Amines & Plasticizers Ltd (AMNPLST)
🎯 Key Takeaways
- Amines & Plasticizers Ltd is a mid-sized specialty chemicals manufacturer operating in niche segments including amines and plasticizers, with a focus on industrial applications. The company exhibits characteristics of a mature cash cow with stable profitability and low leverage, though recent quarterly performance shows signs of operational softness.
- Revenue declined 3% QoQ to ₹151 in Q1FY27.
- ⚠️ Declining operational performance: Revenue and margins have trended downward over the last four quarters, with no public explanation from management a
- Market Cap
- ₹921
- P/E Ratio
- 23.9
- P/B Ratio
- 3.15
- ROE
- 13.2%
- ROCE
- 17.8%
- Debt/Equity
- 0.09
- Div Yield
- 0.30%
- Promoter
- 73.2%
📖 The Story
Amines & Plasticizers Ltd is a mid-sized specialty chemicals manufacturer operating in niche segments including amines and plasticizers, with a focus on industrial applications. The company exhibits characteristics of a mature cash cow with stable profitability and low leverage, though recent quarterly performance shows signs of operational softness. Management maintains a conservative capital structure and has consistently rewarded shareholders through dividends, reflecting a disciplined approach to cash allocation.
📰 What's Happening
The company has recently focused on corporate governance and shareholder engagement, with its 51st AGM scheduled for September 23, 2026, where shareholders will vote on director remuneration, cost auditor appointment, and ratification of unsecured deposits up to 35% of paid-up capital. A final dividend of Rs. 0.50 per share was declared for FY2026, contingent on shareholder approval at the AGM. Management has also initiated a 'Saksham Niveshak' campaign to encourage KYC compliance and prevent dividend leakage to IEPF, underscoring a focus on regulatory adherence and shareholder continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 140 | 133 | 142 | 155 | 151 |
| Operating Profit | 12 | 9 | 11 | 22 | 14 |
| OPM % | 8.3% | 7.0% | 7.8% | 14.2% | 9.0% |
| Net Profit | 7 | 6 | 8 | 15 | 9 |
| EPS | ₹1.35 | ₹1.12 | ₹1.38 | ₹2.79 | ₹1.72 |
Quarterly revenue has declined from a peak of ₹155 crore in March 2026 to ₹151 crore in June 2026, with operating profit and margins also trending downward — OPM fell from 14.2% to 9.0% over the same period. Net profit dropped from ₹15 crore to ₹9 crore, and EPS declined from ₹2.79 to ₹1.72, indicating weakening operational momentum. These trends contrast with earlier quarters where margins were more stable, suggesting potential headwinds in demand or pricing that management has not yet addressed in public commentary.
🔮 Management Outlook & What's Next
There is no explicit forward guidance provided in the latest filings regarding revenue, margins, or capital allocation strategy beyond routine governance actions. Management has not issued any commentary on demand trends, margin recovery, or investment plans in the reviewed disclosures. The focus remains on procedural compliance, including AGM logistics, dividend approval, and auditor re-appointment, with no strategic initiatives or growth projections disclosed.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 248 | 225 | 281 | 258 |
| Borrowings | 77 | 80 | 27 | 31 |
| Total Liabilities | 416 | 420 | 422 | 390 |
| Fixed Assets | 80 | 81 | 76 | 79 |
| Investments | 1 | 1 | 2 | 1 |
| Total Assets | 416 | 420 | 422 | 390 |
The balance sheet shows stable equity of ₹11 crore and reserves growing modestly from ₹248 crore to ₹281 crore, indicating retained earnings are being accumulated. Borrowings have decreased from ₹77 crore to ₹27 crore over the past two fiscal years, suggesting active deleveraging. Total assets remain flat around ₹400–422 crore, implying limited reinvestment or growth-driven expansion, consistent with a mature business model focused on cash generation rather than aggressive scaling.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +29 | +66 |
| Investing | -3 | -1 |
| Financing | -20 | -58 |
| Net Cash Flow | +6 | +7 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 73.2% | 73.2% | 73.2% | 73.2% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 9.4% | 9.3% | 9.3% | 9.4% |
| # Shareholders | 9,794 | 9,873 | 9,541 | 9,460 |
Promoter holding remains steady at 73.17% across all recent quarters, indicating strong insider confidence and stability in ownership. Public shareholding has slightly declined from 9.87% to 9.31% over four quarters, with the number of shareholders increasing slightly, suggesting minor retail dilution or transfer to IEPF. FII and DII holdings remain negligible at 0%, meaning institutional interest is minimal, and the stock is largely held by promoters and retail investors.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.50 L Cr | 56.5 | 33.4% | — | 0.01 |
| SRF | 72,171 | 33.4 | 15.6% | — | 0.36 |
| LINDEINDIA | 52,799 | 96.6 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,503 | 79.3 | 9.6% | — | 0.34 |
| NAVINFLUOR | 42,232 | 53.4 | 22.2% | — | 0.31 |
| GODREJIND | 35,513 | 30.2 | 9.2% | — | 4.57 |
| HSCL | 33,663 | 41.8 | 20.7% | — | 0.16 |
| AETHER | 23,246 | 98.6 | 13.8% | — | 0.08 |
| DEEPAKNTR | 20,783 | 26.5 | 15.3% | — | 0.26 |
| CASTROLIND | 19,792 | 18.6 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Declining operational performance: Revenue and margins have trended downward over the last four quarters, with no public explanation from management about root causes or corrective actions. 2. Low institutional interest: Absence of FII/DII holdings may limit liquidity and analyst coverage, increasing price volatility. 3. Governance dependency: Heavy reliance on shareholder participation in AGMs for key decisions, including remuneration and auditor approval, introduces procedural risk if voter turnout is low. 4. Dividend sustainability: While dividends are consistently declared, payout depends on shareholder approval at each AGM, making them vulnerable to voting outcomes.
📋 Recent Filings
- Announcement2026-09-28Amines & Plasticizers Ltd announced that its trading window will close on October 1, 2026, ahead of the board meeting to approve unaudited financial r…
- 🟡 voting results2026-09-24At the 51st AGM on September 23, 2026, shareholders approved all 9 resolutions via remote e-voting with 100% support, including financial statements, …
- 🟡 Board Meeting2026-09-23Amines & Plasticizers Ltd held its 51st AGM on September 23, 2026 via video conference, approving audited standalone and consolidated financial statem…
- 🔴 annual report2026-08-31Amines & Plasticizers sent shareholder letters on August 31, 2026, providing web links and exact paths to access the FY 2025-26 Annual Report, includi…
- 🟡 Board Meeting2026-08-31Amines & Plasticizers Ltd announced its 51st Annual General Meeting scheduled for September 23, 2026, at 4:00 PM IST via video conferencing. Sharehold…
- 🔴 annual report2026-08-31Amines & Plasticizers Limited (AMNPLST) reported FY25-26 revenue of ₹571.03 crore, down 13.6% from ₹660.73 crore, with stable EBITDA margin at 10.59% …
- 🟡 sustainability report2026-08-31Amines & Plasticizers Limited voluntarily filed its FY 2025-26 Business Responsibility and Sustainability Report (BRSR) on August 31, 2026, as mandate…
- share transfer2026-08-26Amines & Plasticizers Limited notified shareholders holding physical shares on August 26, 2026, to update mandatory KYC details including PAN linked t…
- Announcement2026-08-19Amines & Plasticizers Limited released its Q1FY27 investor presentation, highlighting revenue growth and margin expansion driven by inventory gains an…
- 🔴 Corporate Action2026-08-14Amines & Plasticizers Limited announced a final dividend of Rs. 0.50 per share for FY2026, payable to shareholders on record as of September 11, 2026,…
🧠 Analyst's Read
Amines & Plasticizers Ltd appears to be a stable, low-growth business with a conservative financial profile and consistent dividend history, but recent quarterly softness raises concerns about near-term momentum. The lack of strategic commentary or forward-looking guidance limits visibility into recovery prospects. Investors should monitor the upcoming AGM for any hints of operational plans and assess shareholder turnout, as it directly impacts governance legitimacy and dividend realization.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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