 595 | 926 | 1,330 | 1,551 | 1,551 | 1,128 | 2,460 | 2,829 | 3,136 |
Other Assets | 1,067 | 1,035 | 1,050 | 1,120 | 1,333 | 1,428 | 1,377 | 1,739 | 2,350 | 2,598 | 1,671 | 1,889 | 2,055 |
Total Assets | 1,776 | 1,762 | 2,381 | 2,620 | 2,919 | 3,346 | 3,849 | 4,587 | 5,351 | 5,431 | 6,005 | 6,551 | 6,965 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 141 | 317 | 375 | 370 | 325 | 397 | 852 | 677 | 217 | 732 | 624 | 427 |
Cash from Investing Activity | -80 | -196 | -342 | -160 | -87 | -358 | -709 | -603 | -225 | -498 | -483 | -366 |
Cash from Financing Activity | -60 | -123 | -34 | -208 | -224 | -44 | -154 | -64 | 11 | -252 | -133 | -68 |
Net Cash Flow | 1 | -3 | -1 | 2 | 15 | -5 | -10 | 10 | 3 | -18 | 8 | -7 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 70 | 63 | 62 | 69 | 84 | 71 | 67 | 74 | 77 | 64 | 71 | 74 |
Inventory Days | 111 | 98 | 111 | 99 | 82 | 76 | 83 | 116 | 98 | 88 | 87 | 91 |
Days Payable | 94 | 74 | 88 | 88 | 101 | 74 | 93 | 128 | 86 | 72 | 86 | 85 |
Cash Conversion Cycle | 86 | 88 | 86 | 79 | 65 | 73 | 57 | 62 | 89 | 80 | 71 | 80 |
Working Capital Days | 48 | 46 | 42 | 64 | 82 | 77 | 58 | 61 | 74 | 82 | 70 | 73 |
ROCE % | 27% | 26% | 27% | 21% | 19% | 27% | 28% | 24% | 19% | 17% | 11% | 12% |
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Atul Ltd. is a diversified and integrated Indian chemical company, part of the Lalbhai Group. Its products are utilized across various industries, falling under two main segments: Life Science Chemicals and Performance and Other Chemicals.
Previous reports indicated key developments such as a strategic joint venture 'Atul-Buckman' for water treatment solutions, the acquisition of a 26.30% stake in Torrent Urja 39 Pvt Ltd for captive power, and the appointment of an independent director.
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