Indo Amines Limited (INDOAMIN) AI Stock Analysis

• Market Cap: ₹6.53B
• Dividend Yield: 0.38%
• Average Volume (3M): 5.94K
• Price to Earnings (P/E): 19.7
• Beta (1Y): 1.88
• Revenue Growth: 13.01%
• EPS Growth: 32.44%
• Country: IN
• Employees: 557
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 1.64
• Shares Outstanding: 72,587,560
• 10 Day Avg. Volume: 3,394
• 30 Day Avg. Volume: 5,944
• PEG Ratio: 0.54
• Price to Book (P/B): 2.80
• Price to Sales (P/S): 0.82
• P/FCF Ratio: -41.01
• 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: 62 Neutral
• Price Target: ₹93.00 ▼(-27.77% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is supported primarily by solid financial performance (growth and improving margins with a stable balance sheet), but is held back by weak technicals showing a pronounced downtrend and oversold momentum. Valuation is neutral-to-slightly supportive with a moderate P/E, though the low dividend yield provides little cushion.

Positive Factors

Revenue & Profit Momentum

Consistent revenue growth and improved profitability indicate expanding market penetration across diversified industrial end-markets (pharma, agro, dyes, rubber, water treatment). This durable top-line momentum supports scale benefits, product acceptance and longer-term earnings resilience.

Margin Improvement & Cost Management

Healthy gross margin (25.5%) and an improving net margin reflect effective cost control and a favorable product mix toward higher-margin specialty chemicals. Sustained margins signal competitive manufacturing efficiency and pricing power that underpin durable profitability.

Moderate Leverage & Capital Structure

An equity ratio of ~40.7% and debt-to-equity around 0.9 indicate a balanced capital structure with moderate leverage. This provides financial flexibility to support capex and working capital needs while keeping solvency risk manageable over the medium term.

Negative Factors

Weak Free Cash Flow

Negative free cash flow in 2025 and a negative free-cash-flow-to-net-income ratio show that reported profits are not translating into surplus cash. Persistent FCF deficits can limit capex funding, debt reduction, dividends, or force external financing, weakening long-term financial flexibility.

ROE & Equity Utilization

ROE of 17.6% is reasonable but flagged as improvable, implying capital is not being converted to higher shareholder returns as efficiently as possible. Over time, suboptimal equity utilization can constrain investor returns and reflect missed opportunities in allocation or operational leverage.

Input Cost Exposure & Mix Risk

Reliance on feedstock price pass-through, utilization and customer concentration creates structural exposure to raw-material volatility and mix shifts. If input costs rise faster than pass-through ability or utilization falls, margins and earnings durability could be materially pressured.

Indo Amines Limited Business Overview & Revenue Model

Company Description

Indo Amines Limited manufactures, develops, and supplies fine chemicals, specialty chemicals, performance chemicals, perfumery chemicals, and active pharmaceuticals ingredients worldwide. The company's fine chemicals comprise aliphatic and aromatic amines, aliphatic and aromatic nitriles, halides, alcohols, cycloalkanols, cycloalkanones, acids and esters, advanced intermediates, amine hydrochlorides, ethanol amines, and other products. Its specialty chemicals include fatty acids, amides, amines, di-amines, tertiary amines, polyamines, amine ethoxylates, and ammonium quats. The company's performance chemicals comprise anti-caking, anti-foaming, anti-static, anti-stripping, anti-bacterial/antislime, and floatation agents, as well as granulating aids, defoamers, emulsifiers, curing aids, bitumen emulsifiers, corrosion inhibitors, demulsifiers, and anti-bacterial products. Its products are used in pharmaceuticals, agrochemicals, fertilizers, petrochemicals, perfumery chemicals, road construction, pesticides, dyes and intermediates, water treatment chemicals, oil field chemicals, mining, paints, pigments, polymers, metal working and lubricants, additives, textile processing chemicals, cosmetics, home and personal care applications, etc. Indo Amines Limited was incorporated in 1992 and is based in Thane, India.

How the Company Makes Money

Indo Amines primarily makes money by manufacturing and selling chemical products (amines and related specialty/intermediate chemicals) to industrial customers. Revenue is generated through (1) product sales of its amines/specialty chemical portfolio, typically supplied as bulk/packaged industrial chemicals; (2) supplying chemical intermediates used by downstream manufacturers in sectors such as pharmaceuticals, agrochemicals, dyes/pigments, rubber chemicals, and water treatment; and (3) customer-specific/requirement-driven supply where buyers procure recurring volumes based on their production needs. Key earnings drivers generally include sales volumes, product mix (higher-margin specialty products versus more commoditized products), raw-material price movements and pass-through ability, manufacturing utilization, and customer concentration/long-term supply relationships. Specific details on material partnerships, contract structures, or segment-wise revenue split: null.

Indo Amines Limited Financial Statement Overview

Summary

Strong revenue growth and improved profitability (gross margin 25.5%, net margin 5.2%) support the score, and the balance sheet is reasonably stable (equity ratio 40.7%, debt-to-equity 0.9). The main drag is cash flow quality, with negative free cash flow in 2025 despite solid operating cash conversion (operating cash flow to net income 1.25).

Income Statement

Indo Amines Limited demonstrates robust revenue growth, with a significant increase from 2024 to 2025. The gross profit margin stands at 25.5%, indicating efficient cost management. The net profit margin improved to 5.2%, reflecting enhanced profitability. However, the EBIT margin of 7.8% suggests room for operational efficiency improvements.

Balance Sheet

The balance sheet shows a healthy equity ratio of 40.7%, reflecting a stable capital structure. The debt-to-equity ratio is 0.9, indicating moderate leverage, which is reasonable for the industry. However, the return on equity at 17.6% suggests room for better utilization of equity.

Cash Flow

The company experienced a decline in free cash flow, with negative free cash flow in 2025. The operating cash flow to net income ratio of 1.25 indicates good cash generation relative to net income. However, the free cash flow to net income ratio is negative, highlighting cash flow management issues.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	11.09B	10.79B	9.40B	9.41B	7.79B	5.34B
Gross Profit	3.28B	2.75B	2.20B	2.30B	1.91B	1.52B
EBITDA	1.36B	1.16B	936.55M	913.41M	604.51M	679.67M
Net Income	701.15M	558.95M	428.13M	408.75M	230.47M	374.83M
Balance Sheet
Total Assets	8.43B	7.79B	6.33B	5.97B	5.54B	4.53B
Cash, Cash Equivalents and Short-Term Investments	223.97M	167.79M	55.89M	60.73M	61.66M	44.88M
Total Debt	3.07B	2.84B	2.17B	2.32B	2.07B	1.59B
Total Liabilities	4.83B	4.61B	3.70B	3.71B	3.67B	2.91B
Stockholders Equity	3.60B	3.17B	2.63B	2.25B	1.87B	1.63B
Cash Flow
Free Cash Flow	-81.70M	-216.82M	391.02M	-109.75M	-242.71M	57.73M
Operating Cash Flow	363.28M	697.01M	696.71M	203.63M	154.59M	561.79M
Investing Cash Flow	-375.71M	-904.58M	-265.64M	-298.27M	-388.40M	-496.60M
Financing Cash Flow	66.32M	153.96M	-408.70M	40.26M	319.15M	-11.24M

Indo Amines Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 128.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOAMIN, the sentiment is Negative. The current price of 128.75 is above the 20-day moving average (MA) of 102.36, above the 50-day MA of 111.58, and below the 200-day MA of 133.90, indicating a bearish trend. The MACD of -5.90 indicates Positive momentum. The RSI at 23.90 is Positive, neither overbought nor oversold. The STOCH value of 7.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDOAMIN.

Indo Amines Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHREEPUSHK	68 Neutral	₹9.83B	17.66	―	0.52%	28.67%	50.12%
BHAGERIA	63 Neutral	₹6.28B	17.61	―	0.81%	33.39%	85.08%
INDOAMIN	62 Neutral	₹6.53B	19.71	―	0.38%	13.01%	32.44%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BODALCHEM	52 Neutral	₹6.14B	697.51	―	―	15.56%	2114.71%
HERANBA	49 Neutral	₹6.84B	-10.64	―	0.39%	―	―
UNIENTER	46 Neutral	₹6.54B	-247.22	―	0.34%	―	―

Indo Amines Limited Corporate Events

Indo Amines Publishes Q3 FY2025 Unaudited Results in Mumbai Dailies

Indo Amines Limited has announced that its unaudited financial results for the quarter and nine months ended 31 December 2025 have been published in leading Mumbai newspapers The Free Press Journal and Navshakti, in line with regulatory disclosure norms. The communication underscores the company’s compliance with Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements, ensuring that investors and other stakeholders have public access to its latest financial performance through stock exchange filings and newspaper publications.