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Diversified Indian chemicals maker (Lalbhai Group) of bulk chemicals, dyes/pigments and specialty/pharma intermediates.
Diversified Indian chemicals maker (Lalbhai Group) of bulk chemicals, dyes/pigments and specialty/pharma intermediates.
Makes chemicals in a linked chain where one plant's output becomes another's raw material, selling in bulk to industrial users and increasingly smaller volumes of higher-value specialty products to pharma and agrochemical makers. The wide product range spreads exposure across several industries.
Moat: narrow (scale, process know-how). Broad, integrated chemical value chain built over decades, but faces competition across each product line from larger specialists.
Headquarters: Valsad, India · Founded: 1947 · Employees: 6,323
Size Atul (ATUL.NS) is an India Materials company (Chemicals: Agricultural) with a market value of $1.63B, the 432nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹5,232 on 6 Nov 2026.
Performance Over six months the shares fell 25.6%, against -25.2% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 18.1% over the last twelve months (peer median +5.5%); the operating margin is 12.2% (peer median 7.2%).
Valuation It trades at 19.7× forward earnings against a peer median of 15.5× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.5 points below its cost of capital (14.4% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹69.7B | ₹62.2B | ₹55.2B | ₹46.8B | ₹53.8B |
| Revenue growth | — | +13% | +18% | -13% | — |
| Gross profit | ₹16.5B | ₹11.1B | ₹10.3B | ₹7.02B | ₹10.2B |
| EBITDA | ₹11.7B | ₹9.89B | ₹8.71B | ₹6.12B | ₹7.76B |
| Net income | ₹7.72B | ₹6.78B | ₹4.84B | ₹3.23B | ₹5.14B |
| Free cash flow | n/a | ₹8.92B | ₹3.27B | ₹1.64B | -₹1.56B |
| Capital expenditure | n/a | ₹1.75B | ₹2.70B | ₹5.04B | ₹8.75B |
| Total debt | ₹1.69B | ₹1.83B | ₹2.02B | ₹2.37B | ₹522M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Atul ATUL.NS | $1.63B | -26% | +18% | 12% | 19.7× | 18.2% |
| AARTI Industries AARTIIND.NS | $1.71B | -9% | +40% | 9% | 29.1× | n/a |
| Deepak Nitrite DEEPAKNTR.NS | $2.22B | -17% | +25% | 14% | 16.5× | n/a |
| Srf SRF.NS | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% |
| Navin Fluorine International NAVINFLUOR.NS | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATUL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.8% | -8.0% | 7th lowest of 21 |
| 6-month return | -25.6% | -25.2% | 11th highest of 21 |
| Distance from 52-week high | -27.1% | -34.7% | 5th highest of 21 |
| Revenue growth (TTM) | +18.1% | +5.5% | 4th highest of 21 |
| Operating margin | 12.2% | 7.2% | 7th highest of 21 |
| Forward P/E | 19.7× | 15.5× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 18.2% | 4.1% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +11.0% | +5.0% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +7.3 pp | -4.6 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -1.5 pp | +0.9 pp | 7th lowest of 21 |
| EV / EBITDA | 11.7× | 8.8× | 4th most expensive of 8 |
| Net debt / EBITDA | -1.5× | 2.5× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Atul ATUL.NS | India | $1.63B | -26% | +18% | 12% | 19.7× | 18.2% | +11.0% |
| Tata Chemicals TATACHEM.NS | India | $1.64B | -25% | +2% | 3% | 85.9× | n/a | n/a |
| Hubei Yihua Chemical Industry 000422.SZ | China | $1.60B | -42% | +15% | 5% | 15.2× | n/a | n/a |
| Bayer Cropscience India BAYERCROP.NS | India | $1.58B | -28% | -5% | 15% | 19.5× | 16.1% | +5.9% |
| Paradeep Phosphates PARADEEP.NS | India | $1.57B | +12% | +31% | 7% | 17.6× | n/a | n/a |
| Deepak Fertilisers and Petrochemicals DEEPAKFERT.NS | India | $1.54B | -14% | +14% | 13% | 10.1× | n/a | n/a |
| Sumitomo Chemical India SUMICHEM.NS | India | $1.74B | -34% | -3% | 18% | 28.1× | 23.4% | +4.1% |
| Zhejiang Xinan Chemical Industrial 600596.SS | China | $1.75B | -31% | +5% | 2% | 22.9× | 12.4% | +3.1% |
| China XLX Fertiliser 1866.HK | Hong Kong | $1.51B | -27% | +24% | 8% | 6.7× | n/a | n/a |
| Shenzhen Batian Ecological Technique 002170.SZ | China | $1.44B | -29% | +3% | 23% | 7.1× | -8.1% | +18.8% |
| Lier Chemical 002258.SZ | China | $1.85B | +20% | +6% | 8% | 21.0× | n/a | n/a |
| Holitech Technology 002217.SZ | China | $1.41B | -58% | +17% | 2% | n/a | 45.7% | -37.1% |
| Huapont Life Sciences 002004.SZ | China | $1.39B | -5% | -6% | 11% | n/a | -8.7% | +1.1% |
| Sichuan Development Lomon 002312.SZ | China | $1.93B | -36% | +5% | 6% | 35.0× | 8.2% | +14.0% |
| Jiang Su Suyan Jingshen 603299.SS | China | $1.28B | -18% | -5% | 5% | 25.9× | n/a | n/a |
| Stanley Agricultural 002588.SZ | China | $1.27B | -33% | +3% | 8% | 8.8× | n/a | n/a |
| Chengdu Wintrue 002539.SZ | China | $2.09B | -24% | +6% | 6% | 11.7× | n/a | n/a |
| Shenzhen Noposion Crop Science 002215.SZ | China | $1.25B | -23% | +12% | 13% | 9.3× | -3.9% | +6.9% |
| E.I.D.-Parry (India) EIDPARRY.NS | India | $1.21B | -24% | +16% | 7% | 11.4× | n/a | n/a |
| Taiwan Fertilizer 1722.TW | Taiwan | $1.18B | -15% | +4% | -16% | 13.7× | 0.0% | +3.5% |
| CAC Nantong Chemical 301665.SZ | China | $1.17B | -26% | +27% | 13% | 15.8× | -1.7% | +11.9% |