Balaji Amines Ltd (BALAMINES)
🎯 Key Takeaways
- Balaji Amines is in a growth phase driven by strategic capacity expansion and margin improvement, supported by strong quarterly performance and disciplined capital allocation. Management is executing a clear expansion plan in specialty chemicals, backed by consistent financial execution and improving operational metrics.
- Revenue grew 15.5% QoQ to ₹456 in Q1FY27.
- ⚠️ The company’s growth is dependent on the successful commissioning and commercial performance of new capacity projects, which carries execution and mar
- Market Cap
- ₹6,998
- P/E Ratio
- 34.1
- P/B Ratio
- 3.54
- ROE
- 10.3%
- ROCE
- 14.0%
- Debt/Equity
- 0.07
- Div Yield
- 0.51%
- Promoter
- 54.6%
📖 The Story
Balaji Amines is in a growth phase driven by strategic capacity expansion and margin improvement, supported by strong quarterly performance and disciplined capital allocation. Management is executing a clear expansion plan in specialty chemicals, backed by consistent financial execution and improving operational metrics.
📰 What's Happening
In Q1FY27, the company reported consolidated revenue of ₹461 crore, up from ₹403 crore in Q4FY26, with EBITDA at ₹121 crore and net profit at ₹78 crore, reflecting margin expansion and volume stability. Management highlighted that commissioning of N-Methyl Morpholine and Acetonitrile capacity expansion projects is progressing as planned during FY27. The Board approved unaudited Q1 FY27 results on 27 July 2026, confirming no exceptional items and stable operations. At the 38th AGM on 10 July 2026, shareholders approved the audited FY26 financials and a final dividend of ₹11 per share, signaling confidence in cash flow generation. The company also completed its 38th AGM with all resolutions passed via e-voting, reinforcing governance continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 341 | 331 | 395 | 456 |
| Operating Profit | 46 | 43 | 80 | 102 |
| OPM % | 13.4% | 12.8% | 20.3% | 22.4% |
| Net Profit | 37 | 31 | 65 | 78 |
| EPS | ₹10.67 | ₹9.49 | ₹19.99 | ₹23.13 |
Revenue has grown sequentially from ₹331 crore in Dec 2025 to ₹395 crore in Mar 2026 and ₹456 crore in Jun 2026, with operating profit margin expanding from 12.8% to 22.4% over the same period. Net profit rose from ₹31 crore to ₹78 crore, indicating operating leverage and cost efficiency. This upward trend in profitability aligns with management’s commentary on margin improvement and volume stability, supported by the ramp-up of new capacity projects. The consistent growth in both top-line and bottom-line metrics suggests that recent investments are translating into tangible financial results.
🔮 Management Outlook & What's Next
Management indicated during the Q1FY27 results filing on 27 July 2026 that the commissioning of N-Methyl Morpholine and Acetonitrile capacity expansion projects is progressing as planned during FY27, which is expected to drive future revenue growth. No formal forward guidance on revenue or margins was provided in the filing, but the project timelines suggest phased capacity additions to support sustained demand in specialty chemicals. The company emphasized operational execution and project readiness as key enablers for future performance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 |
| Reserves | 1,839 | 1,764 | 1,970 | 1,875 |
| Borrowings | 11 | 15 | 133 | 31 |
| Total Liabilities | 2,252 | 2,153 | 2,743 | 2,331 |
| Fixed Assets | 1,003 | 887 | 1,038 | 1,055 |
| Investments | 0 | 0 | 5 | 0 |
| Total Assets | 2,252 | 2,153 | 2,743 | 2,331 |
The balance sheet shows a stable capital structure with equity of ₹6 crore and reserves growing from ₹1,839 crore in Mar 2025 to ₹1,970 crore in Mar 2026, indicating retained earnings and reinvestment of profits. Borrowings remain low, decreasing from ₹31 crore to ₹133 crore over the same period, while total assets rose to ₹2,743 crore, reflecting asset growth in line with expansion activities. This suggests a conservative and financially disciplined approach to capital allocation, with minimal reliance on debt and strong internal funding to support growth initiatives.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +184 |
| Investing | -344 |
| Financing | +85 |
| Net Cash Flow | -75 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 54.6% | 54.6% | 54.6% | 54.6% |
| FII | 4.5% | 3.3% | 3.0% | 3.2% |
| DII | 1.5% | 1.5% | 1.5% | 1.6% |
| Public | 34.4% | 35.5% | 35.7% | 35.1% |
| # Shareholders | 1,18,894 | 1,17,591 | 1,15,754 | 1,11,615 |
Promoter holding has remained stable around 54.56% to 54.59% over the last four quarters, indicating no dilution or stake sale. FII holding increased from 2.98% in Q4FY26 to 3.17% in Q1FY27, suggesting foreign investor accumulation, while DII rose from 1.46% to 1.59%, reflecting growing institutional interest. The number of shareholders increased to 1,11,615 in Q1FY27 from 1,15,754 in Q4FY26, indicating broadening retail participation. No promoter pledging or significant selling activity is evident in the shareholding trends.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.53 L Cr | 57.6 | 33.4% | — | 0.01 |
| SRF | 73,810 | 34.1 | 15.6% | — | 0.36 |
| LINDEINDIA | 52,814 | 96.7 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,774 | 79.7 | 9.6% | — | 0.34 |
| NAVINFLUOR | 43,256 | 54.7 | 22.2% | — | 0.31 |
| GODREJIND | 36,153 | 30.8 | 9.2% | — | 4.57 |
| HSCL | 33,807 | 42.0 | 20.7% | — | 0.16 |
| AETHER | 23,029 | 97.7 | 13.8% | — | 0.08 |
| DEEPAKNTR | 21,155 | 27.0 | 15.3% | — | 0.26 |
| CASTROLIND | 19,891 | 18.7 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
The company’s growth is dependent on the successful commissioning and commercial performance of new capacity projects, which carries execution and market adoption risks. Margin expansion has been a key driver of profitability, but sustained improvement may be challenged by raw material price volatility or competitive pressures in the specialty chemicals space. Additionally, the company’s cash flow remained negative in Q1FY27 (net -₹75 crore), primarily due to investing outflows, which could constrain funding flexibility if expansion requires additional capital beyond internal accruals.
📋 Recent Filings
- Announcement2026-09-28Balaji Amines Ltd announced that its trading window will close on October 1, 2026, and remain shut until 48 hours after the un-audited Q2 results are …
- 🔴 Announcement2026-09-28Balaji Amines announced the end of Mr. Rajendrakumar Mohanprasad Tapadiya's second term as Independent Director on the board of its material subsidiar…
- 🔴 Announcement2026-09-24Balaji Amines announced commercial production of its expanded Acetonitrile plant at Solapur, effective September 24, 2026, boosting capacity to 1,440 …
- 🔴 Announcement2026-09-15Balaji Amines Limited announced the withdrawal of its credit rating on bank loan facilities by India Ratings and Research, effective September 15, 202…
- 🔴 Announcement2026-09-12Balaji Amines Ltd announced the withdrawal of its credit rating by India Ratings and Research (Ind-Ra) after the company cleared all bank loan exposur…
- Announcement2026-08-17Balaji Amines Limited announced a plant visit and investor meeting scheduled for August 25, 2026, in Solapur, Maharashtra, to discuss publicly availab…
- Announcement2026-08-13Balaji Amines Limited announced a virtual investor meeting hosted by Phillip Capital on August 21, 2026 at 4:00 PM IST, providing analysts and investo…
- 🟡 Board Meeting2026-07-27The Board of Balaji Amines approved unaudited standalone and consolidated financial results for Q1 FY2026, noting limited review reports from auditors…
- 🔴 Financial Results2026-07-27Balaji Amines reported consolidated revenue of ₹461 crore for Q1FY27, up from ₹403 crore in Q4FY26, with EBITDA at ₹121 crore and net profit at ₹78 cr…
- 🟡 Board Meeting2026-07-13Balaji Amines held its 38th AGM on July 10, 2026, where shareholders approved the audited FY26 financials, declared a Rs. 11 dividend per share, reapp…
🧠 Analyst's Read
Balaji Amines is executing a well-capitalized growth strategy with improving operational metrics and stable governance, supported by strong quarterly results and disciplined balance sheet management. Investors should monitor the phased commissioning of new capacity and its impact on revenue and margins, as well as any updates on capital allocation for future projects.
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 2026-09-29.
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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