Balaji Amines Ltd(BALAMINES)

NSE: BALAMINESBSE: 530999

₹ 1,824-3.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,910 crNext results: 2 Nov 2026Website: www.balajiamines.comUpdated: 24 Oct 2026

About

Balaji Amines Ltd makes aliphatic amines, amine derivatives, speciality chemicals and pharma excipients, with a range of over 40 products. It describes itself as the largest maker of aliphatic amines in India and the only maker of dimethyl carbonate (DMC) in India. It reported revenue of Rs 1424.98 cr in FY26, and its installed capacity was 3,93,600 MTPA in Q1 FY27. It also runs a hotel division, and its subsidiary Balaji Speciality Chemicals Ltd (BSCL) is carrying out a Rs 750 cr phased expansion.^[1][2][3][4]

Business segments

Amines & Speciality Chemicals: 97.5% of segment revenue (Rs 1,415.69 cr) in FY26, with an EBIT margin of 15.9%.^[5]
Hotel Division: 2.5% of segment revenue (Rs 35.7 cr) in FY26, with an EBIT margin of 26.3%.^[5]
Revenue by end market in Q1 FY27: about 61% from pharma and about 30% from agro.^[3]

Products and market position

The portfolio spans aliphatic amines, amine derivatives, speciality chemicals and pharma excipients, with over 40 products (FY25).^[1]
As of FY25, it is the largest producer of methylamines in India and the only BIS-certified maker of morpholine in India.^[1]
Core products include methylamines and derivatives, DMC, PG and ACN. BSCL makes ethyleneamine-based products (DETA, TETA, PIP, AEEA, AEP).^[6]
It is the only maker of DMC in India, with 15,000 MTPA of capacity. An electronic-grade DMC plant for EV batteries was commissioned on 28 May 2025.^[6]
The 100,000 TPA dimethyl ether (DME) plant, commissioned in Q1 FY27, is described as India's first commercial-scale DME facility. It serves LPG blending and aerosol propellants.^[3]
The company holds ISO 9001, ISO 14001 and ISO 45001 certifications, plus WHO-GMP, REACH and EDQM certifications for certain products (FY25).^[1]

Plants and capacity

Installed capacity was 3,93,600 MTPA in Q1 FY27, up from 2,86,000 MTPA in FY25.^[3][1]
Unit I in Solapur makes methylamines, ethylamines, isopropylamines and derivatives, with 67,250 MTPA of capacity (FY25).^[1]
Unit III in Solapur makes DMF, morpholine, acetonitrile, PVPK, methylamines, DMAHCL, GBL and NMP, with 1,39,750 MTPA of capacity (FY25).^[1]
Unit IV in Solapur makes ethylamines, methylamines, N-butylamine, DMC, PC, PG, DME and NMM, with 2,09,000 MTPA of capacity (FY25).^[1]
The enlarged ACN plant at Unit III, Chincholi MIDC, Solapur started commercial production on 24 September 2026, with 1,440 TPM of capacity.^[7]
An 8 MW DC (6 MW AC) rooftop solar plant, commissioned in April 2025, covers about 80% of manufacturing energy needs.^[8]

Key operating numbers

Methylamines plants ran at 80-85% utilisation in Q2 FY26. DMC/PG plants ran at 20-30%, held back by slow ramp-up at EV battery customers.^[9]
Electronic-grade DMC/NMP/TEA plants ran at 20-25% utilisation in Q4 FY26, with about 100-150 MT of export sales placed.^[4]
The N-Butylamine plant was running at 30-35% of capacity, according to the FY25 annual report.^[1]
Total consolidated sales volume: 27,341 MT in Q4 FY26, 25,894 MT in Q3 FY26, 26,165 MT in Q2 FY26 and 27,570 MT in Q1 FY26.^[4]
Core chemical business ROCE was 13% in FY26, up 1 percentage point year on year.^[4][3]
Acetonitrile realisation was Rs 140-150/kg in Q2 FY26.^[9]
Hotel occupancy was 68% in Q1 FY27, against 82% in Q3 FY26 and 75% in Q1 FY26.^[3][6]

Customers and exports

Exports were Rs 188.33 cr, or 13.22% of consolidated revenue, in FY26, against 12.80% in FY25.^[4][1]
As of FY25, the company exports to 50+ countries, including the U.S., UK, Argentina, Canada, Israel, Australia, Germany, Italy, Egypt and South Africa.^[1]
BSCL has a global customer base of over 250 clients (FY25).^[1]
Long-term supply contracts with US and European customers were renewed or confirmed to continue into FY27.^[9]
The company imports its major raw material, which exposes it to commodity price risk (FY25).^[1]

Expansion and capex

The NMM plant (5,000 TPA) and the ACN expansion (9,000 TPA) are on track to be commissioned by the end of FY27, as of Q1 FY27.^[3]
BSCL's Rs 750 cr expansion: Unit I (EDA derivatives) is targeted during FY27, and Unit II (HCN/NaCN/EDTA) by the end of FY27. TEOF has been identified as Phase II.^[3][4]
BSCL plans a further Rs 200-250 cr of spending in FY27, out of a Rs 350-400 cr Phase 1 total. Standalone projects are funded through internal accruals.^[4]
A 40-room hotel expansion is planned at an estimated cost of Rs 30-35 crore (FY25 annual report).^[1]

Recent developments

Q1 FY27: The 100,000 TPA DME plant was commissioned.^[3]
24 September 2026: Commercial production of ACN began at Unit III, Solapur, with enlarged capacity of 1,440 TPM.^[7]
28 September 2026: Rajendrakumar Mohanprasad Tapadiya stepped down as Independent Director of BSCL on completing his second term.^[10]
The Maharashtra government granted Mega Project status to BSCL's Rs 750 cr expansion under its Package Scheme of Incentives 2019.^[4]

Market Cap

₹5,910 Cr

High / Low

₹2,628 / 905

Stock P/E

28.8

Price / Book

3.0

Book Value

₹610

EPS

₹52.2

No. of Shares

3.24 Cr

ROCE

11.0%

ROE

8.8%

OPM

16.4%

Debt / Equity

0.07

Sales

₹1,425 Cr

Net Profit

₹169 Cr

Promoter holding

54.6%

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Balaji Amines Ltd(BALAMINES)

About

Business segments

Products and market position

Plants and capacity

Key operating numbers

Customers and exports

Expansion and capex

Recent developments

Signal history

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