Announcement • Jun 26
Atul Ltd to Report Q1, 2027 Results on Jul 24, 2026 Atul Ltd announced that they will report Q1, 2027 results on Jul 24, 2026 Declared Dividend • Apr 26
Dividend increased to ₹30.00 Dividend of ₹30.00 is 20% higher than last year. Ex-date: 17th July 2026 Payment date: 30th August 2026 Dividend yield will be 0.4%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 25
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: ₹230 (up from ₹164 in FY 2025). Revenue: ₹64.8b (up 16% from FY 2025). Net income: ₹6.78b (up 40% from FY 2025). Profit margin: 11% (up from 8.7% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.5%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Apr 25
Atul Ltd announces Annual dividend, payable on August 30, 2026 Atul Ltd announced Annual dividend of INR 30.0000 per share payable on August 30, 2026, ex-date on July 17, 2026 and record date on July 17, 2026. Announcement • Apr 24
Atul Ltd, Annual General Meeting, Jul 31, 2026 Atul Ltd, Annual General Meeting, Jul 31, 2026. Announcement • Mar 26
Atul Ltd to Report Fiscal Year 2026 Results on Apr 24, 2026 Atul Ltd announced that they will report fiscal year 2026 results on Apr 24, 2026 Reported Earnings • Jan 24
Third quarter 2026 earnings: EPS misses analyst expectations Third quarter 2026 results: EPS: ₹54.60 (up from ₹36.93 in 3Q 2025). Revenue: ₹15.7b (up 11% from 3Q 2025). Net income: ₹1.61b (up 48% from 3Q 2025). Profit margin: 10% (up from 7.7% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Dec 26
Atul Ltd to Report Q3, 2026 Results on Jan 23, 2026 Atul Ltd announced that they will report Q3, 2026 results on Jan 23, 2026 Reported Earnings • Oct 19
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: ₹60.88 (up from ₹46.47 in 2Q 2025). Revenue: ₹15.5b (up 11% from 2Q 2025). Net income: ₹1.79b (up 31% from 2Q 2025). Profit margin: 12% (up from 9.8% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Sep 26
Atul Ltd to Report Q2, 2026 Results on Oct 17, 2025 Atul Ltd announced that they will report Q2, 2026 results on Oct 17, 2025 Upcoming Dividend • Jul 04
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 11 July 2025. Payment date: 24 August 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Reported Earnings • Jul 03
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹164 (up from ₹110 in FY 2024). Revenue: ₹55.8b (up 18% from FY 2024). Net income: ₹4.84b (up 50% from FY 2024). Profit margin: 8.7% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jun 26
Atul Ltd to Report Q1, 2026 Results on Jul 18, 2025 Atul Ltd announced that they will report Q1, 2026 results on Jul 18, 2025 Declared Dividend • Apr 30
Dividend increased to ₹25.00 Dividend of ₹25.00 is 25% higher than last year. Ex-date: 11th July 2025 Payment date: 24th August 2025 Dividend yield will be 0.4%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹164 (up from ₹110 in FY 2024). Revenue: ₹56.9b (up 21% from FY 2024). Net income: ₹4.84b (up 50% from FY 2024). Profit margin: 8.5% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹5,167, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 28x in the Chemicals industry in India. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹3,503 per share. Announcement • Mar 26
Atul Ltd to Report Fiscal Year 2025 Results on Apr 25, 2025 Atul Ltd announced that they will report fiscal year 2025 results on Apr 25, 2025 Reported Earnings • Jan 25
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: ₹36.93 (up from ₹24.04 in 3Q 2024). Revenue: ₹14.3b (up 26% from 3Q 2024). Net income: ₹1.09b (up 53% from 3Q 2024). Profit margin: 7.6% (up from 6.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Dec 24
Atul Ltd to Report Q3, 2025 Results on Jan 24, 2025 Atul Ltd announced that they will report Q3, 2025 results on Jan 24, 2025 Announcement • Dec 16
Atul Ltd Announces Executive Changes Atul Ltd. announced change in senior management team Mr. Suman Dutta, President Technology and Manufacturing steps down from the position effective December 15, 2024 due to family reasons. Dr. Parasu Veera Uppara has
joined the Company as President Aromatics business. Dr. Uppara joined the Company effective December 09, 2024 and identified as a senior management personnel effective December 16, 2024. Dr. Parasu Veera Uppara as 25 years of experience in the field of business development, strategy, research and technology, supply chain and project implementation. He holds a graduate degree in Chemical Technology from Jawaharlal Nehru Technological University, Hyderabad, a postgraduate degree in Bio Technology from Jawaharlal Nehru Technological University, Hyderabad and a doctoral degree in Chemical Engineering from University Department of Chemical Technology, University of Mumbai. Price Target Changed • Oct 29
Price target increased by 8.3% to ₹7,821 Up from ₹7,222, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of ₹7,640. Stock is up 22% over the past year. The company is forecast to post earnings per share of ₹182 for next year compared to ₹110 last year. Reported Earnings • Oct 26
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹46.47 (up from ₹30.60 in 2Q 2024). Revenue: ₹14.2b (up 19% from 2Q 2024). Net income: ₹1.37b (up 52% from 2Q 2024). Profit margin: 9.6% (up from 7.6% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Oct 15
Atul Ltd Announces Cessation of Mukund Chitale as Independent Director, Member and the Chairman of the Audit Committee and the Nomination and Remuneration Committee of the Board, Effective October 16, 2024 Atul Ltd. announced that Mr. Mukund Chitale will complete his second term of five years as an Independent Director of the Company on October 16, 2024. Accordingly, he will cease to be a Director of the Company effective October 16, 2024. Consequently, he will also cease to be a Member and the Chairman of the Audit Committee and the Nomination and Remuneration Committee of the Board. Price Target Changed • Oct 03
Price target increased by 7.2% to ₹7,215 Up from ₹6,732, the current price target is an average from 13 analysts. New target price is 7.7% below last closing price of ₹7,817. Stock is up 11% over the past year. The company is forecast to post earnings per share of ₹170 for next year compared to ₹110 last year. Announcement • Sep 25
Atul Ltd to Report Q2, 2025 Results on Oct 25, 2024 Atul Ltd announced that they will report Q2, 2025 results on Oct 25, 2024 Price Target Changed • Aug 01
Price target increased by 7.4% to ₹7,100 Up from ₹6,609, the current price target is an average from 12 analysts. New target price is 9.5% below last closing price of ₹7,845. Stock is up 12% over the past year. The company is forecast to post earnings per share of ₹170 for next year compared to ₹110 last year. Announcement • Jul 26
Atul Ltd Approves the Appointment of Praveen Kadle as an Independent Director Atul Ltd. at its AGM held on July 26, 2024, approved the appointment of Mr. Praveen Kadle as an Independent Director for five consecutive years. Price Target Changed • Jul 22
Price target increased by 7.2% to ₹6,609 Up from ₹6,165, the current price target is an average from 11 analysts. New target price is 9.1% below last closing price of ₹7,273. Stock is up 8.5% over the past year. The company is forecast to post earnings per share of ₹169 for next year compared to ₹110 last year. Reported Earnings • Jul 06
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹110 (down from ₹174 in FY 2023). Revenue: ₹47.4b (down 13% from FY 2023). Net income: ₹3.23b (down 37% from FY 2023). Profit margin: 6.8% (down from 9.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 05
Upcoming dividend of ₹20.00 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 25 August 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.7%). Announcement • Jun 27
Atul Ltd to Report Q1, 2025 Results on Jul 19, 2024 Atul Ltd announced that they will report Q1, 2025 results on Jul 19, 2024 Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-executive & Independent Director Praveen Kadle was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 29
Dividend of ₹20.00 announced Shareholders will receive a dividend of ₹20.00. Ex-date: 12th July 2024 Payment date: 25th August 2024 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 76% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 28
Atul Ltd, Annual General Meeting, Jul 26, 2024 Atul Ltd, Annual General Meeting, Jul 26, 2024. Agenda: To consider dividend; to consider Board changes. Announcement • Apr 27
Atul Ltd. Recommends Dividend for the year ended March 31, 2024, Payable on or after July 31, 2024 The Board of Directors of Atul Ltd. proposed dividend of INR 20 (Rupees Twenty only) per equity share for the year ended March 31, 2024 which is subject To Approve the members at the upcoming Annual General meeting (AGM) to be held on July 26, 2024. Accordingly, the Register of Members and Share Transfer Books shall remain closed from July 13, 2024 to July 19, 2024 (both days inclusive) for the purpose of ascertaining the eligibility of the members to receive dividend. After the approval by the members at the AGM, date for payment of dividend will be on or after July 31, 2024. Reported Earnings • Apr 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹110 (down from ₹174 in FY 2023). Revenue: ₹47.8b (down 12% from FY 2023). Net income: ₹3.23b (down 37% from FY 2023). Profit margin: 6.8% (down from 9.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Apr 27
Atul Ltd Proposes Dividend for the Year Ended March 31, 2024 Atul Ltd. proposed dividend of INR 20 per equity share for the year ended March 31, 2024, which is subject To Approve the members at he upcoming annual general meeting (AGM) to be held on July 26, 2024. Accordingly, the register of members and share transfer books shall remain closed from July 13, 2024, to July 19, 2024 (both days inclusive) for the purpose of ascertaining the eligibility of the members to receive dividend. Reported Earnings • Jan 21
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹24.04 (down from ₹35.60 in 3Q 2023). Revenue: ₹11.4b (down 10% from 3Q 2023). Net income: ₹709.4m (down 33% from 3Q 2023). Profit margin: 6.2% (down from 8.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Dec 13
Atul Ltd Announces Resignation of Mr. Srinivasa Rangan as Independent Director of the Company Effective December 13, 2023 Atul Ltd. informed that Mr. Srinivasa Rangan (Director identification number: 00030248), Independent Director of the Company has resigned effective December 13, 2023. Announcement • Nov 08
Atul Ltd (BSE:500027) announces an Equity Buyback for 66,666 shares, representing 0.23% for INR 500 million. Atul Ltd (BSE:500027) announces a share repurchase program. Under the program, the company will repurchase up to 66,666 shares, representing 0.23% of its share capital for INR 500 million worth of its shares. The shares will be repurchased at a price not exceeding INR 7,500 per share. The company has fixed November 20, 2023, as record date. As of November 3, 2023, the company had 29,513,755 shares in issue. Reported Earnings • Oct 21
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: ₹30.60 (down from ₹51.11 in 2Q 2023). Revenue: ₹12.2b (down 18% from 2Q 2023). Net income: ₹903.2m (down 40% from 2Q 2023). Profit margin: 7.4% (down from 10% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings have declined by 0.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 22
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: ₹35.02 (down from ₹55.70 in 1Q 2023). Revenue: ₹11.8b (down 20% from 1Q 2023). Net income: ₹1.03b (down 37% from 1Q 2023). Profit margin: 8.7% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 07
Upcoming dividend of ₹25.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 27 August 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). Announcement • Jul 01
Atul Ltd to Report Q1, 2024 Results on Jul 21, 2023 Atul Ltd announced that they will report Q1, 2024 results on Jul 21, 2023 Announcement • May 31
Atul Ltd Announces Resignation of Bansi Mehta as an Independent Director, Effective May 31, 2023 Atul Ltd. announced that Mr. Bansi Mehta will complete his term of five years as an Independent Director of the Company on May 31, 2023. Accordingly, he will cease to be a Director of the Company effective May 31, 2023. Consequently, he will also cease to be a Member and the Chairman of the Audit Committee and a Member of the Investment Committee of the Board. Price Target Changed • May 03
Price target decreased by 11% to ₹6,971 Down from ₹7,858, the current price target is an average from 9 analysts. New target price is 5.8% above last closing price of ₹6,592. Stock is down 24% over the past year. The company is forecast to post earnings per share of ₹197 for next year compared to ₹174 last year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹174 (down from ₹204 in FY 2022). Revenue: ₹55.4b (up 9.1% from FY 2022). Net income: ₹5.14b (down 15% from FY 2022). Profit margin: 9.3% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 7.2%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Price Target Changed • Jan 25
Price target decreased by 7.5% to ₹8,796 Down from ₹9,510, the current price target is an average from 10 analysts. New target price is 26% above last closing price of ₹6,993. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₹190 for next year compared to ₹204 last year. Reported Earnings • Jan 22
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹35.60 (down from ₹52.53 in 3Q 2022). Revenue: ₹12.9b (down 6.5% from 3Q 2022). Net income: ₹1.05b (down 32% from 3Q 2022). Profit margin: 8.1% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Dec 31
Atul Ltd to Report Q3, 2023 Results on Jan 20, 2023 Atul Ltd announced that they will report Q3, 2023 results at 12:15 PM, Indian Standard Time on Jan 20, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 9 highly experienced directors. Non-Executive & Independent Director Pradeep Banerjee was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 26
Upcoming dividend of ₹7.50 per share Eligible shareholders must have bought the stock before 02 November 2022. Payment date: 09 November 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (0.7%). Reported Earnings • Oct 22
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ₹51.11 (up from ₹49.56 in 2Q 2022). Revenue: ₹15.2b (up 22% from 2Q 2022). Net income: ₹1.51b (up 2.9% from 2Q 2022). Profit margin: 9.9% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 26% per year, which means it is well ahead of earnings.