Alkyl Amines Chemicals Limited (ALKYLAMINE) share price

₹1867.50 on NSE as of 2026-09-11. -2.75% on the day. market cap ₹9,552 Cr. P/E 20.9. 52-week range ₹1231.60 to ₹2093.80. Chemicals.

Alkyl Amines Q1 FY27: Revenue ₹528 Cr, a 25% Operating Margin, and Ammonia Over ₹100 a Kg

At a glance

For eleven straight quarters, Alkyl Amines reported revenue in a narrow band between ₹322 crore and ₹415 crore. Quarterly operating profit spent that entire stretch between ₹48 crore and ₹79 crore. It was the financial equivalent of a metronome.

Then June 2026 happened: revenue ₹528.01 crore, operating profit ₹133.60 crore, net profit ₹94.63 crore. Operating margin printed 25%, against 18–19% in almost every quarter since mid-2023. Profit before tax of ₹124.67 crore is more than double the ₹60.78 crore of the immediately preceding quarter.

The company is an aliphatic amines manufacturer, which means its single most important input is ammonia. Management stated on its FY26 call that ammonia moved from about ₹50 a kg to over ₹100 a kg, and that in March there were one to two weeks of grave concerns on availability following supply disruption tied to the war in West Asia. The company filed a force majeure intimation on 16 March suspending methylamine and ethylamine production at Patalganga, Kurkumbh and Dahej. Crisil noted the suspension and subsequently noted production had resumed.

Management's own explanation for the recent margin lift: the company held raw material stocks at old cost while finished goods prices moved up. Their words on durability: "we will not be able to sustain."

FY26 as a whole was flat — revenue ₹1,535.86 crore against ₹1,571.82 crore, net profit ₹180.00 crore against ₹186.11 crore. So the full-year picture and the quarter picture are telling stories at rather different volumes, and the ₹9,687 crore market cap has both in front of it. More on where the money actually went below.

Introduction

Alkyl Amines Chemicals was incorporated in 1979 by Mr Yogesh Kothari, who is a chemical engineer from the Institute of Chemical Technology, Mumbai, with a Master of Science in chemical engineering from the University of Massachusetts, Lowell. He is 77 and has more than 47 years in the chemical industry. He still holds 57.64% of the company personally.

The company makes aliphatic amines — compounds derived from ammonia by replacing hydrogen with radicals such as methyl, ethyl and propyl. It supplies pharmaceutical, agrochemical, water treatment and rubber chemical customers, and holds a leadership position in some products in the domestic market.

The recent corporate news has been about who runs it. On 4 August 2026, alongside the Q1 results, the board approved a set of re-designations subject to shareholder approval by postal ballot: Mr Yogesh M. Kothari from Chairman and Managing Director to Executive Chairman; Mr Kirat M. Patel, an IIT Bombay mechanical engineer who has been with the company since inception, from Executive Director to Joint Managing Director; Mr Suneet Y. Kothari, a Cornell chemical engineer and INSEAD MBA with the company since 2001, also to Joint Managing Director. The stated reason in the filing is to facilitate succession ensuring continuity of the company's growth. Mr Rakesh Goyal was re-designated and appointed Executive Director — Operations for five years from April 2027.

On capex, the company approved a ₹115–150 crore specialty chemicals plant at Dahej in November 2024, with capacity of 3,000–4,000 MTPA, expected to be commissioned in early Q2 FY27. Management has guided to roughly ₹80–90 crore of capex in FY27–FY28, describing it as largely completion plus engineering and maintenance, with no major business project currently approved. At the 46th AGM on 3 July, a ₹10 dividend was approved, as was an item on anti-dumping duty on acetonitrile.

Business model

Take ammonia. Knock a hydrogen off it. Bolt on a methyl, ethyl or propyl group. Sell the result to someone making a drug, a pesticide, or a water treatment chemical. Repeat approximately 100+ times, across 50+ countries, from 20-odd plants on 110 acres in Maharashtra and Gujarat, most of them running at 60% to 85% utilisation.

That is the entire business, and it is a good deal less boring than it sounds, because the value sits in a place you cannot see from outside. The revenue split for FY26: Amines and Amine Derivatives 75% (79% in FY25), Specialty Chemicals & Others 25% (21% in FY25). Geography: domestic 77%, export 23%. Countries served include Greece, China, Bangladesh, Spain, Thailand, Germany, the UK, Canada and the USA.

Management describes three distinct competitive worlds it lives in simultaneously. In ethylamines: "only 2 of us, Balaji and us," with management claiming the company is probably either the largest or second largest producer in the world, and describing margins as protected. In methylamines: four players now — RCF, Balaji, Aarti and Alkyl — with management flagging "a bit of overcapacity" and underutilisation across all of them, and adding that "it is a bit of a mystery why Aarti went into this industry when there was already overcapacity." In acetonitrile, management cited current pricing a bit over ₹200/kg against a trough average of ₹140–150/kg last year, and noted Balaji's planned 18,000 TPA plant while stating "we suspect that we will be the lowest cost manufacturer… for some time to come."

Two structural details do a lot of work here. First, roughly a third of the amines are self-consumed — turned into the company's own derivatives rather than sold. Second, and this is management's key argument on pass-through, its products are typically a very minor cost in a customer's bill of materials — "a C item." When ammonia doubles, a customer whose input represents a rounding error tends to sign the revised price letter. Management says customers were "very understanding… with ammonia doubling."

Pharma is 50%–60% of sales, agro 15%–20%, together about 70%–75%. Management does not expect pharma demand to be materially affected and flagged a little bit of concern on agro tied to monsoon.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Alkyl Amines Chemicals Limited.

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