BALAMINES

Balaji Amines share price & financials

Price
₹2,138.2
Market cap
₹7.4k Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q4 FY26 · call held 18 May 2026

Balaji Amines Q4 FY26

Consolidated Revenue ₹403 cr +12%Consolidated EBITDA ₹102 cr +50%Consolidated EBITDA Margin 25% Consolidated PAT ₹65 cr +63%

What went well

  • Consolidated revenue for Q4 FY26 stood at INR 403 crores, registering a 12% YoY growth compared to INR 361 crores in Q4 FY25.
  • Consolidated EBITDA for Q4 FY26 was INR 102 crores, a significant increase from INR 68 crores in Q4 FY25.
  • EBITDA margin improved to 25% in Q4 FY26, up from 19% in Q4 FY25 and 18% in Q3 FY26, driven by better operating leverage, stable raw material conditions, and favorable product mix.

What to watch

  • Production was briefly impacted in March 2026 due to an external geopolitical situation.
  • Some plants (DMF, butylamines, battery chemicals) are operating at low utilization (35-40%) due to market conditions and nascent demand.
Read the full call →

What Balaji Amines Limited does

Balaji Amines Limited manufactures aliphatic amines, amine derivatives and specialty chemicals used across pharmaceuticals, agrochemicals, dyes, rubber, animal feed, water treatment and electric-vehicle battery applications. It is India's largest manufacturer of aliphatic amines and the country's largest producer of methylamines, built on indigenously developed process technology, with roughly 80% of its methylamine output captively consumed to make higher-value derivatives and specialty chemicals. The company exports to over 50 countries including Europe, the USA and Japan, and is expanding downstream through its subsidiary Balaji Speciality Chemicals Limited into ethylenediamine-based products, hydrogen cyanide, sodium cyanide and EDTA derivatives.

Segments

  • Amines
  • Amine Derivatives
  • Specialty & Other Chemicals
Installed manufacturing capacity
2,93,600 TPA
Manufacturing facilities
4 plants (Units I, III & IV in Solapur, Maharashtra, plus one facility near Hyderabad)
Market position
Largest manufacturer of aliphatic amines in India; largest producer of methylamines in India
Product portfolio
40+ products across amines, amine derivatives and specialty chemicals
Countries served (exports)
50+ countries, including Europe, the USA and Japan
International clients
65+ international clients
Founded 1988Headquarters Solapur, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 16 tracked 1 delivered 4 missed 11 open
  • Methylamine Commissioning delivered said Q2 FY24 Promised: Q2 FY25 Q4 FY26: Promise remains achieved.
  • FY25 EBITDA Margin missed said Q4 FY24 Promised: 21% to 24% for FY25 Q4 FY26: Promise period has passed. The final outcome remains 'missed'.
  • Dimethyl Ether Commissioning delayed said Q2 FY24 Promised: H1 FY25 Q4 FY26: Commissioning is now expected during Q1 FY27. Plant is constructed but transportation approvals are still pending.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.4%, net profit up 110.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue347 313 353 358 341 −2%331 +6%395 +12%456 +27%
EBITDA61 46 60 55 60 −2%57 +24%94 +57%116 +111%
Net profit41 31 40 37 37 −10%31 +0%65 +63%78 +111%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +52.2% 1Y

₹1.0k₹1.5k₹2.0k₹2.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q4 FY26 — 18 May 2026

1Y: ₹1,495.5 on 10 Sept 2025 → ₹2,276.5. High ₹2,566.8 (7 Sept 2026), low ₹977.2 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+3.3%
18 May
Q2 FY26
−1.7%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 15.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 18.7%.

Year endingFY23FY24FY25FY26
Revenue₹2.4k Cr₹1.6k Cr₹1.4k Cr₹1.4k Cr
Operating profit₹609 Cr₹324 Cr₹233 Cr₹266 Cr
Operating margin25.9%19.7%16.7%18.7%
Interest₹11 Cr₹7 Cr₹4 Cr₹6 Cr
Depreciation₹45 Cr₹45 Cr₹49 Cr₹56 Cr
Net profit₹406 Cr₹232 Cr₹158 Cr₹170 Cr
Net margin17.2%14.1%11.3%11.9%
Cash from operations₹354 Cr₹334 Cr₹255 Cr₹184 Cr
Free cash flow₹234 Cr₹82 Cr₹69 Cr₹-186 Cr
ROCE36.0%17.0%11.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹6 Cr₹6 Cr₹6 Cr₹6 Cr₹6 Cr₹6 Cr
Reserves₹888 Cr₹1.2k Cr₹1.5k Cr₹1.7k Cr₹1.9k Cr₹2.0k Cr
Borrowings₹127 Cr₹101 Cr₹58 Cr₹20 Cr₹31 Cr₹133 Cr
Other liabilities₹289 Cr₹395 Cr₹351 Cr₹405 Cr₹418 Cr₹633 Cr
Total liabilities₹1.3k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr₹2.3k Cr₹2.7k Cr
Fixed assets₹543 Cr₹681 Cr₹780 Cr₹896 Cr₹1.1k Cr₹1.0k Cr
Capital work in progress₹173 Cr₹141 Cr₹113 Cr₹205 Cr₹339 Cr₹512 Cr
Investments₹0 Cr₹0 Cr₹73 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹594 Cr₹923 Cr₹996 Cr₹1.0k Cr₹935 Cr₹1.2k Cr
Total assets₹1.3k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr₹2.3k Cr₹2.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −1.83 pp while the public added +1.73 pp. The shareholder count shrank 8% to 1,11,615.

Promoters
54.6%
FIIs
3.2%
DIIs
1.6%
Public
40.7%

Since Jun 2025

  • FIIs −1.83 pp
  • Public +1.73 pp
  • DIIs +0.12 pp

How it drifted, 12 quarters

Over this window FIIs fell from 4.5% to 3.2% — −1.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 53.7%, FIIs 4.5%, DIIs 0.9%, Public 40.9%.Dec '23: Promoters 53.7%, FIIs 4.6%, DIIs 1.4%, Public 40.3%.Mar '24: Promoters 53.7%, FIIs 4.9%, DIIs 1.5%, Public 39.9%.Jun '24: Promoters 53.7%, FIIs 5.0%, DIIs 1.6%, Public 39.7%.Sep '24: Promoters 53.7%, FIIs 5.3%, DIIs 1.8%, Public 39.2%.Dec '24: Promoters 53.7%, FIIs 5.2%, DIIs 1.7%, Public 39.5%.Mar '25: Promoters 54.6%, FIIs 5.1%, DIIs 1.5%, Public 38.8%.Jun '25: Promoters 54.6%, FIIs 5.0%, DIIs 1.5%, Public 39.0%.Sep '25: Promoters 54.6%, FIIs 4.5%, DIIs 1.5%, Public 39.4%.Dec '25: Promoters 54.6%, FIIs 3.3%, DIIs 1.5%, Public 40.6%.Mar '26: Promoters 54.6%, FIIs 3.0%, DIIs 1.5%, Public 41.0%.Jun '26: Promoters 54.6%, FIIs 3.2%, DIIs 1.6%, Public 40.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Balaji Amines Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ande Prathap Reddy 15.34%unchanged
Apr Holding And Investments Llp 14.74%unchanged
Ande Srinivas Reddy 11.29%unchanged
Hemanth Reddy Gaddam 2.52%unchanged
Vijaya Nalla 2.13%unchanged
Vineel Reddy Nalla 2.12%unchanged
Kishan Reddy Nalla 2.10%unchanged
Vinitha Nalla 1.91%unchanged
Manohar Devabhaktuni 1.85%unchanged
N Rajeshwar Reddy 1.84%unchanged
Gaddam Madhumathi 1.77%unchanged
Nomula Sarita 1.53%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹2276, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹232 — downside of 90%.

Growth the price implies
22.5% a year
for 7 years, fading to 4%
It has actually compounded at
-25.2% a year
net profit, FY23–FY26 · EPS -19.9%
The gap
0.4 pp
-90% downside if it only repeats history
Price today ₹2,276.5 Value at the reference growth ₹231.85

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Balaji Amines Limited

Guides on how to read this kind of business and the numbers that matter.