Atul Ltd
ATULAtul Ltd is coiled. The quarters are improving, yet the P/E sits at the 19th percentile of its own 10-year range — the business is moving before the market.
The sharpest disagreement: annual EPS moved +40.1% against a −11.4% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (14 weeks in) while the P/E sits at the 19th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +92.4% year on year, and 152% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Atul Ltd trades at ₹6,150, in a confirmed uptrend and 14 weeks into that stage. That is −4.8% against its own 200-day average. It sits at 33% of a 52-week range of ₹5,691 to ₹7,100. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).
Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹6,150 it trades −4.8% versus its 200-day average and sits at 33% of its 52-week range (₹5,691–₹7,100).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +352% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2026-06-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 19th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Atul Ltd trades at 23.7× P/E, near the bottom of its own range — cheaper only 19% of the time. Its long-run median P/E is 32.7×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 23.7× is near the bottom of its own range — cheaper only 19% of the time, against a long-run median of 32.7× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +40.1% against a −11.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −7.9%/yr price move, ~+2.6%/yr came from earnings growth and ~−10.5 pp from the multiple (compressing); over 10y, of the +11.4%/yr price move, ~+11.3%/yr came from earnings growth and ~+0.1 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Atul Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 14.2% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +12.4% | +4.9% | +11.0% | +9.2% |
| Profit | +38.1% | +10.8% | +0.9% | +9.7% |
| EPS | +40.1% | +9.7% | +0.8% | +9.6% |
| Share price | −11.4% | −2.1% | −7.9% | +11.4% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
65.5/100 — rank 1 of 10 in Dyes & Pigments · 100% evidence confidence
Atul Ltd scores 65.5 out of 100 against the 10 companies it is compared with in Dyes & Pigments, ranking 1. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.7% and the one-year return is -11.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 28 + 18.1 + 14 + 5.4 = 65.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Atul Ltd reported ₹1,848 Cr of revenue in the Jun 26 quarter, +25.0% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.2% a year. The last full year, FY26, came in at ₹6,274 Cr. The last four reported quarters add to ₹6,644 Cr.
Atul Ltd reported ₹1,848 Cr of revenue in the Jun 26 quarter, +25.0% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.2% a year. The last full year, FY26, came in at ₹6,274 Cr. The last four reported quarters add to ₹6,644 Cr.
FY26 revenue came in at ₹6,274 Cr (+12.4% on the year), capping 10 years at 9.2% compound. The latest quarter (Jun 26) printed ₹1,848 Cr, +25.0% year on year — the 10th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +15.6% growth against the decade's 9.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +15.7% over the last 4 quarters against +16.9%/yr over the last 8 — stabilising; TTM profit +56.3% vs +55.8%/yr — stabilising.
→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (+5.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Atul Ltd's operating margin is 21.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 25.0%. The current quarter sits inside that band.
Atul Ltd's operating margin is 21.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 25.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 21.0%, +5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0%–25.0%.
Why the margin moved: operating margin went +5.4 pp year on year while gross margin went +2.5 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins held — did that reach the bottom line? Next: profit +92.4% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Atul Ltd earned ₹254 Cr of net profit in the Jun 26 quarter, +92.4% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹689 Cr. The 10-year compound rate is 9.7%. That is 13.7% of the quarter's revenue. The same quarter a year earlier earned ₹132 Cr.
Atul Ltd earned ₹254 Cr of net profit in the Jun 26 quarter, +92.4% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹689 Cr. The 10-year compound rate is 9.7%. That is 13.7% of the quarter's revenue. The same quarter a year earlier earned ₹132 Cr.
Jun 26 profit was ₹254 Cr, +92.4% year on year — the 9th consecutive quarter of growth. On the full year, FY26 printed ₹689 Cr (+38.1%), and the 10-year compound rate is 9.7%.
Why profit moved: revenue contributed +25.0% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +56.2% vs revenue +15.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 152% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 152% of Atul Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,023 Cr of operating cash against ₹689 Cr of profit. After ₹137 Cr of capital spending, ₹886 Cr was left as free cash.
FY26: operating cash of ₹1,023 Cr against reported profit of ₹689 Cr, leaving free cash of ₹886 Cr after ₹137 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 152% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 152%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 70-day cycle and ₹865 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Atul Ltd's cash conversion cycle runs 70 days in FY26, down from 78 days in FY21. Capital spending ran ₹865 Cr over the last 3 years. At FY26 sales of ₹6,274 Cr each day of that cycle holds about ₹17.2 Cr, so roughly ₹1,203 Cr sits inside the business at any moment.
FY26: debtors at 74 days, inventory at 90 days — roughly 3.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 70 days, tighter than FY21's 78.
The full loop: cash goes out to suppliers and production on day 0; stock waits 90 days to sell; customers pay about 74 days after that; and suppliers themselves are paid at 94 days — netting out to the 70-day cycle.
In money terms: at FY26 sales of ₹6,274 Cr, each day of the cycle holds about ₹17.2 Cr — so the 70-day loop keeps roughly ₹1,203 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹865 Cr over the last 3 fiscal years against ₹882 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹110 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 15% and the ROIC − WACC spread is +2.0 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Atul Ltd earns a ROCE of 15% in FY26. That is up from a trough of 9% in FY24. Return on invested capital clears the cost of that capital by +2.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.0% net margin on 0.80× asset turns.
FY26 ROCE is 15%, recovered from a FY24 trough of 9% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 11.0% net margin × 0.80× asset turns × 1.27× balance-sheet leverage ≈ 11.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 14.0% − 12.0% = a +2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.03.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Atul Ltd carries total debt of ₹183 Cr against shareholder equity of ₹6,297 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.03 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹183 Cr against shareholder equity of ₹6,297 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.03 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 1.2 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 1.2 points of Atul Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 7.4% of the company. Promoters moved +0.2 points over the same window, to 45.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −1.2 points over 8 quarters to 7.4%; Promoters: +0.2 points over 8 quarters to 45.3%; Domestic institutions: +0.1 points over 8 quarters to 25.9%.
🚨 Why the register moved: foreign institutions drove it (−1.2 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Atul Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Atul Ltd this page | 23.7× | ₹18,865 Cr | Consistent | |||
| Sudarshan Chemical Industries Ltd | 488.0× | ₹8,288 Cr | Mixed | |||
| Kiri Industries Ltd | — | ₹2,643 Cr | No read | |||
| Vidhi Specialty Food Ingredients Ltd | 31.7× | ₹1,551 Cr | Mixed | |||
| Indokem Ltd | 262.0× | ₹1,396 Cr | No read | |||
| Ultramarine & Pigments Ltd | 14.0× | ₹1,108 Cr | Mixed | |||
| Bhageria Industries Ltd | 14.5× | ₹999 Cr | Mixed | |||
| Bodal Chemicals Ltd | 17.9× | ₹857 Cr | No read | |||
| Sudarshan Colorants India Ltd | 17.2× | ₹832 Cr | Mixed | |||
| Sadhana Nitro Chem Ltd | — | ₹812 Cr | No read |
Frequently asked questions
What is Atul Ltd's share price today?
Atul Ltd trades at ₹6,150, −11.4% over the past year. The company is valued at ₹18,865 Cr. The stock sits at 33% of its 52-week range of ₹5,691–₹7,100, −4.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 14 weeks in. — as of 24 July 2026.
What were Atul Ltd's latest quarterly results?
Atul Ltd reported revenue of ₹1,848 Cr and net profit of ₹254 Cr for the Jun 26 quarter. Revenue rose 25.0% and profit rose 92.4% year on year. Earnings per share were ₹83.32. The operating margin was 21.0%, 5.0 pp higher than a year earlier. — as of 24 July 2026.
What is Atul Ltd's revenue?
Atul Ltd reported revenue of ₹1,848 Cr in the Jun 26 quarter, +25.0% year on year. For the full FY26 fiscal year, revenue was ₹6,274 Cr (+12.4%). Over the last 10 years revenue compounded at 9.2% a year. — as of 24 July 2026.
What is Atul Ltd's profit?
Atul Ltd earned ₹254 Cr of net profit in the Jun 26 quarter, +92.4% year on year — the 9th straight quarter of growth. Full-year FY26 profit was ₹689 Cr. The operating margin ran 21.0% in the latest quarter. — as of 24 July 2026.
What is Atul Ltd's market cap?
Atul Ltd's market capitalisation is ₹18,865 Cr at a share price of ₹6,150. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Atul Ltd's P/E ratio?
Atul Ltd trades at a P/E of 23.7×, at the 19th percentile of its own 10-year range, against a long-run median of 32.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Atul Ltd pay a dividend?
Yes — Atul Ltd's dividend payout was 13% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Atul Ltd overvalued?
On its own history, Atul Ltd looks cheap against its own history: its P/E of 23.7× has been cheaper only 19% of the time in 10 years (long-run median 32.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Atul Ltd growing?
Yes — Atul Ltd is growing: latest-quarter revenue +25.0% year on year, profit +92.4%, and the margin +5.0 pp at 21.0%. The 10-year compound rates are 9.2% (revenue) and 9.7% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Atul Ltd performing?
Atul Ltd is in a confirmed uptrend, 14 weeks in. Its latest quarter's revenue rose 25.0% and profit rose 92.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 9 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Atul Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 14.2% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +15.7% latest, profit growth +56.3% latest, eps growth +59.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Atul Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 14 of stage 2), trading −4.8% versus its 200-day average and at 33% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Atul Ltd beating the market?
Not lately — on a trailing-13-week view Atul Ltd is currently behind the NIFTY 500 (9 weeks and counting; last ahead the week of 2026-06-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +352% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will Atul Ltd's share price go up?
This page publishes no price forecast for Atul Ltd. What it measures instead: the share price is ₹6,150, the price is in a confirmed uptrend 14 weeks in. Its P/E of 23.7× sits at the 19th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Atul Ltd?
Promoters hold 45.3% of Atul Ltd, foreign institutions 7.4%, domestic institutions 25.9% and the public 21.3% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 1.2 points over 8 quarters. — as of 24 July 2026.
Does Atul Ltd have too much debt?
No — Atul Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 61×. FY26 borrowings were ₹183 Cr against equity of ₹6,221 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Atul Ltd's capex?
Atul Ltd spent ₹865 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹137 Cr, with ₹110 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Atul Ltd's cash flow?
Atul Ltd generated ₹1,023 Cr of operating cash flow in FY26 and ₹886 Cr of free cash flow after ₹137 Cr of capital spending. Reported profit that year was ₹689 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Atul Ltd's profit real cash?
Yes — over the last 3 fiscal years, 152% of Atul Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,023 Cr against reported profit of ₹689 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Atul Ltd in its business cycle?
Atul Ltd's FY26 operating margin was 16.0%, against a 13-year band of 14.0%–25.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 21.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Atul Ltd story?
The sharpest disagreement: annual EPS moved +40.1% against a −11.4% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Atul Ltd a stock worth studying right now?
This is not investment advice. The machine read: Atul Ltd is coiled. The quarters are improving, yet the P/E sits at the 19th percentile of its own 10-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.