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Atul Stock Fundamental Analysis - Financial Results & Equity Research | Investyadnya Stock-o-Meter





Founded by Padma Bhushan Late Shri Kasturbhai Lalbhai in 1947 as Atul Products Ltd, the company today is a backward integrated company with well-diversified product portfolio of around 900 products & 400 formulations. The company has manufacturing facilities located at Ankleshwar & Valsad in Gaujarat & Tarapur in Maharashtra.The company has 3 operating segments namely, Life Science Chemicals, Performance & other chemicals. Life Science chemicals contribute around 32% to revenue, Performance Chemicals contribute 67% to revenue, other chemicals contribute 1% of revenue.


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Sector: Refineries

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Incorporated in 1947, Atul Ltd, formerly Atul Products Ltd was founded by Kasturbhai Lalbhai with a dream to make India self reliant in chemicals, generate employment on a large-scale and create wealth for the society. For translating his dream into reality, Kasturbhai Lalbhai brought his confidant, Ballubhai Muzumdar, an economist- and his son, Siddharth Kasturbhai Lalbhai, a chemical engineer, to lead Atul Ltd and establish a large chemical conglomerate.

It is  one of the largest integrated chemical companies of India and are a diversified Indian company (a part of Lalbhai Group, one of the oldest business houses of India with a legacy of conducting business with a larger purpose) meeting the needs of varied industries such as Adhesive, Agriculture, Animal Feed, Automobile, Composite, Construction, Cosmetic, Defence, Electrical and Electronics, Flavour, Food, Footwear, Fragrance, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Plastic, Rubber, Soap and Detergent, Sport and Leisure, Textile, Tyre and Wind Energy across the world. The company manages complex chemical processes in a responsible way.

In order to enhance focus, the company has placed the products belonging to the 2 reporting Segments, namely Life Science Chemicals and Performance and Other Chemicals, under 7 Sub-segments (interchangeably called Businesses), namely Aromatics, Bulk Chemicals and Intermediates, Colors, Crop Protection, Floras, Pharmaceuticals and Polymers - these in turn are managed through a matrix organisation structure for achieving all-round functional excellence.

Business area of the company

Atul is one of the largest integrated chemical companies of India. The company has one of the biggest integrated chemical complexes in India with a well-diversified product portfolio of around products and formulations. It has manufacturing facilities located at Ankleshwar and Valsad in Gujarat & Tarapur in Maharashtra.

Awards and recognitions

  • 2016: Certificate of merit for ‘greening the deserts’ project by Flame Awards Asia 2016
  • 2016: Innovative Supplier of the Year Award by Hindustan Zinc Ltd
  • 2016: Best Induction Program Award at Chief Learning Officer Summit 2016
  • 2017: Finalist at Outstanding Young Managers Competition 2016-17 at Baroda Management Association
  • 2018: IDC Insights Award 2018
  • 2018: Rashtra Vibhushan Award 2018
  • 2018: Excellence in Cost Management Award 2018
  • 2019: The Company was awarded ‘Green Gujarat Award 2019’ for its Ankleshwar site

History and Milestones


  • Incorporated by Mr Kasturbhai Lalbhai as the first private sector company of independent India to be inaugurated by its first Prime Minister.
  • Established a joint venture (JV) with American Cyanamid Company of the USA, Cyanamid India Ltd, to produce crop protection chemicals and pharmaceuticals.


  • Inaugurated by Prime Minister Jawaharlal Nehru on March 17, 1952.
  • Commenced the manufacture of dyes (including Vat dyes) for the first time in India.
  • Established Kalyani Shala, a school for children residing in and around Atul, with Gujarati as the medium of instruction.
  • Established a JV with Imperial Chemical Industries (ICI) plc of the UK, Atic Industries Ltd (Atic), to produce textile dyestuffs.
  • Established a JV with Ciba-Geigy Ltd (Ciba-Geigy) of Switzerland, Cibatul Ltd (Cibatul), to produce epoxy resins and curing agents.
  • Set up a JV with American Cyanamid (65%) to manufacture crop care chemicals.
  • Commenced the manufacture of Phosgene for the first time in India.
  • Held 2 Ranji Trophy cricket matches at the cricket ground in Atul.


  • Commenced the manufacture of Carbamite and 2,4-D Acid for the first time in India.
  • Set-up Atul Rural Development Fund to formalise programs undertaken since inception related to serving society.
  • Constructed a central effluent treatment plant.
  • Acquired loss-making Gujarat Aromatics Ltd through a reverse merger and got its second production site in Ankleshwar.
  • Commenced the manufacture of para Cresol for the first time in India.
  • Established Atul Vidyalaya, an ICSE school for children residing in and around Atul, with English as the medium of instruction.
  • Modernised epoxy plant and expanded Vat dyes manufacturing unit.
  • Acquired controlling interest in Piramal Rasayan Ltd engaged in the production of dye-intermediates and renamed Amal Ltd.


  • Formed Atul USA Inc, Atul Europe Ltd and Atul China Ltd.
  • Merged Atic after the JV partner ICI PLC exited.
  • Acquired DPD Ltd in the UK engaged in the production of tissue culture raised date palms.
  • Acquired Anchor Adhesives Pvt Ltd which owned Polygrip, a leading Rubber and Polyurethane based adhesive brand in India.
  • Established Atul Vidyamandir, a residential school for tribal children.
  • Established a wholly owned subsidiary company, Atul Bioscience Ltd, to produce Active Pharmaceutical Ingredients (APIs) and their intermediates.
  • Merged Cibatul after the JV partner Ciba-Geigy exited.
  • Established a JV with Rudolf GmbH of Germany, Rudolf Atul Chemicals Ltd, to produce textile chemicals.
  • Inaugurated Atul’s first office in Mumbai in Dadar on March 2007.


  • Established a JV with the Government of Rajasthan, Atul Rajasthan Date Palms Ltd, to produce tissue culture raised date palms for the first time in India.
  • Expanded para Cresol manufacturing facility - the world’s largest.
  • Established a 22,000 sq ft research facility to build the business of APIs and API intermediates.
  • Inaugurated the Learning Center at Atul on January 2012.
  • Inaugurated the Inspiring Center at Atul on March 2012.


  • Automated payroll processing of 5 subsidiary associate companies.
  • Decreased (liquid) effluent in 41 products by 79% on an average.
  • Converted Ankleshwar site into a ‘zero liquid effluent discharge’ facility.
  • Developed 67 new products and formulations in R&D.
  • Developed a mobile application to send requisitions and receive quotations.


  • Implemented ‘Atul mobSales’ - open source integrated mobility solution for brand sales.
  • Implemented ‘Atul i-Quote’ - open source vendor portal to ensure better connect with vendors.
  • Implemented ‘Saral' - open source human resource self-service multi-lingual kiosk system.
  • Established and commissioned well equipped occupational health centre at Ankleshwar.
  • Achieved zero liquid effluent discharge in 1 key product.


  • Achieved zero liquid discharge in the manufacture of a key product.
  • Built a 6,500 kL reservoir for rainwater harvesting.
  • Replaced mercury based caustic chlorine plant with an environment-friendly, membrane based plant.
    Introduced 65 products and 19 formulations.
  • USFDA approval received for Dapsone manufacturing plant.
  • Inaugurated the new registered office at Ahmedabad in January 2015.
  • Inaugurated the second office in Mumbai at Goregaon in September 2015.


  • Visit of Mr Vijay Rupani, Honourable Chief Minister of Gujarat, to Atul Institute of Vocational Excellence.
  • Built 2,000 individual household toilets across 15 villages through Atul Foundation.
  • Visit of Ms Arundhati Bhattacharya, Chairperson of State Bank of India, to Atul Vidyalaya.
  • Established a JV with Nouryon of the Netherlands, Anaven LLP, to produce MCA.
  • Inaugurated office in Thane on March 2017.


  • Developed 34 products and formulations and introduced 35 new products.
  • Debottlenecked capacities in 24 products and Executed 6 expansion projects.


  • Atul Bioscience Ltd (ABL), a 100% subsidiary company, acquired manufacturing facilities of Polydrug Laboratories Private Limited at MIDC.
  • Developed 23 new products and formulations and Introduced 30 new products.
  • Increased yield of 3 products.
  • Entered into 8 new geographies.


  • Developed 35 new products and formulations and introduced six new products.
  • Entered 14 new geographies
  • Atul’s JV -- Anaven -- gets environmental clearance to expand MCA production in India.
Brands Of Atul


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