Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Newspaper Advertisement Regarding Specials Window for Transfer and Dematerialisation of Physical Shares
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals21 Oct 2026 · screener
Latest result27 Jul, 11:37 pm IST
Score21 Oct, 06:09 pm IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.2 (n=45)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -9.7% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 43
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
BALAMINESD candles · FIT view+47.2%Latest close ₹1924.40 on 2026-10-21
Bar
-3.4%
RSI
38
MACD hist
-12.37
52W pos
58%
2026-10-21O ₹1991.50H ₹2006.50L ₹1903.30C ₹1924.40Vol 1.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BALAMINESNifty ChemicalsNifty 500
- BALAMINES
- -18.7%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- -12.2 pp
Chart stats
21 Oct 2026- From 52W high
- -26.8%
- 52W range position
- 58%
- ATR (14)
- 5.2%
- Volume vs 20D
- 0.34x
- Avg traded value
- ₹65.5 Cr
- 20D price channel
- ₹1,903.3 - ₹2,349.3
₹2,629.8
₹968.1 - ₹2,629.8
₹100.8
Latest completed session
20-session average
72.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +27.4% · PAT +110.8% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-574.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +27% YoY · PAT +111% YoY · margin expansion · +15% QoQ · operating leverage
Filed 27 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 30.50
- P/B
- 3.15
- EV/EBITDA
- 16.61
- Market Cap
- 6227.00Cr
Profitability
- ROE
- 8.74%
- ROCE
- 11.00%
- ROA
- 7.69%
- Dividend Y
- 0.53%
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
- 6.29
- 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
- 59%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 456+15.4% vs prev
Net Profit
₹ CrLatest: 78.0+20.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 38.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~10.8% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 99% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Stage 1 Base / Transition
1M return
-9.7%
3M return
-18.7%
6M return
+55.2%
1Y return
+35.8%
RS 1D
-1
RS 20D
-4
Sector rank
#14
Industry rank
#44
Stage evidence
- Price is within 1.5% of the 30-week proxy.
- The 30-week proxy changed +8.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 143.64-2.47%
RS vs Nifty 500144
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth4/25
Quality1/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
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
- Fair-value margin of safety is negative at -574.2%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
30.5
PB
3.1
EV/EBITDA
16.6
ROE
8.7%
ROCE
11.0%
FCF Yield
—
Debt/Equity
0.1
MoS
-574.2%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-574.2%
Previous: -574.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹929.95
-106.9% MoS
Growth-justified P/E
4.5
Growth-justified Value
₹285.44
-574.2% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ALKYLAMINE
Micro
Alkyl Amines Chemicals Limited
Specialty Chemicals
match 160
63
49.5
41.4%
-1%
UNDERVALUED
JUBLINGREA
Large
Jubilant Ingrevia Limited
Specialty Chemicals
match 153
51
32.0
9.5%
+28%
FAIR VALUE
CLEAN
Large
Clean Science and Technology Limited
Specialty Chemicals
match 153
39
37.3
15.3%
-254%
WATCHLIST
AETHER
Micro
Aether Industries Limited
Specialty Chemicals
match 150
29
94.9
9.7%
-175%
OVERVALUED
FCL
Small
Fineotex Chemical Limited
Specialty Chemicals
match 147
33
51.4
13.5%
-34%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-08T07:39:50.429Z
Management commentary snapshot
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.
Current business mix
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic86.8%
Exports13.2%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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).
Headwinds
Raw Material Sourcing Dependency
Methanol is a critical raw material primarily imported, making consistent supplies key for the industry.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
112 docs text-extracted · 45 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Chemicals: 53rd pctile, median 73 · Micro: 54th pctile, median 73
Evidence depth
Financial-only
112 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
62
acceptable · quarterly consistency
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.
Continue researching Balaji Amines Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jul - Newspaper Advertisement Regarding 2nd 100 days Saksham Niveshak Campaign and Special Window for Transfer and Dematerialisation of Physical Shares.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jun - Submission of Newspaper publication in respect of Notice of 38th Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jun - Submission of Newspaper Publication in respect of 38th Annual General Meeting of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 May - Notice of Transfer of Equity shares of the Company to Investor Education and Protection Fund
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.