NSE: BALAMINES · BSE: 530999
BALAJI AMINES LIMITED
Manufactures a range of amines and specialty chemicals — including ethylenediamine-based products (DETA, TETA, PIP, AEEA, AEP), N-methyl morpholine, acetonitrile, hydrogen cyanide, sodium cyanide, EDTA, dimethyl ether (DME) and battery-grade chemicals — selling primarily to pharmaceutical, agrochemical, solvents and battery industries. The Amines & Speciality Chemicals segment brought in Rs 1,415.69 crore of revenue in the period to 31 March 2026 (97.1% of segment revenue), with EBIT of Rs 225.25 crore. A separate Hotel Division contributed Rs 35.70 crore (2.4% of segment revenue) and EBIT of Rs 9.37 crore. Operations run across 6 manufacturing plants serving 55 countries, with exports at 14.3% of the business. India's first commercial 100,000 TPA DME plant was commissioned in Q1 FY27, a 5,000 TPA N-methyl morpholine expansion is in progress, and subsidiary Balaji Specialty Chemicals is executing a Rs 750 crore phased build-out (Unit-I for EDA-based products in H1 FY27; Unit-II for HCN, NaCN, EDTA in Q4 FY27). Raw materials are the dominant cost at 56.9% of revenue, followed by other operating expenses at 19.6% and employee costs at 5.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Amines & Speciality Chemicals (97%), Hotel Division (2%). Asset-heavy specialty chemicals manufacturer with a small hotel side-business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,320 | 2,355 | 1,642 | 1,397 | 1,425 |
| EBITDA (ex other income) | 630 | 609 | 324 | 232 | 265 |
| margin % | 27.2 | 25.9 | 19.7 | 16.6 | 18.6 |
| Owners' profit | 368 | 326 | 200 | 158 | 169 |
| EPS, as reported (₹) | 113.71 | 100.47 | 63.22 | 48.62 | 51.60 |
| ROE % · ROCE % | 31.8 · 40.9 | 23.9 · 31.9 | 12.3 · 15.4 | 7.9 · 10.2 | 7.9 · 10.2 |
| Debt / equity (x) | 0.06 | 0.03 | 0.01 | 0.01 | 0.06 |
| Cash from operations | 232 | 382 | 220 | 255 | 184 |
| Capex | (148) | (120) | (253) | (186) | (370) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 347 | 313 | 353 | 358 | 341 | 331 | 395 | 456 |
| Profit before tax | 57 | 41 | 54 | 49 | 52 | 46 | 86 | 106 |
| Net profit | 41 | 31 | 40 | 76 | 37 | 31 | 65 | 78 |
| EPS (₹) | 12.65 | 10.24 | 12.36 | 11.73 | 10.67 | 9.49 | 19.99 | 23.13 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Amines & Speciality Chemicals | 394 | 27.0 |
| Hotel Division | 18 | 1.2 |
| Unallocated | 4 | 0.3 |
| Amines & Speciality chemicals | 325 | 22.3 |
| AMINES AND SPECIALITY CHEMICALS | 698 | 47.9 |
| HOTEL DIVISION | 18 | 1.2 |
| UNALLOCATED | 2 | 0.1 |
| Total, before eliminations | 1,458 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.4 | 23.0 | 61 of 99 | 39% |
| P/B | 2.8 | 2.8 | 52 of 99 | 46% |
| ROCE | 9.9 | 10.1 | 54 of 106 | 50% |
| ROE | 7.9 | 8.1 | 52 of 99 | 48% |
| Debt / Equity | 0.1 | 0.2 | 39 of 99 | 61% |
| EBITDA margin | 26.6 | 15.5 | 17 of 99 | 84% |
| Revenue growth | 27.2 | 24.4 | 39 of 94 | 59% |
| Profit growth | 2.8 | 55.1 | 72 of 92 | 22% |
| Market cap | 6023 | 697 | 20 of 108 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting set for 2 November 2026 to approve quarterly results | results | low | — | — |
| 5 Oct 2026 · Routine dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · SEBI warning letter to Balaji Amines over late disclosure of DGFT and FDA orders | regulatory legal | medium | — | — |
| 1 Oct 2026 · FDA issues warning letter to Balaji Amines over product misuse | regulatory legal | high | — | — |
| 1 Oct 2026 · DGFT places Balaji Amines in Denied Entity List for export obligation violation | regulatory legal | high | — | — |
| 28 Sept 2026 · Independent Director of subsidiary completes second term | management changes | medium | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Balaji Amines begins commercial production at expanded ACN plant | capex operations | high | — | — |
| 15 Sept 2026 · Balaji Amines gets credit rating withdrawn after fully repaying bank loans | credit debt | medium | — | — |
| 12 Sept 2026 · Credit Rating Withdrawn - No Outstanding Bank Exposure | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.