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Indo Amines Limited (INDOAMIN)

₹143.86 -1.78% last close, 16 Oct

📊 NSE: INDOAMIN 🏢 Chemicals 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indo Amines' revenue was ₹375 Cr (+30.4% year on year, +17.9% on the previous quarter), and net profit ₹31.0 Cr (+7.5% year on year); the operating margin was 14.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹375	+30.4%	+17.9%
Operating profit	₹53.0	+69.3%	+55.9%
Net profit	₹31.0	+7.5%	+47.6%
EPS (₹)	4.24	+7.6%	+49.8%
Operating margin	14.1%	—	—

Full quarterly financials → Results calendar →

INDOAMIN delivery percentage

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

On Fri, 16 Oct 2026, 49.16% of the INDOAMIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.75%. That is close to its usual level. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.

49.16%Delivery, 16 Oct

40.75%Own 20-session average

0.4×Volume vs its average

₹143.86NSE close · -1.78%

Delivery in the last 5 sessions: 37.0% · 43.5% · 40.4% · 49.5% · 49.2%

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

Indo Amines Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Oct 2026, 12:18 PM

Indo Amines Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd., confirms the processing of dematerialization requests within the mandated 15-day period. This is an entirely routine administrative compliance filing with no impact on business operations or financials.

Compliance certificate submitted for the quarter ended September 30, 2026
Issued by RTA Bigshare Services Pvt. Ltd. dated October 10, 2026
Securities certificates mutilated and cancelled within 15 days of receipt
Equity shares face value confirmed at Rs. 5 per share

💡 Track upcoming announcements regarding the company's Q2 FY27 board meeting and financial results.

Indo Amines Shareholders Approve FY26 Results, ₹0.50 Final Dividend at 33rd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Sep 2026, 06:52 PM

Indo Amines Limited announced the voting results and scrutinizer's report for its 33rd Annual General Meeting held on September 24, 2026. Shareholders approved all agenda items with requisite majorities, including the adoption of FY26 financial statements and a final dividend of ₹0.50 per share (10% on face value of ₹5). Resolutions also included the re-appointment of retiring directors Mr. Saji Jose and Ms. Tejaswini Dalvi, ratification of the Cost Auditor's remuneration, and the appointment of Mr. Rahul Chitnis as Independent Director for one year.

Declared final dividend of ₹0.50 per equity share (10% on face value of ₹5) for FY26 approved by 98.14% of polled votes.
Overall voter participation reached 66.85% of total outstanding shares (4,85,21,739 votes polled across 7,25,87,560 shares).
Adoption of FY26 standalone and consolidated financial statements passed with 99.998% approval.
Appointment of Mr. Rahul Chitnis as Independent Director for 1 year passed as a Special Resolution with 99.996% approval.

💡 Track the dividend payment timeline and observe upcoming Q2 FY27 operational earnings performance.

Indo Amines Convenes 33rd AGM on Sep 24, 2026; Proposes ₹0.50/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 07:30 PM

Indo Amines Limited has published the notice convening its 33rd Annual General Meeting (AGM) scheduled for September 24, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial statements and approval of a recommended final dividend of ₹0.50 per share (10% of ₹5 face value). The company also seeks approval for the appointment of Mr. Rahul Chitnis as an Independent Director for a one-year term from July 15, 2026. Additionally, the auditor report highlights ₹82.22 Cr (₹8,222.01 lakhs) capitalized or transferred from CWIP during FY26.

33rd AGM scheduled for Thursday, September 24, 2026, at 3:00 PM IST via video conferencing
Final dividend proposed at ₹0.50 per equity share (10% on face value of ₹5) for FY 2025-26
Appointment of Mr. Rahul Chitnis as an Independent Director for a 1-year term from July 15, 2026
Auditor report highlights ₹82.22 Cr (₹8,222.01 lakhs) in asset capitalization from CWIP during FY26

💡 Monitor the AGM voting results following the September 24, 2026 meeting along with dividend record date details and upcoming Q2 FY27 results.

Indo Amines Sets September 17, 2026 as Record Date for FY26 Final Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 02 Sep 2026, 07:14 PM

Indo Amines Limited has fixed Thursday, September 17, 2026, as the Record Date to determine shareholder eligibility for the final dividend for FY26. The Register of Members and Share Transfer Books will remain closed from September 17, 2026 to September 24, 2026 for the 33rd Annual General Meeting. This follows the final dividend recommended earlier on May 26, 2026.

Record Date fixed as September 17, 2026 for final dividend entitlement
Book closure period scheduled from September 17, 2026 to September 24, 2026
The 33rd Annual General Meeting will cover the financial year ended March 31, 2026
Filing follows the board's prior dividend intimation dated May 26, 2026

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date prior to September 17, 2026. Track approval of the final dividend at the upcoming 33rd AGM.

Indo Amines Suspends Mahad Plant Operations Following Fatal Gas Leak on Aug 15, 2026

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 17 Aug 2026, 01:50 PM

Indo Amines reported an unfortunate gas leakage incident at its Mahad manufacturing facility (Raigad, Maharashtra) on August 15, 2026, resulting in two fatalities (one plant worker and one neighbouring unit worker). As a precautionary measure, operations at the Mahad plant have been temporarily suspended effective August 15, 2026, while statutory investigations and technical assessments are conducted. The exact duration of downtime and total financial/production loss are currently under assessment, though the plant is covered under insurance policies. The company, which generated TTM revenue of ₹1,240 Cr, is evaluating shifting customer orders to other manufacturing facilities to mitigate supply disruptions.

Gas leakage incident occurred on August 15, 2026, at the Mahad MIDC facility in Raigad, Maharashtra.
Tragic loss of 2 lives reported (1 employee at the plant and 1 person at an adjacent industrial unit).
Mahad plant operations temporarily suspended effective August 15, 2026, pending statutory investigation.
Quantum of financial damage, production loss, and restart timeline are currently not disclosed/under assessment.
Facility is covered under insurance policies, with recoverable amounts under assessment.

💡 Track upcoming regulatory disclosures regarding the statutory inquiry findings, potential compliance penalties, and the confirmed timeline for restarting Mahad plant operations.

Indo Amines Approves Q1 FY27 Results; TTM Revenue Stands at ₹1,160 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 05:11 PM

Indo Amines approved its unaudited financial results for the quarter ended June 30, 2026, in a board meeting held on August 12, 2026. The company enters the new fiscal year following a strong FY26 where revenue reached ₹1,160 Cr and PAT grew to ₹80 Cr. Investors should monitor the detailed P&L for margin stability, as raw materials constitute 68% of revenue. The company continues to invest in growth, evidenced by a Capital Work in Progress (CWIP) of ₹61.71 Cr.

Board approved financial results for the quarter ended June 30, 2026, on August 12, 2026.
TTM Revenue for the period ending March 2026 was ₹1,160 Cr with a PAT of ₹80 Cr.
Capital Work in Progress (CWIP) of ₹61.71 Cr indicates ongoing capacity expansion projects.
Raw material costs represent approximately 68% of total revenue, making margins sensitive to input prices.
Promoter holding remains stable at 58.42% as of the latest reporting period.

💡 Monitor the detailed quarterly filing for the specific operating profit margin (OPM) to see if it maintains the 10.56% level achieved in FY26 despite commodity price fluctuations.

GPCB Revokes Closure Order for Indo Amines' Vadodara Plant for 3 Months

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 12 Aug 2026, 04:48 PM

Indo Amines has received a revocation order from the Gujarat Pollution Control Board (GPCB) for its manufacturing plant in Vadodara, which was previously issued a closure notice on July 21, 2026. The revocation is valid for a period of three months, allowing the company to resume operations subject to specific compliance conditions. The company has paid ₹5.70 lakh as environmental compensation and submitted a ₹5.00 lakh bank guarantee. This resolution allows the company to restore production capacity that was halted for approximately three weeks.

Revocation order received on August 11, 2026, following a closure direction issued on July 21, 2026
Revocation is granted for a temporary period of 3 months subject to compliance with GPCB conditions
Paid ₹5.70 lakh as interim Environment Damage Compensation to the GPCB
Submitted a bank guarantee of ₹5.00 lakh valid until September 30, 2027
Corrective measures were verified during a GPCB inspection conducted on July 31, 2026

💡 Investors should monitor the company's ability to secure a permanent revocation after the 3-month conditional period and watch for any impact on quarterly margins due to compliance costs.

GPCB Issues Closure Order for Indo Amines' Vadodara Plant Due to Environmental Non-Compliance

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 21 Jul 2026, 09:34 PM

Indo Amines has received a closure directive from the Gujarat Pollution Control Board (GPCB) for its manufacturing facility in Vadodara. The order follows an inspection on July 13, 2026, which identified non-compliances with the Water and Air Acts. The closure is mandated to take effect 15 days from the issuance date of July 21, 2026. While the company is seeking revocation through corrective measures and other units remain operational, the specific revenue contribution of this plant is not disclosed, creating uncertainty regarding the impact on its Rs 1,160 Cr TTM revenue.

Closure order issued under Section 33A of the Water Act and Section 31A of the Air Act following a July 13, 2026 inspection.
Manufacturing operations at Plot Nos. 1723, 1724, and 1746 in Tundav, Vadodara, must cease within 15 days of the order.
The company is in the process of submitting a response to GPCB to obtain a revocation of the closure directions.
Manufacturing activities at all other units of the company remain operational as of the announcement date.
Indo Amines reported a TTM revenue of Rs 1,160 Cr and a PAT of Rs 80 Cr prior to this regulatory action.

💡 Watch for follow-up disclosures regarding the successful revocation of the closure order and any quantification of production loss or financial impact from the Vadodara facility.

Indo Amines Shareholders Approve Remuneration Hikes for MD and Directors

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Jul 2026, 04:23 PM

Indo Amines Limited has announced the successful passage of four special resolutions via postal ballot. Shareholders approved the re-appointment of Mrs. Bharati Palkar as Whole-Time Director for a three-year term and sanctioned remuneration increases for the MD & CEO, Joint MD, and another Whole-Time Director. While all resolutions passed with over 97% total support, there was a notable 13.16% opposition from public non-institutional shareholders regarding the pay hikes for the Managing Director and Joint Managing Director.

Special resolution for re-appointment of Mrs. Bharati Palkar passed with 99.92% votes in favor
Remuneration increase for MD & CEO Mr. Vijay Palkar approved with 97.50% majority
Public non-institutional shareholders recorded 13.16% votes against the remuneration hikes for the MD and Joint MD
Total of 34,468 shareholders were eligible as of the June 12, 2026, cut-off date
Voting process concluded on July 15, 2026, with results declared on July 17, 2026

💡 Investors should review the next Annual Report to quantify the exact increase in management compensation and ensure it remains commensurate with the company's TTM PAT of ₹80 Cr.

Indo Amines Appoints Rahul Chitnis as Independent Director for 1-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Jul 2026, 05:26 PM

Indo Amines Limited has appointed Mr. Rahul Chitnis as an Additional (Independent) Director, effective July 15, 2026. Mr. Chitnis is a legal professional with over 30 years of experience in corporate, commercial, and arbitration law, having represented the State of Maharashtra in the Supreme Court. The appointment is for an initial term of one year and is subject to shareholder approval. This addition strengthens the board's legal oversight for a company with a TTM revenue of ₹1,160 Cr and a debt-to-equity ratio of 0.78.

Appointment of Mr. Rahul Chitnis as Additional (Independent) Director effective July 15, 2026
Initial term fixed for 1 year, concluding on July 14, 2027
Appointee brings over 30 years of legal expertise in constitutional and commercial law
Company maintains a TTM revenue of ₹1,160 Cr and PAT of ₹80 Cr

💡 Investors should monitor the upcoming shareholder meeting for the formal ratification of this appointment.

Indo Amines Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 11:36 AM

Indo Amines Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The certificate, provided by Bigshare Services Pvt. Ltd., confirms that physical share certificates received for dematerialization were processed and cancelled. The registrar noted that the name of the depositories was substituted in the register of members as the registered owner. All processes were completed within the mandated 15-day window, with the exception of one specific case involving CDSL.

Quarterly compliance completed for the period ended June 30, 2026
Confirmation that security certificates were mutilated and cancelled after verification
Processing completed within 15 days of receipt for most cases
One exception noted in the processing timeline for a CDSL case
Registrar and Share Transfer Agent identified as Bigshare Services Pvt. Ltd.

💡 This is a routine administrative filing. Investors do not need to take any action as it confirms standard regulatory compliance regarding share registry management.

Trading Window Closure from July 1, 2026, for Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 05:23 PM

Indo Amines Limited has announced the closure of its trading window for all designated persons and their relatives starting July 1, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure effective from July 1, 2026
Pertains to the unaudited financial results for the quarter ended June 30, 2026
Restriction applies to all Insiders, Designated Persons, and their immediate relatives
Window to reopen 48 hours after the official result declaration

💡 Investors should wait for the announcement of the board meeting date to know when the Q1 FY27 performance will be disclosed.

Indo Amines Promoter Atul Vijay Palkar Confirms No New Share Encumbrance for FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Jun 2026, 01:02 PM

Atul Vijay Palkar, a member of the promoter group of Indo Amines Limited, has filed a yearly disclosure under SEBI (SAST) Regulations for the period ending March 31, 2026. The disclosure confirms that he holds 3,30,478 equity shares, representing a 0.46% stake in the company. Crucially, the filing declares that no new encumbrances or pledges were created on these shares by the promoter or Persons Acting in Concert (PAC) during the financial year. This is a routine but essential compliance filing that provides transparency regarding the stability of promoter holdings.

Atul Vijay Palkar holds 3,30,478 equity shares, equivalent to a 0.46% stake in Indo Amines.
Declaration confirms zero new encumbrances or pledges were created during the financial year ended March 31, 2026.
The filing is made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Other promoter group members listed, Tejaswini Dalvi and Tanay Atul Palkar, currently hold zero shares.

💡 No action is required as this is a routine regulatory filing confirming the absence of new share pledges. Investors should continue to monitor the overall promoter pledge levels during quarterly shareholding pattern releases.

Indo Amines Promoter Group Discloses No New Share Encumbrance for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Jun 2026, 12:54 PM

Atul Vijay Palkar, representing the promoter group of Indo Amines Limited, has filed the annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations for the financial year ended March 31, 2026. The declaration confirms that the promoters and Persons Acting in Concert (PAC) have not created any new encumbrances or pledges on their equity shares during the year. The specific promoter holds 3,30,478 shares, which accounts for 0.46% of the company's total equity. This is a routine compliance filing intended to provide transparency regarding promoter shareholding status.

Annual declaration submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Promoter group confirms no new encumbrances were created during the financial year ended March 31, 2026.
Atul Vijay Palkar holds 3,30,478 equity shares, representing 0.46% of the company.
The filing ensures transparency regarding the pledge status of promoter-held shares.

💡 This is a routine regulatory disclosure with no impact on the company's fundamentals. Investors should view the lack of new share pledging as a sign of stable promoter equity.

Indo Amines Promoters Declare No New Share Encumbrances for FY 2025-26

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 15 Jun 2026, 06:20 PM

Vijay Bhalchandra Palkar, a promoter of Indo Amines Limited, has submitted the annual disclosure under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter confirmed holding 75,19,168 equity shares, which constitutes a 10.36% stake in the company. The filing declares that no new encumbrances or pledges were created on these shares, or those held by the Promoter Group, during the fiscal year. This routine disclosure provides transparency regarding the stability of the promoter's shareholding and the absence of fresh debt-related risks against their equity.

Vijay Bhalchandra Palkar holds 75,19,168 equity shares representing 10.36% of the company as of March 31, 2026.
No new encumbrances were created by the promoter or Persons Acting in Concert (PAC) during the financial year 2025-26.
Promoter group members Arun B Palkar and Dr. Prabhat Abhyankar hold 16,100 and 20,740 shares respectively with zero encumbrances.
The declaration is a mandatory annual compliance under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

💡 No immediate action is required as this is a routine regulatory filing confirming that promoter shares are not being further pledged. Investors should continue to monitor quarterly shareholding patterns for any changes in promoter stakes.

View All INDOAMIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone Revenue from Operations for H1 FY26 reached INR 538.15 Cr (calculated from Q1 and Q2), representing a 3.2% YoY growth compared to INR 521.42 Cr in H1 FY25. The fine and specialty chemicals segment remains the primary driver.

Geographic Revenue Split

Standalone operations in India contribute approximately 85% of total revenue, while international subsidiaries in the USA, Malaysia, China, and Europe contribute the remaining 15% (INR 77.56 Cr in H1 FY26).

Profitability Margins

Operating margins improved from 8.98% in 9M FY24 to 9.62% in 9M FY25, driven by better operating efficiency and prudent inventory management.

EBITDA Margin

The operating margin is 9.62% as of 9M FY25 and is expected to sustain above 9.70% over the medium term due to increased capacity utilization.

Capital Expenditure

Capital Work In Progress (CWIP) increased significantly from INR 32.27 Cr as of March 31, 2025, to INR 61.71 Cr as of September 30, 2025, indicating an investment of INR 29.44 Cr in H1 FY26.

Credit Rating & Borrowing

CRISIL Ratings maintains a healthy profile with a gearing of 0.88 times as of September 30, 2024. Interest coverage improved to 5.4 times for 9M FY25 from 4.3 times YoY.

⚙️ Operational Drivers

Raw Materials

The company utilizes various commodity chemicals as raw materials for amine production, which account for approximately 68.1% of total revenue (INR 181.92 Cr consumed in Q2 FY26).

Import Sources

Raw materials are sourced globally, supported by subsidiaries in Malaysia, China, the USA, and Europe.

Capacity Expansion

Current capacity utilization is increasing; however, specific installed capacity in MTPA is not disclosed. CWIP of INR 61.71 Cr suggests ongoing expansion projects.

Raw Material Costs

Raw material costs represent 68.1% of revenue as of Q2 FY26. The company is susceptible to commodity price volatility, which impacts operating margins.

Manufacturing Efficiency

Operating efficiency has improved, as evidenced by the margin expansion from 8.98% to 9.62% YoY.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth is targeted through increased capacity utilization, the addition of new products in the specialty chemical segment, and expanding the global footprint via wholly-owned subsidiaries in key markets like the USA and Europe.

Products & Services

The company manufactures and sells fine and specialty chemicals, specifically fatty amines and their derivatives.

Brand Portfolio

Indo Amines.

New Products/Services

Continuous product additions in the fine and specialty chemical segment are expected to drive steady revenue growth.

Market Expansion

Targeting global markets through established subsidiaries in Malaysia, USA, China, and Europe.

Strategic Alliances

Wholly-owned subsidiaries include Indo Amines (Malaysia) SDN BHD, Indo Amines Americas LLC, Indo Amines (Changzhou) Co. Ltd, and Indo Amines (Europe) Ltd.

🌍 External Factors

Industry Trends

The specialty chemicals industry is seeing a shift toward higher-value derivatives, with Indo Amines positioning itself through capacity increases and product diversification.

Competitive Landscape

The company faces intense competition in the fine and specialty chemical segments.

Competitive Moat

The moat is built on an established market position in the amines segment and a diverse product range, which are sustainable due to the technical expertise required in specialty chemical manufacturing.

Macro Economic Sensitivity

Highly sensitive to global commodity price cycles and chemical industry demand.

Geopolitical Risks

Operations in China and Europe expose the company to regional geopolitical tensions and trade policy changes.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with pollution control norms and manufacturing standards applicable to the chemical industry in India and its subsidiary locations.