Key Metrics of Atul
About Atul
Sectors
Company details
- Website
- atul.co.in
- Founded
- 1947
- Listed
- NSE: ATUL · ₹5,576.00
Operational Areas of Atul
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Oct 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹563 Cr | View |
| 01 Oct 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹563 Cr | View |
| 10 Oct 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹563 Cr | View |
| 24 Aug 2023 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹478 Cr | View |
| 03 Aug 2022 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹478 Cr | View |
| 25 Nov 2021 | CARE | Other | — | — | — | — | View |
| 03 Aug 2021 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹864 Cr | View |
| 31 Aug 2020 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹524 Cr | View |
| 24 Aug 2020 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹404 Cr | View |
| 04 Oct 2019 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹1,060 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Diversified product portfolio with wide end-user industry application and geographically diversified clientele
Atul’s operations in the chemical sector are classified into two broad segments: Performance and Other Chemicals (POC) and Life Science Chemicals (LSC), catering to diversified industries such as textile, paints and coatings, adhesives, dyestuff, agriculture, fragrance and flavours, cosmetics, personal care, tyres, paper, plastics, pharmaceuticals, aerospace, composites, construction, and glass. Of the two segments, contribution of POC in net sales stood at 71% in FY26, where polymers, aromatics
+ Presence in research-oriented specialty chemicals leading to healthy profitability
Atul was earlier one of the largest dyestuff manufacturers in India. Through strong research and development (R&D) initiatives, joint ventures with multinational companies and acquisitions, the company significantly expanded its product portfolio in aromatics, crop protection, polymers and pharmaceutical intermediates, which are specialty chemicals compared to conventional dyestuff products. This shift in product mix has led to improved profitability, which has shown greater resilience compared
+ Comfortable leverage with strong debt coverage indicators
Consolidated overall gearing (including acceptances) stood at 0.05x as on March 31, 2026 (March 31, 2025: 0.06x). Debt coverage indicators remained strong, marked by interest coverage of 61.82x in FY26 (FY25: 38.31x) and total debt/PBILDT of 0.29x in FY26 (FY25: 0.35x). The company plans to incur a capex of ₹167 crore for setting up manufacturing capacities of 1,000 TPA of Mecoprop p (MCPP-p) and 750 TPA of MCPA, aimed at strengthening its crop protection portfolio and expanding its presence in
+ Vast experience of promoters in chemical industry and competent management
Atul is headed by Sunil Lalbhai, Chairman and Managing Director, a third-generation entrepreneur and technocrat, supported by a well-qualified and experienced senior management team. The Board comprises 10 directors, including six independent directors, with expertise in chemicals, petrochemicals, banking and finance, taxation and law. Board committees such as audit, risk management, remuneration and corporate social responsibility (CSR) are chaired by independent directors. As part of its CSR
Credit challenges
− Compliance with stringent pollution control and fire safety norms, and susceptibility to regulatory risks
Being in the chemical industry, Atul’s operations are subject to stringent environmental regulatory compliances. Pollution control norms in India are evolving, and continuous adherence is mandatory for seamless operations.The company regularly incurs large- size capex to comply with pollution control norms and has not received adverse observations or closure notices from pollution control departments for a long period. In the last 15 years, the company has not encountered fire incidents at its p
Could lead to an upgrade
• Increase in scale of operations while maintaining profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin above 20% on a sustained basis through greater focus on value-added products, and greater retail presence, largely insulating profitability from raw material price volatility. • Greater geographical diversification of manufacturing operations compared to very high dependence on one location currently.
Could lead to a downgrade
• Large debt-funded capex or acquisition leading to deterioration in total debt/PBILDT beyond 1x on a sustained basis. • Change in prevailing pollution control or environmental norms and/or regulatory ban on production and sales of certain products, significantly impacting business and profitability.
Agency-reported financials (CARE, 01 Oct 2025)
| Metric | Q1FY26 |
|---|---|
| Total operating income | ₹1,478 Cr |
| PBILDT | ₹236 Cr |
| PAT | ₹132 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 51.87× |
| EBITDA margin | 15.9% |
| Implied interest cost (EBITDA ÷ coverage) | ₹4.54 Cr |
| PAT margin | 9.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹118 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹445 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹445 Cr | CARE A1+ |
| Cash Credit | ₹118 Cr | CARE AA+; Stable |
| Commercial Paper (Standalone) | — | Withdrawn |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | BG/LC | Proposed |
| Non-fund-based - ST | BG/LC | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 88% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 69% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
Rated limits by facility
Timeline
From the report
The company has significant liquidity of ₹2,633 crore in the form of cash and equivalents including ₹869 crore in the form of investments in quoted equity shares as on March 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Atul
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Apollo Tyres |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | apollotyres.com | 1972 | Ernakulam, India |
 Tata Chemicals |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | tatachemicals.com | 1939 | Mumbai, India |
 CEAT |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | ceat.in | 1924 | Mumbai, India |
 Pidilite Industries |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | pidilite.com | 1959 | Mumbai, India |
| Aarti Industries Ltd | Discovered Companies · Other Industries | — | — | Vapi, Gujarat, India |
 GUJARAT FLUOROCHEMICALS LIMITED |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | gfl.co.in | 1987 | Basal, Himachal Pradesh, India |
| JUBILANT INGREVIA LIMITED | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Amroha, Uttar Pradesh, India |
| SUMITOMO CHEMICAL INDIA LIMITED | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Mumbai, Maharashtra, India |
| PRIVI SPECIALITY CHEMICALS LIMITED | Packaged Foods & Confectionery · Food & Beverages | — | — | Navi Mumbai, Maharashtra, India |
| ANUPAM RASAYAN INDIA LIMITED | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Dist Surat, Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.