Atul Limited (ATUL)
₹6,196.50 -0.01% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Atul Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Atul's revenue was ₹1,848 Cr (+25.0% year on year, +10.7% on the previous quarter), and net profit ₹254 Cr (+91.8% year on year); the operating margin was 21.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,848 | +25.0% | +10.7% |
| Operating profit | ₹394 | +66.8% | +40.0% |
| Net profit | ₹254 | +91.8% | +20.3% |
| EPS (₹) | 83.32 | +92.0% | +16.7% |
| Operating margin | 21.3% | — | — |
ATUL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.94% of the ATUL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.38%. That is close to its usual level.
Delivery in the last 5 sessions: 84.9% · 57.7% · 65.3% · 55.1% · 57.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Atul Limited issued a clarification regarding circulating videos alleging effluent discharge into the Par river from its Atul site. The company confirmed an accidental leak occurred roughly 1 km from its effluent treatment plant along an existing 4-km estuarine pipeline, which was immediately isolated and suspended for repairs. Atul stated that the discharged effluent complied with Gujarat Pollution Control Board (GPCB) standards and noted that a replacement pipeline is already at an advanced stage of installation. The company stated it does not expect any material financial or operational impact from the incident.
- Accidental leak detected in an existing ~4-km pipeline approximately 1 km from the effluent treatment plant
- Treated effluent discharged during the incident complied with prescribed GPCB standards
- Installation of a proactive replacement pipeline is already at an advanced stage with approvals in place
- Discharge through the affected pipeline voluntarily suspended pending repairs and inspection; no material impact expected
Atul Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate from the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that requests received for share dematerialisation were processed and confirmed to depositories within prescribed timelines. Furthermore, the corresponding physical security certificates were mutilated and cancelled. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Confirms mutilation and cancellation of processed physical security certificates
Atul Limited has announced the outcome of its postal ballot process conducted via remote e-voting. Shareholders have approved the appointment of Mr. Vinayak Deshpande (DIN: 00036827) as an Independent Director with the requisite majority. The appointment is approved for a term of five consecutive years, pursuant to the notice dated July 24, 2026.
- Appointment of Mr Vinayak Deshpande (DIN: 00036827) as an Independent Director approved by shareholders
- Tenure of appointment confirmed for five consecutive years
- Special resolution passed with requisite majority via remote e-voting postal ballot
- Postal ballot notice was dated July 24, 2026, following prior intimation on August 06, 2026
Atul Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Vinayak Deshpande as an Independent Director for a five-year term (August 2026 to July 2031). Mr. Deshpande, an IIT Kharagpur Chemical Engineer, brings approximately 40 years of experience, including CEO roles at Tata Honeywell and Tata Projects. The remote e-voting period is scheduled from August 07, 2026, to September 05, 2026. This is a procedural governance step following his initial appointment as an Additional Director on August 01, 2026.
- Proposed appointment of Mr. Vinayak Deshpande as Independent Director for a 5-year term ending July 31, 2031
- Remote e-voting period set for 30 days, starting August 07, 2026, and ending September 05, 2026
- Cut-off date for determining shareholder voting eligibility was Friday, July 31, 2026
- Candidate brings ~40 years of experience in industrial automation and large-scale infrastructure projects
- Results of the postal ballot to be declared within 2 working days after September 05, 2026
Atul Limited has released the formal proceedings of its 49th Annual General Meeting (AGM) held on July 31, 2026. The disclosure includes the Chairman's speech, a corporate presentation, and a video recording of the event. This is a routine regulatory filing following the AGM. Investors can use these materials to gauge management's outlook on the chemical industry and the deployment of the company's Rs 1,200 Cr surplus funds.
- 49th Annual General Meeting successfully conducted on July 31, 2026
- Chairman's speech and corporate presentation made public on August 05, 2026
- Company operates with a TTM revenue of Rs 6,273 Cr and a strong net worth of Rs 6,055 Cr
- Maintains a near debt-free balance sheet with only Rs 6 Cr in total debt
Atul Limited concluded its 49th Annual General Meeting on July 31, 2026, where shareholders approved all five proposed resolutions with high majorities. Key outcomes include the adoption of FY26 financial statements, the declaration of a dividend, and the reappointment of Mr. Samveg Lalbhai as Managing Director for a five-year term. The voting results showed strong institutional and promoter support, with the MD's reappointment receiving 98.18% approval.
- 5 resolutions passed including adoption of FY26 financials and dividend declaration
- Mr. Samveg Lalbhai reappointed as Managing Director for a 5-year term from December 15, 2026, to December 14, 2031
- Total of 55,920 shareholders were on record as of the July 24, 2026, record date
- Resolution for dividend declaration passed with 99.99% of votes in favor
- MD reappointment resolution (Special Resolution) passed with 98.18% votes in favor
Atul Limited has submitted newspaper extracts of its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The results were approved by the Board of Directors on July 24, 2026, and published in the Economic Times and Jai Hind on July 25, 2026. This is a procedural filing under Regulation 47 of SEBI (LODR) Regulations. No new financial performance data was introduced in this specific disclosure beyond the confirmation of publication.
- Board of Directors approved Q1 FY27 results in a meeting held on July 24, 2026
- Results published in 2 newspapers: Economic Times (English) and Jai Hind (Gujarati)
- Publication occurred on July 25, 2026, following the board meeting
- Filing pertains to the first quarter ended June 30, 2026
Atul Ltd reported a robust performance for Q1 FY27, with consolidated revenue growing 25% YoY to ₹1,847.95 cr. Net profit (PAT) surged 91.8% YoY to ₹253.93 cr, significantly outpacing revenue growth due to improved operational efficiencies. The 'Performance and Other Chemicals' segment was the primary driver, with revenue increasing 33.8% YoY to ₹1,427.44 cr. Additionally, the board has appointed Mr. Vinayak Deshpande as an Independent Director for a five-year term starting August 01, 2026.
- Consolidated revenue for Q1 FY27 rose 25% YoY to ₹1,847.95 cr from ₹1,478.00 cr.
- Net profit (PAT) attributable to owners nearly doubled to ₹245.30 cr compared to ₹127.77 cr in the previous year's quarter.
- Performance and Other Chemicals segment revenue grew to ₹1,427.44 cr, a 33.8% increase over Q1 FY26.
- Consolidated Profit Before Tax (PBT) reached ₹346.83 cr, representing a 95.9% YoY growth.
- Basic EPS for the quarter improved to ₹83.32 from ₹43.40 in the corresponding quarter of the previous year.
Atul Limited has approved a ₹167 crore capital expenditure to establish new manufacturing facilities for herbicides MCPP-p (1,000 tpa) and MCPA (750 tpa). The company currently has zero capacity in these specific products, making this a fresh portfolio expansion. The project is slated for completion within 67 weeks and will be funded entirely through internal accruals. While the investment is modest at ~2.7% of TTM revenue, it signifies a strategic move into value-added downstream products of o-Cresol and MCA.
- Total capital investment of ₹167 crore excluding working capital and GST
- Addition of 1,000 tpa capacity for MCPP-p and 750 tpa for MCPA
- Project execution timeline set at 67 weeks from July 2026
- 100% funding through internal accruals, supported by a strong cash position of ₹1,756 crore
- Strategic shift to produce value-added downstream products from existing intermediates
Atul Limited reported a robust performance for Q1 FY27, with consolidated revenue growing 25% YoY to ₹1,847.95 Cr. Net profit surged 91.8% YoY to ₹253.93 Cr, significantly outperforming the previous year's quarterly average. The company demonstrated strong margin expansion, with consolidated EPS rising to ₹83.32 from ₹43.40 in the year-ago period. Additionally, the board appointed Mr. Vinayak Deshpande, former CEO of Tata Projects, as an Independent Director to strengthen governance.
- Consolidated revenue from operations increased 25% YoY to ₹1,847.95 Cr from ₹1,478.00 Cr.
- Consolidated Net Profit jumped 91.8% YoY to ₹253.93 Cr compared to ₹132.36 Cr in Q1 FY26.
- Consolidated EPS for the quarter stood at ₹83.32, nearly doubling from ₹43.40 YoY.
- Inventory of finished and work-in-progress goods increased by ₹187.77 Cr, indicating a buildup for anticipated sales.
- Appointed Mr. Vinayak Deshpande as an Independent Director for a 5-year term starting August 01, 2026.
Atul Limited has updated its senior management team following the retirement of Dr. Prabhakar Chebiyyam, President of the Pharmaceuticals division. Mr. Dhaval Vashi, who holds a PhD and has 22 years of experience, has been promoted to Senior Vice President of Pharmaceuticals. Additionally, Mr. Vinay Desai, an Executive VP with 35 years of experience in manufacturing and technology, has been inducted into the senior management team. Both executives have been with the company since December 2022, indicating a focus on internal succession and continuity.
- Dr. Prabhakar Chebiyyam retired as President of Pharmaceuticals effective July 18, 2026
- Mr. Dhaval Vashi promoted to Senior VP (Pharma) with 22 years of experience in Business Development
- Mr. Vinay Desai inducted into senior management with 35 years of experience in manufacturing and technology
- Both new senior management members have been with the company since December 2022
- Changes are effective as of July 18, 2026
Atul Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent MUFG Intime India Pvt Ltd, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and listed on the exchanges. This is a standard administrative filing required by all listed companies to confirm the conversion of physical shares into electronic form. There is no impact on the company's financial performance or business operations.
- Compliance certificate for the quarter ended June 30, 2026
- Processed by Registrar MUFG Intime India Private Limited
- Confirms securities are listed on stock exchanges where earlier shares are listed
- Verification and cancellation of physical certificates completed within prescribed timelines
Atul Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, reporting a standalone turnover of ₹5,564 crore. The company's revenue is heavily concentrated in Performance and Other Chemicals, which account for 70% of turnover, while Life Science Chemicals contribute 29%. Exports remain a significant driver at 42% of total turnover, serving approximately 4,000 customers across 32 industries. The report identifies climate change and waste management as key financial risks due to heavy coal reliance and hazardous waste generation.
- Performance and Other Chemicals segment contributed 70% of the total turnover in FY 2025-26
- Exports accounted for 42% of the total turnover, reaching 88 international countries
- Epoxy resins and hardeners represent the largest product category at 37% of total turnover
- The company maintains a workforce of 1,914 managers and 4,409 workers as of the end of FY 2025-26
- Standalone net worth reported at ₹6,056 crore with a paid-up capital of ₹29.44 crore
Atul Limited has issued a formal communication to shareholders regarding the availability of its Integrated Annual Report for FY 2025-26. The company's 49th Annual General Meeting (AGM) is scheduled for July 31, 2026. A dividend of ₹30 per equity share (300% of face value) has been recommended, pending shareholder approval at the AGM. The filing specifically targets shareholders holding physical shares, urging them to update KYC details for electronic dividend disbursement as per SEBI mandates.
- Dividend of ₹30 per equity share recommended for the financial year ended March 31, 2026.
- 49th Annual General Meeting (AGM) scheduled for Friday, July 31, 2026, at 10:30 am.
- Board recommendation for the dividend was originally made during the meeting on April 24, 2026.
- Physical shareholders must provide PAN, KYC, and bank details to MUFG Intime India Pvt Ltd to receive dividends.
Atul Limited has issued a notice for its 49th Annual General Meeting (AGM) scheduled for July 31, 2026. Key agenda items include the adoption of FY26 financial statements, declaration of a dividend, and the reappointment of Mr. Samveg Lalbhai as Managing Director for a five-year term starting December 15, 2026. The record date for dividend eligibility is set for July 17, 2026. Additionally, the company seeks ratification for cost auditor remuneration of ₹4.10 lakh for the upcoming financial year.
- 49th Annual General Meeting scheduled for July 31, 2026, via video conferencing
- Record date for dividend payment fixed as July 17, 2026
- Proposed reappointment of Mr. Samveg Lalbhai as Managing Director for a 5-year term (2026-2031)
- Cost auditor remuneration for FY27 proposed at ₹4.10 lakh plus taxes
- Book closure period for share transfers set from July 18 to July 24, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 3,030 Cr for the first half (6m) of FY26, representing a 12% YoY growth compared to INR 2,715 Cr. Q2 FY26 revenue stood at INR 1,552 Cr, growing 11% YoY and 5% QoQ, driven by increased sales volumes and buildup of intermediates.
Geographic Revenue Split
Geographically diversified sales with exports contributing approximately 50% of Total Operating Income (TOI). Domestic sales account for the remaining 50%, providing a balanced revenue stream across global and Indian markets.
Profitability Margins
Net Profit (PAT) for FY25 was INR 498.83 Cr, a 54% increase from INR 324.12 Cr in FY24. PAT margin for Q2 FY26 improved to 12% from 10% YoY. Profitability is highly sensitive to crude oil prices and freight costs.
EBITDA Margin
EBITDA margin for Q2 FY26 was 20%, consistent with Q2 FY25. The PBILDT margin improved to 16.45% in FY25 from 13.57% in FY24, primarily due to a reduction in crude oil prices and better cost management.
Capital Expenditure
The company is engaged in large-size capex to expand capacity, funded entirely through internal accruals and available liquidity. While specific future INR figures are not disclosed, the company maintains surplus funds of ~INR 1,200 Cr as of September 2025 for future expansion.
Credit Rating & Borrowing
Maintains a strong credit profile with an overall gearing below 0.10x for the past six years. Interest coverage stood at a robust 107.19x in FY23, with total debt/PBILDT at 0.18x, indicating very low borrowing costs and high solvency.
Operational Drivers
Raw Materials
Crude oil derivatives and chemical intermediates constitute the primary raw materials. Imports account for 28% to 33% of the total raw material requirement, creating a natural hedge against export earnings.
Import Sources
Not specifically disclosed in available documents, though the company mentions global sourcing to meet 28-33% of its requirements.
Key Suppliers
Procures raw materials and intermediates from group entities including Amal, Atul Products, and DPD, alongside external global and domestic vendors.
Capacity Expansion
Current fixed assets are valued at INR 2,852 Cr as of September 30, 2025. The company is executing large-size capex to enhance its chemical manufacturing footprint, though specific MTPA figures are not disclosed.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; margins improved by 2.88% in FY25 specifically due to the reduction in crude oil prices, highlighting the high correlation between input costs and profitability.
Manufacturing Efficiency
Focuses on R&D to improve process efficiencies. The buildup of intermediates (Inventory up 12% to INR 860 Cr in 6m FY26) is used to support anticipated sales growth and ensure manufacturing continuity.
Logistics & Distribution
Distribution costs are impacted by global freight rates; a reduction in these costs, alongside crude prices, helped recover margins to the 16-17% range in FY25.
Strategic Growth
Expected Growth Rate
16-17%
Growth Strategy
Growth will be achieved through large-scale capacity expansions funded by INR 1,200 Cr in surplus funds, a focus on R&D-led product development, and increasing market penetration in export markets which already constitute 50% of revenue.
Products & Services
Specialty chemicals and intermediates used in various industrial applications, including aromatics, polymers, and crop protection chemicals.
Brand Portfolio
Atul, Amal, Atul Products, and DPD.
New Products/Services
The company is R&D-focused, continuously developing new chemical molecules; however, specific expected revenue contribution percentages for new launches are not disclosed.
Market Expansion
Targeting global market expansion to maintain the 50% export share, supported by a geographically diversified sales strategy.
Strategic Alliances
Operates through 37 subsidiary companies and maintains joint ventures (e.g., with Rudolf and other partners) to access specialized technology and markets.
External Factors
Industry Trends
The chemical industry is shifting toward R&D-led specialty products. Atul is positioning itself by investing in large-scale capex and maintaining a strong balance sheet (Current Ratio 2.96x) to navigate cyclicality.
Competitive Landscape
Operates in a highly competitive and cyclical global chemical market with significant pressure from both domestic and international players.
Competitive Moat
Moat is built on cost leadership through scale, deep R&D integration, and a strong liquidity position (INR 1,756 Cr in cash and investments) which allows for counter-cyclical investments.
Macro Economic Sensitivity
Highly sensitive to global GDP growth and industrial production cycles, as 50% of revenue is export-dependent.
Consumer Behavior
Not directly applicable as a B2B chemical manufacturer, but demand is driven by end-user industries like agriculture, automotive, and construction.
Geopolitical Risks
Trade barriers and global supply chain disruptions could impact the 33% of raw materials that are imported and the 50% of finished goods that are exported.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and Ind AS accounting standards. The company maintains adequate internal financial controls as certified by Deloitte Haskins & Sells LLP.
Environmental Compliance
Not disclosed in absolute INR, but the company operates in the chemical sector which is subject to stringent environmental and pollution control norms.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 28%, with a total tax expense of INR 193.66 Cr on a Profit Before Tax of INR 692.49 Cr.
Risk Analysis
Key Uncertainties
Volatility in crude oil prices (input) and global freight rates (distribution) are the primary uncertainties, with a historical impact of reducing margins by ~2% during peak volatility.
Geographic Concentration Risk
50% of revenue is concentrated in export markets, making the company vulnerable to international trade policies and global economic slowdowns.
Third Party Dependencies
33% dependency on imported raw materials and reliance on group entities like Amal and DPD for certain intermediates.
Technology Obsolescence Risk
Mitigated by a strong R&D focus to stay ahead of chemical process innovations.
Credit & Counterparty Risk
Trade receivables stood at INR 1,135 Cr as of September 2025. The company manages credit risk through a strong balance sheet and diversified client base.
