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Amal Ltd

AMAL

NSE

₹676.40-9.37%19 Oct 2026

Reports

Specialty Chemicals

Amal Ltd

AMAL

NSE

₹676.40

-9.37%

19 Oct 2026

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Specialty Chemicals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Amal Ltd is a bulk-chemicals manufacturer built on a single, continuous-process chemistry - it makes Sulphuric acid, Oleum, and their downstream gases from sulphur, and sells them as industrial building blocks to dye-makers, fertiliser plants, and pharmaceutical companies within a tight radius of its Gujarat plant. The company was founded by the Piramal Group in the mid-1970s, acquired by Atul Ltd a decade later, and has since operated as its listed subsidiary - a relationship that gives it a built-in customer and a patient parent while it pursues a recurring philosophy of wringing efficiency out of fixed assets and staying lean. That philosophy - drive manufacturing efficiency, remain financially resilient, boost people productivity, and keep fixed costs low - explains both its turnaround from a legacy loss and its recent bet on a second, larger plant through a wholly-owned subsidiary.

Business segments

Two engines at different stages - a compact, debottlenecked cash-generating plant and a larger, recently commissioned twin built under a subsidiary - both making the same family of sulphur-based bulk chemicals for the same industrial neighbourhood.

1. The parent plant: the original sulphuric-acid engine

A 140-tonne-per-day continuous-process plant that has been progressively debottlenecked and sells almost everything it makes to nearby factories, often to its own holding company.

Commodity chemistry at close range - the plant makes Sulphuric acid, Oleum, Sulphur dioxide and Sulphur trioxide, and generally sells them within a 200 km radius of Ankleshwar, Gujarat, so freight costs stay low and customer relationships are local.
Debottlenecked, not just maintained - the installed capacity of 140 tonnes per day was expanded by 17% in 2021-22, and Sulphur dioxide capacity was specifically lifted from 17 to 28 tonnes per day in FY23, squeezing more output from the same footprint.
Raw material risk passed through - the key input is sulphur, whose price swings month to month; the company signs annual purchase contracts linked to published benchmark prices rather than hedging, which keeps procurement simple and ties its selling price to input costs.
A captive customer in the family - Atul Ltd, the holding company, is the major customer, which means a reliable offtake for a significant portion of production and a credit relationship backed by a low history of default.
Lean to the bone - the entire operation runs with just 31 permanent employees, and the company carries adequate insurance on its property, plant, equipment and third-party risks, so a small team manages a continuous-process chemical plant with external audit support.

2. Amal Speciality Chemicals Ltd: the scaled-up twin

A wholly-owned subsidiary built to triple the group's capacity with a 300-tonne-per-day plant on the same site, funded by a mix of parent loans, bank debt, and later equity conversion.

Built, not bought - ASCL was incorporated in October 2020 and its plant was commissioned in the quarter ended September 30, 2022, producing Sulphuric acid 98%, two grades of Oleum, and liquid Sulphur trioxide from day one, with a zero liquid discharge facility included in the design.
The budget stretched, then got backstopped - the project cost rose from an initial ₹71 crore to ₹96 crore mainly because of higher steel prices and design modifications, and Amal Ltd provided a ₹50 crore corporate guarantee to Axis Bank so the subsidiary could secure its loan.
Parent loans turned into patient capital - during FY23 and FY24, loans from Amal Ltd to ASCL totalling roughly ₹67 crore were converted into equity shares and preference shares, which cleaned up the subsidiary's balance sheet and aligned its capital structure for the long term.
Teething troubles in the early runs - after commissioning, ASCL faced technology-related problems that kept utilisation and steam sales low, contributing to a consolidated loss for the group in FY23, though it also secured an electricity duty exemption that applied retrospectively from its start date.

Group structure and partners

Amal Ltd sits inside the Atul Ltd group as a separately listed subsidiary, with a board dominated by independent directors and a financing relationship anchored by a single bank.

Controlled by Atul Ltd - Atul Ltd has held a controlling interest since 1985-86, and after a rights issue in FY23 its promoter shareholding rose to 71%, so the parent calls the strategic shots while Amal operates as a distinct listed entity on the BSE.
An eight-member board with majority independence - the board has seven non-executive directors, five of them independent, alongside one managing director; the Chairman, Sunil Lalbhai, is also the Chairman and Managing Director of Atul Ltd, linking governance at both levels.
Audited by a Big Four firm - the statutory auditors are Deloitte Haskins & Sells LLP, and the company also contributes to the Atul Foundation for its social initiatives.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹833Cr

Close Price

₹674.00

Industry

Specialty Chemicals

Price To Earnings

27.96

Price To Sales

2.28

Revenue

₹366Cr

Rev Gr TTM

Revenue Growth TTM

96.76%

PAT Gr TTM

PAT Growth TTM

-23.13%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	26	21	21	30	46	39	47	54	63	76	97	131
Growth YoY Revenue Growth YoY%	42.5	22.3	22.0	35.4	77.0	83.7	130.7	79.6	36.7	94.4	104.1	143.0
Expenses ExpensesCr	20	17	17	21	25	28	36	45	55	68	79	123
Operating Profit Operating ProfitCr	6	4	3	9	20	10	12	9	8	7	17	8
OPM OPM%	23.5	18.9	15.1	31.1	44.5	26.9	24.6	15.9	12.9	9.7	17.7	6.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	1	1	6	2
Interest Expense Interest ExpenseCr	1	1	1	1	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	3	1	0	6	18	8	10	7	6	6	21	8
Tax TaxCr	1	1	0	1	1	2	0	1	1	4	4	2
PAT PATCr	2	0	0	6	17	7	9	6	5	2	17	6
Growth YoY PAT Growth YoY%	151.8	109.4	117.0	223.4	628.6	1,732.4	1,988.9	9.6	-69.7	-72.0	78.0	1.6
NPM NPM%	8.8	1.7	2.2	18.4	36.1	17.4	19.9	11.2	8.0	2.5	17.3	4.7
EPS EPS₹	1.8	0.3	0.4	4.5	13.4	5.5	7.6	4.9	4.1	1.5	13.5	5.0

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	26	21	21	30	46	39	47	54	63	76	97	131
Growth YoY Revenue Growth YoY%	42.5	22.3	22.0	35.4	77.0	83.7	130.7	79.6	36.7	94.4	104.1	143.0
Expenses ExpensesCr	20	17	17	21	25	28	36	45	55	68	79	123
Operating Profit Operating ProfitCr	6	4	3	9	20	10	12	9	8	7	17	8
OPM OPM%	23.5	18.9	15.1	31.1	44.5	26.9	24.6	15.9	12.9	9.7	17.7	6.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	1	1	6	2
Interest Expense Interest ExpenseCr	1	1	1	1	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	3	1	0	6	18	8	10	7	6	6	21	8
Tax TaxCr	1	1	0	1	1	2	0	1	1	4	4	2
PAT PATCr	2	0	0	6	17	7	9	6	5	2	17	6
Growth YoY PAT Growth YoY%	151.8	109.4	117.0	223.4	628.6	1,732.4	1,988.9	9.6	-69.7	-72.0	78.0	1.6
NPM NPM%	8.8	1.7	2.2	18.4	36.1	17.4	19.9	11.2	8.0	2.5	17.3	4.7
EPS EPS₹	1.8	0.3	0.4	4.5	13.4	5.5	7.6	4.9	4.1	1.5	13.5	5.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	33	30	43	61	86	135	240	366
Growth Revenue Growth%		-6.7	42.9	41.0	40.4	57.2	77.1	96.8
Expenses ExpensesCr	19	19	40	67	71	92	204	325
Operating Profit Operating ProfitCr	14	11	4	-6	15	43	36	41
OPM OPM%	42.7	37.0	9.1	-9.1	17.9	32.0	14.9	11.2
Other Income Other IncomeCr	2	1	0	1	0	1	2	10
Interest Expense Interest ExpenseCr	2	1	1	4	4	2	1	0
Depreciation DepreciationCr	1	1	2	7	9	9	9	9
PBT PBTCr	13	11	2	-16	3	33	28	41
Tax TaxCr	4	2	1	0	1	3	6	11
PAT PATCr	9	9	1	-16	2	29	22	30
Growth PAT Growth%		-4.3	-87.4	-1,551.7	110.6	1,618.4	-23.6	-23.1
NPM NPM%	28.2	28.9	2.5	-26.3	2.0	21.6	9.3	8.1
EPS EPS₹	8.8	8.5	1.1	-17.1	1.2	23.7	18.1	24.1

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	33	30	43	61	86	135	240	366
Growth Revenue Growth%		-6.7	42.9	41.0	40.4	57.2	77.1	96.8
Expenses ExpensesCr	19	19	40	67	71	92	204	325
Operating Profit Operating ProfitCr	14	11	4	-6	15	43	36	41
OPM OPM%	42.7	37.0	9.1	-9.1	17.9	32.0	14.9	11.2
Other Income Other IncomeCr	2	1	0	1	0	1	2	10
Interest Expense Interest ExpenseCr	2	1	1	4	4	2	1	0
Depreciation DepreciationCr	1	1	2	7	9	9	9	9
PBT PBTCr	13	11	2	-16	3	33	28	41
Tax TaxCr	4	2	1	0	1	3	6	11
PAT PATCr	9	9	1	-16	2	29	22	30
Growth PAT Growth%		-4.3	-87.4	-1,551.7	110.6	1,618.4	-23.6	-23.1
NPM NPM%	28.2	28.9	2.5	-26.3	2.0	21.6	9.3	8.1
EPS EPS₹	8.8	8.5	1.1	-17.1	1.2	23.7	18.1	24.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	9	9	9	12	12	12	12	12
Reserves ReservesCr	16	25	26	56	58	87	108	129
Current Liabilities Current LiabilitiesCr	4	9	22	25	17	21	29	48
Non Current Liabilities Non Current LiabilitiesCr	5	5	43	25	19	1	5	5
Total Liabilities Total LiabilitiesCr	34	48	100	118	106	122	154	195
Current Assets Current AssetsCr	24	27	16	21	17	40	72	109
Non Current Assets Non Current AssetsCr	11	21	84	97	89	82	82	85
Total Assets Total AssetsCr	34	48	100	118	106	122	154	195

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	9	9	9	12	12	12	12	12
Reserves ReservesCr	16	25	26	56	58	87	108	129
Current Liabilities Current LiabilitiesCr	4	9	22	25	17	21	29	48
Non Current Liabilities Non Current LiabilitiesCr	5	5	43	25	19	1	5	5
Total Liabilities Total LiabilitiesCr	34	48	100	118	106	122	154	195
Current Assets Current AssetsCr	24	27	16	21	17	40	72	109
Non Current Assets Non Current AssetsCr	11	21	84	97	89	82	82	85
Total Assets Total AssetsCr	34	48	100	118	106	122	154	195

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	15	10	-1	-10	21	50	22
Investing Cash Flow Investing Cash FlowCr	-5	-11	-43	-16	-9	-22	-22
Financing Cash Flow Financing Cash FlowCr	-9	0	44	29	-14	-25	-1
Net Cash Flow Net Cash FlowCr	0	0	0	3	-2	3	-1
Free Cash Flow Free Cash FlowCr	14	3	-64	-26	13	46	15
CFO To PAT CFO To PAT%	157.8	119.0	-134.2	64.7	1,241.6	169.7	96.9
CFO To EBITDA CFO To EBITDA%	104.3	93.0	-37.7	186.1	137.7	114.8	60.8

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	15	10	-1	-10	21	50	22
Investing Cash Flow Investing Cash FlowCr	-5	-11	-43	-16	-9	-22	-22
Financing Cash Flow Financing Cash FlowCr	-9	0	44	29	-14	-25	-1
Net Cash Flow Net Cash FlowCr	0	0	0	3	-2	3	-1
Free Cash Flow Free Cash FlowCr	14	3	-64	-26	13	46	15
CFO To PAT CFO To PAT%	157.8	119.0	-134.2	64.7	1,241.6	169.7	96.9
CFO To EBITDA CFO To EBITDA%	104.3	93.0	-37.7	186.1	137.7	114.8	60.8

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	91	360	388	224	436	827	511	833
Price To Earnings Price To Earnings	9.8	41.0	349.1		255.5	28.2	22.8	28.0
Price To Sales Price To Sales	2.8	11.8	8.9	3.7	5.1	6.1	2.1	2.3
Price To Book Price To Book	3.5	10.5	11.0	3.3	6.2	8.3	4.2	5.9
EV To EBITDA EV To EBITDA	6.7	32.5	111.1	-45.8	29.9	19.0	14.3	22.4
Profitability Ratios Profitability Ratios
GPM GPM%	54.6	50.6	23.0	3.7	30.1	41.5	21.1	21.1
OPM OPM%	42.7	37.0	9.1	-9.1	17.9	32.0	14.9	11.2
NPM NPM%	28.2	28.9	2.5	-26.3	2.0	21.6	9.3	8.1
ROCE ROCE%	51.5	28.9	3.0	-11.1	7.0	34.9	23.8	29.1
ROE ROE%	36.0	25.7	3.1	-23.6	2.4	29.5	18.6	21.1
ROA ROA%	26.7	18.2	1.1	-13.6	1.6	24.1	14.5	15.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	91	360	388	224	436	827	511	833
Price To Earnings Price To Earnings	9.8	41.0	349.1		255.5	28.2	22.8	28.0
Price To Sales Price To Sales	2.8	11.8	8.9	3.7	5.1	6.1	2.1	2.3
Price To Book Price To Book	3.5	10.5	11.0	3.3	6.2	8.3	4.2	5.9
EV To EBITDA EV To EBITDA	6.7	32.5	111.1	-45.8	29.9	19.0	14.3	22.4
Profitability Ratios Profitability Ratios
GPM GPM%	54.6	50.6	23.0	3.7	30.1	41.5	21.1	21.1
OPM OPM%	42.7	37.0	9.1	-9.1	17.9	32.0	14.9	11.2
NPM NPM%	28.2	28.9	2.5	-26.3	2.0	21.6	9.3	8.1
ROCE ROCE%	51.5	28.9	3.0	-11.1	7.0	34.9	23.8	29.1
ROE ROE%	36.0	25.7	3.1	-23.6	2.4	29.5	18.6	21.1
ROA ROA%	26.7	18.2	1.1	-13.6	1.6	24.1	14.5	15.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VIKRAMTH	SUNSHIEL	AMNPLST	AMAL	CHEMCON	TRANSPEK	GEMAROMA
Market CapitalizationMkt CapCr	1,192	916	880	833	786	781	771
Close PriceClose₹	380.10	1,042.00	160.00	674.00	214.60	1,397.90	147.50
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	27.17	24.17	22.82	27.96	27.91	20.03
Price To SalesPS	8.26	2.02	1.51	2.28	3.11	1.26	2.04
RevenueRevenueCr	144	455	581	366	253	618	378
Revenue Growth TTMRev Gr TTM%	16.7%	13.1%	-12.4%	96.8%	17.4%	-5.2%	-24.3%
PAT Growth TTMPAT Gr TTM%	42.3%	108.7%	-3.0%	-23.1%	10.6%	-29.1%	-127.3%

	VIKRAMTH	SUNSHIEL	AMNPLST	AMAL	CHEMCON	TRANSPEK	GEMAROMA
Market CapitalizationMkt CapCr	1,192	916	880	833	786	781	771
Close PriceClose₹	380.10	1,042.00	160.00	674.00	214.60	1,397.90	147.50
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	27.17	24.17	22.82	27.96	27.91	20.03
Price To SalesPS	8.26	2.02	1.51	2.28	3.11	1.26	2.04
RevenueRevenueCr	144	455	581	366	253	618	378
Revenue Growth TTMRev Gr TTM%	16.7%	13.1%	-12.4%	96.8%	17.4%	-5.2%	-24.3%
PAT Growth TTMPAT Gr TTM%	42.3%	108.7%	-3.0%	-23.1%	10.6%	-29.1%	-127.3%

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