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Balaji Amines

BALAMINES NSE

Key Fundamentals

MicrocapSpecialty ChemicalsChemicals
Market Cap
₹7,339 Cr
Volatility
Moderate
P/E Ratio
36.13
EBITDA
₹294 Cr
Return on Equity
7.86%
Debt to Equity
0.07
Book Value
₹610
EPS
₹60.31
52W High
₹2,629.8
52W Low
₹968.1

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 20.4%
  • Company's working capital requirements have reduced from 101 days to 68.8 days

Weaknesses

3
  • Stock is trading at 3.73 times its book value
  • The company has delivered a poor sales growth of 1.64% over past five years.
  • Company has a low return on equity of 9.92% over last 3 years.

Growth Rate

Revenue Growth
1.64% higher than 3Y
Net Income Growth
6.68% higher than 3Y
Cash Flow Change
-27.95% higher than 3Y
ROE
0% lower than 3Y
ROCE
-0.59% higher than 3Y
EBITDA Margin (Avg.)
9.11% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk medium

Balaji Amines Ltd is a nearly debt-free specialty chemicals company trading at a market cap of ₹7,126 Cr and a PE of 42.2x. After a prolonged earnings downcycle (FY22-FY25), the company is showing early signs of recovery with Q4 FY26 net profit up 57.6% YoY and EBITDA margins expanding to 25%, though 5-year compounded profit growth remains negative at -7% and ROE has fallen to single digits.

Bull Case 7
  • Company is virtually debt-free, providing financial flexibility for its ongoing ₹1,100 Cr capex cycle without balance sheet stress
  • Q4 FY26 net profit surged 57.6% YoY to ₹63.2 Cr with EBITDA margin expanding 695 bps to 25%, signaling a meaningful operational recovery
  • Management has guided 10-15% volume growth for FY27 with target EBITDA margins of 22-23%, supported by new DME, NMM, and Acetonitrile plant ramp-ups
  • Working capital efficiency has improved significantly from 101 days to 68.8 days, freeing up cash for operations
  • FY26 full-year revenue of ₹1,454 Cr and net profit of ₹169 Cr show a recovery trend, with EPS rising from ₹48.62 to ₹51.60
  • 10-year stock CAGR of 23% and 10-year compounded profit growth of 11% demonstrate a long-term value creation track record
  • Consistent dividend payout of ~20-22% maintained even through the downcycle, with current yield at 0.5%
Bear Case 8
  • PE ratio of 42.2x is expensive relative to a last-year ROE of just 9% and 3-year average ROE of only 10%
  • 5-year compounded profit growth is negative at -7% and 3-year compounded sales growth is -15%, reflecting a deep and prolonged earnings downcycle
  • Stock trades at 3.61x book value despite delivering sub-10% ROE in the most recent year, suggesting valuation is pricing in a recovery that is not yet fully visible
  • 5-year compounded sales growth of just 1.64% indicates persistent demand and pricing challenges in the amines/specialty chemicals space
  • FY26 full-year revenue of ₹1,454 Cr is still well below the FY23 peak of ₹2,355 Cr, a 38% decline from cyclical highs
  • 3-year stock CAGR of -2% and 5-year stock CAGR of -4% show the market has not rewarded shareholders over medium-term horizons
  • EBITDA margin of 18.26% for full-year FY26 remains below the FY22-FY23 levels of 25-27%, indicating incomplete margin normalization
  • Specialty chemicals sector faces ongoing pricing pressure from Chinese competition, which contributed to the revenue decline from FY23 peaks

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 2
  • Strong FY26 earnings, ₹11 dividend Jun 16

    FY26 consolidated revenue at ₹1,454 crore with PAT of ₹169 crore. Board recommended dividend of ₹11 per share; 38th AGM set for July 10, 2026.

  • 10-15% volume growth guided FY27 Jun 16

    Co-Chairman Anup Pratap Reddy projects 10-15% volume growth for FY27 with EBITDA margin target of 22-23%. Medium-term aim of 20-30% volume growth supported by DME, NMM, ACN, and BSCL expansion.

Neutral 2
  • July 3 record date for dividend Jun 8

    Balaji Amines set July 3, 2026 as the record date for its FY26 final dividend ahead of the July 10 AGM.

  • BRSR filed, 34% renewable energy Jun 16

    FY26 BRSR reports 34% renewable energy usage and 100% zero liquid discharge compliance across all operations.

TL;DR: Balaji Amines delivered solid FY26 results with ₹1,454 crore revenue and ₹169 crore PAT, and management is guiding 10-15% volume growth in FY27 with healthy EBITDA margins of 22-23%. No material headwinds surfaced in recent news flow. The sustainability disclosures and capacity expansion across multiple product lines suggest an improving operational trajectory heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
464
381
383
414
385
347
313
353
358
341
331
395
456
Expenses
366
327
309
316
319
286
267
293
304
281
275
301
340
Operating Profit
98
54
74
98
66
61
46
60
55
60
57
94
116
OPM %
21%
14%
19%
24%
17%
17%
15%
17%
15%
18%
17%
24%
25%
Other Income
6
7
8
9
8
9
8
8
9
7
5
8
6
Interest
2
2
2
1
1
1
1
1
1
1
2
2
1
Depreciation
11
11
11
12
12
12
12
13
14
14
14
14
14
PBT
90
48
70
93
62
57
41
54
49
52
46
86
106
Tax %
25%
24%
21%
22%
26%
27%
24%
25%
25%
28%
33%
25%
26%
Net Profit
68
36
56
72
46
41
31
40
37
37
31
65
78
EPS in Rs
16.27
10.71
15.24
21
13.36
12.65
10.24
12.36
11.73
10.67
9.7
19.51
23.13
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
616
640
668
858
940
935
1,308
2,314
2,346
1,631
1,389
1,419
1,523
Expenses
515
514
519
676
747
754
935
1,691
1,736
1,308
1,157
1,154
1,196
Operating Profit
102
127
149
182
193
181
373
623
609
324
232
265
327
OPM %
17%
20%
22%
21%
21%
19%
29%
27%
26%
20%
17%
19%
21%
Other Income
4
3
9
12
4
5
6
15
15
30
33
29
25
Interest
35
22
13
9
13
23
18
17
12
6
4
5
6
Depreciation
20
19
20
19
20
32
34
42
46
45
48
56
56
PBT
51
88
126
166
165
131
327
578
567
302
213
232
290
Tax %
35%
34%
34%
32%
29%
26%
25%
28%
28%
23%
26%
27%
—
Net Profit
33
58
82
113
117
97
243
418
406
232
159
169
211
EPS in Rs
10.25
17.78
25.42
34.93
36.27
32.34
73.51
114
100
63.22
48.62
51.6
63.01
Div. Payout %
12%
11%
9%
7%
8%
10%
5%
5%
10%
17%
23%
21%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
6
6
6
6
6
6
6
6
6
6
6
6
Reserves
221
274
356
461
568
652
888
1,243
1,548
1,715
1,839
1,970
Borrowings
256
173
105
152
227
260
127
101
58
20
11
133
Other Liabilities
139
152
168
229
244
195
289
395
351
405
396
633
Total Liabilities
623
605
635
848
1,046
1,113
1,310
1,745
1,963
2,146
2,252
2,743
Fixed Assets
341
341
325
316
320
573
543
681
780
896
1,003
1,043
CWIP
3
16
25
123
269
46
173
141
113
205
238
512
Investments
0
0
0
0
0
48
0
0
73
0
0
0
Other Assets
278
248
284
409
457
446
594
923
996
1,046
1,011
1,188
Total Assets
623
605
635
848
1,046
1,113
1,310
1,745
1,963
2,146
2,252
2,743
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
56
85
60
140
94
144
110
220
354
334
255
184
Investing
-4
-29
-10
-135
-119
-130
-62
-147
-210
-274
-139
-344
Financing
-55
-54
-55
16
21
-26
-37
-57
-81
-75
-49
85
Net Cash Flow
-3
2
-5
21
-4
-12
11
16
63
-15
68
-75
Free Cash Flow
48
53
47
32
-75
83
-21
72
234
82
69
-186
CFO/OP
65
77
58
101
74
108
40
56
81
123
128
82
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
71
71
68
73
65
81
85
93
59
71
72
89
Inventory Days
114
80
106
70
116
77
64
66
89
116
128
113
Days Payable
48
58
55
56
60
42
44
54
18
31
32
39
Cash Conversion Cycle
136
93
119
87
120
116
104
105
129
156
168
163
Working Capital Days
7
12
42
31
47
55
88
88
89
114
120
69
ROCE %
18%
23%
30%
32%
24%
18%
35%
49%
36%
17%
11%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs1.59%Promot.54.56%FIIs3.17%Others5.53%Public35.15%As ofJun 2026
17.68% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Balaji Amines

What does Balaji Amines Ltd do?
Incorporate in 1989, Balaji Amines Ltd is engaged in manufacturing of specialty chemicals, aliphatic amines, and derivatives, along with ownership of a five-star hotel in Solapur, Maharashtra.[1]
Where is Balaji Amines Ltd (BALAMINES) listed?
Balaji Amines Ltd trades as BALAMINES on the NSE and under code 530999 on the BSE.
Which sector does Balaji Amines Ltd belong to?
Balaji Amines Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Balaji Amines Ltd?
Balaji Amines Ltd has a market capitalisation of ₹7,339 Cr, which places it in the Mid Cap band.
What is the PE ratio of Balaji Amines Ltd?
Balaji Amines Ltd trades at a PE ratio of 36.13, on earnings per share of ₹60.31, against a book value of ₹610 per share.
What is the 52-week high and low of Balaji Amines Ltd?
Over the last 52 weeks Balaji Amines Ltd has traded between ₹968.1 and ₹2,629.8.
Does Balaji Amines Ltd pay dividends?
Balaji Amines Ltd has a dividend yield of 0.47%.
What is the Return on Equity (ROE) of Balaji Amines Ltd?
Balaji Amines Ltd reported a return on equity of 7.86%. Its debt-to-equity ratio is 0.07.

Company Information

Incorporate in 1989, Balaji Amines Ltd is engaged in manufacturing of specialty chemicals, aliphatic amines, and derivatives, along with ownership of a five-star hotel in Solapur, Maharashtra.[1]

Website balajiamines.com
CEO Mr. Ande Prathap Reddy
Employees 1,169
Listed 2007-04-05
Face Value ₹ 2
Issued Size 3,24,01,000

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