We initiate coverage on Atul with BUY and TP of Rs8,500 (30x Mar-27E EPS). Atul has invested ~Rs20bn over FY22-24 toward capacity expansion in existing products like Liquid Epoxy Resin (50ktpa) and Caustic Soda (300tpd), and in the backward integration of some key products (MCA for 2,4 D).