Balaji Amines Limited (BALAMINES)
Micro CapChemicals stocks · Micro cap · NSE
Balaji Amines is a pioneer and India's largest manufacturer of aliphatic amines and methylamines, leveraging indigenous technology. It offers 40+ products across amines, derivatives, and specialty chemicals, serving 50+ countries. With an installed capacity of 2,92,000 MTPA, the company focuses on value-added products and forward integration.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +27% YoY · PAT +111% YoY · margin expansion · +15% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹456 Cr | +27.4% | +15.4% |
| EBITDA | ₹116 Cr | +110.9% | +23.4% |
| Operating margin | 25.0% | +1000 bps | +100 bps |
| PAT | ₹78 Cr | +110.8% | +20.0% |
| PAT margin | 17.1% | +677 bps | +65 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Balaji Amines reported strong Q4FY26 consolidated results with revenue at ₹403 Cr (+19.9% QoQ, +11.7% YoY), EBITDA at ₹102 Cr (+65.3% QoQ, +51.3% YoY), and PAT at ₹65 Cr (+108.3% QoQ, +63.3% YoY). Margins expanded significantly, with EBITDA margin at 25% and PAT margin at 16%.
The company delivered robust Q4FY26 results with significant sequential and annual growth in revenue, EBITDA, and PAT, driven by stable volumes and margin expansion. Multiple new projects are nearing commissioning, indicating future growth potential and capacity utilization ramp-up, supporting the investment thesis.
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
New Product & Capacity Expansions
Multiple new projects like DME, NMM, ACN, HCN, NaCN, EDTA, and EDA-based products are under execution or nearing commissioning, significantly expanding product portfolio and capacity.
Electronic Grade Chemicals for EV Batteries
The company is equipping to make Electronic Grade DMC, NMP, and TEA to cater to new age industries such as EV Batteries, positioning itself as a frontrunner.
Increased Methylamines Capacity
Methylamines capacity increased from 48,000 TPA to 88,000 TPA, with 80% captively used, providing a cost advantage and supporting value-added derivatives.
Vertical and Horizontal Integration
Integration enables maintaining a dominant position, cost competitiveness, and product switching flexibility, enhancing operational resilience.
Dimethyl Ether (DME) Plant
1,00,000 TPA capacity, expected to be commissioned during First Quarter of FY 2026-27.
N-Methyl Morpholine (NMM) Plant
5,000 TPA capacity, under execution and expected to be commissioned during FY 2026-27.
Acetonitrile (ACN) Plant
New improved process ACN plant, adding 9,000 TPA (total 18,000 TPA), expected to be commissioned during the Second Quarter of FY 2026-27.
Balaji Speciality Chemicals (BSCL) Expansion
₹750 Cr investment for products like HCN (10,000 TPA), NaCN (12,000 TPA), EDTA/EDTA-2Na (5,000 TPA) by Q4 FY26-27, and EDA-based products by H1 FY26-27.
Amines Market Growth
The Amines Market is projected to grow at a CAGR of 7.8% from 2026 to 2030, expected to reach US$23.5 billion by 2030.
Strong Demand from End-User Industries
Globally, ~61% of aliphatic amines are consumed in the pharmaceutical sector and 26% in the agrochemicals industry, with significant demand for methylamines and PVP K-30 in India.
Emerging EV Battery Industry Demand
New age industries such as EV Batteries are driving demand for electronic grade chemicals like DMC, NMP, and TEA.
Import Substitution Opportunity
Balaji Speciality Chemicals manufactures import substitute products like Ethylene Diamine (EDA), Piperazine Anhydrous (PIP), and Di Ethylene Tri Amine (DETA).
Raw Material Sourcing Dependency
Methanol is a critical raw material primarily imported, making consistent supplies key for the industry.
Project Execution and Commissioning Delays
Multiple large-scale projects are under execution, and any delays in commissioning could impact revenue ramp-up and financial projections.
Commodity Price Volatility
Q4FY26 performance was supported by stable commodity prices; fluctuations in raw material or product prices could impact margins.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison highlights strong sequential operational performance and margin recovery, while YoY comparison shows sustained growth and volume stability despite potential seasonality in the chemicals sector. New project commissioning timelines also emphasize sequential progress.
Revenue from Operations
Revenue from Operations for Q4FY26 stood at ₹ 403 crore, as compared to ₹ 336 crore in Q3FY26 and ₹ 361 crore in Q4FY25.
EBITDA
EBITDA for Q4FY26 was ₹ 102 crore, as compared to ₹ 62 crore in Q3FY26 and ₹ 68 crore in Q4FY25.
PAT
PAT for Q4FY26 was ₹ 65 crore as compared to ₹ 31 crore in Q3FY26 and ₹ 40 crore in Q4FY25.
EBITDA Margin
EBITDA margin for Q4FY26 stood at 25 % as against 18 % in Q3FY26 and 19 % in Q4FY25.
Funding of New Projects
All new projects would be completed as planned with internal accruals, demonstrating financial discipline.
Strategic Focus on Value-Added Products
Management aims to move up the value-chain by focusing on high-value derivatives and specialty chemicals, targeting fast-growing industries and products with limited competition.
Cost Advantage from New Methyl Amines Plant
The Methyl Amines plant with latest technology at Unit IV, commissioned in Nov 2024, is expected to provide a cost advantage over competitors.
Long-term Benefits from Solar Power Plant
The full integration of the solar power plant is expected to yield substantial long-term benefits, reinforcing the company's position as environmentally responsible.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dimethyl Ether (DME) Plant Commissioning | Under erection. | Commissioning in Q1 FY26-27 and subsequent utilization ramp-up. |
| BSCL Unit-I (EDA-based products) Commissioning | Additional reactor under execution. | Commissioning by September 2026 and contribution to value-added product sales. |
| BSCL Unit-II (HCN, NaCN, EDTA) Commissioning | Erection and installation of equipment in progress. | Commissioning by end of FY 2026-27 and market acceptance of new products. |
| Acetonitrile (ACN) Plant Commissioning | Improved process based new ACN plant under execution. | Commissioning during Q2 FY26-27 and impact on cost economics and production grades. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
71Bullishfull bull SMA stack · MACD + · near 52W high
Technical chart
BALAMINESdaily · 1Y · AUTO+135.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 68.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 68 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -784.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 53rd percentile within Chemicals. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Chemicals: 53rd pctile, median 73 · Micro: 54th pctile, median 73
112 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.07.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 40.10
- P/B
- 4.14
- EV/EBITDA
- 21.71
- Market Cap
- 8182.00Cr
Profitability
- ROE
- 8.74%
- ROCE
- 11.00%
- ROA
- 7.69%
- Dividend Y
- 0.44%
Growth (CAGR)
- Revenue 5Y
- 2.00%
- EPS 5Y
- -7.00%
- Revenue 3Y
- -15.00%
- EPS 3Y
- -20.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 54.50×
- Altman Z
- 7.60
- Book Value
- 610.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 184.00 Cr
- EPS TTM
- 63.01
Shareholding
- Promoter Hold
- 54.56%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 98%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.