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Balaji Amines Limited (BALAMINES)

₹2,067.00 +1.15% last close, 16 Oct

📊 NSE: BALAMINES 🏢 Chemicals 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Balaji Amines' revenue was ₹456 Cr (+27.2% year on year, +15.4% on the previous quarter), and net profit ₹78.1 Cr (+113.9% year on year); the operating margin was 25.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹456	+27.2%	+15.4%
Operating profit	₹116	+111.9%	+23.3%
Net profit	₹78.1	+113.9%	+20.2%
EPS (₹)	23.13	+97.2%	+18.6%
Operating margin	25.4%	—	—

Full quarterly financials → Results calendar →

BALAMINES delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 31.79% of the BALAMINES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 33.25%. That is close to its usual level. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.

31.79%Delivery, 16 Oct

33.25%Own 20-session average

0.3×Volume vs its average

₹2,067.00NSE close · +1.15%

Delivery in the last 5 sessions: 28.9% · 32.8% · 30.4% · 36.9% · 31.8%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Balaji Amines Discloses Jan 2025 FDA Warning Letter Following SEBI Query; Nil Financial Impact

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 01 Oct 2026, 12:36 PM

Balaji Amines has disclosed receiving a Directions and Warning Letter dated January 10, 2025, from the Food & Drug Administration (FDA), Pune, following a SEBI letter received on September 29, 2026. The action pertained to a consignment of technical-grade Propylene Glycol sold for industrial use, which was subsequently resold by a customer to a third party for unauthorized pharmaceutical use under the Drugs and Cosmetics Act, 1940. No penalty, prosecution, or adverse order was issued, and the company stated there is zero quantifiable financial or operational impact. The company previously considered the matter non-disclosable under Regulation 30 until prompted by SEBI.

Directions and Warning Letter issued by FDA Pune dated January 10, 2025
Disclosure submitted on October 1, 2026, following receipt of SEBI letter dated September 29, 2026
Technical-grade Propylene Glycol resold by customer for pharmaceutical use without company consent
Zero financial penalty, prosecution, or material operational impact reported

💡 Monitor whether SEBI initiates any procedural inquiries regarding delayed disclosures under Regulation 30, though underlying business operations remain unaffected.

Balaji Amines Discloses Jan 2025 FDA Warning Letter Following SEBI Query; Nil Financial Impact

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 01 Oct 2026, 12:34 PM

Directions and Warning Letter issued by FDA Pune dated January 10, 2025
Disclosure submitted on October 1, 2026, following receipt of SEBI letter dated September 29, 2026
Technical-grade Propylene Glycol resold by customer for pharmaceutical use without company consent
Zero financial penalty, prosecution, or material operational impact reported

💡 Monitor whether SEBI initiates any procedural inquiries regarding delayed disclosures under Regulation 30, though underlying business operations remain unaffected.

Balaji Amines Discloses DGFT Order Placing License in Denied Entity List After SEBI Query

🔵 WATCH ⭐ 4/10

REGULATORY 📅 01 Oct 2026, 12:32 PM

Balaji Amines has disclosed an order passed by the Joint Director General of Foreign Trade (DGFT), Pune, dated August 13, 2024, which placed License Number 3111001781 in the Denied Entity List over alleged non-fulfillment of export obligations. The disclosure was delayed by over two years as the company previously assessed it as non-material under SEBI LODR, filing it only after receiving a SEBI letter dated September 29, 2026. Management has stated that there is no material impact on the company's financials, operations, or other activities.

Joint DGFT Pune placed License No. 3111001781 on the Denied Entity List via order dated 13.08.2024
Action was initiated over an alleged violation of Export Obligations under the Foreign Trade Act, 1992
Filing was submitted with a >2-year delay following a query letter from SEBI dated 29th September 2026
Company reports no material quantifiable financial or operational impact from the order

💡 Monitor whether the DGFT denial restricts any broader foreign trade benefits or incurs penalties, alongside tracking SEBI's response regarding the delayed LODR disclosure.

Balaji Speciality Chemicals Independent Director Rajendrakumar Tapadiya Completes 2nd Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Sep 2026, 06:42 PM

Balaji Amines Limited announced the completion of the tenure of Mr. Rajendrakumar Mohanprasad Tapadiya as an Independent Director of its material subsidiary, Balaji Speciality Chemicals Limited. The cessation took effect from the close of business hours on September 28, 2026, marking the natural conclusion of his second term. This is a statutory board transition at the subsidiary level with no premature resignation or stated operational dispute. Balaji Amines holds a market cap of ₹7,236 Cr and reported TTM revenue of ₹1,523 Cr.

Cessation of directorship of Mr. Rajendrakumar Mohanprasad Tapadiya (DIN: 00103949)
Effective date marked as close of business hours on September 28, 2026
Change occurred at material subsidiary Balaji Speciality Chemicals Limited due to completion of second term

💡 Monitor upcoming subsidiary board appointments for replacement independent directors to ensure continued compliance with corporate governance mandates.

Balaji Amines Commences Acetonitrile Production, Expands Capacity to 1,440 TPM

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Sep 2026, 03:37 PM

Balaji Amines Limited has announced the successful commencement of commercial production at its Acetonitrile (ACN) plant with effect from September 24, 2026. The plant, located at Unit-III in Chincholi MIDC, Solapur, incorporates advanced technology under the company's expansion and modernisation programme. Following this commissioning, the total installed capacity for Acetonitrile has been enhanced to 1,440 tonnes per month (TPM). The product will cater to both domestic and international markets, primarily serving pharmaceutical and chemical synthesis applications.

Commercial production commenced on 24th September, 2026
Acetonitrile (ACN) installed capacity enhanced to 1,440 TPM
Facility located at Unit-III, Plot No. E-7 & E-8, Chincholi MIDC, Solapur
Targets both domestic and international specialty chemicals markets

💡 Track capacity utilisation ramp-up and pricing trends for Acetonitrile in the upcoming quarterly results (Q3 FY27), as well as margin effects from the improved process technology.

India Ratings Withdraws Ratings on Balaji Amines' Rs 195 Cr Bank Facilities Post No Due Certificates

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Sep 2026, 06:41 PM

Balaji Amines Limited has submitted the rating withdrawal report from India Ratings and Research (Ind-Ra) for its bank loan facilities totaling INR 1,950 million (Rs 195 crore). The rating action follows the submission of No Due Certificates from the lending banks, reflecting zero outstanding bank debt under these rated facilities. The withdrawn facilities include INR 970 million in fund-based and INR 980 million in non-fund-based limits across State Bank of India and HDFC Bank. Given the company's zero-debt balance sheet and Rs 1,784 crore net worth, the withdrawal is a procedural step rather than a credit downgrade.

India Ratings withdrew credit ratings for total bank loan facilities of INR 1,950 million (Rs 195 crore).
Withdrawal was executed based on No Due Certificates received from lending banks.
Fund-based limits withdrawn include INR 490 million from SBI and INR 480 million from HDFC Bank.
Non-fund-based limits withdrawn include INR 460 million from SBI and INR 520 million from HDFC Bank.

💡 Track the ongoing capex timelines for Unit 4 Greenfield Phase 2 & 3 and upcoming quarterly earnings to assess internal cash generation without reliance on external bank borrowings.

India Ratings Withdraws Ratings on Rs 195 Cr Bank Facilities as Balaji Amines Clears All Debt

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 12 Sep 2026, 01:55 PM

Balaji Amines Limited announced that India Ratings and Research (Ind-Ra) has withdrawn the rating on its bank loan facilities of INR 1,950 million (Rs 195 crore). The withdrawal follows the receipt of No Dues Certificates from all lending banks pursuant to the company's request. The company reported zero outstanding bank debt, in line with its net-debt-free balance sheet (Net Worth Rs 1,784 crore). Prior to withdrawal, the facilities were rated IND AA/Negative/IND A1+ as of June 13, 2025.

Bank loan facilities of INR 1,950 million (Rs 195 crore) rating withdrawn by India Ratings and Research
Withdrawal executed upon receipt of No Dues Certificates confirming zero outstanding bank exposure
Previous rating was IND AA/Negative/IND A1+ assigned on 13 June 2025
The historical rating before 2025 was IND AA/Stable/IND A1+ dated 14 March 2024

💡 Track the ongoing capex execution at Unit 4 Greenfield Phase 2 & 3 and cash generation to ensure future expansion remains funded via internal accruals.

Balaji Amines Schedules Plant Visit & Investor Meet on August 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 05:05 PM

Balaji Amines has informed the exchanges of a plant visit followed by a management interaction with analysts and institutional investors scheduled for August 25, 2026, in Solapur, Maharashtra. The meeting will be conducted in physical mode, and discussions will be strictly restricted to publicly available information without sharing any unpublished price-sensitive information (UPSI). This is a routine corporate intimation pursuant to Regulation 30 of SEBI LODR Regulations.

Plant visit and management meet scheduled for 25th August, 2026
Meeting to be conducted via physical mode in Solapur, Maharashtra
Interactions strictly limited to publicly available information with no UPSI shared

💡 Track any post-meet presentations or disclosures uploaded by the company on the stock exchange following the plant visit.

Balaji Amines schedules virtual investor meeting for August 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 01:00 PM

Balaji Amines has scheduled a virtual group meeting with analysts and investors on August 21, 2026, at 4:00 P.M. IST. The event is hosted by Phillip Capital (India) Private Limited and will focus on publicly available information. This interaction comes as the company maintains a zero-debt standalone balance sheet and works toward completing its Unit 4 Greenfield expansion by FY26. Investors should note that no unpublished price sensitive information (UPSI) will be disclosed during this session.

Virtual group meeting scheduled for August 21, 2026, at 4:00 P.M. IST
Interaction hosted by Phillip Capital (India) Private Limited
Discussions to be based solely on publicly available information with no UPSI disclosure
Company reported TTM revenue of Rs 1,425 Cr and TTM PAT of Rs 169 Cr
Unit 4 Greenfield Phase 2 & 3 capex completion targeted by FY 2026

💡 Monitor the company's website for the post-meeting transcript or presentation to gauge management's outlook on the chemical sector and the commissioning status of new plants like DME and NMM.

110% PAT Growth in Q1 FY27; 100,000 TPA Dimethyl Ether Plant Commissioned

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jul 2026, 05:07 PM

Balaji Amines reported a robust Q1 FY27 with consolidated revenue growing 25.7% YoY to ₹461 crore and PAT doubling to ₹78 crore. The performance was bolstered by a significant margin expansion, with EBITDA margins rising to 26% from 17% in the same quarter last year. A key operational milestone was the commissioning of India's first commercial-scale 100,000 TPA Dimethyl Ether (DME) plant. The company remains debt-free on a standalone basis while aggressively investing ₹566.66 crore in ongoing capital projects (CWIP).

Consolidated PAT surged 110.19% YoY to ₹78 crore in Q1 FY27 compared to ₹37 crore in Q1 FY26.
Commissioned India's first commercial-scale 100,000 TPA Dimethyl Ether (DME) plant in Q1 FY27.
EBITDA margins improved to 26% in Q1 FY27 from 17% in Q1 FY26, reflecting higher operational efficiency.
Total Capital Work-in-Progress (CWIP) stands at ₹566.66 crore, representing ~32% of the company's net worth.
Consolidated Revenue from Operations grew 27.4% YoY to ₹456 crore from ₹358 crore.

💡 Investors should monitor the capacity utilization and revenue contribution of the newly commissioned DME plant and track the commissioning of the NMM and Acetonitrile projects scheduled for later in FY27.

110% YoY PAT Growth in Q1FY27; 100,000 TPA DME Plant Commissioned

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jul 2026, 07:32 PM

Balaji Amines reported a strong Q1 FY27 with consolidated revenue growing 25.6% YoY to ₹461 crore and PAT jumping 110.8% to ₹78 crore. EBITDA margins expanded significantly to 26% from 17% a year ago, driven by improved demand and operational efficiencies. The company successfully commissioned India's first 100,000 TPA Dimethyl Ether (DME) plant, marking a strategic entry into alternate fuels. Despite a 21.7% YoY drop in total sales volume to 21,587 MT, profitability improved sharply due to better realizations and product mix.

Consolidated PAT increased 110.8% YoY to ₹78 crore in Q1FY27
EBITDA margins expanded by 900 bps YoY to 26% from 17% in Q1FY26
Commissioned India's first commercial-scale 100,000 TPA Dimethyl Ether (DME) plant
Ongoing ₹750 crore phased expansion at Balaji Speciality Chemicals with Mega Project status
Total sales volume stood at 21,587 MT, a decline from 27,570 MT in the same quarter last year

💡 Monitor the capacity utilization and revenue contribution from the newly commissioned DME plant and the execution timeline of the ₹750 crore expansion at Balaji Speciality Chemicals scheduled for FY27.

114% YoY PAT Growth: Balaji Amines Reports Strong Q1 FY27 Results

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 06:14 PM

Balaji Amines reported a robust start to FY27, with consolidated revenue growing 27.2% YoY to ₹455.93 Cr. Net profit surged 113.8% YoY to ₹78.12 Cr, reflecting a significant recovery in margins compared to the previous year. The core Amines & Specialty Chemicals segment drove performance, contributing ₹452.89 Cr to the top line. This sharp growth in profitability follows a period of moderated demand in the pharma and agrochemical sectors.

Consolidated Revenue from operations increased 27.2% YoY to ₹455.93 Cr from ₹358.34 Cr
Consolidated Net Profit jumped 113.8% YoY to ₹78.12 Cr compared to ₹36.53 Cr in Q1 FY26
Consolidated EPS for the quarter rose to ₹23.13 from ₹11.73 in the year-ago period
Profit Before Tax (PBT) margin improved significantly to 23.3% from 13.7% YoY
Amines & Specialty Chemicals segment revenue grew 26.7% YoY to ₹452.89 Cr

💡 Monitor the execution timeline of Unit 4 Greenfield Phase 2 & 3 expansions scheduled for FY26 completion, which are critical for future volume growth. Watch for management commentary regarding the sustainability of these improved margins and demand recovery in the agrochemical sector.

Balaji Amines Approves ₹11 Dividend at 38th AGM; All Resolutions Passed

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Jul 2026, 10:44 PM

Balaji Amines concluded its 38th Annual General Meeting on July 10, 2026, with shareholders approving all proposed resolutions. A key highlight is the declaration of a ₹11 per equity share dividend for FY 2025-26, which represents a payout of approximately 21.4% of the TTM EPS of ₹51.40. Additionally, shareholders adopted the FY26 audited financial statements and approved the re-appointment of Mr. Ande Srinivas Reddy as a Whole-time Director. The company maintains a strong financial position with zero debt and a net worth of ₹1784 Cr.

Approved a dividend of ₹11 per equity share for the financial year 2025-26
38th Annual General Meeting successfully conducted on July 10, 2026, via video conferencing
Re-appointment of Mr. Ande Srinivas Reddy as Whole-time Director approved by shareholders
Remote e-voting was conducted between July 7 and July 9, 2026, with all resolutions passed by requisite majority
Ratified the remuneration for Cost Auditors for the upcoming financial year 2026-27

💡 Investors should track the upcoming record date for the ₹11 dividend payout and monitor the progress of the Unit 4 Greenfield Phase 2 & 3 expansions due in FY26.

Rs 11 Dividend Confirmed at Balaji Amines 38th AGM; Focus on FY26 Expansion

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Jul 2026, 05:20 PM

Balaji Amines Limited concluded its 38th Annual General Meeting on July 10, 2026, where shareholders approved a dividend of Rs 11 per equity share for FY 2025-26. The dividend represents a payout of approximately 21.4% of the TTM EPS of Rs 51.40. Management reiterated its focus on completing Unit 4 Greenfield Phase 2 & 3 by FY26 to drive future growth. The meeting also confirmed the re-appointment of Mr. Ande Srinivas Reddy as Whole-time Director and CFO.

Approved a dividend of Rs 11 per equity share for the financial year 2025-26
Re-appointed Mr. Ande Srinivas Reddy as Whole-time Director of the company
Auditors confirmed no qualifications or adverse remarks in the FY 2025-26 financial statements
Meeting concluded within 35 minutes with 68 members present via video conferencing
Ratified remuneration for Cost Auditors for the upcoming financial year 2026-27

💡 Investors should monitor the official voting results to be disseminated within 2 working days and track the execution timeline of the Unit 4 Greenfield expansion projects scheduled for FY26.

Balaji Amines Submits Quarterly Compliance Certificate for Period Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 04:43 PM

Balaji Amines Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA), confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day timeline. This is a standard administrative filing required for all listed companies to verify the integrity of share records with NSDL and CDSL. There are no financial implications or material business updates contained in this announcement.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed and records updated within 15 days of receipt
Confirmation provided by RTA Venture Capital and Corporate Investments Private Limited
Verification covers both NSDL and CDSL depository records

💡 No action is required as this is a routine procedural filing. Investors should monitor the company's upcoming quarterly financial results for material performance updates.

View All BALAMINES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total volumes for Q2 FY26 were 26,165 MT, broadly steady YoY. Segment volumes: Amines (7,685 MT), Amines Derivatives (8,374 MT), and Specialty Chemicals (10,107 MT). Consolidated revenue for Q2 FY26 stood at INR 341 Cr, a 4.7% decline from INR 358 Cr in Q1 FY26.

Geographic Revenue Split

Not disclosed in available documents, though the company utilizes export earnings as a natural hedge against foreign exchange risks.

Profitability Margins

Profitability showed resilience with Q2 FY26 PAT at INR 37 Cr, flat QoQ. PAT margin for H1 FY26 stood at 10%. Standalone PAT margin for Q2 FY26 was 11%, down from 12% YoY.

EBITDA Margin

EBITDA margin improved to 19% in Q2 FY26 from 17% in Q1 FY26, driven by efficient operations despite a 4% YoY decline in absolute EBITDA to INR 67 Cr.

Capital Expenditure

The company capitalized INR 147.72 Cr in FY25. Current Capital Work-in-Progress (CWIP) totals INR 289 Cr, including INR 116 Cr at subsidiary Balaji Speciality Chemicals Ltd (BSCL) for greenfield expansion and INR 173 Cr across other units for DME and NMM projects.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company maintains a zero-debt status on a standalone basis with minimal consolidated finance costs of INR 1 Cr per quarter.

⚙️ Operational Drivers

Raw Materials

Major raw materials (specific chemical names not listed) accounted for INR 185 Cr in Q2 FY26, representing 53.1% of total revenue.

Import Sources

Not disclosed in available documents, though the company imports major raw materials in bulk quantities.

Key Suppliers

Not disclosed in available documents; procurement is managed through spot prices and annual contracts.

Capacity Expansion

Unit 4 Greenfield Phase 2 & 3 capex is scheduled for completion by FY 2026. New plants commissioned include Methylamines and N-Butylamine (Unit IV).

Raw Material Costs

Raw material costs were INR 185 Cr in Q2 FY26, a 1.6% decrease from INR 188 Cr YoY. Procurement strategies include bulk contracting to gain price advantages.

Manufacturing Efficiency

Maintained steady volumes of 26,165 MT in Q2 FY26 despite moderated demand in end-user segments, reflecting high operational efficiency.

📈 Strategic Growth

Expected Growth Rate

7.80%

Growth Strategy

Growth will be driven by the completion of Unit 4 Greenfield Phase 2 & 3 by FY26, the commissioning of the Dimethyl Ether (DME) and N-Methyl Morpholine (NMM) plants, and expansion into advanced chemicals like HCN, NaCN, and EDTA at the BSCL subsidiary.

Products & Services

Methylamines, N-Butylamine, Dimethyl Ether (DME), N-Methyl Morpholine (NMM), Iso Propyl Amine, HCN, NaCN, EDTA, and EDTA-Na.

Brand Portfolio

Balaji Amines, Balaji Speciality Chemicals Limited, and Balaji Sarovar Premiere (Hospitality).

New Products/Services

New launches include DME, NMM, and Iso Propyl Amine; revenue contribution percentages are not yet disclosed as projects are under development.

Market Expansion

Targeting advanced chemical sectors through greenfield and brownfield expansions at Unit 4 and BSCL with a timeline extending through FY26.

🌍 External Factors

Industry Trends

The Amines market is projected to grow at a CAGR of 7.8% from 2024 to 2030, reaching US$23.5 billion, driven by critical demand in healthcare and agriculture.

Competitive Moat

Moat is built on a diversified product portfolio, integrated manufacturing capabilities, and a zero-debt standalone balance sheet, providing high financial flexibility for expansion.

Macro Economic Sensitivity

Sensitive to demand cycles in the pharmaceutical and agrochemical industries, which are primary end-user sectors.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Ind AS 115 (Revenue) and Ind AS 16 (PPE) standards; adherence to Companies Act 2013 and SEBI Listing Regulations as confirmed by secretarial audits.