Atul Ltd (ATUL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-19.0%

₹4,138.26

vs ₹5,112.00 price

Levered DCF

₹3,934.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.82

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	27.66×	35.35×	52.92×	39.96×	50.4×	32.03×	17.75×	24.38×
P/B	3.01×	3.06×	3.34×	4.4×	6.88×	5.49×	3.75×	3.9×
P/S	2.99×	3.06×	3.62×	3.78×	5.99×	5.63×	2.89×	2.61×
EV / EBITDA	15.19×	18.79×	27.11×	25.35×	33.33×	22.94×	13.18×	13.73×
Gross margin	23.7%	36.0%	32.1%	44.7%	46.3%	51.6%	48.7%	45.1%
Operating margin	11.3%	27.1%	22.8%	37.3%	38.9%	42.5%	40.5%	38.0%
Net margin	10.8%	8.7%	6.8%	9.5%	11.9%	17.6%	16.3%	10.7%
Current ratio	3.61×	3.33×	2.56×	2.49×	2.69×	3.18×	2.84×	2.88×
Debt / equity	0.03×	0.04×	0.05×	0.01×	0.03×	0.03×	0.04×	0.02×
Interest coverage	40.66×	62.99×	97.09×	256.06×	215.75×	169.74×	176.28×	207.11×
Dividend yield	0.4%	0.3%	0.4%	0.5%	0.2%	0.0%	1.3%	0.4%
Payout ratio	10.9%	12.2%	22.8%	18.7%	9.8%	0.0%	22.7%	9.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.9%	8.6%	6.3%	11.0%	13.6%	17.1%	21.1%	16.0%
Return on invested capital	8.0%	17.7%	13.8%	30.1%	30.9%	28.6%	38.2%	33.0%
Return on assets	8.6%	6.9%	5.0%	8.9%	10.6%	13.3%	16.1%	12.2%
Free cash flow yield	4.8%	1.9%	1.0%	-0.8%	-1.2%	1.9%	4.3%	1.9%
Earnings yield	3.6%	2.8%	1.9%	2.5%	2.0%	3.1%	5.6%	4.1%
Enterprise value	₹188.4B	₹172.6B	₹172.7B	₹205.6B	₹305.4B	₹210.9B	₹119.2B	₹105.6B
Net debt / EBITDA	0.07×	0.16×	0.28×	0.02×	0.09×	0.09×	0.1×	0.02×
Cash conversion cycle (days)	74	91	82	93	104	81	81	23