Balaji Amines Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Amines: 97.5% • Hotel: 2.5%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 113.9% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.38x)
- Company comfortably covers its interest (44.3x coverage)
- Working capital cycle has improved - days down from 211 to 138
CONS
- Receivables are growing faster than sales - a possible quality concern
- Total debt has risen sharply - up 1153.2% year on year
- Company has delivered a poor profit growth of -7.0% over past five years
- Company has delivered a poor sales growth of 1.7% over past five years
- Operating margins have contracted to 18.6% from 26.5%
- Valuation is stretched - P/E of 37.4 is well above its own 5-year median (24.8)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22305.00 | 101.35 | 201838.07 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1572.50 | 60.43 | 160061.58 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2515.00 | 34.49 | 74550.84 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4753.80 | 84.91 | 52220.49 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8796.15 | 57.15 | 45131.39 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1132.45 | 32.45 | 38146.70 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1642.10 | 28.59 | 22397.10 | 0.46 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1612.65 | 91.01 | 21404.36 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6217.65 | 23.01 | 18305.85 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 497.05 | 33.95 | 18029.33 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1358.70 | 17.49 | 17209.68 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| BALAMINES | 2359.30 | 37.45 | 7644.37 | 0.47 | 78.12 | 113.86 | 455.93 | 27.23 | 12.00 | 25.41 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 464 | 381 | 383 | 414 | 385 | 347 | 313 | 353 | 358 | 341 | 331 | 395 | 456 | |
| 366 | 327 | 309 | 316 | 319 | 286 | 267 | 293 | 304 | 281 | 275 | 301 | 355 | |
| Operating Profit | 98 | 54 | 74 | 98 | 66 | 61 | 46 | 60 | 55 | 60 | 57 | 94 | 101 |
| OPM % | 21.14% | 14.13% | 19.36% | 23.60% | 17.18% | 17.49% | 14.62% | 16.91% | 15.26% | 17.56% | 17.11% | 23.87% | 22.08% |
| 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 |
| Profit before Tax | 90 | 48 | 70 | 93 | 62 | 57 | 41 | 54 | 49 | 52 | 46 | 86 | 106 |
| Tax % | 25.11% | 24.24% | 20.63% | 21.98% | 26.01% | 27.04% | 23.84% | 25.03% | 25.48% | 28.14% | 33.12% | 24.56% | 26.45% |
| Net Profit | 0 | 0 | 0 | 0 | 46 | 41 | 31 | 40 | 37 | 37 | 31 | 65 | 78 |
| 16.28 | 10.71 | 15.24 | 21.00 | 13.36 | 12.65 | 10.24 | 12.36 | 11.73 | 10.67 | 9.49 | 19.99 | 23.13 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 670 | 861 | 943 | 936 | 1,311 | 2,323 | 2,355 | 1,642 | 1,397 | 1,425 | 1,523 | |
| 521 | 679 | 751 | 758 | 944 | 1,700 | 1,746 | 1,318 | 1,165 | 1,160 | 1,211 | |
| Operating Profit | 149 | 182 | 192 | 177 | 368 | 623 | 609 | 324 | 232 | 265 | 311 |
| OPM % | 22.24% | 21.14% | 20.31% | 18.97% | 28.06% | 26.81% | 25.86% | 19.72% | 16.62% | 18.63% | 20.45% |
| 9 | 12 | 6 | 8 | 11 | 15 | 15 | 30 | 33 | 29 | 25 | |
| Interest | 13 | 9 | 13 | 23 | 18 | 17 | 12 | 6 | 4 | 5 | 6 |
| Depreciation | 20 | 19 | 20 | 32 | 34 | 42 | 46 | 45 | 48 | 56 | 56 |
| Profit before Tax | 126 | 166 | 165 | 131 | 327 | 578 | 567 | 302 | 213 | 232 | 290 |
| Tax % | 34.48% | 31.75% | 29.06% | 25.65% | 25.44% | 27.73% | 28.43% | 22.97% | 25.62% | 27.24% | 27.25% |
| Net Profit | 82 | 113 | 117 | 97 | 243 | 418 | 406 | 232 | 159 | 169 | 211 |
| EPS | 25.42 | 34.93 | 36.27 | 32.34 | 73.51 | 113.71 | 100.47 | 63.22 | 48.62 | 51.60 | — |
| Dividend Payout % | 8.66% | 7.44% | 7.72% | 9.89% | 5.44% | 5.28% | 9.95% | 17.40% | 22.63% | 21.32% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 2%
- 3 Years:
- -15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- -7%
- 3 Years:
- -20%
STOCK PRICE CAGR
- 10 Years:
- 24%
- 5 Years:
- -12%
- 3 Years:
- 1%
- 1 Year:
- 57%
RETURN ON EQUITY
- 10 Years:
- 22%
- 5 Years:
- 20%
- 3 Years:
- 11%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Minority Interest | 0 | 18 | 18 | 10 | 16 | 65 | 144 | 171 | 173 | 175 |
| 356 | 461 | 568 | 652 | 888 | 1,243 | 1,548 | 1,715 | 1,839 | 1,970 | |
| 89 | 156 | 207 | 258 | 121 | 77 | 32 | 12 | 3 | 119 | |
| Trade Payables | 51 | 72 | 85 | 59 | 77 | 181 | 62 | 78 | 69 | 85 |
| 132 | 135 | 162 | 127 | 202 | 172 | 170 | 163 | 162 | 387 | |
| Total Liabilities | 635 | 848 | 1,046 | 1,113 | 1,310 | 1,745 | 1,963 | 2,146 | 2,252 | 2,743 |
| 325 | 316 | 320 | 573 | 543 | 676 | 775 | 891 | 998 | 1,038 | |
| Capital Work in Progress | 25 | 123 | 269 | 46 | 173 | 141 | 113 | 203 | 234 | 512 |
| 0 | 0 | 0 | 48 | 0 | 0 | 73 | 0 | 0 | 0 | |
| 99 | 89 | 163 | 109 | 110 | 222 | 303 | 287 | 274 | 247 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 319 | 275 | 346 | |
| Cash & Bank | 3 | 24 | 20 | 9 | 20 | 52 | 236 | 340 | 354 | 271 |
| 182 | 295 | 273 | 329 | 465 | 654 | 463 | 106 | 117 | 328 | |
| Total Assets | 635 | 848 | 1,046 | 1,113 | 1,310 | 1,745 | 1,963 | 2,146 | 2,252 | 2,743 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 87 | 183 | 144 | 196 | 148 | 350 | 496 | 334 | 255 | 184 | |
| Cash from Investing | -10 | -135 | -119 | -130 | -62 | -147 | -210 | -274 | -139 | -344 |
| Cash from Financing | -55 | 16 | 21 | -26 | -37 | -57 | -81 | -75 | -49 | 85 |
| -5 | 21 | -4 | -12 | 11 | 16 | 63 | -15 | 68 | -75 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Balaji Amines Limited has informed the Exchange about Newspaper Advertisement Regarding Specials Window for Transfer and Dematerialisation of Physical Shares.
2026-08-17 - Balaji Amines Limited has informed the Exchange about Schedule of meet
2026-08-13 - Balaji Amines Limited has informed the Exchange about Schedule of Analysts/ Investors meet under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-07-29 - Balaji Amines Limited has informed the Exchange about Investor Presentation
2026-07-28 - Balaji Amines Limited has informed the Exchange about Copy of Newspaper Advertisement of extract of Standalone and Consolidated Un-Audited Financial Results of the Company for the Quarter ended 30th June, 2026 Published in Business Standard (English) and Divya Marathi (Marathi)
2026-07-27 - Balaji Amines Limited has informed the Exchange regarding Press Release in connection with Un- Audited Financial Results of the Company for the Quarter Ended 30th June, 2026.
2026-07-27 - Balaji Amines Limited has submitted to the Exchange, Results for the Quarter Ended 30th June, 2026
2026-07-13 - Balaji Amines Limited has submitted the Exchange Outcome of the 38th Annual General Meeting of the Company held on Friday 10th July, 2026 at 12:00 (Noon) Through Video Conferencing (VC) or Other Audio Visual Means (OAVM) along with Scrutinizer's Report and Voting Results
2026-07-10 - Balaji Amines Limited has informed the Exchange regarding Proceedings of the 38th Annual General Meeting of the Company.
News
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