Balaji Amines Limited (BALAMINES) share price

₹2276.50 on NSE as of 2026-09-11. -2.82% on the day. market cap ₹7,357 Cr. P/E 36.0. 52-week range ₹977.20 to ₹2566.80. Chemicals.

Balaji Amines Q1 FY27: Operating Profit Doubles While ₹512 Crore Sits in Capital Work-in-Progress

At a glance

Balaji Amines reported consolidated revenue of ₹456 crore for the June 2026 quarter, against ₹358 crore a year earlier — a 27.2% increase. Operating profit came in at ₹116 crore versus ₹54.7 crore, and operating margin was 25%, against 15% in the same quarter of FY26. Profit attributable to owners was ₹74.9 crore; the filing records total consolidated profit for the period at ₹78.1 crore, the difference being the non-controlling interest in the 55%-held subsidiary. EPS was ₹23.13 against ₹11.73.

The company commissioned a 100,000 TPA Dimethyl Ether plant, with commercial production beginning 20 May 2026 — described in the filing as India's first commercial-scale DME facility. Two further projects, N-Methyl Morpholine and an upgraded Acetonitrile line, are stated as under execution for commissioning during FY27, alongside a ₹750 crore expansion at subsidiary Balaji Speciality Chemicals.

The balance sheet carries the shape of that programme. Capital work-in-progress stood at ₹512 crore at March 2026, up from ₹238 crore a year earlier. Consolidated borrowings moved from ₹11 crore to ₹133 crore over the same period, which management attributes to ongoing expansion activity while describing the standalone entity as debt-free. Cash from operations was ₹184 crore in FY26 against investing outflows of ₹344 crore.

India Ratings affirmed the rating at IND AA in June 2025 while revising the outlook to Negative, citing the FY25 revenue and margin decline. FY26 revenue was ₹1,419 crore, barely above FY25's ₹1,389 crore. The quarter just reported is the first in a while where the top line moved decisively — and the reason it did has a lot to do with what management said about raw material prices.

Introduction

Incorporated in 1989, Balaji Amines manufactures aliphatic amines, methylamines, their derivatives and a range of specialty chemicals — and also owns a five-star hotel in Solapur, Maharashtra, which is exactly the sentence you don't expect halfway through a chemicals filing. The company describes itself as the largest domestic manufacturer of aliphatic amines and methylamines, the only Indian company to have developed indigenous amines manufacturing technology, and the sole domestic producer of several specialty chemicals. India Ratings characterises the industry structure as oligopolistic, in line with the global pattern, with few manufacturers serving any given region.

Operations run across four manufacturing units — three in Maharashtra at Tuljapur and Chincholi, one at Medak in Telangana — with installed capacity of 2,93,600 MT and a further 1,21,500 MT stated as proposed. The 55% subsidiary, Balaji Speciality Chemicals, makes ethylenediamine, piperazine, aminoethylpiperazine and diethylene triamine, with 45,330 MT installed and 57,000 MT proposed.

The recent record is a sequence of commissionings. Methylamines capacity went from 48,000 TPA to 88,000 TPA, with backward integration taking captive consumption to roughly 80%. MIPA/DIPA facilities came online in FY26, as did a 6 MW AC solar plant. Consent to manufacture Isopropylamine arrived in June 2025. An eligibility certificate under Maharashtra's Package Scheme of Incentives for Unit-4 was received in January 2026, covering ₹25,800.87 lakh of incentives with SGST, electricity duty and stamp exemptions running to December 2030.

Not everything in the period was a ribbon-cutting. In March 2026 the company disclosed that ammonia supply had been disrupted by the Middle East conflict, with some plants non-operational and impact undetermined at the time. In October 2025 it denied an Economic Times report that it produced pharma-grade propylene glycol, stating it manufactures only technical and food grades. In November 2025 it disclosed court summons to the company and directors over alleged Drugs and Cosmetics Act violations, with appearance set for 4 December 2025.

Business model

The Amines Division is roughly 97% of FY26 revenue. The hotel is the other 3%, which means the five-star property in Solapur is a rounding error that occasionally wins awards for its Chinese food. (It did, in 2026.)

Within the chemicals business, three layers. **Amines** — methylamines, ethylamines, n-butylamine, electronic-grade amines — go to pharmaceutical, agrochemical, dye, rubber and EV battery customers including Cipla, Piramal, Thermax and Lupin. **Amine derivatives** — DMA HCL, DMAC, DMU, DMAE, DEAE, assorted hydrochloride salts — serve Sun Pharma, Wockhardt, IPCA and Aarti Drugs. **Specialty and other chemicals** — DMF, ACN, Morpholine, NMP, DMC, PVP, Propylene Glycol, Dimethyl Ether, EDA derivatives — reach Indian Oil, CPCL, GAIL and Zydus Lifesciences.

Read the product list and the customer list together and the model becomes clear: buy methanol, ethanol and ammonia; convert them into things with acronyms; sell those to whoever needs a molecule they'd otherwise import. The company's end-product selection policy, per India Ratings, is explicitly built on import substitution. That is a business plan and a national-industrial-policy pitch wearing the same shirt.

FY26 production volumes: amines 29,997 MT, amine derivatives 34,640 MT, specialty chemicals 42,334 MT. The revenue mix by industry is pharma 65%, agrochem 25%, then oil and gas at 3% and a tail of paints, rubber, animal feed and water treatment at 1–2% each. Geographically, ~86% domestic and ~14% exports, to 50+ countries, with Europe about 37% of exports. Top customer concentration is ~13%.

Vertical integration is the stated cost lever — 80% captive consumption of methylamines, indigenous processes with no royalty burden. It also means the whole edifice sits on top of three commodity feedstocks. Management's own description of the procurement environment: raw materials sometimes at double, 2.5 times, even three times normal prices, and a buying rhythm that moved from monthly to checking every three or four days. Monoethanolamine at the subsidiary was called out at almost three times normal.

The hotel, meanwhile, ran 68% occupancy at an ARR of ₹5,242 in Q1 FY27, contributing ₹799 lakh, or 1.73% of total revenue. It has 129 rooms, cost ₹110 crore in 2013, and is managed by the Sarovar Group on a fee-plus-revenue-share arrangement. It exists.

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

Companies in the same industry as Balaji Amines Limited

Specialty Chemicals

All listed companies