Atul Limited has announced the launch of three proprietary crop protection products — Mylonis, Salix Gold, and Tikadis — on May 13, 2026, under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The newly introduced portfolio targets disease management, weed control, and early-stage pest protection for major Indian crops including rice, soybean, and groundnut, with a focus on enhancing crop productivity and advancing sustainable farming practices across domestic markets.

Product Launch Details

The following table summarises the key details of the product launch as disclosed to the stock exchanges:

New Product Lineup

The three products address critical gaps in disease management, pest control, and weed management for major crops — factors that directly influence agricultural yields and farmer profitability. Each product brings a distinct formulation approach tailored to specific crop and field requirements:

Product Highlights

Mylonis is a patented fungicide combining Azoxystrobin, Isoprothiolane, and Mancozeb, designed to tackle the most challenging diseases in rice — sheath blight, blast (including multiple strains), and grain discolouration. Beyond disease suppression, Mylonis strengthens plant health, enhances grain quality, and supports resistance management strategies.

Salix Gold reflects Atul's advanced manufacturing capability in high-purity technical grade production. This 2,4-D sodium salt-based water-dispersible granules formulation provides post-emergence weed control, effectively targeting broadleaf weeds and sedges in rice production systems across India. While currently focused on domestic markets, the company is actively exploring commercial opportunities in select international regions.

Tikadis, a patented seed treatment formulation, combines Azoxystrobin, Carbendazim, and Thiamethoxam to deliver day-one defence against soil-borne pests and pathogens in groundnut and soybean. Field trials demonstrate that Tikadis promotes robust seed germination, strengthens root nodule development for improved plant vigour, and ensures uniform pod development.

About Atul Limited

Founded in 1947 by Kasturbhai Lalbhai, Atul Limited is an integrated chemical company in India with an annual revenue of ₹7,000 cr plus. The company manufactures 900 products and 400 formulations, with production facilities located at Ambernath, Ankleshwar, Jodhpur, Panoli, Tarapur, and Valsad in India, and Somerset in the UK. It has established subsidiary companies in Brazil, China, Germany, Ireland, UAE, UK, and USA. The Crop Protection-Retail business of Atul has a presence across the country and provides crop care solutions for major crops such as corn, cotton, paddy, soybean, sugarcane, wheat, and a range of fruits and vegetables. Its product portfolio comprises 59 brands and 71 formulations, including best-selling brands such as Zura, Salix, Sindica, Rymix, Rhyzo, Loxo, Cyno, and Amsac.

Elara Capital has issued an Accumulate rating on Atul Ltd with a target price of ₹27,305, pointing to a robust quarterly performance and a compelling medium-term earnings recovery story. The brokerage's optimism is anchored in strong year-on-year growth across key financial metrics, a recovering business mix, and identifiable upside opportunities that have yet to be reflected in valuations.

Strong Q4 Performance Drives Analyst Confidence

Atul Ltd delivered a notably strong Q4, with revenue rising 15% year-on-year and profit after tax (PAT) surging 66% over the same period. The performance was primarily driven by a recovery in the healthcare and specialty chemicals segments, which have been key growth engines for the company. The sharp uptick in PAT relative to revenue growth signals meaningful operating leverage and improved cost efficiencies during the quarter.

The following table summarises the key financial and analytical highlights from Elara Capital's assessment:

Margin Recovery and Segment-Level Improvements

A key highlight from the brokerage's analysis is the improvement in margins within the performance chemicals segment, where EBIT stood at approximately 10.1%. This recovery in segment-level profitability reflects a broader normalisation trend across Atul Ltd's specialty and performance chemicals portfolio. Improving margins at the segment level are seen as an important indicator of the company's operational health and pricing power in its core business verticals.

Unrealised Opportunity and Earnings Outlook

Elara Capital identifies a ₹20bn unrealised opportunity as a significant medium-term growth lever for Atul Ltd. This opportunity, yet to be captured in current valuations, forms a central part of the brokerage's investment thesis. Additionally, the analyst has factored in FY28 EBITDA upgrades, which are expected to support a sustained earnings rebound trajectory for the company. The combination of near-term operational recovery and longer-horizon earnings upgrades reinforces the Accumulate stance.

Investment Thesis Summary

Elara Capital's Accumulate recommendation on Atul Ltd is underpinned by the following key factors:

• Strong Q4 results with revenue growth of +15% and PAT growth of +66% YoY
• Healthcare and specialty chemicals recovery as primary demand drivers
• Performance chemicals EBIT of ~10.1%, reflecting improving segment margins
• ₹20bn unrealised opportunity providing medium-term upside potential
• FY28 EBITDA upgrades supporting a positive earnings rebound outlook

With a target price of ₹27,305 and a constructive view on both near-term performance and medium-term growth levers, Elara Capital's assessment positions Atul Ltd as a recovery play within the specialty chemicals space.