AMAL LTD. (AMAL) share price
₹743.20 on NSE as of 2026-09-04. -0.88% on the day. market cap ₹842 Cr. P/E 30.9. 52-week range ₹413.15 to ₹982.20. Chemicals.
Amal Ltd Q1 FY27: Revenue Doubles, a ₹5.6 Cr Tax Gift Shows Up, and Sulphur Runs the Show
At a glance
For the quarter ended June 2026, Amal reported consolidated revenue of ₹96.54 crore, up from ₹47.31 crore a year earlier — a 104% jump. Operating profit came in at ₹17.09 crore against ₹11.63 crore in the same quarter last year. Net profit was ₹16.73 crore, up 78% year-on-year, and quarterly EPS was ₹13.53.
Sitting inside that quarter is an ₹6.13 crore other-income line, where the four prior quarters ran under ₹0.75 crore each. Per the company's filing, the subsidiary recognised ₹5.61 crore of State GST incentive under Gujarat's industrial policy during the quarter. So a chunk of the profit step-up carries a government stamp rather than a sulphur one.
Zoom out to the full year and the picture inverts. FY26 revenue nearly doubled to ₹239.64 crore, yet net profit fell to ₹22.38 crore from ₹29.29 crore in FY25 — a business that sold far more and earned less. The operating margin did the damage, compressing from 32% to 15%.
The rating agency, the auditor, and the promoter cast are all worth a look — and a ₹12 crore capex just cleared the board. More below.
Introduction
Incorporated in 1974, Amal Ltd manufactures bulk chemicals and their downstream products. Originally promoted by the Piramal Group, it is now part of the Atul group, which per CARE holds 49.86% mainly through its investing company Atul Finserv Ltd. Amal is registered as a small manufacturing company under the MSME Act and owns wholly-owned subsidiary Amal Speciality Chemicals Ltd (ASCL).
The core product is sulphuric acid, plus oleum, sulphur dioxide and sulphur trioxide. The manufacturing sits in Ankleshwar, Gujarat, with a consolidated installed capacity of 440 TPD — 140 TPD at Amal and 300 TPD at ASCL, per CARE. The plants sit next to Atul's aromatics facility, and Amal's output serves as backward integration for its parent. Per CARE, Amal drew about 35% of consolidated revenue from Atul in FY25 (37% in FY24).
Recent developments cluster in July 2026: the board took Q1 FY27 results on record, cleared a capacity expansion, and issued notice of the 52nd Annual General Meeting with book closure. On the credit side, CARE reaffirmed its long-term rating at A+; Stable in September 2025, enhancing the rated cash-credit facility from ₹4 crore to ₹6 crore. That's the paperwork. The chemistry is where it gets interesting.
Business model
Amal makes acid. Specifically sulphuric acid and the sulphur-based family around it. It's the kind of chemical that shows up nowhere on a shelf and everywhere in an economy — dyestuff, fertiliser, personal care, petrochemical, pharmaceutical and textile industries all take it, per the company. Sulphur dioxide bleaches textile fibres and preserves food; sulphur trioxide sulphonates things; oleum feeds the dyestuff trade. Glamorous it is not. Foundational it is.
The revenue mix per FY24 disclosure was roughly 71% sale of products and 29% sale of chemicals. The customer story is where the model shows its shape: a large slice goes to parent Atul under an off-take arrangement, with the plants deliberately located next door to cut freight and guarantee availability. Amal is, in plain terms, a captive-ish acid supplier that happens to be separately listed.
That arrangement is the whole personality. On one hand, per CARE, the parent tie-in reduces saleability risk and lends managerial support. On the other, CARE itself lists a single-product portfolio with limited scale as a rating constraint. Amal makes one thing, sells a big share of it to one buyer, from one location. The concentration is the moat and the ceiling in the same sentence — which is a rare feat for a company whose main output smells like a struck match.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for AMAL LTD..
Companies in the same industry as AMAL LTD.
Specialty Chemicals