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Atul: Focus is on enhancing vertical integration

Notwithstanding operational headwinds and higher working capital, Atul remains on track for a three-year capex cycle

April 28, 2022 / 10:53 AM IST
Atul: Focus is on enhancing vertical integration


PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The Q4FY22 result of Atul (CMP: Rs 8,960; Market cap: Rs 26,510 crore) has been on the lines of results declared by the rest of the chemical firms. Gross margins are squeezed sequentially as prices of key basic chemicals/raw materials, such as phenol, toluene and caustic soda, have further firmed up. In addition, freight cost, which peaked in September 2021, is still elevated and quoting at nearly three times the value in December 2020. As a result, EBITDA margin for...

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