Atul Limited
Current Price
₹6,984.55
As of 20 May 2026
Market Cap
₹20.26K Cr
As of 20 May 2026
Lalbhai-group specialty + life science chemicals, V-shape off FY24 trough
Report updated: 2026-05-19
Atul Limited
Specialty chemicals + life-science chemicals major coming off the FY24 trough — V-shape recovery with a one-off boost. Atul Limited (Lalbhai Group, 1947) runs an integrated chemistry house out of Atul, Gujarat across two reporting segments — Performance & Other Chemicals (P&OC) and Life Science Chemicals (LSC) — with 46 consolidated entities, 4,000+ customers across 88 countries, and global leadership positions in p-Anisic Alcohol (88%), p-Anisic Aldehyde (73%), p-Cresol (53%), Dapsone (50%). FY26 closed at Revenue Rs.6,274 Cr (+12%), Operating Profit Rs.1,031 Cr at 16% OPM, PAT Rs.689 Cr (+39%) — well above the FY24 trough of Rs.324 Cr PAT but still below the FY20-FY21 peak of Rs.660-671 Cr. Q4FY26 was the best quarter in the 13-quarter series (PAT Rs.211 Cr, EPS 71.38) but includes Rs.47 Cr income-tax refund + Rs.15 Cr subsidiary interest assistance — clean Q4 PAT closer to Rs.180 Cr. CWIP collapsed Rs.1,033 Cr (FY23) to Rs.110 Cr (FY26); Rs.1,700 Cr of sales potential remains unrealised on assets already paid for. CARE AA+ / A1+ Stable held all the way through the cycle. CMP Rs.7,050 / mkt cap Rs.20,776 Cr.
Rs.7,050
Share price (19 May 2026)
Rs.20,776 Cr
Market cap
Rs.6,274 Cr
FY26 revenue (+12% YoY)
Rs.689 Cr
FY26 PAT (+39% YoY, includes Rs.62 Cr one-offs)
Rs.1,031 Cr
FY26 operating profit (16% OPM)
45.22%
Promoter holding (Mar 2026)
Stock Funda Summary
- Atul Limited (NSE: ATUL / BSE: 500027) is a Lalbhai-group diversified specialty + life-science chemicals major founded 1947 in Atul, Gujarat.
- Chairman Sunil S.
- Samveg S.
- Lalbhai (MD reappointed Apr-2026)
- CFO+WTD Gopi Kannan Thirukonda. 46 subsidiaries (Atul Bioscience, Atul Rajasthan Date Palms, Anaven LLP, DPD UK +42 more).
- Two reporting segments — Performance & Other Chemicals (P&OC) and Life Science Chemicals (LSC) — with sub-products spanning Sulphone APIs, Resorcinol, p-Cresol, Para-Anisic Aldehyde, Phenoxy, Epoxy, Aromatics, Polymers.
- FY26 consolidated: Rev Rs.6,274 Cr (+12%), EBITDA Rs.1,031 Cr (16% margin), PAT Rs.689 Cr (+39%) — V-shape recovery off the FY24 trough (PAT Rs.324 Cr).
- FY26 numbers carry Rs.62 Cr non-recurring boost in Q4 (Rs.47 Cr tax refund + Rs.15 Cr subsidiary interest assistance) — clean FY26 PAT closer to Rs.627 Cr.
- OPM capped at 16% vs the 22-25% FY20-21 peak — structural margin re-rating still working through.
- CWIP collapse Rs.1,033 Cr (FY23) → Rs.110 Cr (FY26) means major asset-creation cycle is done
- Rs.1,700 Cr of unrealised sales potential sits on commissioned assets — the FY27-28 operating leverage thesis.
- Statutory auditor Deloitte Haskins & Sells LLP (long tenure).