Company Valuation: Atul Ltd

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 304,397 205,442 168,936 180,582 187,631 172,407 - -
Change - -32.51% -17.77% 6.89% 3.9% -8.11% - -
Enterprise Value (EV) 1 305,204 205,532 157,227 173,750 172,002 145,675 140,845 130,433
Change - -32.66% -23.5% 10.51% -1.01% -15.31% -3.32% -7.39%
P/E 50.4x 40x 52.4x 37.3x 27.7x 21x 18.8x 17x
PBR 6.88x 4.4x 3.3x 3.23x 3.02x 2.5x 2.24x 2x
PEG - -2.7x -1.4x 0.7x 0.7x 0.9x 1.6x 1.7x
Capitalization / Revenue 5.9x 3.79x 3.57x 3.23x 2.99x 2.39x 2.17x 2.03x
EV / Revenue 5.92x 3.79x 3.33x 3.11x 2.74x 2.02x 1.78x 1.53x
EV / EBITDA 33.5x 26.5x 24.7x 19x 16.7x 11.3x 9.86x 8.27x
EV / EBIT 41.5x 35.6x 39.9x 29.1x 24.3x 14.2x 12.5x 10.5x
EV / FCF -84.9x -122x 96.1x 52.2x 20.3x 26.7x 21.2x 25.4x
FCF Yield -1.18% -0.82% 1.04% 1.92% 4.93% 3.75% 4.71% 3.93%
Dividend per Share 2 25 25 20 25 30 37.97 46.57 42.29
Rate of return 0.24% 0.36% 0.35% 0.41% 0.47% 0.64% 0.79% 0.71%
EPS 2 204.2 174.2 109.5 164.4 230.2 282.3 316 348
Distribution rate 12.2% 14.4% 18.3% 15.2% 13% 13.5% 14.7% 12.2%
Net sales 1 51,569 54,275 47,257 55,834 62,735 72,197 79,330 85,091
EBITDA 1 9,114 7,748 6,367 9,130 10,308 12,923 14,288 15,763
EBIT 1 7,348 5,770 3,938 5,961 7,087 10,283 11,226 12,429
Net income 1 6,043 5,141 3,230 4,839 6,779 8,315 9,310 10,247
Net Debt 1 806.9 89.3 -11,709 -6,832 -15,629 -26,731 -31,562 -41,974
Reference price 2 10,288.20 6,960.90 5,738.20 6,133.55 6,372.95 5,926.60 5,926.60 5,926.60
Nbr of stocks (in thousands) 29,587 29,514 29,441 29,442 29,442 29,442 - -
Announcement Date 4/26/22 4/28/23 4/26/24 4/25/25 4/24/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.71x3.48x9.9x2.03% 70.35B
11.86x0.91x7.57x4.54% 49.06B
52.21x8.35x35.55x1.04% 15.55B
13.18x0.88x6.12x2.72% 14.2B
11.17x0.72x4.8x2.92% 10.15B
15.42x0.7x7.63x3.2% 9.7B
36.31x1.67x8.8x2.08% 9.04B
4.65x0.66x2.75x4.73% 8.84B
30.74x4.21x18.03x0.38% 7.65B
Average 21.69x 2.40x 11.24x 2.63% 21.62B
Weighted average by Cap. 19.71x 2.57x 10.65x 2.8%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield