Amines & Plasticizers Ltd. (AMNPLST) AI Stock Analysis

• Market Cap: ₹8.40B
• Dividend Yield: 0.26%
• Average Volume (3M): 709.00
• Price to Earnings (P/E): 33.6
• Beta (1Y): 1.31
• Revenue Growth: -4.07%
• EPS Growth: -12.36%
• Country: IN
• Employees: 260
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 1.38
• Shares Outstanding: 55,020,000
• 10 Day Avg. Volume: 679
• 30 Day Avg. Volume: 709
• PEG Ratio: 10.08
• Price to Book (P/B): 4.64
• Price to Sales (P/S): 1.81
• P/FCF Ratio: 46.77
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: ₹181.00 ▼(-7.49% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is driven primarily by strong underlying financial performance (healthy margins and prudent leverage). However, weak technical momentum and a relatively high P/E with a minimal dividend yield materially reduce the overall rating.

Positive Factors

Strong margins

Sustained gross and EBITDA margins indicate durable cost efficiency and pricing power in the chemicals business. Higher margins provide buffer against input cost volatility, support reinvestment and working capital needs, and underpin long-term cash generation and profitability resilience.

Prudent balance sheet

Low leverage and a strong equity base give the company financial flexibility to fund capex, absorb cyclical shocks, and pursue selective investments. A 15.9% ROE shows efficient use of capital, supporting sustainable shareholder returns and strategic optionality over the medium term.

Operating cash generation

Consistent operating cash flow demonstrates the core business converts earnings into cash, enabling ongoing operations and modest reinvestment. Although FCF declined year-over-year, underlying OCF strength supports debt service and provides a foundation for restoring FCF with margin or top-line improvement.

Negative Factors

Declining revenue

A meaningful drop in reported revenue growth signals demand pressure or lost volumes that can erode operating leverage. Sustained top-line contraction reduces the base for margin recovery and capital returns, and requires management to rebuild sales through products, markets, or pricing strategies.

Earnings contraction

Material EPS decline points to profitability stress beyond temporary noise, limiting retained earnings and investment capacity. Persistent earnings weakness can constrain balance sheet strengthening, slow deleveraging or capex plans, and reduce flexibility to execute strategic initiatives.

Falling free cash flow

A year-over-year decline in free cash flow weakens the company’s ability to fund growth, pay down debt, or increase shareholder distributions. Even with positive OCF, shrinking FCF suggests tighter liquidity after capex and raises the need for improved cash conversion or margin recovery to sustain investments.

Amines & Plasticizers Ltd. Business Overview & Revenue Model

Company Description

Amines & Plasticizers Ltd. is a holding company, which engages in the production of organic chemicals. Its products include ethanolamines, alkyl alkonolamines, morpholine, alkyl morpholine, and gas treating solvents. It operates through the Chemicals and Software business segments. The company was founded in 1973 and is headquartered in Mumbai, India.

How the Company Makes Money

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Amines & Plasticizers Ltd. Financial Statement Overview

Summary

Strong profitability and operating efficiency (gross margin ~25.6%, EBITDA margin ~10.6%) and solid balance sheet leverage (debt-to-equity ~0.30, equity ratio ~62.1%). Cash flow is supportive but weaker on trend, with free cash flow down year over year and an operating cash flow to net income ratio of 0.71; revenue growth is modest (~2.1%).

Income Statement

Amines & Plasticizers Ltd. exhibits strong profitability with a gross profit margin of approximately 25.6% and a net profit margin of 6.2% for the latest fiscal year. The revenue growth rate of 2.1% indicates steady growth, and both EBIT and EBITDA margins are healthy at 9.6% and 10.6%, respectively, showing efficient operational management.

Balance Sheet

The company's balance sheet reflects a solid equity position with an equity ratio of 62.1% and a moderate debt-to-equity ratio of 0.30, suggesting prudent financial leverage. The return on equity is strong at 15.9%, indicating effective utilization of equity to generate profits.

Cash Flow

The cash flow statement shows a positive trend in free cash flow, albeit with a decrease compared to the previous year. Operating cash flow is robust, providing a healthy operating cash flow to net income ratio of 0.71. However, free cash flow growth is negative due to lower capital expenditures.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	6.30B	6.61B	6.47B	5.97B	5.63B	4.39B
Gross Profit	1.54B	1.69B	1.50B	840.89M	814.93M	1.01B
EBITDA	622.70M	702.57M	718.20M	452.35M	453.66M	574.96M
Net Income	361.61M	410.01M	398.28M	228.72M	238.57M	325.94M
Balance Sheet
Total Assets	3.90B	4.16B	3.89B	3.44B	3.10B	3.05B
Cash, Cash Equivalents and Short-Term Investments	323.18M	461.28M	392.63M	91.95M	33.12M	459.47M
Total Debt	304.94M	772.00M	850.00M	847.93M	721.21M	736.53M
Total Liabilities	1.21B	1.58B	1.69B	1.61B	1.48B	1.64B
Stockholders Equity	2.69B	2.59B	2.20B	1.83B	1.62B	1.41B
Cash Flow
Free Cash Flow	356.54M	256.37M	431.38M	-77.72M	-349.00M	277.57M
Operating Cash Flow	362.66M	291.39M	468.50M	-55.82M	-265.60M	386.57M
Investing Cash Flow	-4.64M	-27.29M	-13.93M	-23.92M	-35.31M	-58.70M
Financing Cash Flow	-523.54M	-203.67M	-156.27M	4.00M	-125.44M	60.55M

Amines & Plasticizers Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 195.65
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AMNPLST, the sentiment is Positive. The current price of 195.65 is above the 20-day moving average (MA) of 154.40, above the 50-day MA of 167.71, and below the 200-day MA of 206.48, indicating a neutral trend. The MACD of -4.12 indicates Negative momentum. The RSI at 62.29 is Neutral, neither overbought nor oversold. The STOCH value of 35.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AMNPLST.

Amines & Plasticizers Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HARIOMPIPE	66 Neutral	₹9.45B	25.01	―	0.17%	17.98%	-0.62%
AMNPLST	65 Neutral	₹8.40B	33.58	―	0.26%	-4.07%	-12.36%
INDOAMIN	62 Neutral	₹6.40B	19.71	―	0.38%	13.01%	32.44%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAYAGROGN	60 Neutral	₹8.13B	22.24	―	1.23%	0.69%	-7.54%
MANALIPETC	54 Neutral	₹7.83B	3.95	―	0.82%	-2.41%	178.19%
OAL	46 Neutral	₹8.47B	-127.17	―	0.17%	12.25%	-74.52%

Amines & Plasticizers Ltd. Corporate Events

Amines & Plasticizers Flags Tax Show-Cause Notices, Sees No Material Impact

Amines & Plasticizers Ltd. has disclosed that it received show-cause notices from the Income Tax Department under Section 147 of the Income Tax Act for assessment years 2013-14, 2014-15 and 2015-16, relating to commissions paid to selling agents and seeking evidence on the genuineness of these transactions. The company has stated, based on a preliminary assessment and legal advice, that it does not expect any material impact on its financial or operational activities despite indicated disallowance amounts, and no penalties or sanctions have yet been imposed.

The notices outline potential disallowances of expenditure totaling several crore rupees across the three years, but the firm emphasized that these figures reflect only proposed disallowances, not actual liabilities, which will depend on the outcome of its representations to the tax authorities. By formally notifying the exchanges and publishing the intimation on its website, Amines & Plasticizers aims to reassure investors about transparency and to signal that the matter currently appears contained in terms of risk to its business and stakeholders.

Amines & Plasticizers Wins Waiver of Exchange Fines Over Committee Vacancies

Amines & Plasticizers Ltd. has disclosed that stock exchange fines previously imposed for short-term vacancies in its Audit, Nomination and Remuneration, and Stakeholders Relationship Committees have been waived. The fines, totaling Rs. 90,000 each by BSE and NSE for committee vacancies spanning brief periods in the September and December 2024 quarters, arose from non-compliance with listing regulations.

Following a waiver application, BSE, the company’s designated exchange, approved a waiver of the Rs. 90,000 fine on February 26, 2026. Under August 2025 circulars on commonly listed entities, this approval automatically extends to NSE as well, relieving the company of the combined penalty and signaling a resolution of this compliance lapse without financial impact.