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Swing Capital

Atul Ltd

NSE: ATUL BSE: 500027Chemicals

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]

₹6,820
52W: ₹5560 — ₹7793
PE 33.8 · Book ₹2057 · +232% vs book
Market Cap₹20,081 Cr
Stock P/E33.8Price to Earnings
ROCE13.2%Return on Capital
ROE10.3%Return on Equity
Div. Yield0.42%Face Value ₹10

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 3.35 times its book value
  • −The company has delivered a poor sales growth of 9.64% over past five years.
  • −Company has a low return on equity of 9.03% over last 3 years.
  • −Working capital days have increased from 99.7 days to 156 days

Shareholding Pattern

Promoters45.22%
FIIs7.5%
DIIs25.89%
Public21.37%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.17%45.17%45.18%▲0.045.18%45.18%45.21%▲0.045.22%▲0.045.22%
FIIs8.63%9.66%▲1.011.22%▲1.69.79%▼1.48.77%▼1.08.31%▼0.57.45%▼0.97.5%▲0.0
DIIs25.81%24.54%▼1.322.78%▼1.823.62%▲0.824.97%▲1.324.95%▼0.025.41%▲0.525.89%▲0.5
Public20.39%20.63%▲0.220.82%▲0.221.4%▲0.621.05%▼0.321.51%▲0.521.92%▲0.421.37%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1061,1121,2081,2791,2741,3151,3051,4101,3521,498
Expenses9579851,0221,0851,1111,1471,1431,1901,1791,271
Operating Profit149126185194163168162219172227
OPM %13%11%15%15%13%13%12%16%13%15%
Net Profit110751091299312698172121204
EPS ₹37.1925.4437.0843.7331.4742.6933.258.5341.1569.23

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,564Cr, up 9.6% YoY. OPM at 14%.

Debt Position

Borrowings at ₹6Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹81Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 25.89% (-0.27pp change). FIIs: 7.5% (-0.11pp change). Promoters hold 45.22%.

Margin & Efficiency

ROCE declining from 26% (Mar 2015) to 13% (Mar 2026). Working capital days: 156.

Valuation

PE 33.8x with 13.2% ROCE. Price is 232% above book value of ₹2,057. Dividend yield: 0.42%.

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