ATUL · Chemicals
Atul Ltd. reported revenue of ₹1,670 cr for January to March 2026, +15.0% on the year and +6.1% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹6,274 cr, +12.4% on the four before.
Operating profit (EBITDA) was ₹281 cr, a margin of 16.8%, +147 bps on the year and +113 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.4% to 17.4%, averaging 16.4%. Operating costs grew +13.0% against revenue growth of +15.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹211 cr, +62.3% on the year and +28.7% on the quarter, with earnings per share of ₹71.38. Profit before other income, one-offs and tax grew 44.9%, so 17 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹689 cr, +38.1% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹230.26 over the last four quarters, the stock at ₹6,200.00 trades at 26.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,194 cr | ₹1,138 cr | ₹1,212 cr | ₹1,322 cr | ₹1,393 cr | ₹1,417 cr | ₹1,452 cr | ₹1,478 cr | ₹1,552 cr | ₹1,574 cr | ₹1,670 cr | ₹1,848 cr |
| YoY | — | — | — | +12% | +17% | +25% | +20% | +12% | +11% | +11% | +15% | +25% |
| EBITDA margin | 13.0% | 13.4% | 12.2% | 16.9% | 17.4% | 15.8% | 15.4% | 16.0% | 17.2% | 15.7% | 16.8% | 21.3% |
| Other income, % of PBT | 19% | 16% | 19% | 10% | 18% | 12% | 27% | 16% | 22% | 20% | 32% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 32% | 29% | 29% | 27% | 26% | 30% | 25% | 21% | 20% | 27% | 27% |
| Net profit | ₹91.0 cr | ₹72.0 cr | ₹59.0 cr | ₹112 cr | ₹140 cr | ₹117 cr | ₹130 cr | ₹132 cr | ₹182 cr | ₹164 cr | ₹211 cr | ₹254 cr |
| YoY | — | — | — | +10% | +54% | +63% | +120% | +18% | +30% | +40% | +62% | +92% |
| Core profit YoY | — | — | — | +11% | +56% | +58% | +103% | +5% | +16% | +17% | +45% | +109% |
| EPS | ₹30.60 | ₹24.04 | ₹19.84 | ₹38.00 | ₹46.47 | ₹36.93 | ₹42.97 | ₹43.40 | ₹60.88 | ₹54.60 | ₹71.38 | ₹83.32 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Atul Ltd. reported revenue of ₹1,670 cr (+15.0% on the year) and net profit of ₹211 cr (+62.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +44.9% on the year, against +62.3% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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