Atul Limited · NSE:ATUL
Atul — Investor Presentation (May 2025)
70 slides from Atul's investor presentation, May 2, 2025
Slide 1: Exchange intimation letter
May 02, 2025 The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” C – 1, Block G Dalal Street, Bandra Kurla Complex, Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Through: BSE Listing portal Th
Slide 2: Resilience
Resilience Endeavour | Evolve | Elevate May 2, 2025 | 58
Slide 3: Disclaimer
Disclaimer Atul Ltd (Atul) may, from time to time, make written and oral forward-looking statements, in addition to the statements contained in the filings of the Company with BSE Ltd and National Stock Exchange of India Ltd, and our reports to shareholders. The Company does not undertake to update
Slide 4: Agenda
1. Overview 2. Performance trend 3. Way forward 4. Serving society Agenda Industry Financials 5. updates 6. 2024-25 Sub-segments 7. overview 8. Q & A 1 | 58
Slide 5: Chemicals and daily life
chemicals and daily life More than 96% of all manufactured goods are directly enabled by chemistry 2 | 58
Slide 6: Industries served
industries served Agriculture Defense Horticulture Rubber Automobile Electrical and Paint and Soap and electronics Coatings detergent Composites Fragrance Pulp and Paper Textile Construction Glass Personal care Tyre Cosmetics Home care Pharmaceuticals Wind energy 3 | 58
Slide 7: About Atul
about Atul founder first site economist Kasturbhai Lalbhai spread across 1,346 acres Balwantrai Mazumdar (1894 –1980) (1902 – 1981) incorporation September 5, 1947 first private sector company of India chemical engineer inaugurated by its first Prime Minister Siddharth Lalbhai (1923 – 1998) 4 | 58
Slide 8: Profile
profile 4,000 customers 82 countries 8 manufacturing | 30 industries production sites 140 brands 900 products 400 formulations 73 MW 32 MLD captive power plant effluent treatment 5 | 58
Slide 9: Group entities
group entities Atul Bioscience Ltd Atul Brasil Quimicos Ltda DPD Ltd Atul China Ltd Atul Rajasthan Date Palms Ltd Atul Europe Ltd Amal Ltd Atul Foundation Atul Club Atul Ltd Atul Ireland Ltd Rudolf Atul Chemicals Ltd Atul Middle-East FZ-LLC Atul Institute of Vocational Excellence Anaven LLP Valsad I
Slide 10: Footprint
footprint Expansion is life, contraction is death - Swami Vivekananda 7 | 58
Slide 11: Sub-segments
sub-segments Crop Protection – Bulk Actives Aromatics Polymers – Retail Crop Protection – Retail Bulk Chemicals and Floras Intermediates Pharmaceuticals Colors OIL Urmi Polymers – VIMS Performance Materials OIL: Osia Infrastructure Ltd, Urmi: Aranyak Urmi Ltd, VIMS: Valsad Institute of Medical Scien
Slide 12: Performance (consolidated)
performance consolidated ` cr 6,000 2,000 5,583 5,428 5,081 1,800 5,000 revenue from operations 4,726 1,600 PBT 4,038 4,093 1,400 4,000 3,731 3,338 1,200 2,996 3,000 2,656 2,755 845 882* 1,000 2,458 810 2,043 680 688 692 800 2,000 600 446 412 451 404 308 326 400 1,000 181 200 - - 12-13 13-14 14-15 1
Slide 13: Performance (standalone)
performance standalone ` cr 6,000 1350 4,929 5,002 5,003 sales 5,000 PBT 4,301 1150 3,845 3,824 4,000 3,460 950 3,052 803 804 2,639 3,000 750 2,510 2,403 828* 730 2,307 652 623 1,964 510 2,000 550 397 400 397 350 312 1,000 277 187 150 0 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-
Slide 14: Capital expenditure trend
capital expenditure1 trend consolidated ` cr 874 591 504 365 374 323 270 193 214 211 143 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 • sales yet to realise from new projects: ` 1,700 cr • sales yet to realise from existing capacity: ` 800 cr 1 expenditure amount differs from th
Slide 15: Highlights
highlights ▪ achieved higher PBT in three sub-segments compared to 2023-24 (still lower than the best achieved) ▪ achieved higher PBT in two group entities compared to 2023-24 (higher than the best achieved) ▪ increased consolidated sales volume by 17% compared to 2023-24 ▪ realised 1% higher contri
Slide 16: Lowlights
lowlights Internal ▪ delay in reaching expected performance in new investments ▪ decrease in working capital NoDs not achieved ▪ overall low-capacity utilisation (though better than 2023-24) External ▪ supply chain remained impacted by geo-political tensions ▪ subdued demand in consuming industries
Slide 17: Revenue and PBT
revenue and PBT consolidated ` cr ? ? 8,000 7,000 6,000 +63% +67% 5,000 5,428 688 4,000 +63% +122% 3,000 3,338 412 2,000 +96% +481% 2,043 1,000 186 1,044 32 0 2007-08 2012-13 2017-18 2022-23 2027-28 2007-08 2012-13 2017-18 2022-23 2027-28 revenue PBT standalone Performance trend 13 | 58
Slide 18: Sales and PBT
sales and PBT standalone ` cr ? ? +84% 7,000 6,000 730 +64% 5,000 5,002 4,000 +112% +55% 3,000 397 +97% 3,052 2,000 +434% 1,964 1,000 187 998 35 0 07-08 12-13 17-18 22-23 27-28 07-08 12-13 17-18 22-23 27-28 sales PBT Performance trend 13a | 58
Slide 19: Way forward: growth
way forward growth ▪ existing products | formulations ▪ downstream and upstream products ▪ related products ▪ value add products and formulations ▪ unrelated products | businesses ▪ acquisitions ▪ joint ventures Way forward 14 | 58
Slide 20: Securing future
securing future fast changing Marketing | Business development Sales ▪ new products | formulations (identification) ▪ forecasting (measuring, improving) and sales development (CRM) R&D ▪ process efficiencies and new products | formulations Commercial (development) ▪ derisking Technology 1 Informatio
Slide 21: Values and attributes
values and attributes never changing Integrity Continuous improvement Bias for action Understanding Attention to detail Unity Structured approach Responsibility Learning agility Excellence Creativity Way forward 16 | 58
Slide 22: Serving society
serving society Atul Foundation is committed to fostering sustainable socio-economic upliftment, particularly in the lives of the underprivileged through relevant programs namely: Education Empowerment Health Relief Infrastructure Conservation 17 | 58
Slide 23: Education
education Atul Vidyalaya Atul Vidyamandir GMDC Atul Vidyalaya secured admissions for 7 students in NIT out of 30 students selected by GMDC to set up CBSE school in a remote area Kalyana School provided joyful education to 5,902 students through reached 5,845 children through 25 anujas in 36 anganwad
Slide 24: Empowerment
empowerment No. Courses: Atul Rural Development Fund Courses: Atul Institute of Vocational Excellence Courses 2024-25 Cumulative1 Courses 2024-25 Cumulative1 Basic computer and Tally 212 2,906 Industrial sewing machine operator 310 5,061 Sewing and stitching 112 1,357 Accounts assistant using Tally
Slide 25: Empowerment
empowerment facilitating 221 self-help groups with 2,498 women facilitated saving of ₹125 lakhs among 221 groups facilitated 101 self-help groups to receive cash credit of ` 363 lakh and internal lending of ` 104 lakh Serving society 19 | 58
Slide 26: Health
health Atul Foundation Health Center inauguration and signing MoU with ESIC received approval for ESIC OPD | provided diagnostic and consulting services to 23,347 individuals conducted 4 health camps | 1 HPV vaccination drive | 11 training | 8 awareness sessions | 5 community meetings Serving societ
Slide 27: Health
health conducted 63 eye camps | 19,531 patients conducted 53 blood donation camps | 6,088 blood units eye camps were conducted in collaboration with RNC Eye Hospital, Dhyan Yogi Welfare Foundation and Sewa Rural Serving society 21 | 58
Slide 28: Infrastructure
infrastructure constructed road and toilet blocks | developed parking spaces | renovated 13 classrooms | painted 12 classrooms and campuses Serving society 22 | 58
Slide 29: Conservation
conservation signed MoU with Swachh Bharat Mission and 90 Gram panchayats initiated waste management project in 78 villages and 7 colleges Serving society 23 | 58
Slide 30: Dividend
dividend ` cr 2 325% 1 275% 3 250% 250% 200% 200% 150% 120% 100% 100% 85% 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24-25 1 includes one time dividend of 125% on 125th birth anniversary of the Founder, Kasturbhai Lalbhai 2 includes one time dividend of 75% on completion of 75 years
Slide 31: World chemical market 2023
world chemical market 2023 € bn Chemical GDP Country production | Production Import Export Consumption Net import USD tn GDP % China 17.8 13.5 2,238 177 197 2,218 (20) USA 27.7 2.3 585 123 151 558 (28) Germany 4.5 5.2 218 107 141 183 (34) Japan 4.2 3.8 146 42 62 126 (20) South Korea 1.7 8.5 135 50 8
Slide 32: Indian chemical industry
Indian chemical industry production versus consumption € bn Year Production Import Export Consumption 2019 100.6 48.7 30.3 119.0 2020 92.3 42.2 26.7 107.9 2021 125.5 62.6 32.8 155.3 2022 145 87.4 40.1 192.4 2023 134 79.6 38.1 175.6 CAGR – India 7.4% 13.1% 5.9% 10.2% Consumption = production + import
Slide 33: Chemical production
chemical production % growth over PY Country 2021 2022 2023 2024 China 8.6 5.7 9.6 9.1 EU27 6.1 (6.1) (8.5) 2.0 USA 4.2 2.6 (0.2) 0.0 Japan 5.3 (3.7) (6.6) (2.9) South Korea 8.5 (10.1) (9.3) 2.0 India 8.5 4.4 (0.5) 1.5 Brazil 3.7 1.1 (6.0) 3.1 UK (7.1) (20.5) (12.7) (1.3) Taiwan 5.8 (4.8) (5.7) 2.6
Slide 34: Trade deficit – chapter 29
trade deficit – chapter 29 Chapter 29 trade data US$ bn Import Exports Trade deficit Country 20-21 21-22 22-23 23-24 24-25* 20-21 21-22 22-23 23-24 24-25* 20-21 21-22 22-23 23-24 24-25* China 9.0 12.5 13.3 11.5 11.6 2.4 2.4 1.5 1.3 1.25 (6.6) (10.1) (11.7) (10.4) (10.3) Others 10.7 16.0 15.7 15.3 15
Slide 35: USA reciprocal tariffs
USA reciprocal tariffs ▪ 9% turnover of Atul comes from exports to USA ▪ tariff of 10% on all countries except China – exemption to semiconductors, pharmaceuticals and some chemicals ▪ potentially lower tariff on India compared to most countries in Asia ▪ India USA trade talks progressing well ▪ unc
Slide 36: Profit and loss (consolidated)
profit and loss consolidated ` cr Particulars 2024-25 2023-24 % Revenue from operations 5,583 4,726 18% Expenditure 4,670 4,089 14% Other income 109 58 88% EBITDA 1,022 695 47% EBITDA % 18% 15% 3% Interest 24 11 118% Depreciation 317 243 30% PBT before share of associate and JV 681 441 54% Share of
Slide 37: Profit and loss (standalone)
profit and loss standalone ` cr Particulars 2024-25 2023-24 % Revenue from operations 5,075 4,358 16% Expenditure 4,366 3,797 15% Other income 133 135 (1%) EBITDA 842 696 21% EBITDA % 17% 16% 1% Interest 6 2 200% Depreciation 213 184 16% PBT 623 510 22% Tax 167 125 34% PAT 456 385 19% RoCE % 14% 13%
Slide 38: Group entities
group entities ` cr 158 65 200 182 160 32 44 40 150 52 54 55 150 2 20 137 22 34 140 132 86 0 12 45 41 100 73 130 3 4 17 24 13 (36) -20 120 2 35 14 50 (51) (7) 16 -40 110 -8 25 4 0 -60 FY 23 Atul Bioscience FY 24 Ltd FY 25 FY 23 FY 24 DPD Ltd FY 25 FY 23 FY 24 LLP Anaven FY 25 (100%) (98%) (50% JV) 1
Slide 39: Segment results
segment results consolidated ` cr Life science chemicals Performance and other chemicals Particulars 2024-25 2023-24 Inc | (dec) % 2024-25 2023-24 Inc | (dec) % Net revenues from operations* 1,692 1,427 19% 4,058 3,453 18% Earnings before interest and tax 347 203 71% 345 240 44% EBITDA % 21% 14% 7%
Slide 40: Working capital
working capital consolidated ` cr Particulars Mar 25 Mar 24 Inc | (dec) Inventories 765 650 115 Debtors 1,126 927 199 Other current assets 237 272 (35) Gross working capital* (A) 2,128 1,849 279 Current liabilities (B) 806 754 52 Net working capital (A-B) 1,322 1,095 227 * excluding liquid investmen
Slide 41: Balance sheet
balance sheet consolidated ` cr Particulars As on March 31, 2025 As on March 31, 2024 Fixed assets 2,950 3,052 Other non-current assets 1,106 1,149 Total non-current assets 4,056 4,201 Inventories 765 650 Trade receivables 1,126 927 Other current assets 237 271 Current investments 817 427 Total curr
Slide 42: Cash flow
cash flow consolidated ` cr Particulars 2024-25 2023-24 Profit before tax 692 451 Adjustment for depreciation, finance costs and others 281 223 Share of profit on associate and JV (11) (10) Changes in working capital and others (208) 111 Cash generated from operations 754 775 Income tax paid net of
Slide 43: Treasury funds
treasury funds consolidated (net of borrowings) ` cr 978 691 594 361 307 20-21 21-22 22-23 23-24 24-25 Performance trend 36 | 58
Slide 44: Sub-segment: Aromatics
sub-segment: Aromatics segment: performance and other chemicals | life science chemicals product groups: intermediates and API intermediates industry served: chemical additives, fragrance, personal care and pharmaceutical Product Market share Competition (2024-25) p-Cresol (P&OC) 53% Asia (4), North
Slide 45: Aromatics
Aromatics Sales End user industry prospects ` cr Additives Fragrance Personal care value 12% volume 14% 1,311 1,222 1,173 1,147 World, $ bn 4.3 17 32 CAGR 5% 5.1% 6% ▪ achieved highest production of four key products India, $ mn 39 716 730 ▪ developed and commercialised three new products CAGR 5.5%
Slide 46: Sub-segment: Bulk Chemicals and Intermediates
sub-segment: Bulk Chemicals and Intermediates segment: performance and other chemicals product groups: bulk chemicals, adhesion promoters, intermediates industries served: cosmetics, chemical, dyestuff and tyre Product Market share Competition (2024-25) Resorcinol Significant (India) Asia (4) Insign
Slide 47: Bulk Chemicals and Intermediates
Bulk Chemicals and Intermediates Sales* End user industry prospects value (2)% ` cr CAGR: 8% global tyre market (US$ bn) volume 0% 510 472 391 383 365 ▪ increased production capacity of two products ▪ decreased manufacturing cost for an existing product 2024 2025 2026 2027 2028 2029 2030 2020-21 202
Slide 48: Atul Products Ltd
Atul Products Ltd (wholly owned subsidiary of Atul) Sales End user industry prospects 352 ` cr Chlor-alkali market (US$ bn) ▪ stabilised plant operations CAGR: 4% 65 * 2023-24 2024-25 2024 2025 2026 2027 2028 2029 2030 * commercial production started in Q4 Unrealised CAPEX Way forward ▪ increase cap
Slide 49: Amal Ltd (consolidated)
Amal Ltd (consolidated) (subsidiary of Atul) Sales End user industry prospects value 57% ` cr Global Sulphuric market (US$ bn) volume 27% 135 CAGR: 4% 86 61 ▪ wiped out all losses ▪ became debt free 2024 2025 2026 2027 2028 2029 2030 Source: Sulphuric Acid market size, share and forecast 2024-2030 –
Slide 50: Anaven LLP
Anaven LLP (joint operation between Atul and Nouryon) Sales End user industry prospects | applications value 18% ` cr ▪Personal care volume 12% 160 182 ▪Pharmaceutical Ultra pure Purity and (<0.01% DCA) ▪Food High pure applications ▪Personal care | cosmetics 73 86 (<0.05% DCA | >99.95% MCA) ▪PVC add
Slide 51: Sub-segment: Colors
sub-segment: Colors segment: performance and other chemicals product groups: textile dyes, pigments industries served: textile, paint and coatings and paper Product group Market share Competition (2024-25) Textile dyes – Vat Significant (India) India (>10) Significant (World) Rest of world (>20) Tex
Slide 52: Colors
Colors Sales End user industry prospects value 15% ` cr 1,200 US$ bn volume 17% 80 802 937 85 840 869 858 875 771 104 70 106 58 95 51 142 60 56 715 630 49 515 624 482 544 492 503 546 410 360 200 150 99 40 121 133 119 75 ▪ enhanced market reach in high performance pigments 34 52 31 36 54 44 54 37 48
Slide 53: Rudolf Atul Chemicals Ltd
Rudolf Atul Chemicals Ltd Sales End user industry prospects ` cr 250 US$ bn value 20% volume 23% 165 16 54 138 138 147 125 106 110 10 11 120 80 8 9 28 110 8 24 26 180 20 7 22 18 102 108 78 80 92 55 ▪ achieved highest sales 2019 2020 2021 2022 2023 2024 (E) 2030 (P) 2021-22 2022-23 2023-24 2024-25 ap
Slide 54: Sub-segment: Crop Protection – Bulk actives
sub-segment: Crop Protection – Bulk actives segment: life science chemicals product groups: herbicides, insecticides and fungicides industries served: agriculture and public health Product Market share* Competition (2024-25) 2,4-D and downstream products 13% Australia (1), Asia (6), Europe (1) North
Slide 55: Crop Protection – Bulk actives
Crop Protection – Bulk actives Sales End user industry prospects value 27% ` cr 8.5 bn people by 2030 volume 25% 953 748 627 491 ▪ debottlenecked one key product ▪ decrease steam and water consumption 2021-22 2022-23 2023-24 2024-25 agriculture and allied businesses remain attractive source: www.un.
Slide 56: Sub-segment: Crop Protection – Retail
sub-segment: Crop Protection – Retail segment: life science chemicals product groups: herbicides, insecticides, fungicides, biostimulants and adjuvants industries served: agriculture Brand Market share* Competition (2024-25) Zura 26% Dhanuka, Meghmani, Adama Salix 28% Dhanuka, Meghmani, Adama Cyno 3
Slide 57: Crop Protection – Retail
Crop Protection – Retail Sales End user industry prospects ` cr value 25% 256 8.5 bn people by 2030 volume 36% 197 205 176 ▪ introduced ten new products ▪ improved margins 2021-22 2022-23 2023-24 2024-25 agriculture and allied businesses remain attractive source: www.un.org, National intelligence co
Slide 58: Brands
brands Sub-segments overview | 58
Slide 59: Sindica field activities
Sindica field activities before after 250 quantity in ‘000 Sindica volumes 91 41 2023-24 A 2024-25 A 2025-26 B Sub-segments overview | 58
Slide 60: Sub-segment: Pharmaceuticals
sub-segment: Pharmaceuticals segment: life science chemicals product groups: APIs and API intermediates industries served: pharmaceuticals Product group Market share Competition (2024-25) APIs and API intermediates Insignificant (world) India, Asia, Europe, North America Dapsone 50% India, Europe Ph
Slide 61: Pharmaceuticals
Pharmaceuticals US$ bn Sales End user industry prospects value 31% ` cr volume 36% 173 154 127 132 110 ▪ achieved highest ever sales ▪ completed USFDA audit with ‘zero 483 observations’ Global API market 2023 2025 2027 2029 2031 2033 2024 A: $ 226 bn US Asia-Pacific Global API 2020-21 2021-22 2022-2
Slide 62: Atul Bioscience Ltd
Atul Bioscience Ltd Sales Way forward value 4% ` cr ▪ unlock value – both sites now USFDA inspected – 28 filings volume 6% ▪ enhance capacity of two products 158 143 131 136 ▪ establish two new products and their respective intermediates 126 ▪ achieve full capacity sales of three products ▪ complete
Slide 63: Sub-segment: Polymers – Performance Materials
sub-segment: Polymers – Performance Materials segment: performance and other chemicals product groups: epoxy resins, sulfones, curing agents, reactive diluents and accelerators industries served: adhesives, aerospace and defence, automotive, composites, construction, electrical and electronics, pain
Slide 64: Polymers – Performance Materials
Polymers – Performance Materials Sales End user industry prospects value 3% ` cr volume 17% Paint and coatings Composites Electrical and electronics 1,336 1,443 1,265 1,192 5% ` ‘000 cr 7% 6% 46 40 19 41 34 17 ▪ commissioned liquid epoxy resin plant 2024-25 2026-27 2024-25 2026-27 2024-25 2026-27 Ap
Slide 65: Polymers – Retail
Polymers – Retail product groups: synthetic rubber-based adhesives, polyurethane adhesives, epoxy adhesives and sealants, cyanoacrylates and maintenance spray industries served: footwear, mattresses, foam and furnishing, construction, automobile, sports goods and household Brand Market share* Compet
Slide 66: Polymers – Retail
Polymers – Retail Sales End user industry prospects ` cr value (2)% volume 3% 228 229 232 200 SR, SBS epoxy maintenance and PU achieved higher sales of: India, $ mn 160 455 30 • footwear adhesives in key accounts • cyanoacrylate adhesives in retail CAGR 8% 9% 8% 2021-22 2022-23 2023-24 2024-25 Offer
Slide 67: Brands
brands Polygrip Lapox and Lacare Sub-segments overview | 58
Slide 68: Sub-segment: Floras
sub-segment: Floras Sales World date palm plantation ` cr (‘000 hectares) volume: 10% over py Year Global area under Date % growth (YoY) Palm cultivation (ha) 2013 1,156 62 2014 1,152 -0.33 52 2015 1,123 -2.51 41 47 42 2016 1,183 5.33 2017 1,188 0.40 2018 1,243 4.70 2019 1,187 -4.52 2020 1,220 2.76
Slide 69: Valsad Institute of Medical Sciences Ltd
Valsad Institute of Medical Sciences Ltd Sub-segments overview | 58
Slide 70: Inauguration, VIMSL
Inauguration, VIMSL by Honorable Chief Minister, Government of Gujarat on February 2, 2025 Sub-segments overview | 58