Tender leaves and flowers of purple mountain saxifrage plant emerging through solid rocks is epitome of a resilient life. The plant is responsive to challenges and is rising against odds.

A successful business endures, sustains and grows like the plant. It is our endeavour to see that we build a resilient, responsive and rising business. The gift of Values binds us and helps us in this journey.

Let me pray not to be sheltered from dangers,
but to be fearless in facing them.

- Rabindranath Tagore

Recapping 2021-22

World economy* grew by 5.90%

Crude oil, steel prices and forex rates
remained unpredictable and varied between

US$ 61.47 and
US$ 133.18 per barrel
53,000 and
65,400 per mt
76.97 and
72.40 per US$

Atul endeavoured to maintain inclusive growth

  • Sales increased by 42% from 3,460 cr to
    4,929 cr
  • Net worth increased by 16% from 3,711 cr to
    4,316 cr
  • Gross block increased by 14% from 1,839 cr to
    2,098 cr
  • Profit before tax* increased from 773 cr to
    804 cr
  • Social work undertaken via 34 initiatives under six programs of national importance
*excluding one-time dividend income

70 years of operations

Incorporated on September 05, 1947, the story of Atul is closely linked to that of independent India. The Company is the first private sector enterprise of the country to be inaugurated by its first Prime Minister, Pandit Jawaharlal Nehru. It was established to generate employment on a large-scale, create wealth in rural areas and become self-sufficient in selected chemicals then totally imported.

Atul has been serving the society since its incorporation in step with the tradition of its legendary Founder, Kasturbhai Lalbhai.

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Corporate identity

Valley of flowers

Our ability to reach unity in diversity will be the beauty and the test of our civilisation.

- Mahatma Gandhi

Valley of flowers is a national park located in Uttarakhand, India. The valley is home to about 600 species of flowers and is known for its meadows of endemic alpine flowers and a variety of flora. It is a UNESCO world heritage site. Here nature blooms in full glory offering a breath-taking experience – this also stands testimony to the delightful impact that diversity can create. Team Atul preserves and celebrates its diversity with offices in four continents and its members belonging to different cultures, nationalities and religions, all contributing to the common goal of growth of the Company and service to humanity.

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Business model

A business model is not a mere representation of the operations of an organisation, but is one that is endeavouring to create, deliver and capture value. Ultimately, it is tested against time and adversity. When an organisation and its approach sustain through volatile and uncertain business cycles and still create, deliver and capture value for the stakeholders, then they can well be called a model business.

Our business model puts the customer at the centre of the business and decision-making and provides a foundation for future growth. We strive for innovation and excellence in select chemistries to delight our customers with our consistently superior quality, competent prices and valuable technical services. We aim to create lasting value and deliver benefits to our customers and the economies and communities we operate in.

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Manufactures 900 products and 400 formulations
Serves 4,000 customers in 75 countries.

Owns 140 brands

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Operational highlights

Curiosity evokes knowledge and enhances our learning. Knowledge becomes useful when it is prompted by the rigour of action. Our endeavour is to augment deep insights and foster favourable changes to bring improvements across each function.

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Serving the society

The Founder of our Company devoted half a day every day of his adult life to serve the society. The business enterprises he established invariably contributed in serving the society. His legacy of perseverance and exemplary service has been the inspiration for team Atul ever since its inception in 1947.

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Letter to the shareholders

I appreciate your trust – it puts more onus on the Management to perform and make our Company grow.

Way ahead Although it may be difficult to imagine in these times of hardship and uncertainty, there are boundless opportunities ahead, and I am encouraged because of all those who have continued to work hard even in face of many constraints. I am certain that we will collectively achieve much more together. Although our Company (and our country) will complete 75 years on September 05 (and August 15) this year, it is still early days for us – we will persevere for decisively improving the businesses we are in, launching sensibly related businesses and evolving ideas we have yet to imagine. In essence, we continue to be young at 75. Sincerely,

Sunil Siddharth Lalbhai Chairman and Manging Director
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Board of Directors

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Rajendra Shah

Mr Rajendra Shah is a Director of the Company since May 1983. He is a Senior Partner of Crawford Bayley & Co, a firm of Solicitors and Advocates.

Mr Shah holds a degree in Law from the University of Mumbai and has passed Solicitor exam from the Honourable High Court at Mumbai.

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Sunil Lalbhai

Mr Sunil Lalbhai is a Managing Director since June 1984 and the Chairman of the Board of the Company since August 2007.

Mr Lalbhai holds a postgraduate degree in Chemistry from the University of Massachusetts and a postgraduate degree in Economic Policy and Planning from Northeastern University.

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Bansi Mehta

Mr Bansi Mehta is a Director of the Company since April 1992. He is the Chief Mentor in Bansi S Mehta & Co since 2009.

Mr Mehta holds a graduate degree in Commerce from the University of Mumbai and is a Fellow Member of the ICAI.

Samveg Lalbhai

Mr Samveg Lalbhai is a Director of the Company since January 2000 and a Managing Director of the Company since December 2000.

Mr Lalbhai holds a graduate degree in Commerce from Gujarat University.

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Susim Datta

Mr Susim Datta is a Director of the Company since October 2002. He was the Chairman of Hindustan Unilever Ltd in India and Nepal from 1990 to 1996.

Mr Datta holds a postgraduate degree in Science and Technology from the University of Calcutta and is a Chartered Engineer.

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Bharathy Mohanan

Mr Bharathy Mohanan joined the Company in August 1992 and is a Whole-time Director since January 2009. He is currently President, Utilities and Services and the Occupier of the Company.

Mr Mohanan holds a graduate degree in Engineering (Honours) from the University of Calicut.

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Srinivas Rangan

Mr Srinivasa Rangan is a Director of the Company since July 2010. He is an Executive Director of Housing Development Finance Corporation Ltd.

Mr Rangan holds a graduate degree in Commerce from the University of Delhi and is an Associate Member of the ICAI and the ICMAI.

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Mukund Chitale

Mr Mukund Chitale is a Director of the Company since October 2014. He is a founder of the Chartered Accountancy firm, Mukund M Chitale & Co.

Mr Chitale holds a graduate degree in Commerce from the University of Mumbai and is a Fellow Member of the ICAI.

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Gopi Kannan Thirukonda

Mr Gopi Kannan Thirukonda joined the Company in October 1993 and is a Whole-time Director since October 2014. He is currently the Chief Financial Officer.

Mr Gopi Kannan holds a graduate degree in Science from the University of Madras and a postgraduate diploma in management from IIMA. He is a Fellow Member of the ICAI, the ICMAI and the ICSI.

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Shubhalakshmi Panse

Ms Shubhalakshmi Panse is a Director of the Board since March 2015. She was the Chairperson and Managing Director of Allahabad Bank Ltd.

Ms Panse holds a postgraduate degree in Science from Pune University and a postgraduate degree in Business Administration from Drexel University.

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Baldev Arora

Mr Baldev Arora is a Director of the Board since April 2015. He was the Chairman of Cyanamid Agro Ltd and Chairman and Managing Director of Wyeth Lederle Ltd.

Mr Arora holds a graduate degree in Mechanical Engineering from the University of Punjab.

Board Committees

  • 1. Audit Committee
  • 2. Corporate Social Responsibility Committee
  • 3. Investment Committee
  • 4. Nomination and Remuneration Committee
  • 5. Risk Management Committee
  • 6. Stakeholders Relationship Committee
  • Chairperson
  • Member