1. Opening Hook
Atul began this quarter the way Indian conglomerates love to—big heritage, bigger slides, and a disclaimer longer than the concall itself. While markets debated whether chemicals are “so back” or still in timeout, Atul calmly dropped double-digit nine-month growth and pretended margin pressure was just a seasonal flu.
This is the same company inaugurated by India’s first Prime Minister, now juggling 900+ products, 88 countries, and enough ESG slides to make consultants proud. Revenue grew, profits improved year-on-year, but sequentially? Let’s just say Q2 was a tougher act to follow.
Management sounded confident, optimistic, and slightly allergic to the word “cyclical.” The numbers mostly behave, the balance sheet flexes quietly, and capex keeps inching forward without drama.
Stick around—because once you strip out the legacy halo and sustainability awards, the real story gets far more interesting.
2. At a Glance
- Revenue ₹1,574 Cr (+11% YoY) – Demand showed up; customers didn’t ghost.
- EBITDA ₹286 Cr (+19% YoY) – Growth yes, but sequentially took a breather.
- EBITDA Margin 18% – Down 2% QoQ; inflation still undefeated.
- PAT ₹164 Cr (+40% YoY) – Last year set the bar low; Atul happily jumped.
- EPS ₹55 – Down QoQ; shareholders noticed before management did.
- 9M Revenue ₹4,603 Cr (+11%) – Consistency unlocked.
- 9M PAT ₹478 Cr (+30%) – The long game looks healthier
- than the quarter.
3. Management’s Key Commentary
“Performance of both segments improved during the period.”
(Translation: Please don’t compare us with last quarter 😏)
“Higher sales and improved product mix drove profitability in Life Science Chemicals.”
(Translation: Pharma and crop protection saved the day 🌱)
“Colors and Atul Products performed better due to improved mix.”
(Translation: Pricing power exists, but only if customers behave 😌)
“We commercialised three new products during the quarter.”
(Translation: R&D money didn’t go to chai-samosa 🧪)
“Water consumption reduced by 1,470 KLD.”
(Translation: ESG slide successfully justified ✔️)
“IMS integration completed with zero non-conformities.”
(Translation: Auditors found nothing… disappointingly 😏)
“Renewable power supply to begin by March 2027.”
(Translation: Long-term savings, short-term patience required ⚡)
4. Numbers Decoded
| Metric | Q3FY26 | QoQ | YoY |
|---|---|---|---|
| Revenue (₹ Cr) | 1,574 | +1% | +11% |
| EBITDA (₹ Cr) | 286 | -9% | +19% |
| EBITDA Margin | 18% | -2% | +1% |
| PAT (₹ Cr) | 164 | -10% | +40% |
| EPS (₹) | 55 | -10% | +49% |
- Growth is steady, but margins blinked first.
- QoQ softness is
