Amines & Plasticizers Limited (AMNPLST) share price

₹165.26 on NSE as of 2026-09-11. -1.58% on the day. market cap ₹900 Cr. P/E 23.6. 52-week range ₹128.83 to ₹230.57. Chemicals.

Amines & Plasticizers FY26: ₹571 Cr Revenue, Orders Shrink, Freight Wars Hit Exports

At a glance

Revenue fell 13.6% year-on-year to ₹571 Cr in FY26, down from ₹661 Cr. Net profit dropped 11% to ₹37 Cr. The company's P/E sits at 29.7x against a historical five-year average of 27.4x and a peer median of 20.5x.

Working capital has ballooned—debtor days stretched to 89 from 72 in FY25, and the cash-conversion cycle expanded to 109 days from 99. That's the business asking for a loan from its customers to pay its bills.

ROCE fell to 16.7% from 20% in FY25. The equity isn't pulling its weight. Yet the balance sheet remains sturdy: net cash of ₹26 Cr (borrowings ₹27 Cr, cash ₹53 Cr) after years of leverage reduction.

The sector is suffering—shipping delays across West Asia, feedstock shortages (ethylene oxide), and the company's heavy export dependence (54% of revenue) mean the storm isn't local. Credit rating downgrade to watch-negative from ICRA in March 2026.

**Is a balance sheet with ₹26 Cr in net cash enough to outrun margin compression and working capital drag?**

Introduction

Amines & Plasticizers Ltd (APL), incorporated in 1973, evolved from a DOP plasticizer shop into a chemicals maker selling ethanolamines, morpholine derivatives, and gas-treating solvents to oil refineries, petrochemicals, pharma, and textiles.

The company owns manufacturing sites at Turbhe (Navi Mumbai) and Khopoli, plus a wholly owned offshore subsidiary in UAE's Ras Al Khaimah. It is RIL-dependent for ethylene oxide (EO)—a major raw material vulnerability. In FY24, it signed a power-purchase agreement for solar at concessional rates.

Export intensity sits at 54% (up from 40% five years ago), tilting the profit cycle toward West Asia. The company is a captive supplier to Public Sector Oil Companies and exports to Fortune 500 buyers across refineries and specialty chemicals. Promoter Hemant Kumar Ruia controls 40% directly, with family vehicles holding another 34%.

Board-level moves: Hemant Kumar Ruia was reappointed as CMD for five years in August 2023. Auditors gave a clean unmodified opinion on FY26 results in May 2026.

Business model

APL is a contract chemical maker—not a commodity house, but closer to it. The core portfolio: ethanolamines (70% of domestic market share per management), morpholine and derivatives, gas-treating solvents (methyl diethanolamine), and legacy plasticizers.

The product mix serves fragmented end-markets. Oil refineries buy gas-treating solvents; petrochemical plants buy ethanolamines for polyurethane; pharma and cosmetics take morpholine; agrochemicals and textiles take alkyl derivatives. No single customer is a backbone; the company sells to PSU oil majors and a scatter of Fortune 500 names.

Geographically, 54% of FY25 revenue came from exports—mainly UAE, Turkmenistan, US, Turkey. That export tilt has doubled over five years, which sounds like success until freight costs spike and West Asia turns hostile to shipping.

Capacity is modest: 24,670 MTPA of specialty amines at Navi Mumbai (Unit 01), running at 85% utilization. The other units (Industrial Gases, Engineering Services) are side projects. Production is input-constrained—ethylene oxide is rationed by Reliance, and there's no way around that.

The business model is high-volume, margin-thin, and logistics-sensitive. You win when feedstock is cheap, shipping is free, and the refinery order book is fat. FY26 had none of those.

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

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