# Atul share price today (Atul Ltd, NSE: ATUL)

> Atul share price today: ₹5,156.50 at the NSE close on 4 November 2026, down 9.4% in a year. Atul (NSE: ATUL) is worth ₹15,183 crore, trades at a P/E of 19.7 and has closed between ₹5,028.50 and ₹7,100.00 over the past 52 weeks. > Atul Ltd's P/E is near the low end of its own history, higher than only 3% of past readings, and its quarterly results are still getting worse. ATUL · Dyes & Pigments · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/atul-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹5,156.50 (−9.4% in a year)
- P/E: 19.7× (lower than 97% of the last 11 years)
- Revenue (Sep 2026): ₹1,877 Cr (+20.9% on a year ago)
- Profit (Sep 2026): ₹159 Cr (−12.6% on a year ago)
- Operating margin: 13.0% (−4.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 13.4%, against a 12.0% cost of capital: +1.4 points

The main question: yearly earnings per share moved +40.1% while the share price moved −9.4%. ## What is the Atul share price today? Atul Ltd's share price was ₹5,156.50 at the close on 4 November 2026. It has been falling for 4 weeks. That is 18.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹5,029 and ₹7,100, and at that close it sat 6% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running. Over the last 11 years the share price moved +279% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Atul this quarter? Three changes stood out: profit fell in the September 2026 quarter, revenue up on a year earlier for 11 quarters in a row and lowest operating margin in 10 quarters. 1. Profit fell in the September 2026 quarter Profit was ₹159 crore, -12.6% on a year earlier (₹182 crore), after 9 quarters of growth. 2. Revenue up on a year earlier for 11 quarters in a row In the September 2026 quarter revenue was ₹1,877 crore, +20.9% on a year earlier. 3. Lowest operating margin in 10 quarters Operating margin was 13% in the September 2026 quarter, against 17% a year earlier. ## What are Atul's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Atul reported revenue of ₹1,877 crore, up 20.9% from ₹1,552 crore a year earlier, and a profit of ₹159 crore, down 12.6% from ₹182 crore. ### Atul results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,877 crore | ₹1,552 crore | +20.9% |
| Profit | ₹159 crore | ₹182 crore | −12.6% |
| Earnings per share | ₹52.89 | ₹60.88 | −13.1% |
| Operating margin | 13.0% | 17.0% | −4.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Atul share price history? Atul closed at ₹5,156.50 on 4 November 2026, down 9.4% from ₹5,691.00 a year earlier (7 November 2025) and down 42.3% over five years. Its highest weekly close since February 2016 was ₹10,535.20 on 8 October 2021. ### Atul share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹5,028.50 | +2.5% |
| 1 month ago · 1 Oct 2026 | ₹5,861.00 | −12.0% |
| 6 months ago · 8 May 2026 | ₹7,088.50 | −27.3% |
| 1 year ago · 7 Nov 2025 | ₹5,691.00 | −9.4% |
| 3 years ago · 3 Nov 2023 | ₹6,450.05 | −20.1% |
| 5 years ago · 4 Nov 2021 | ₹8,932.75 | −42.3% |
| 10 years ago · 4 Nov 2016 | ₹2,173.10 | +137.3% |
| Earliest and lowest weekly close in our records · 26 Feb 2016 | ₹1,360.70 | +279.0% |
| Highest weekly close since February 2016 · 8 Oct 2021 | ₹10,535.20 | −51.1% |
| 52-week high (weekly close) · 15 May 2026 | ₹7,100.00 | −27.4% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹5,028.50 | +2.5% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 26 February 2016 to 4 November 2026.)

## What is the latest news on Atul? 4 Nov 2026: Atul closed at ₹5,156.50, up 2.5% on the week and down 12.0% on the month. Results for July to September 2026: Revenue up 20.9% and profit down 12.6% on a year earlier. ### Earlier

- 17 Jul 2026: ex-date for a dividend of ₹30 a share. - Our read, 17 May 2026: FY24-cycle trough is confirmed behind, a depressed-base specialty chemicals compounder turning the corner on volumes, margins, and new product cadence. ### Our read of the business

₹1,200 Cr surplus funds + near-zero debt = capital spending optionality preserved. Latest quarter: Record quarterly sales, but profit boosted by ₹90 Cr other income and provision reversal. (Our read after the latest results, written 17 May 2026.)

## What dividend does Atul pay? Atul paid ₹30 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.58% at the ₹5,156.50 close on 4 November 2026. The last was a dividend of ₹30 a share, ex-date 17 July 2026. ### Atul dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 17 Jul 2026 | ₹30 | Dividend | same day |
| 11 Jul 2025 | ₹25 | Dividend | same day |
| 12 Jul 2024 | ₹20 | Dividend | n/a |
| 14 Jul 2023 | ₹25 | Dividend | n/a |
| 2 Nov 2022 | ₹7.50 | Special | 3 Nov 2022 |
| 14 Jul 2022 | ₹25 | Dividend | n/a |
| 15 Jul 2021 | ₹20 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Atul Ltd paid out 13% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Atul management say on the latest results call? Atul's management made 0 promises we could check against what it later reported. (Our read after the latest results, written 17 May 2026.)

## What is the future of Atul? What is changing in the business? What is changing at Atul, from the latest results and calls: specialty chemicals destocking cycle end, volume recovery, life science chemicals, margin premium + export growth (2,4-d, indoxacarb, sulphonyl urea) and liquid epoxy resin (ler) facility ramp, new capacity driving performance chemicals. - Specialty Chemicals Destocking Cycle End, Volume Recovery. Revenue grew 7 consecutive quarters through FY26, with 4 consecutive quarters of on a year earlier profit acceleration, the global agro-chemical and specialty chemicals destocking cycle that cratered FY24 earnings is definitively over. ⚠ estimate
- Life Science Chemicals, Margin Premium + Export Growth (2,4-D, Indoxacarb, Sulphonyl Urea). Life Science segment runs 19% PBIT margins vs 10% for Performance Chemicals, growing crop protection export volumes (2,4-D, Indoxacarb, Sulphonyl Urea herbicides/insecticides) improve the revenue mix and lift blended margins structurally. ⚠ estimate
- Liquid Epoxy Resin (LER) Facility Ramp, New Capacity Driving Performance Chemicals. The recently commissioned LER plant drove July to September 2025 domestic volume uplift, higher LER volumes from new facility was explicitly cited as the key Q2 on a year earlier revenue driver in the company presentation. ⚠ estimate
- New Product Launches, Crop Protection Retail + Water Treatment JV. Three new crop protection products (Mylonis, Salix Gold, Tikadis, May 2026) goal India's ₹25,000 Cr+ crop protection market; Atul-Buckman water treatment JV (Feb 2026) opens a new segment. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What could change the Atul story? What are the risks? China remains the structural headwind, if export pricing aggression resumes (driven by domestic oversupply or policy shifts), Atul's agro-chemical and dye segments face margin re-compression similar to FY24. ### The main risks

- Chinese Specialty Chemicals Competition Resumes Aggression: China remains the structural headwind, if export pricing aggression resumes (driven by domestic oversupply or policy shifts), Atul's agro-chemical and dye segments face margin re-compression similar to FY24. ⚠ estimate
- Other Income Dependency, Q4 profit Quality Concern: January to March 2026 profit of ₹210 Cr included ₹90 Cr other income (31.9% of PBDIT) and a ₹24 Cr employee provision reversal, strip these out and core profit is ~₹96 Cr, implying profit quality significantly weaker than headline. ⚠ estimate
- Agro-Chemical Demand Cyclicality, Monsoon Sensitivity: Crop Protection is both Life Science's largest driver and inherently cyclical, a poor FY27 monsoon, farm income stress, or channel restocking pause can abruptly reverse the recovery. ✓ fact
- Input Cost Volatility, Benzene, Toluene, Petrochemical Feedstocks: Atul uses benzene, toluene, and other crude-linked petrochemical feedstocks as raw materials, an oil price spike compresses margins; current recovery partially aided by favorable feedstock costs. ⚠ estimate

(Our read after the latest results, written 17 May 2026.)

## What to watch in Atul's next results? When Atul reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Chinese benzene/agrochemical export price indices; Atul's quarterly operating margin trend vs prior year. | What to check | Why |
| --- | --- |
| Chinese benzene/agrochemical export price indices; Atul's quarterly operating margin trend vs prior year. | Chinese Specialty Chemicals Competition Resumes Aggression |
| April to June 2026 other income component; core operating profit trajectory vs reported profit. | Other Income Dependency, Q4 profit Quality Concern |
| IMD monsoon forecast; domestic agrochemical channel inventory commentary in April to June 2026. | Agro-Chemical Demand Cyclicality, Monsoon Sensitivity |
| Brent crude trajectory; on the previous quarter operating margin movement if crude spikes. | Input Cost Volatility, Benzene, Toluene, Petrochemical Feedstocks |
| Capital spending announcement or special dividend/buyback announcement; quarterly ROCE trend. | ROE / ROCE Improvement Stall, Surplus Funds Drag on Returns |

## Which stock lists is Atul on? Atul is on 3 of our India lists: Undervalued stocks, 52 week high & low and Small & mid cap stocks. - [Undervalued stocks Profit growth x: 1.4046345811051693](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [52 week high & low 52-week position: At 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Small & mid cap stocks Size rank in India: 432](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Atul profitable? Atul Ltd earned ₹159 Cr of net profit in the Sep 2026 quarter, −12.6% on the same quarter a year earlier. Full-year FY26 profit was ₹689 Cr. Over 10 years profit has grown 9.7% a year on average. That is 8.5% of the quarter's revenue. The same quarter a year earlier earned ₹182 Cr. For the full year, FY26 profit was ₹689 Cr (+38.1% on the year before). Why profit moved: revenue changed +20.9% on a year earlier and the margin moved −4.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +45.6% and revenue +18.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Atul make, and is it growing? Atul Ltd reported ₹1,877 Cr of revenue in the Sep 2026 quarter, +20.9% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 10 years it has grown 9.2% a year on average. The last full year, FY26, came in at ₹6,274 Cr. Why this happened. As confirmed in the Q2 FY26 company presentation: 'The Company maintains a strong Balance Sheet with ~₹1,200 cr of surplus funds available for future expansion.' Net D/E of -0.18 (net cash). Current funds of ₹1,159 Cr as at Sep 30, 2025. This is both a quality floor (no financial risk) and a potential catalyst if capex is announced with a clear returns thesis. The last four reported quarters add to ₹6,969 Cr. FY26 revenue was ₹6,274 Cr, +12.4% on the year before. Recent pace: the last four quarters grew +18.0% on average, against 9.2% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +18.1%, against +17.3% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +40.5%, against +43.4% a year (stabilising). ## How much of every ₹100 of sales does Atul keep? Atul Ltd's operating margin was 13.0% in the Sep 2026 quarter, 4.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 14.0% and 25.0%. The latest quarter is below every full year in that period. Why this happened. H1 FY26 segment data from the official company presentation shows Life Science Chemicals PBIT% at 19% versus Performance & Other Chemicals at 10%. Export-led growth in Crop Protection, Bulk Actives (2,4-D herbicide, Indoxacarb insecticide, Sulphonyl Urea) drove the Life Science segment 7% YoY in H1, with export realizations recovering. If Life Science grows faster than Performance Chemicals, the blended EBITDA margin will expand even without volume growth in the lower-margin segment. Why the margin moved: operating margin changed −4.1 percentage points on the year while gross margin changed −6.6 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Atul's profit turning into cash? Over the last 3 years, 152% of Atul Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,023 Cr of operating cash against ₹689 Cr of profit. After ₹137 Cr of spending on assets, ₹886 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 152% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Atul's cash go? Atul Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 70 days in FY26, down from 78 days in FY21. It spent ₹865 Cr on assets over the last 3 years. Customers take 74 days to pay, and stock sits for 90 days on average. At FY26 sales of ₹6,274 Cr, each day of that cycle ties up about ₹17.2 Cr, so roughly ₹1,203 Cr is tied up in the business at any time. FY26: customers took 74 days to pay and stock sat for 90 days, about 3.0 months of sales sitting as stock, for a full cycle of 70 days, shorter than FY21's 78. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 90 days. Customers pay about 74 days after that. Suppliers are paid at 94 days. Together that makes the 70-day cycle. Spending on assets: ₹865 Cr over the last 3 years, against ₹882 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹110 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Atul's P/E ratio, and how does it compare with its own history? Atul Ltd's P/E is 19.7×, near the low end of its own history: it has been lower only 3% of the time. Its usual P/E (the middle reading) is 32.6×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +40.1% while the price moved −9.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −10.4% a year; about +2.7% a year came from earnings growth and about −13.1 percentage points from the multiple (the market paying less); over 10 years the price moved +9.0% a year; about +11.0% a year came from earnings growth and about −2.0 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Atul business getting better or worse? Atul Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE rising at 15.7%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Atul story, and has it been checked? Atul Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: MID CONTRACTION. Our read, 17 May 2026. FY24-cycle trough is confirmed behind, a depressed-base specialty chemicals compounder turning the corner on volumes, margins, and new product cadence. From the numbers. From the price. Price stage 4, week 4, below its 200-day line, relative strength falling. From the research. FY24-cycle trough is confirmed behind, a depressed-base specialty chemicals compounder turning the corner on volumes, margins, and new product cadence. Where they disagree. FII stake-cutting per pe pb cycle data. What is proven. FY24-cycle trough is confirmed behind, a depressed-base specialty chemicals compounder turning the corner on volumes, margins, and new product cadence. What is not proven yet. China remains the structural headwind, if export pricing aggression resumes (driven by domestic oversupply or policy shifts), Atul's agro-chemical and dye segments face margin re-compression similar to FY24. The test written in advance. Chinese Specialty Chemicals Competition Resumes Aggression. Measured by: Chinese Specialty Chemicals Competition Resumes Aggression Chinese benzene/agrochemical export price indices; Atul's quarterly OPM trend vs prior year by the next result. The test written in advance. Other Income Dependency, Q4 PAT Quality Concern. Measured by: Other Income Dependency, Q4 PAT Quality Concern Q1 FY27 other income component; core EBITDA trajectory vs reported PAT by the next result. The test written in advance. Agro-Chemical Demand Cyclicality, Monsoon Sensitivity. Measured by: Agro-Chemical Demand Cyclicality, Monsoon Sensitivity IMD monsoon forecast; domestic agrochemical channel inventory commentary in Q1 FY27 by the next result. Lever 3 · Management change: building. Revenue grew 7 consecutive quarters through FY26, with 4 consecutive quarters of YoY PAT acceleration, the global agro-chemical and specialty chemicals destocking cycle that cratered FY24 earnings is definitively over. What proves it keeps working: Specialty Chemicals Destocking Cycle End, Volume Recovery. It stops working if Chinese benzene/agrochemical export price indices; Atul's quarterly OPM trend vs prior year. Lever 2 · Value-added mix: building. Life Science segment runs 19% PBIT margins vs 10% for Performance Chemicals, growing crop protection export volumes (2,4-D, Indoxacarb, Sulphonyl Urea herbicides/insecticides) improve the revenue mix and lift blended margins structurally. What proves it keeps working: Life Science Chemicals, Margin Premium + Export Growth (2,4-D, Indoxacarb, Sulphonyl Urea). It stops working if Chinese benzene/agrochemical export price indices; Atul's quarterly OPM trend vs prior year. Lever 5 · Regulatory approval: building. The recently commissioned LER plant drove Q2 FY26 domestic volume uplift, higher LER volumes from new facility was explicitly cited as the key Q2 YoY revenue driver in the company presentation. What proves it keeps working: Liquid Epoxy Resin (LER) Facility Ramp, New Capacity Driving Performance Chemicals. It stops working if Chinese benzene/agrochemical export price indices; Atul's quarterly OPM trend vs prior year. Lever 1 · Operating leverage: building. Three new crop protection products (Mylonis, Salix Gold, Tikadis, May 2026) goal India's ₹25,000 Cr+ crop protection market; Atul-Buckman water treatment JV (Feb 2026) opens a new segment. What proves it keeps working: New Product Launches, Crop Protection Retail + Water Treatment JV. It stops working if Chinese benzene/agrochemical export price indices; Atul's quarterly OPM trend vs prior year. Sources: our stock research file (17 May 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes. ## How much does Atul earn on its capital? Atul Ltd earned a ROCE of 15% in FY26. That is up from a low of 9% in FY24. Its return on capital used (ROIC) is 1.4 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 11.0% net margin and 0.80× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 11.0% net margin × 0.80× asset turnover × 1.27× leverage (assets divided by equity) ≈ 11.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 13.4% − 12.0% = +1.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 11.3%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Atul have too much debt? Atul Ltd has total debt of ₹169 Cr against shareholder equity of ₹6,668 Cr as of Sep 2026, so its debt is 0.03× its equity, which is very little. Year by year, that ratio went from 0.03 in FY22 to 0.03 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Atul shareholding pattern? No group of Atul Ltd's owners changed its stake by a full percentage point over the last two years. Domestic institutions moved +0.7 points over the same period, to 25.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. The FY24 earnings trough (PAT ₹324 Cr, down 36% from FY23) was driven by global agrochemical destocking, Chinese export dumping, and weak European demand. From Q1 FY26, all three conditions began normalizing: channel inventories cleared, Chinese pricing stabilised somewhat, European demand recovered. Each quarter of FY26 printed higher PAT than its prior-year comparable. Performance & Other Chemicals segment drove H1 FY26 revenue growth at 14% YoY, while Life Science Chemicals grew 7%, both segments above FY24 trough rates. Over the last two years: Foreign institutions: −0.8 points over 8 quarters, to 8.9%; Domestic institutions: +0.7 points over 8 quarters, to 25.2%; Promoters: +0.2 points over 8 quarters, to 45.3%. ## How far is Atul from balance-sheet trouble? For Atul Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. The Q2 FY26 company presentation explicitly states: 'Year-over-year revenue also increased by 12%, driven by higher LER volumes from the recently commissioned facility.' This is new manufactured capacity that had not existed in the prior-year comparables, creating a structural volume step-up that is not a cyclical recovery. The RACL (Rudolf Atul Chemicals Ltd, 50:50 JV with Nouryon for textile chemicals) plant stabilization and LER ramp together represent the capex cycle beginning to pay off. ## How does Atul rank in its industry? 57.3 out of 100, rank 3 of 10 in Dyes & Pigments, with 100% of the evidence available. Atul Ltd scores 57.3 out of 100 against the 10 companies it is compared with in Dyes & Pigments, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 21.8 + 19.3 + 16.2 + 0 = 57.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Atul compared with? Atul ranks 3 of 10 Dyes & Pigments companies on the 4-Factor Sector Score, with 57.3 out of 100. 1. [Bhageria Industries Ltd](https://www.sectoralpha.in/stocks/bhageria-industries-ltd) BHAGERIA · leader · Most evidence points up · 82% evidence 69.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.5/35 · Revenue 75.8% · Profit 100% · Operating margin change 8 points · 95% evidence Capital efficiency 14.3/25 · ROCE 9.4% · Operating margin 19% · 76% evidence Valuation 9.2/20 · P/E 14× · PEG n/a · 50% evidence Relative strength 17.7/20 · Lead over its industry 45.6% · Lead over NIFTY 500 79% · 1 year 61.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 28.5 + 14.3 + 9.2 + 17.7 = 69.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Bodal Chemicals Ltd](https://www.sectoralpha.in/stocks/bodal-chemicals-ltd) BODALCHEM · breaking out · Most evidence points up · 89% evidence 68.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 27.6% · Profit 100% · Operating margin change 0 points · 88% evidence Capital efficiency 10.1/25 · ROCE 5.6% · Operating margin 10% · 100% evidence Valuation 14.3/20 · P/E 30.2× · PEG 0.39 · 65% evidence Relative strength 20.0/20 · Lead over its industry 79.6% · Lead over NIFTY 500 114.4% · 1 year 168.5% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.5 + 10.1 + 14.3 + 20 = 68.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Atul Ltd this page ATUL · quiet · Evidence leans up · 100% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.8/35 · Revenue 18.1% · Profit 40.5% · Operating margin change -4 points · 100% evidence Capital efficiency 19.3/25 · ROCE 14.9% · Operating margin 13% · 100% evidence Valuation 16.2/20 · P/E 19.2× · PEG 0.47 · 100% evidence Relative strength 0.0/20 · Lead over its industry -35.1% · Lead over NIFTY 500 -16.5% · 1 year -12.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.8 + 19.3 + 16.2 + 0 = 57.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Vidhi Specialty Food Ingredients Ltd](https://www.sectoralpha.in/stocks/vidhi-specialty-food-ingredients-ltd) VIDHIING · losing its lead · Evidence leans up · 85% evidence 55.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.8/35 · Revenue 34.4% · Profit 22.4% · Operating margin change -5 points · 100% evidence Capital efficiency 21.8/25 · ROCE 18.8% · Operating margin 19% · 100% evidence Valuation 5.3/20 · P/E 25.5× · PEG 2.77 · 100% evidence Relative strength 9.3/20 · Lead over its industry n/a · Lead over NIFTY 500 1.3% · 1 year -9% · 25% evidence · 10 of 12 weeks ahead Exact sum: 18.8 + 21.8 + 5.3 + 9.3 = 55.2 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 5. [Ultramarine & Pigments Ltd](https://www.sectoralpha.in/stocks/ultramarine-pigments-ltd) ULTRAMAR · quiet · Evidence leans up · 81% evidence 53.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.5/35 · Revenue 15.6% · Profit 16.5% · Operating margin change 2 points · 88% evidence Capital efficiency 15.6/25 · ROCE 10.8% · Operating margin 19% · 100% evidence Valuation 9.6/20 · P/E 11.4× · PEG 2.42 · 100% evidence Relative strength 7.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -10.2% · 1 year -22.3% · 25% evidence · 7 of 12 weeks ahead Exact sum: 20.5 + 15.6 + 9.6 + 7.9 = 53.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Kiri Industries Ltd](https://www.sectoralpha.in/stocks/kiri-industries-ltd) KIRIINDUS · breaking out · Evidence leans down · 71% evidence 49.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.7/35 · Revenue 25% · Profit 100% · Operating margin change 13 points · 83% evidence Capital efficiency 5.3/25 · ROCE 3.4% · Operating margin 5% · 76% evidence Valuation 11.5/20 · P/E 4.4× · PEG n/a · 15% evidence Relative strength 12.3/20 · Lead over its industry -4.7% · Lead over NIFTY 500 21.4% · 1 year 1% · 100% evidence · 11 of 12 weeks ahead Exact sum: 20.7 + 5.3 + 11.5 + 12.3 = 49.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Sudarshan Colorants India Ltd](https://www.sectoralpha.in/stocks/sudarshan-colorants-india-ltd) SUDARCOLOR · turning · Evidence leans down · 100% evidence 47.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.2/35 · Revenue 6.3% · Profit -9.8% · Operating margin change 3 points · 100% evidence Capital efficiency 11.9/25 · ROCE 11.4% · Operating margin 13% · 100% evidence Valuation 17.6/20 · P/E 14.5× · PEG 0.47 · 100% evidence Relative strength 6.7/20 · Lead over its industry -20.5% · Lead over NIFTY 500 2% · 1 year -28.3% · 100% evidence · 6 of 12 weeks ahead Exact sum: 11.2 + 11.9 + 17.6 + 6.7 = 47.4 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 8. [Sudarshan Chemical Industries Ltd](https://www.sectoralpha.in/stocks/sudarshan-chemical-industries-ltd) SUDARSCHEM · breaking out · Evidence leans down · 81% evidence 44.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue 90.2% · Profit 2.3% · Operating margin change 2 points · 88% evidence Capital efficiency 8.4/25 · ROCE 5.5% · Operating margin 10% · 100% evidence Valuation 6.4/20 · P/E 78.1× · PEG 1.29 · 100% evidence Relative strength 11.1/20 · Lead over its industry n/a · Lead over NIFTY 500 5.5% · 1 year -13.7% · 25% evidence · 12 of 12 weeks ahead Exact sum: 18.6 + 8.4 + 6.4 + 11.1 = 44.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Sadhana Nitro Chem Ltd](https://www.sectoralpha.in/stocks/sadhana-nitro-chem-ltd) SADHNANIQ · quiet · Most evidence points down · 71% evidence 32.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.1/35 · Revenue -24.3% · Profit -80% · Operating margin change 646.8 points · 74% evidence Capital efficiency 4.0/25 · ROCE -11.1% · Operating margin 17.9% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 6.3/20 · Lead over its industry -16.2% · Lead over NIFTY 500 5% · 1 year 13.1% · 100% evidence · 5 of 12 weeks ahead Exact sum: 12.1 + 4 + 10 + 6.3 = 32.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Indokem Ltd](https://www.sectoralpha.in/stocks/indokem-ltd) INDOKEM · breaking out · Most evidence points down · 64% evidence 29.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 6.8/35 · Revenue -4.5% · Profit -57.5% · Operating margin change 0.5 points · 88% evidence Capital efficiency 3.1/25 · ROCE 5.5% · Operating margin 4.8% · 100% evidence Valuation 8.5/20 · P/E 799× · PEG n/a · 15% evidence Relative strength 11.4/20 · Lead over its industry n/a · Lead over NIFTY 500 8.2% · 1 year -7.2% · 25% evidence · 5 of 5 weeks ahead Exact sum: 6.8 + 3.1 + 8.5 + 11.4 = 29.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Dyes & Pigments](https://www.sectoralpha.in/sectors/dyes-pigments), all 10 compared on one page. ## Which companies are close to Atul in size? Atul is the largest of 10 Dyes & Pigments companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Sudarshan Chemical Industries, Kiri Industries, Bodal Chemicals, Indokem, Bhageria Industries and Vidhi Specialty Food Ingredients. ### Dyes & Pigments companies close in size

1. Atul Ltd ₹14,805 crore
2. [Sudarshan Chemical Industries Ltd](https://www.sectoralpha.in/stocks/sudarshan-chemical-industries-ltd) ₹7,930 crore
3. [Kiri Industries Ltd](https://www.sectoralpha.in/stocks/kiri-industries-ltd) ₹3,513 crore
4. [Bodal Chemicals Ltd](https://www.sectoralpha.in/stocks/bodal-chemicals-ltd) ₹2,072 crore
5. [Indokem Ltd](https://www.sectoralpha.in/stocks/indokem-ltd) ₹1,790 crore
6. [Bhageria Industries Ltd](https://www.sectoralpha.in/stocks/bhageria-industries-ltd) ₹1,582 crore
7. [Vidhi Specialty Food Ingredients Ltd](https://www.sectoralpha.in/stocks/vidhi-specialty-food-ingredients-ltd) ₹1,538 crore

[All 10 Dyes & Pigments companies, largest first](https://www.sectoralpha.in/sectors/dyes-pigments#all-companies)

### Companies close in size in other industries

1. [Devyani International Ltd](https://www.sectoralpha.in/stocks/devyani-international-ltd) ₹14,845 crore · Quick Service Restaurant - QSR
2. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) ₹14,818 crore · Aerospace & Defence - Equipments
3. Atul Ltd ₹14,805 crore
4. [IFCI Ltd](https://www.sectoralpha.in/stocks/ifci-ltd) ₹14,730 crore · Finance - PSU Lending
5. [Zydus Wellness Ltd](https://www.sectoralpha.in/stocks/zydus-wellness-ltd) ₹14,723 crore · FMCG - Personal Care

## What else do people ask about Atul? ### What is Atul's share price today? Atul Ltd's share price is ₹5,156.50, −9.4% over the past year. The whole company is worth ₹15,183 Cr on the market. In the last 52 weeks it traded between ₹5,029 to ₹7,100; today it is 6% of the way up from the low, 18.4% below its 200-day average (as of 4 November 2026). ### What were Atul's latest quarterly results? Atul Ltd reported revenue of ₹1,877 Cr and net profit of ₹159 Cr for the Sep 2026 quarter. Revenue rose 20.9% and profit fell 12.6% compared with a year earlier. Earnings per share were ₹52.89. The operating margin was 13.0%, 4.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Atul's market cap? Atul Ltd's market capitalisation is ₹15,183 Cr at a share price of ₹5,156.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Atul performing? Atul Ltd's share price has been falling for 4 weeks. In its latest quarter, revenue rose 20.9% and profit fell 12.6% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 4 November 2026). ### Will Atul's share price go up? This page does not forecast Atul Ltd's share price. What it shows instead: the share price is ₹5,156.50, and it has been falling for 4 weeks. Its P/E of 19.7× is higher than 3% of its own last 11 years (as of 4 November 2026). ### Does Atul have too much debt? No, Atul Ltd has little debt: its debt is 0.03× its equity, and its operating profit is 61 times its interest bill. FY26 borrowings were ₹183 Cr against equity of ₹6,221 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Atul in its business cycle? Atul Ltd's FY26 operating margin was 16.0%, against a 13-year range of 14.0% to 25.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 13.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Atul story? The main question: yearly earnings per share moved +40.1% while the share price moved −9.4%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Atul a stock worth studying right now? What the numbers show: Atul Ltd's P/E is near the low end of its own history, higher than only 3% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Atul share price forecast for 2026? What is changing at Atul, from the latest results and calls: specialty chemicals destocking cycle end, volume recovery, life science chemicals, margin premium + export growth (2,4-d, indoxacarb, sulphonyl urea) and liquid epoxy resin (ler) facility ramp, new capacity driving performance chemicals. What would change the story: China remains the structural headwind, if export pricing aggression resumes (driven by domestic oversupply or policy shifts), Atul's agro-chemical and dye segments face margin re-compression similar to FY24. ## Lists

- Undervalued stocks: https://www.sectoralpha.in/markets/in/deep-value-stocks
- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

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