Balaji Amines Limited (BALAMINES) AI Stock Analysis

• Market Cap: ₹34.58B
• Dividend Yield: 0.97%
• Average Volume (3M): 3.13K
• Price to Earnings (P/E): 29.5
• Beta (1Y): 1.30
• Revenue Growth: -10.76%
• EPS Growth: -27.70%
• Country: IN
• Employees: 1,084
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 12.20
• Shares Outstanding: 32,401,000
• 10 Day Avg. Volume: 2,179
• 30 Day Avg. Volume: 3,132
• PEG Ratio: -1.11
• Price to Book (P/B): 2.20
• Price to Sales (P/S): 2.91
• P/FCF Ratio: 46.43
• 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): 41.45
• Revenue Forecast (FY): ₹13.64B

• Rating: 69 Neutral
• Price Target: ₹1,403.00 ▲(28.62% Upside)
• Action: Reiterated Date: 01/09/26
• Date: Action: Reiterated 01/09/26

The score is driven primarily by strong financial quality (low leverage and positive free cash flow), partially offset by mixed technicals (negative MACD and below longer-term moving averages) and a middling valuation (P/E 27.17 with a low ~0.90% dividend yield).

Positive Factors

Balance Sheet Strength

Conservative leverage and a low debt-to-equity position give Balaji Amines durable financial flexibility to fund maintenance capex, support working capital swings, and withstand chemical-cycle downturns. A strong balance sheet reduces refinancing risk and enables opportunistic investment without raising external capital.

Cash Generation

Consistent positive free cash flow and healthy operating cash conversion indicate the company can internally fund operations, maintenance capex and selective downstream investments. Durable cash generation supports deleveraging, strategic reinvestment into higher-value products, and resilience through demand cycles.

Specialized Product Mix & Diversified End Markets

Specialization in aliphatic amines and related downstream derivatives sold into pharmaceuticals, agrochemicals, water treatment, rubber and export markets provides diversified end-market exposure and technical know-how. This niche focus creates higher barriers to entry and supports stable, often higher-margin demand over time.

Negative Factors

Revenue and Earnings Contraction

Reported revenue decline (~-5% YoY) and EPS contraction (~-22%) indicate weakening top-line and profitability trends. If these contractions persist, they will constrain reinvestment into downstream capacity, pressure margins, and reduce financial flexibility to pursue higher-margin growth initiatives.

Raw Material Cost Exposure

The business is materially exposed to feedstock and input-price volatility and to plant utilization rates. Volatile raw-material costs or sustained low utilization can compress margins if pass-through is limited, creating a structural earnings risk that can persist across multiple reporting periods.

Dependence on Core Amines / Need for Downstream Integration

A significant portion of revenue stems from core amines, a commodity-to-specialty mix. Lasting margin improvement depends on successfully expanding downstream, higher-value product penetration. Slow or difficult downstream integration would limit margin expansion and leave earnings tied to commodity cycles.

Balaji Amines Limited Business Overview & Revenue Model

Company Description

Balaji Amines Limited engages in the manufacture and sale of methylamines, ethylamines, and derivatives of specialty chemicals and pharma excipients in India. The company operates through three segments: Amines & Speciality Chemicals, Hotel, and CFL Lamps. It offers monomethylamine, dimethylamine, trimethylamine, monoethylamine, diethylamine, triethylamine, dimethyl and diethyl amino ethanol; and specialty chemicals, including N-methyl pyrrolidone, morpholine, 2-pyrrolidone, N-ethyl-2-pyrrolidone, gamma-butyrolactone, dimethylformamide, and acetonitrile. The company also provides derivatives comprising di-methyl acetamide, di-methyl amine hydrochloride, tri-methyl amine hydrochloride, di-ethyl amine hydrochloride, tri-ethyl amine hydrochloride, di-methyl urea, and choline chloride; and pharma excipients, such as poly vinyl pyrrolidone. It serves pharmaceutical, agrochemical, paint and resin, animal feed, oil and gas, rubber cleaning chemical, dye and textile, and water treatment chemical industries. In addition, the company operates Balaji Sarovar, a hotel in Solapur, Maharashtra; and manufactures and sells CFL lamps. It also exports its products to the United States, Europe, China, Turkey, Korea, Malaysia, Kuwait, and internationally. The company was incorporated in 1988 and is based in Hyderabad, India.

How the Company Makes Money

Balaji Amines generates revenue through the production and sale of its specialty chemicals, particularly amines and their derivatives. The company has established a strong revenue model based on a diverse customer base spanning multiple industries, including pharmaceuticals, agrochemicals, and personal care. Key revenue streams include the sale of high-demand products such as methylamines and ethylamines, which are utilized in numerous applications from drug manufacturing to agricultural chemicals. Additionally, BALAMINES benefits from long-term partnerships with major players in its target sectors, ensuring consistent demand for its products. The company also focuses on research and development to innovate and expand its product offerings, further enhancing its market position and revenue potential.

Balaji Amines Limited Financial Statement Overview

Summary

Overall financials are solid: a strong balance sheet with low leverage (82) and positive free cash flow with healthy cash conversion (79). Income statement performance is resilient (76), but recent revenue and net income contraction temper the score.

Income Statement

Balaji Amines has shown resilience in its income statement despite revenue fluctuations. The Gross Profit Margin and Net Profit Margin have been reasonably stable, reflecting effective cost management. However, the recent contraction in revenue and net income suggests challenges in market conditions or competition.

Balance Sheet

The balance sheet is strong, with a low Debt-to-Equity Ratio indicating conservative financial leverage. The equity ratio is robust, showcasing a solid capital structure. However, the company should watch for any increase in liabilities that could affect its financial stability.

Cash Flow

Cash flow metrics reveal effective cash management, with positive Free Cash Flow indicating the ability to sustain operations and investments. While the Operating Cash Flow to Net Income ratio is healthy, the company must focus on improving cash flow growth to support future expansions.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	13.71B	13.97B	16.08B	23.38B	23.20B	13.11B
Gross Profit	5.59B	4.88B	3.50B	8.39B	8.57B	5.39B
EBITDA	2.55B	2.65B	3.53B	6.24B	6.36B	3.79B
Net Income	1.52B	1.58B	2.05B	3.26B	3.68B	2.38B
Balance Sheet
Total Assets	0.00	22.52B	21.46B	19.63B	18.75B	13.10B
Cash, Cash Equivalents and Short-Term Investments	3.50B	3.50B	3.31B	3.09B	515.37M	173.23M
Total Debt	0.00	110.27M	196.97M	575.74M	1.01B	1.27B
Total Liabilities	-20.18B	2.34B	2.53B	2.65B	5.60B	4.00B
Stockholders Equity	20.18B	18.45B	17.22B	15.54B	12.50B	8.94B
Cash Flow
Free Cash Flow	0.00	874.82M	704.14M	2.62B	842.07M	-221.07M
Operating Cash Flow	0.00	2.73B	3.34B	3.82B	2.32B	1.10B
Investing Cash Flow	0.00	-1.61B	-1.64B	-1.86B	-1.47B	-615.89M
Financing Cash Flow	0.00	-447.73M	-749.66M	-812.33M	-565.13M	-374.51M

Balaji Amines Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1090.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BALAMINES, the sentiment is Negative. The current price of 1090.8 is below the 20-day moving average (MA) of 1104.51, below the 50-day MA of 1131.66, and below the 200-day MA of 1379.17, indicating a bearish trend. The MACD of -18.09 indicates Positive momentum. The RSI at 41.34 is Neutral, neither overbought nor oversold. The STOCH value of 49.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BALAMINES.

Balaji Amines Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ROSSARI	70 Outperform	₹26.88B	24.59	―	0.09%	15.47%	-1.72%
BALAMINES	69 Neutral	₹34.58B	29.53	―	0.97%	-10.76%	-27.70%
ANURAS	66 Neutral	₹138.86B	76.50	―	0.06%	69.32%	113.55%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ALKYLAMINE	61 Neutral	₹73.43B	48.28	―	0.62%	3.95%	8.28%
NEOGEN	61 Neutral	₹36.63B	211.46	―	0.09%	8.44%	-35.59%
FAIRCHEMOR	47 Neutral	₹7.20B	-2,425.33	―	1.07%	-22.10%	-85.56%