Whalesbook
Toh yaar, Atul Ltd ka Q4 FY26 ka revenue 15% year-on-year badhkar ₹16.7 billion ho gaya. Ismein Performance & Other Chemicals segment ne 18% ka dum dikhaya, jismein naye products ka bhi role hai. Life Science Chemicals segment thoda dheere chala, bas 5% badha.
Poore fiscal year 2026 ki baat karein toh total revenue 12% badhkar ₹62.7 billion pahuncha.
Ab asal baat, net profit toh 66% faand kar ₹2.1 billion ho gaya! Lekin yahan ek twist hai. Ismein ₹900 million ka 'other income' aur ₹243.8 million ka provision reversal mila hua tha, matlab ye purely operating profit nahi tha. Phir bhi, operational side par EBITDA 25.7% badhkar ₹2.8 billion ho gaya aur margins bhi 17% tak pahunch gaye, jo pichle saal 15.4% the. Full year FY26 ka net profit 38.2% badhkar ₹6.9 billion raha.
Stock abhi 29.3x se 34.4x ke trailing P/E par chal raha hai, aur analysts ko FY27/28 ke liye ye 25.4x aur 22.4x dikh raha hai. Company ka market cap lagbhag ₹20,000-20,400 crore ke aas paas hai. Motilal Oswal ne toh is stock par 'BUY' rating di hai aur target ₹8,200 rakha hai. Lekin sabhi analysts ek jut nahi hain, average target ₹7,467 hai aur kuch 'Hold' rating wale bhi hain.
Sabse badi chinta ye hai ki ye jo profit mein 66% ka jump dikhi hai, kya wo baar baar ho payegi? Ye non-operational income aur one-time adjustments koi sustainable figure nahi hain. Pichle 5 saal ka revenue growth sirf 5.38% raha hai aur earnings bhi kabhi kabhi kam hui hain. Stock ka P/E bhi thoda zyada lag raha hai company ke pichle performance ke comparison mein.
Specialty chemicals sector toh India mein kaafi grow kar raha hai, aur Atul Ltd bhi iska fayda utha sakti hai. Mr. Samveg Lalbhai ko 5 saal ke liye MD banaya gaya hai, jo ki leadership continuity ke liye achha hai. Board ne dividend bhi ₹30 per share dene ka proposal diya hai. Lekin asli challenge abhi bhi wahi hai ki sector ke growth ko consistent, margin-boosting profit mein convert karna.