Atul financials and balance sheet

NSE: ATULBSE: 500027Chemicals & PetrochemicalsSmall Cap

Formerly Atul Products

₹5,576.00₹423.50 (7.06%)BSE ₹5,578.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹5,999.50.

52-week range of traded prices to 23 Oct 2026

₹5,525.00Low, 23 Oct 2026₹7,180.00High, 7 May 2026

Next results date: the board meets on 23 Oct 2026 to consider: financial results and buyback.

Market cap: ₹16,417 Cr352nd largest listed
P/E: 20.6
P/B: 2.6
Dividend yield: 0.54%
ROE: 13.5%
ROCE: 13.4%
Debt to equity: 0.03
Volume, NSE: 1,51,42322.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Atul annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹6,274 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue6,274
Materials and goods−3,306
Employee costs−516
Other expenses−1,421
Operating profit1,031
Depreciation−322
Other income+203
One-off items+6.4
Finance costs−17
Profit before tax901
Net profit689

What the company owns

Plant, investments and other assets₹4,071 Cr
Current investments₹1,648 Cr
Receivables₹1,271 Cr
Inventory₹815 Cr
Cash and bank₹95 Cr

What pays for it: net worth and liabilities

Net worth₹6,297 Cr
Owed to suppliers₹852 Cr
Other liabilities₹572 Cr
Borrowings₹180 Cr

Atul business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Atul segment results by quarter

Revenue by segment

₹6,494 CrTotal

Performance and Other Chemicals₹4,609 Cr71.0% of total
Life Science Chemicals₹1,805 Cr27.8% of total
Others₹80 Cr1.2% of total

Profit by segment

Performance and Other Chemicals₹86 Cr16.6% of total
Life Science Chemicals₹417 Cr81.1% of total
Others₹12 Cr2.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Performance and Other Chemicals
Revenue, ₹ crore
2,880
2,985
2,622
3,759
3,706
3,453
4,058
4,609
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
463
604
594
576
240
240
345
86
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Life Science Chemicals
Revenue, ₹ crore
1,352
1,252
1,216
1,465
1,959
1,427
1,692
1,805
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
230
223
220
179
423
203
347
417
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
80
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,265	4,273	3,887	5,294	5,715	4,943	5,824	6,494
Company revenue, as in its results	4,038	4,093	3,731	5,081	5,428	4,726	5,583	6,274
Revenue	2,880	2,985	2,622	3,759	3,706	3,453	4,058	4,609
Revenue growth	–	3.6%	−12.2%	43.4%	−1.4%	−6.8%	17.5%	13.6%
Profit	463	604	594	576	240	240	345	86
Profit growth	–	30.5%	−1.6%	−3.1%	−58.3%	−0.2%	43.8%	−75.2%
Margin	16.1%	20.2%	22.7%	15.3%	6.5%	6.9%	8.5%	1.9%
Return on capital	–	47.3%	42.1%	31.7%	8.8%	8.7%	11.8%	2.9%
Assets	–	1,793	1,992	2,470	3,281	3,533	3,646	3,861
Liabilities	–	515	579	652	559	784	731	925
Capital employed	–	1,278	1,412	1,818	2,722	2,749	2,915	2,937
Revenue	1,352	1,252	1,216	1,465	1,959	1,427	1,692	1,805
Revenue growth	–	−7.4%	−2.8%	20.4%	33.7%	−27.2%	18.6%	6.7%
Profit	230	223	220	179	423	203	347	417
Profit growth	–	−3.0%	−1.6%	−18.5%	136.3%	−52.0%	70.8%	20.3%
Margin	17.0%	17.8%	18.1%	12.2%	21.6%	14.2%	20.5%	23.1%
Return on capital	–	41.8%	39.7%	23.6%	40.5%	20.7%	33.4%	38.8%
Assets	–	776	843	1,043	1,310	1,235	1,324	1,379
Liabilities	–	242	291	285	266	254	285	305
Capital employed	–	534	552	758	1,044	981	1,039	1,074
Revenue	–	–	–	–	–	–	–	80
Profit	–	–	–	–	–	–	–	12
Margin	–	–	–	–	–	–	–	14.7%
Return on capital	–	–	–	–	–	–	–	5.4%
Assets	–	–	–	–	–	–	–	241
Liabilities	–	–	–	–	–	–	–	21
Capital employed	–	–	–	–	–	–	–	220
Revenue	33	37	48	70	50	63	74	–
Revenue growth	–	–	–	44.3%	−29.1%	–	16.9%	–
Profit	3	11	11	24	1	6	12	–
Profit growth	–	–	–	116.2%	−95.3%	–	116.2%	–
Margin	10.6%	30.2%	23.3%	34.9%	2.3%	9.0%	16.6%	–
Return on capital	–	13.4%	12.1%	20.4%	0.7%	3.4%	6.2%	–
Assets	–	128	131	167	195	200	223	–
Liabilities	–	45	37	47	31	33	25	–
Capital employed	–	83	93	120	164	167	197	–
	0	–	–	–	–	–	–	–
Profit	5	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Atul quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 27 Apr	Mar 2020Filed 29 Apr	Mar 2021Filed 3 May	Mar 2022Filed 27 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
Revenue from operations	2,996	3,338	4,038	4,093	3,731	5,081	5,428	4,726	5,583	6,274
	2,487	2,833	3,271	3,191	2,814	4,169	4,653	4,089	4,670	5,243
Materials and goods bought	1,435	1,803	2,106	1,970	1,695	2,589	2,864	2,511	2,746	3,306
Employee costs	–	–	260	301	310	343	370	398	455	516
Other expenses	–	–	905	920	809	1,238	1,419	1,180	1,470	1,421
Operating profit before depreciation	509	505	767	902	917	911	775	637	913	1,031
Operating margin	17.0%	15.1%	19.0%	22.0%	24.6%	17.9%	14.3%	13.5%	16.4%	16.4%
Materials, % of revenue	–	–	52.2%	48.1%	45.4%	50.9%	52.8%	53.1%	49.2%	52.7%
Employee costs, % of revenue	–	–	6.4%	7.4%	8.3%	6.7%	6.8%	8.4%	8.1%	8.2%
Other expenses, % of revenue	–	–	22.4%	22.5%	21.7%	24.4%	26.1%	25.0%	26.3%	22.6%
Depreciation and amortisation	95	110	119	130	136	177	198	243	317	322
Operating profit after depreciation	414	395	648	772	781	735	577	394	596	709
Other income	53	26	35	78	103	76	115	58	109	203
Finance costs	25	13	7	9	9	9	8	11	24	17
Profit before one-off items and tax	441	408	675	840	874	802	684	441	681	894
One-off items	0	0	5	0	0	0	4	0	0	6
Profit before tax	441	408	680	840	874	802	688	441	681	901
	123	131	244	175	222	205	181	127	194	–
Current tax	87	108	244	213	207	214	179	114	158	–
Deferred tax	36	23	1	−38	15	−9	2	13	36	–
Share of profit of joint ventures and associates	–	4	–	5	7	–	–	–	11	–
Profit from discontinued businesses	–	–	–	–	–	–	–	10	–	–
	323	281	436	671	660	597	507	324	499	689
Belonging to the company's shareholders	323	281	436	666	660	597	507	323	484	678
Belonging to outside owners of subsidiaries	–	–	–	4	–	–	0	1	15	11
Other comprehensive income	–	–	60	−63	76	58	−89	255	59	19
Total comprehensive income	–	–	496	608	736	655	418	579	558	708
Net margin	10.8%	8.4%	10.8%	16.4%	17.7%	11.7%	9.3%	6.9%	8.9%	11.0%
Net margin without joint ventures and associates	–	8.3%	–	16.3%	17.5%	–	–	–	8.7%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2021: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months. Share of profit of joint ventures and associates is left blank for the years to Mar 2022, Mar 2023, Mar 2024 and Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months. Tax is left blank for the year to Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 27 Apr	Mar 2020Filed 29 Apr	Mar 2021Filed 3 May	Mar 2022Filed 27 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr	Sep 2026Half yearFiled 23 Oct
	2,730	3,181	3,857	4,460	4,719	5,163	5,662	6,297	6,668
	2,706	3,155	3,827	4,429	4,671	5,114	5,599	6,222	6,583
Share capital	30	30	30	30	30	29	29	29	29
Reserves	2,676	3,125	3,797	4,399	4,642	5,085	5,569	6,193	6,554
Belonging to outside owners of subsidiaries	24	26	31	31	48	49	64	75	85
	52	97	102	138	47	232	198	180	167
Repayable after a year	43	87	98	61	29	209	182	160	153
Repayable within a year	9	10	4	77	18	23	16	19	14
	577	732	806	999	840	888	884	1,122	1,247
Trade payables	380	478	563	635	539	579	615	852	921
Other financial liabilities	139	168	160	181	210	215	180	156	187
Other liabilities	19	37	35	47	50	50	47	57	70
Provisions	30	38	38	47	21	21	21	23	26
Tax owed	1	1	7	12	3	0	5	15	28
	237	237	274	248	208	424	455	482	503
Other financial liabilities	28	10	10	10	10	9	10	9	7
Other liabilities	7	6	5	4	3	1	1	2	2
Provisions	19	20	25	29	32	31	37	32	29
Deferred tax	139	115	135	144	134	174	225	278	313
	3,544	4,150	4,937	5,706	5,768	6,476	7,001	7,900	8,418
Held for sale or for a demerger	–	–	–	0	0	–	–	–	–
	1,882	2,069	2,373	3,017	3,677	4,201	4,056	3,845	3,823
Plant in use, after depreciation	1,049	1,062	1,357	1,576	1,714	2,737	2,792	2,619	–
Plant being built	172	368	250	420	1,033	281	124	110	–
Intangible assets	20	16	13	8	4	2	2	1	1
Goodwill	32	29	29	29	29	29	29	29	29
Property held to earn rent	3	3	3	3	3	3	3	3	3
Investments	527	467	596	761	649	916	893	887	946
Stakes in joint ventures and associates	16	19	24	28	43	50	57	57	60
Loans given	0	0	4	4	0	0	0	0	0
Other financial assets	2	3	6	9	9	10	17	30	30
Deferred tax	1	7	2	16	30	26	21	31	32
Other assets	47	80	73	145	144	125	96	54	38
	1,662	2,082	2,564	2,689	2,091	2,276	2,945	4,056	4,595
Inventories	521	503	594	864	789	618	729	815	993
Trade receivables	698	720	733	989	845	927	1,126	1,271	1,390
Cash and cash equivalents	38	26	47	58	38	60	51	85	86
Other bank balances	17	9	301	11	14	12	13	10	21
Current investments	209	652	740	550	190	426	816	1,648	1,862
Loans given	0	0	0	0	0	0	0	0	0
Other financial assets	21	33	15	16	24	22	58	66	91
Other assets	158	139	133	200	191	209	151	160	152
Net debt	−211	−590	−987	−481	−195	−267	−683	−1,563	−1,802

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 3 May	Mar 2022Filed 27 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr	Sep 2026Half yearFiled 23 Oct
	718	231	707	667	603	1,023	391
	920	449	918	794	769	1,211	513
	−25	−505	27	111	−209	73	−178
Receivables	−33	0	0	0	−151	0	0
Inventories	−93	−275	65	167	−115	−92	−179
Payables	88	0	0	0	0	0	0
Other working capital	12	−229	−38	−56	56	165	1
Tax paid	−202	−202	−193	−107	−151	−148	−109
Capital spending	323	591	875	504	270	175	87
Free cash flow	395	−359	−168	164	333	848	304
	−646	−168	−469	−683	−495	−895	−280
Plant and property sold	1	0	1	0	1	3	0
Companies bought	0	0	24	−2	0	0	0
Interest received	13	3	1	1	1	18	1
Dividends received	58	9	19	12	17	32	18
	−52	−57	−257	38	−84	−98	−107
Borrowings raised	25	74	0	192	0	0	0
Borrowings repaid	−7	−62	−91	−7	0	−18	−13
Interest paid	−9	−10	−96	−12	−24	−17	−8
Dividends paid	0	59	8	74	59	74	88
Shares bought back	62	0	87	62	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	19	6	−20	22	24	30	3

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Atul dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 27 Apr	Mar 2020Filed 29 Apr	Mar 2021Filed 3 May	Mar 2022Filed 27 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
Earnings per share	₹109.01	₹94.82	₹147.00	₹224.69	₹221.17	₹204.23	₹174.15	₹109.54	₹164.37	₹230.25
Diluted earnings per share	₹109.01	₹94.82	₹147.00	₹224.69	₹221.17	₹204.23	₹174.15	₹109.54	₹164.37	₹230.25
Dividend per share	₹10.00	₹12.00	₹15.00	₹27.50	₹20.00	₹25.00	₹32.50	₹20.00	₹25.00	₹30.00
Book value per share	–	–	₹912.24	₹1,063.69	₹1,293.18	₹1,496.78	₹1,582.98	₹1,737.21	₹1,901.68	₹2,113.44
Dividend payout	9.2%	12.7%	10.2%	12.2%	9.0%	12.4%	18.9%	18.2%	15.2%	13.0%
Shareholder yield	–	–	–	–	0.3%	0.2%	0.5%	0.8%	0.3%	0.4%
Market cap at the year end (₹ crore)	7,095	7,752	10,636	11,830	21,010	30,453	20,539	16,938	18,067	18,750

Ratios

Consolidated, years to March.Atul PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 27 Apr	Mar 2020Filed 29 Apr	Mar 2021Filed 3 May	Mar 2022Filed 27 Apr	Mar 2023Filed 29 Apr	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 24 Apr
Revenue growth	15.2%	11.4%	21.0%	1.4%	−8.8%	36.2%	6.8%	−12.9%	18.1%	12.4%
Operating profit growth	9.9%	−0.8%	51.8%	17.6%	1.7%	−0.6%	−15.0%	−17.8%	43.4%	12.9%
Net profit growth	20.1%	−13.0%	55.0%	53.9%	−1.6%	−9.6%	−15.1%	−36.0%	53.9%	38.2%
Earnings per share growth	–	−13.0%	55.0%	52.9%	−1.6%	−7.7%	−14.7%	−37.1%	50.1%	40.1%
	–	–	16.1%	22.7%	18.9%	14.5%	11.1%	6.6%	9.0%	11.5%
	–	–	–	6.6 pts	−3.8 pts	−4.5 pts	−3.3 pts	−4.5 pts	2.4 pts	2.4 pts
From the net margin	–	–	–	8.2 pts	2.0 pts	−6.4 pts	−3.0 pts	−3.0 pts	1.8 pts	2.2 pts
From asset turnover	–	–	–	−1.6 pts	−5.6 pts	2.0 pts	−0.1 pts	−1.5 pts	0.6 pts	0.2 pts
From borrowing	–	–	–	0.1 pts	−0.2 pts	−0.1 pts	−0.3 pts	−0.1 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	23.3%	23.5%	19.7%	16.0%	12.1%	7.3%	10.2%	10.9%
Cash conversion	–	–	–	–	108.8%	38.8%	139.5%	205.9%	120.9%	148.4%
Interest cover	16.4	31.0	87.4	82.1	83.5	80.1	73.0	35.5	24.9	40.7
Debt to equity	–	–	0.02	0.03	0.03	0.03	0.01	0.04	0.03	0.03
Receivable days	–	–	63	64	72	71	57	72	74	74
Inventory days	–	–	90	93	128	122	101	90	97	90
Payable days	–	–	66	88	121	89	69	84	82	94
Cash conversion cycle, days	–	–	88	69	78	103	89	77	89	70
Working capital days	–	–	75	60	66	83	69	70	78	70
Asset turnover	–	–	1.14	1.06	0.82	0.95	0.95	0.77	0.83	0.84
Assets per rupee of net worth	–	–	1.31	1.31	1.30	1.29	1.26	1.25	1.26	1.26
Sales per rupee of plant	–	–	3.85	3.86	2.75	3.22	3.17	1.73	2.00	2.40
Capital spending to depreciation	–	–	–	–	2.37	3.34	4.42	2.07	0.85	0.54
Plant being built, % of plant in use	–	–	16.4%	34.7%	18.4%	26.7%	60.3%	10.3%	4.5%	4.2%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.1%
Cash from operations against operating profit: 99.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.2%	10.9%	4.9%
Profit growth, yearly rate	9.7%	0.5%	10.2%
Return on equity, average	–	10.5%	9.0%
Return on capital employed, average	–	11.3%	9.5%
Operating margin, average	17.6%	15.7%	15.4%
Net margin, average	11.2%	9.6%	8.9%
Asset turnover, average	–	0.87	0.81
Cash conversion cycle, days, average	–	86	79
Interest cover, average	55.5	50.8	33.7
Debt to equity, average	–	0.03	0.04

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,232	2,293	1,023
Cash from investing	−2,710	−2,073	−895
Cash from financing	−459	−145	−98
Capital spending	2,415	949	175
Dividends paid	273	206	74
Shares bought back	149	62	0
Shares issued for cash	0	0	0
Borrowings raised	265	192	0
Borrowings repaid	178	25	18

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	5	5	9	8
Altman Z-scorePublished threshold 1.81	–	–	11.04	10.43	14.49	17.45	14.48	10.04	10.69	9.73
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.63	−1.69	−2.32	−2.87	−2.55	−2.61
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	12.95	10.01	4.69	5.55	5.80	7.53
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.94	1.12	1.49	1.52
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	1.68	10.71	−1.28	−21.42	22.69	3.34	0.49
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	3.10	31.98	−7.26	−19.29	−9.33	8.60	−8.60
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.20	−0.63	1.35	−0.03	0.34	−0.42	0.29
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.58	0.58	1.06	3.08	0.22	0.33	0.74
Effective tax ratePublished threshold 17.16 per cent	27.80	32.10	35.91	20.76	25.35	25.57	26.34	28.69	28.43	25.02
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.42	−1.77	4.35	6.32	8.56

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE AA+Review, Re-affirm	Stable	117.50
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE A1+Review, Re-affirm		445

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.