Indo Amines Ltd.

•

indoaminesltd.comBSE: 524648NSE: INDOAMIN

Market Cap₹ 902 Cr.

Current Price

High / Low₹ 149 / 82

Stock P/E10.6

Book Value₹ 58

Price to Book2.65

Dividend Yield0.40 %

ROCE19.5 %

ROE21.5 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Organic Chemicals, & Speciality Chemicals: 46.3% • Fatty Amines, Quaternary Ammonium Compounds: 31.7% • Bulk Drugs & Intermediates: 11.7%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

PROS

Company has delivered good profit growth of 34.8% CAGR over last 5 years
Company has delivered good sales growth of 17.5% CAGR over last 5 years
Attractively priced for its growth - PEG of 0.3
Company has a consistent dividend-paying track record
Company converts assets efficiently - asset turnover of 1.9x

CONS

Promoter holding has decreased over last 2 years: -8.3pp
Total debt has risen sharply - up 32.2% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	21460.00	97.52	194191.66	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1630.00	62.63	165914.39	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2550.15	34.97	75592.78	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4553.45	81.33	50019.65	0.07	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8563.50	55.64	43937.70	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1162.45	33.31	39157.25	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1712.30	29.82	23354.58	0.44	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1626.45	91.79	21587.52	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6383.20	23.63	18793.26	0.47	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	491.90	33.60	17842.53	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1361.95	17.53	17250.85	0.73	490.04	100.95	3256.26	22.47	12.12	25.96
12.	INDOAMIN	124.20	11.10	901.54	0.40	30.76	6.64	374.64	30.27	18.36	14.09

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	242	226	210	246	253	268	256	278	271	267	269	311	367
	219	205	192	229	227	242	227	255	244	233	243	277	328
Operating Profit	23	21	19	17	26	26	29	24	27	34	26	34	40
OPM %	9.50%	9.34%	8.96%	7.08%	10.34%	9.69%	11.39%	8.47%	10.10%	12.77%	9.58%	10.92%	10.78%
	3	5	2	5	7	5	2	0	16	5	2	6	1
Interest	6	6	6	5	5	5	6	6	6	6	6	6	6
Depreciation	4	3	4	4	4	4	4	4	5	5	5	6	6
Profit before Tax	17	17	12	13	24	22	22	14	32	28	17	29	41
Tax %	25.04%	25.89%	24.59%	25.57%	25.50%	25.45%	24.80%	23.57%	20.12%	26.01%	24.80%	27.31%	25.38%
Net Profit	13	13	9	10	18	16	16	11	25	21	13	21	31
	1.78	1.89	1.16	1.38	2.46	2.23	2.24	1.54	3.48	2.85	1.76	2.77	4.17

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	243	278	347	527	472	539	780	922	925	1,057	1,214
	214	244	309	473	430	483	728	839	844	951	1,081
Operating Profit	28	34	38	54	42	56	53	83	81	105	133
OPM %	11.65%	12.19%	11.04%	10.18%	8.97%	10.40%	6.74%	9.01%	8.73%	9.96%	10.99%
	1	5	4	7	6	7	10	4	15	15	14
Interest	4	6	8	10	11	9	14	17	22	22	23
Depreciation	12	12	12	15	19	11	14	17	15	17	22
Profit before Tax	14	21	23	36	19	43	35	53	59	82	115
Tax %	38.28%	29.63%	37.86%	33.46%	26.15%	23.42%	29.20%	27.79%	25.28%	25.01%	25.93%
Net Profit	9	15	14	24	14	33	25	38	44	61	85
EPS	0.00	0.00	0.00	0.00	0.00	4.70	3.51	5.37	6.27	8.46	—
Dividend Payout %	38.33%	22.12%	23.31%	14.60%	25.63%	11.79%	14.19%	9.30%	7.97%	5.91%	—

COMPOUNDED SALES GROWTH

10 Years:: 17%
5 Years:: 17%
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: 30%
5 Years:: 35%
3 Years:: 35%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 2%
1 Year:: -13%

RETURN ON EQUITY

10 Years:: 20%
5 Years:: 19%
3 Years:: 20%
Last Year:: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	33	33	33	35	35	35	35	35	35	36
	16	33	44	88	97	125	148	182	221	279
	48	61	87	131	142	158	206	230	190	250
Trade Payables	29	38	63	77	76	98	124	106	117	124
	34	36	9	11	13	21	24	29	51	71
Total Liabilities	160	202	235	342	363	438	537	583	614	760
	46	58	64	115	115	123	180	194	203	257
Capital Work in Progress	0	2	5	8	24	54	20	18	19	32
	5	5	5	1	1	3	3	3	5	6
	26	31	48	62	76	77	98	114	99	119
	0	0	0	0	0	0	0	0	222	276
Cash & Bank	5	3	7	7	5	11	19	13	15	12
	77	102	106	149	142	171	218	241	52	58
Total Assets	160	202	235	342	363	438	537	583	614	760

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	24	19	23	32	43	64	1	29	69	39
Cash from Investing	-10	-22	-21	-40	-35	-50	-36	-28	-24	-84
Cash from Financing	-8	7	14	21	-4	2	51	3	-43	43
	1	-2	4	-1	-1	6	8	-6	1	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	2.61	4.52	4.29	6.85	3.90	9.33	3.52	5.37	6.27	8.46
Book Value (₹)	14.78	20.05	22.75	34.40	37.08	45.08	25.69	30.54	36.25	43.42
Dividend per Share (₹)	1.00	1.00	1.00	1.00	1.00	1.10	0.50	0.50	0.50	0.50
Cash EPS (₹)	3.10	4.03	3.94	5.49	4.70	6.23	5.50	7.80	8.39	10.74
PROFITABILITY
Operating Margin %	10.81%	12.38%	11.26%	10.20%	8.69%	10.89%	6.61%	7.55%	6.88%	8.06%
Net Margin %	3.14%	4.81%	3.77%	4.06%	2.46%	5.68%	2.62%	3.31%	3.78%	4.70%
ROE %	18.54%	26.11%	20.05%	24.52%	10.92%	22.72%	14.61%	19.11%	18.78%	21.49%
ROCE %	18.77%	24.11%	21.20%	22.27%	11.17%	17.66%	13.86%	16.70%	17.73%	19.48%
	5.56%	8.34%	6.54%	8.39%	3.91%	8.23%	5.11%	6.78%	7.41%	8.93%
EFFICIENCY
Debtor Days	55	61	63	58	73	76	61	62	66	70
Inventory Days	34	33	38	34	45	48	34	34	33	31
Payable Days	75	68	85	75	96	96	80	67	64	63
	14	26	16	17	22	28	15	28	35	37
FINANCIAL HEALTH
Debt to Equity (x)	0.99x	0.91x	1.14x	1.07x	1.08x	0.99x	1.14x	1.06x	0.83x	0.89x
Interest Coverage (x)	4.61x	4.83x	3.98x	4.71x	2.75x	5.76x	3.56x	4.09x	3.74x	4.77x
	1.09x	0.81x	1.10x	1.07x	1.11x	1.11x	1.08x	1.19x	1.30x	1.28x
GROWTH
Revenue Growth %	12.65%	14.61%	24.77%	51.82%	-10.37%	14.20%	44.65%	18.19%	0.34%	14.20%
Operating Profit Growth %	32.18%	31.09%	10.13%	42.20%	-19.79%	29.62%	-0.50%	37.94%	10.68%	25.15%
Net Profit Growth %	85.91%	75.55%	-5.13%	69.28%	-43.04%	139.16%	-24.49%	52.52%	16.69%	38.50%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.69%	34.89%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.74x	13.62x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.07x	2.65x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%	0.43%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.25x	9.19x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.76	57.25	57.25	58.37	58.42	58.42	58.42	58.42	58.42
	0.00	0.01	0.16	0.11	0.02	0.00	0.00	0.02	0.08
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	33.24	42.74	42.59	41.52	41.55	41.58	41.58	41.56	41.50

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Clarification - Financial Results

2026-09-03 - The Exchange has sought clarification from Indo Amines Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Indo Amines Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Shareholders meeting

2026-09-02 - Indo Amines Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-09-02

Record Date

2026-09-02 - Indo Amines Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Sep-2026.

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Indo Amines Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-17

Disruption of Operations

2026-08-17 - Indo Amines Limited has informed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) related to Mahad Manufacturing Unit incident.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Indo Amines Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

Outcome of Board Meeting

2026-08-12 - Indo Amines Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-12

Action(s) taken or orders passed

2026-08-12 - Indo Amines Limited has informed the Exchange about Action(s) taken or orders passed

News

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Indo Amines Ltd.

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Name

SOLARINDS

21460.00

97.52

194191.66

0.05

666.37

88.98

3668.20

70.26

38.16

27.91

PIDILITIND

1630.00

62.63

165914.39

1.32

8835.10

1202.86

45515.50

1112.74

32.38

26.28

SRF

2550.15

34.97

75592.78

0.35

758.87

75.53

5033.26

34.63

14.21

24.57

FLUOROCHEM

4553.45

81.33

50019.65

0.07

219.00

19.02

1588.00

23.97

9.58

26.83

NAVINFLUOR

8563.50

55.64

43937.70

0.18

243.31

107.67

1045.08

44.07

21.39

34.17

GODREJIND

1162.45

33.31

39157.25

0.00

523.36

-27.85

5448.09

22.16

10.64

12.82

DEEPAKNTR

1712.30

29.82

23354.58

0.44

345.01

207.36

2577.60

36.39

11.58

20.96

AETHER

1626.45

91.79

21587.52

0.00

62.75

33.45

326.56

27.49

11.65

31.47

ATUL

6383.20

23.63

18793.26

0.47

253.93

91.85

1847.95

25.03

15.05

21.41

AARTIIND

491.90

33.60

17842.53

0.20

155.00

260.47

2387.00

42.42

6.95

16.00

DEEPAKFERT

1361.95

17.53

17250.85

0.73

490.04

100.95

3256.26

22.47

12.12

25.96

INDOAMIN

124.20

11.10

901.54

0.40

30.76

6.64

374.64

30.27

18.36

14.09

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

242

226

210

246

253

268

256

278

271

267

269

311

367

219

205

192

229

227

242

227

255

244

233

243

277

328

Operating Profit

OPM %

9.50%

9.34%

8.96%

7.08%

10.34%

9.69%

11.39%

8.47%

10.10%

12.77%

9.58%

10.92%

10.78%

Interest

Depreciation

Profit before Tax

Tax %

25.04%

25.89%

24.59%

25.57%

25.50%

25.45%

24.80%

23.57%

20.12%

26.01%

24.80%

27.31%

25.38%

Net Profit

1.78

1.89

1.16

1.38

2.46

2.23

2.24

1.54

3.48

2.85

1.76

2.77

4.17

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

243

278

347

527

472

539

780

922

925

1,057

1,214

214

244

309

473

430

483

728

839

844

951

1,081

Operating Profit

105

133

OPM %

11.65%

12.19%

11.04%

10.18%

8.97%

10.40%

6.74%

9.01%

8.73%

9.96%

10.99%

Interest

Depreciation

Profit before Tax

115

Tax %

38.28%

29.63%

37.86%

33.46%

26.15%

23.42%

29.20%

27.79%

25.28%

25.01%

25.93%

Net Profit

EPS

0.00

4.70

3.51

5.37

6.27

8.46

—

Dividend Payout %

38.33%

22.12%

23.31%

14.60%

25.63%

11.79%

14.19%

9.30%

7.97%

5.91%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

125

148

182

221

279

131

142

158

206

230

190

250

Trade Payables

124

106

117

124

Total Liabilities

160

202

235

342

363

438

537

583

614

760

115

123

180

194

203

257

Capital Work in Progress

114

119

222

276

Cash & Bank

102

106

149

142

171

218

241

Total Assets

160

202

235

342

363

438

537

583

614

760

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-10

-22

-21

-40

-35

-50

-36

-28

-24

-84

Cash from Financing

-8

-4

-43

-2

-1

-6

-2

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

2.61

4.52

4.29

6.85

3.90

9.33

3.52

5.37

6.27

8.46

Book Value (₹)

14.78

20.05

22.75

34.40

37.08

45.08

25.69

30.54

36.25

43.42

Dividend per Share (₹)

1.00

1.10

0.50

Cash EPS (₹)

3.10

4.03

3.94

5.49

4.70

6.23

5.50

7.80

8.39

10.74

PROFITABILITY

Operating Margin %

10.81%

12.38%

11.26%

10.20%

8.69%

10.89%

6.61%

7.55%

6.88%

8.06%

Net Margin %

3.14%

4.81%

3.77%

4.06%

2.46%

5.68%

2.62%

3.31%

3.78%

4.70%

ROE %

18.54%

26.11%

20.05%

24.52%

10.92%

22.72%

14.61%

19.11%

18.78%

21.49%

ROCE %

18.77%

24.11%

21.20%

22.27%

11.17%

17.66%

13.86%

16.70%

17.73%

19.48%

5.56%

8.34%

6.54%

8.39%

3.91%

8.23%

5.11%

6.78%

7.41%

8.93%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.99x

0.91x

1.14x

1.07x

1.08x

0.99x

1.14x

1.06x

0.83x

0.89x

Interest Coverage (x)

4.61x

4.83x

3.98x

4.71x

2.75x

5.76x

3.56x

4.09x

3.74x

4.77x

1.09x

0.81x

1.10x

1.07x

1.11x

1.08x

1.19x

1.30x

1.28x

GROWTH

Revenue Growth %

12.65%

14.61%

24.77%

51.82%

-10.37%

14.20%

44.65%

18.19%

0.34%

14.20%

Operating Profit Growth %

32.18%

31.09%

10.13%

42.20%

-19.79%

29.62%

-0.50%

37.94%

10.68%

25.15%

Net Profit Growth %

85.91%

75.55%

-5.13%

69.28%

-43.04%

139.16%

-24.49%

52.52%

16.69%

38.50%

0.00%

16.69%

34.89%

VALUATION

P/E (x)

0.00x

17.74x

13.62x

P/B (x)

0.00x

3.07x

2.65x

Dividend Yield %

0.00%

0.45%

0.43%

0.00x

10.25x

9.19x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

66.76

57.25

58.37

58.42

0.00

0.01

0.16

0.11

0.02

0.00

0.02

0.08

DIIs

0.00

Government

0.00

33.24

42.74

42.59

41.52

41.55

41.58

41.56

41.50

Indo Amines Ltd.

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Indo Amines Ltd.

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