1. Liquid Epoxy Resin capacity more than doubled - Capacity increased from 30,000 tpa to 80,000 tpa effective October 29, 2024, with the ₹200 cr investment funded through internal accruals and existing utilisation at 99%. The Polymers sub-segment carries ₹770 cr in unrealised capex-linked sales potential, and the new capacity removes the binding constraint that capped volumes at near-full utilisation.
2. Atul Products Ltd caustic soda ramp-up - The 300 TPD plant commissioned in the prior year drove APL's sales from ₹65 cr to ₹353 cr and EBITDA from ₹10 cr to ₹97 cr in FY25. With ₹200 cr of unrealised sales potential still available, further utilisation gains drop high-margin revenue straight to the group bottom line.
3. Colors capacity utilisation catch-up - Colors sales rose 15% to ₹630 cr in FY25 on volume growth, while the sub-segment holds ₹348 cr in unrealised capex-linked sales potential. That ₹348 cr pool is the largest untapped capex-linked revenue block across all segments, and every point of utilisation improvement converts directly to operating profit.
4. Aromatics downstream specialty chemicals - One project was completed in FY25 and the segment carries ₹156 cr in unrealised capex-linked sales potential, with three downstream specialty chemical projects and four kilo-lab products now slated for commercialisation. These downstream products typically command higher margins than bulk aromatics, lifting segment profitability as they scale.
5. Crop Protection retail portfolio expansion - Retail sales grew 25% to ₹256 cr in FY25 on 39% volume growth, with 10 new products launched during the year and three proprietary patented formulations - Mylonis, Salix Gold, and Tikadis - launched on May 13, 2026. Patented formulations carry pricing power and higher margins than generics, so each new launch strengthens the mix toward a stickier, more profitable retail franchise.
6. Atul Bioscience Ltd USFDA-cleared API platform - Both ABL sites passed first-time USFDA audits with zero 483 observations, seven Drug Master Files were filed during the period taking total regulatory filings to 37, and sales outside India decreased by 29% to ₹20 cr. Clean USFDA sites with filed products are scarce, hard-to-replicate assets that unlock the large regulated API market and support a pipeline of future filings.
7. Anaven LLP MCA plant turns profitable - The joint operation with Nouryon became EBITDA positive in FY25 and holds ₹125 cr in unrealised capex-linked sales potential. As the largest MCA plant in India reaches utilisation, the profit contribution shifts from a drag to a growing positive for consolidated earnings.
8. Crop Protection bulk actives capacity and regulatory expansion - Bulk actives sales rose 28% to ₹627 cr in FY25, one new project was completed and commercialised, and ₹85 cr in unrealised capex-linked sales potential remains. Debottlenecking and regulatory footprint expansion widen the addressable market for the newly commissioned capacity.
9. Atul-Buckman Specialties water treatment JV - Incorporated on February 6, 2026 as a 50:50 joint venture with Buckman Laboratories to pursue water treatment chemicals and digital solutions. The JV opens an adjacent growth vertical with a global specialty chemical partner, though it is early-stage with only initial authorised capital committed so far.