Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jul
Source: Bse
Atul Limited (ATUL)
Large CapChemicals stocks · Large cap · NSE
Atul Limited is an integrated chemical company with robust in-house infrastructure and a comprehensive product portfolio. It serves 32 diverse industrial sectors across 88 countries, operating 8 production sites and offering 900+400 products and formulations under 142 brands.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 07:50 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.0 (n=45)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -5.0% / mo · MACD + · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
ATULD candles · FIT view-10.1%Latest close ₹6022.50 on 2026-10-21
Bar
-2.9%
RSI
46
MACD hist
33.06
52W pos
29%
2026-10-21O ₹6201.00H ₹6290.00L ₹5950.00C ₹6022.50Vol 32,438 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ATULNifty ChemicalsNifty 500
- ATUL
- -2.7%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- +3.8 pp
Chart stats
21 Oct 2026- From 52W high
- -16.1%
- 52W range position
- 29%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.98x
- Avg traded value
- ₹20.4 Cr
- 20D price channel
- ₹5,798 - ₹6,302.5
₹7,180
₹5,560.5 - ₹7,180
₹156.6
Latest completed session
20-session average
22.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +25.0% · PAT +92.4% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model-176.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +25% YoY · PAT +92% YoY · margin expansion · +11% QoQ · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,848 Cr | +25.0% | +10.7% |
| EBITDA | ₹394 Cr | +66.9% | +40.2% |
| Operating margin | 21.0% | +500 bps | +400 bps |
| PAT | ₹254 Cr | +92.4% | +20.4% |
| PAT margin | 13.7% | +481 bps | +111 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.10
- P/B
- 2.82
- EV/EBITDA
- 11.78
- Market Cap
- 17566.00Cr
Profitability
- ROE
- 11.50%
- ROCE
- 14.90%
- ROA
- 10.30%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 69.94×
- Altman Z
- 8.73
- Book Value
- 2113.00
Cash Flow
- FCF Yield
- 0.75%
- FCF Positive Y
- 10/5
- OCF
- 1023.00 Cr
- EPS TTM
- 270.18
Shareholding
- Promoter Hold
- 45.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 6,274+12.4% vs prev
Net Profit
₹ CrLatest: 689+38.1% vs prev
Return on Equity
%Latest: 2,376+29524.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 46.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
64
RS percentile
Stage 4 Downtrend
1M return
-1.0%
3M return
-2.7%
6M return
-10.5%
1Y return
+2.2%
RS 1D
0
RS 20D
+21
Sector rank
#15
Industry rank
#16
Stage evidence
- Price is 7.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 104.02-0.06%
RS vs Nifty 500104
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth7/25
Quality5/20
Balance Sheet10/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -176.6%.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
22.1
PB
2.8
EV/EBITDA
11.8
ROE
11.5%
ROCE
14.9%
FCF Yield
0.8%
Debt/Equity
0.0
MoS
-176.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-176.6%
Previous: -176.6%
Score history
12 stored score snapshots. Latest stored move: -1 points.
22 Oct 2026
v4.3-runtime-valuation
40
39
39
38
38
37
38
38
38
38
38
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹3,584
-68.0% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹2,177.65
-176.6% MoS
PEG
13.81
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DEEPAKNTR
Large
Deepak Nitrite Limited
Specialty Chemicals
match 164
27
28.3
9.8%
-479%
OVERVALUED
CLEAN
Large
Clean Science and Technology Limited
Specialty Chemicals
match 163
39
37.3
15.3%
-254%
WATCHLIST
ANURAS
Large
Anupam Rasayan India Limited
Specialty Chemicals
match 161
25
77.4
5.5%
-60%
OVERVALUED
AARTIIND
Small
Aarti Industries Limited
Specialty Chemicals
match 160
19
35.0
7.1%
-518%
OVERVALUED
JUBLINGREA
Large
Jubilant Ingrevia Limited
Specialty Chemicals
match 159
51
32.0
9.5%
+32%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:25:26.506Z
Management commentary snapshot
Atul Limited reported a strong FY26 with revenue up 12% to ₹6,274 cr, driven by 10% volume growth. PBT surged 30% to ₹901 cr and PAT increased 38% to ₹689 cr, while EBITDA margin expanded 200 bps to 20%.
FY26 results show robust financial improvement, largely volume-driven, with healthy margin expansion. However, the substantial unrealized sales potential from past capex and existing capacity (₹1,700 cr) requires close monitoring for execution. Declining sales in some JVs and the rapidly growing trade deficit with China present areas of concern.
Current business mix
Net Revenue by Segment (2025-26)
Latest issuer-disclosed distribution across 2 reported categories.
Performance and Other Chemicals71.9%
Life Science Chemicals28.1%
Growth engines
Volume-led Growth
Revenue growth of 12% was predominantly from improved volumes by ~10%, with ~8% from recently completed projects.
Digitalisation Initiatives
Stabilised ERP across group entities, automated real-time MIS, implemented 'golden batch' analysis in one plant, and energy management in two plants.
New Product Development
Launched 11 new products in sulphur colors liquid range, secured registrations for three in-house developed products, and launched four new products in Crop Protection – Retail.
Capacity Utilisation & Debottlenecking
Increased capacity utilisation in Atul Products Ltd and Amal Ltd, debottlenecked production capacity by 20% in Rudolf Atul Chemicals Ltd.
Capacity and execution
Unrealised Sales Potential from Projects
₹ 600 cr sales yet to realise from new projects and ₹ 1,100 cr from existing capacity.
DPD Ltd Phase-2 Expansion
Phase-2 expansion project in DPD Ltd, UK, was inaugurated on June 20, 2025.
Polymers - LER Plant Utilisation
Management aims to step up utilisation of the 50 KT LER plant.
Crop Protection - Debottlenecking
Management plans to debottleneck capacities in two key products in Crop Protection – Bulk Actives.
Tailwinds
Domestic Market Growth
Revenue in India grew by 14% (12% volume and 2% price) in 2025-26.
Indian Chemical Industry Growth
India ranked 6th in global production and 3rd in consumption in 2024, with a 7.5% CAGR in consumption (2019-2024).
Strong Liquidity Position
Treasury funds (net of borrowings) increased to ₹ 1,578 cr in 2025-26, providing liquidity for ongoing and future growth opportunities.
Headwinds
Growing Trade Deficit with China
The trade deficit with China in Chapter 29 chemicals is growing very rapidly, reaching (10.4) US$ b in 2025-26*.
Declining JV Sales
Rudolf Atul Chemicals Ltd (50:50 JV) saw sales value decline by 2% and volume by 1% in 2025-26. Anaven LLP (50:50 JV) saw sales value decline by 4% and volume by 2%.
Risk radar
Execution of Unrealised Sales Potential
₹ 1,700 cr of sales are yet to be realised from new projects and existing capacity, requiring effective execution to convert into revenue.
Global Chemical Production Volatility
Global chemical production growth rates vary significantly by region, with some major economies showing negative growth forecasts for 2025.
Raw Material Price Volatility
Cumulative price rise in India's chemical industry was 17.2% from 2014-2024, indicating potential for input cost fluctuations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document provides annual financial statements and discusses performance trends on a year-over-year basis, making YoY the most appropriate comparison for assessing overall growth and profitability.
Sector KPIs management disclosed
Revenue Growth
Revenue from operations grew 12% to ₹6,274 cr in 2025-26.
Volume Growth Contribution
Revenue growth predominantly from improved volumes by ~10%, with ~8% from recently completed projects.
EBITDA Margin
EBITDA margin expanded to 20% in 2025-26 from 18% in 2024-25.
Return on Capital Employed (RoCE)
RoCE improved to 17% in 2025-26 from 15% in 2024-25.
Management forward view
Focus on R&D and Technology
Management mandates achieving excellence in R&D, technology, and manufacturing, and pervading technology (AI) across all functions.
Cash Conservation and Free Cashflow
A key mandate is to conserve cash and measure performance by free cashflow.
Strategic Growth Avenues
Management aims for B2B and B2C growth through existing, related, and new products/businesses, and is open to joint ventures or acquisitions.
Government Collaboration on Trade Barriers
Management intends to work with the government on tariff and non-tariff barrier initiatives to address trade deficit concerns.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Unrealised Sales Potential Conversion | ₹ 1,700 cr from new projects and existing capacity. | Progress in converting this potential into actual revenue and specific timelines for realisation. |
| Segmental EBIT Growth | Life Science Chemicals EBIT grew 20%, Performance and Other Chemicals EBIT grew 21%. | Sustained double-digit EBIT growth across both segments, particularly in P&OC where EBIT % is lower. |
| Trade Deficit with China | (10.4) US$ b in Chapter 29 chemicals for 2025-26*. | Any signs of reduction in the trade deficit or impact of government initiatives on tariff and non-tariff barriers. |
| JV Performance | Rudolf Atul Chemicals Ltd and Anaven LLP showed declining sales value and volume in 2025-26. | Reversal of negative sales trends and improved profitability from joint ventures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 89th percentile within Chemicals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
17 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Chemicals: 89th pctile, median 73 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
17 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Atul Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Reg. 34 (1) Annual Report. 17 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 7 Jul - Atul Ltd submitted its 2025-26 Business Responsibility and Sustainability Report with the integrated annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.