Balaji Amines Ltd.
Current Price
₹1,827.85
As of 20 May 2026
Market Cap
₹5.71K Cr
As of 20 May 2026
cyclical recovery year, Rs.871 Cr capex pipeline
Report updated: 2026-05-18
Balaji Amines Ltd.
India's largest aliphatic amines manufacturer — 2,93,600 TPA capacity expanding to 4,15,100 TPA (+41%), FY22 cyclical peak (Rs.2,314 Cr / Rs.418 Cr PAT) bottomed FY25 (Rs.1,389 Cr / Rs.159 Cr) and FY26 is the recovery year: Q4 FY26 cons EBITDA margin 25% (highest in 8 quarters), FY26 PAT Rs.169 Cr (+6%). Reddy family promoters 54.59%; standalone zero-debt but consolidated debt rose 11x from Rs.11 Cr to Rs.133 Cr in FY26 funding the Rs.750 Cr BSCL expansion + Rs.150-200 Cr standalone capex still pending.
Rs.1,706
Share price
Rs.5,531 Cr
Market cap (Small Cap)
Rs.169 Cr
FY26 net profit
33.1x
Trailing P/E
2.80x
Price to Book
8.75%
ROE (FY26)
Stock Funda Summary
- Balaji Amines is a 38-year-old chemicals company (founded 1988) and India's largest manufacturer of aliphatic amines (methylamines + ethylamines) and 40+ import-substitute specialty intermediates.
- Highly cyclical: FY22 windfall peak (Rs.2,314 Cr / Rs.418 Cr PAT / 27% EBITDA margin / 32% ROE) on global supply tightness
- FY24-FY25 down-cycle (revenue Rs.1,671 → Rs.1,430 Cr, PAT Rs.232 → Rs.159 Cr, ROE collapsed to 8.6%) on China dumping in DMF / EDA + pricing reset.
- FY26 is the recovery year: Q4 FY26 consolidated revenue Rs.403 Cr (+20% QoQ) at 25% EBITDA margin (highest in 8 quarters, vs 18% Q3 trough), FY26 PAT Rs.169 Cr (+6%).
- Rs.871 Cr capex pipeline (Rs.750 Cr BSCL + Rs.150-200 Cr standalone for DME, ACN with new tech, NMM, NBPT) set to commission in FY27.
- Capacity 2,93,600 TPA → 4,15,100 TPA (+41%).
- MD targets FY28 Rs.3,000 Cr / FY29 Rs.4,000 Cr revenue (+115-180% vs FY26).
- Risks: FII trimmed 210 bps in 4 quarters; hotel division loss-making (Rs.11 Cr EBIT loss FY26); consol debt jumped 11x to Rs.133 Cr funding the capex; capex-to-revenue ratio deteriorated (Rs.440 Cr spent in 2 years but topline still 38% below FY22 peak).
- Reddy family promoters 54.59% steady; standalone remains zero-debt.
- Rated AA-(Stable) by India Ratings.