Atul Auto Ltd: ₹741 Cr Sales, ₹23 Cr PAT – India’s Rickshaw Driver Trying to Join the EV Highway
1. At a Glance
Atul Auto is that auto-rickshaw guy who shouts, “sharing, sharing!” and still drives off with just one passenger. The company sold 26,000 three-wheelers in FY24, posted ₹741 Cr revenue, but scraped together only ₹23 Cr PAT (net margin ~3%). At CMP ₹445, it has a P/E of 53 — more expensive than some luxury SUVs while selling literal rickshaws.
2. Introduction
Incorporated in 1986, Atul Auto has been making three-wheelers for almost four decades. From diesel cargo haulers to shiny electric autos, they have everything. Domestically, they hold ~4% market share. Globally, they export to Africa, Latin America, Europe, and even Bangladesh — basically anywhere an Ola/Uber hasn’t yet killed the rickshaw ecosystem.
But while the company doubled its production capacity, utilisation is just 26,000 units out of 120,000 possible. That’s like booking a wedding hall for 5,000 guests and only 400 people turn up — lots of food wasted, lots of aunties still gossiping.
Stock performance? Down 30% in a year. Promoter holding? Down from 52% to 42% in 3 years. ROE? Just 5%. Clearly, someone’s enjoying the ride, but not the shareholders.
3. Business Model (WTF Do They Even Do?)
Atul Auto makes and sells:
Passenger autos (CNG, Diesel, Petrol, Electric)
Cargo carriers (for those overstuffed gas cylinders and Amazon parcels)
E-rickshaws (for the “green India” ride)
Spare parts + NBFC financing through subsidiary KAFL.
Revenue split FY24:
Vehicles: 83%
Spares: 8%
Financing: 7%
Other: 2%
Global presence across 30+ countries, but exports are just 8% of revenue. So, despite world-tour brochures, 92% of sales are still domestic.
4. Financials Overview
Quarterly Results (Jun’25 vs Jun’24 vs Mar’25):
Metric
Latest Qtr (Jun’25)
YoY (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹152.8 Cr
₹135.2 Cr
₹211.1 Cr
+13.0%
-27.6%
EBITDA
₹10 Cr
₹7.6 Cr
₹15.1 Cr
+32.0%
-33.7%
PAT
₹2.06 Cr
₹0.76 Cr
₹5.89 Cr
+171%
-65%
EPS (₹)
1.06
0.48
2.58
+121%
-59%
👉 Annualised EPS from Q1 = ₹4.2. On CMP ₹445 → P/E ~106 (if extrapolated). On FY25 EPS ₹8.4 → P/E ~53. Basically, this stock is priced like Mercedes but earns like Jugnoo auto driver.
👉 Final FV Range = ₹350 – ₹450 (educational only, not advice). CMP ₹445 is at the upper end = “meter down” but not cheap.
6. What’s Cooking – News, Triggers, Drama
EV push: Subsidiary Atul Greentech launched e-autos “Mobili” and “Energie.” But currently in court for trademark fights — Delhi HC even barred them from
