Indo Amines Limited (INDOAMIN) AI Stock Analysis

• Market Cap: ₹6.69B
• 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: 63 Neutral
• Price Target: ₹96.00 ▼(-25.44% Downside)
• Action: Downgraded Date: 11/19/25
• Date: Action: Downgraded 11/19/25

Indo Amines Limited's overall score is primarily driven by strong financial performance, despite cash flow management issues. Technical analysis indicates bearish momentum, which negatively impacts the score. Valuation is fair but not compelling enough to offset the technical weaknesses.

Positive Factors

Revenue & Margin Trends

Consistent revenue growth alongside a 25.5% gross margin and improving net margin indicate the company is expanding product adoption while managing costs. Over the medium term this supports sustainable earnings, reinvestment capacity, and resilience across end markets like pharma and agrochemicals.

Balance Sheet Health

A healthy equity ratio and moderate leverage provide financial flexibility for capital spending and working capital through industry cycles. For a capital-intensive specialty chemicals business, this capital structure supports investment in capacity and limits forced asset sales under stress.

Operating Cash Conversion

Operating cash flow exceeding reported net income shows core operations generate real cash, supporting capex and working capital needs. That persistent operational cash conversion is a durable asset for funding specialty product expansion and maintaining supplier and creditor confidence.

Negative Factors

Negative Free Cash Flow

Negative free cash flow in 2025 signals cash shortfalls after capex and working capital, restricting debt reduction, dividends, or organic growth funding without external financing. If sustained, this erodes strategic flexibility and can increase refinancing risk for capital-intensive expansion.

Modest Operating Margin

A 7.8% EBIT margin limits cash available for reinvestment and weakens the buffer against input cost shocks. In competitive chemical markets, modest operating leverage makes durable margin expansion dependent on improving mix toward specialty products or operational efficiency gains.

Raw Material & Product-Mix Exposure

Business reliance on feedstock pricing and ability to pass costs through creates structural margin volatility. Successful long-term transition to higher-margin specialty chemicals requires sustained execution; until then, commodity swings can materially impact profitability and cash generation.

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

Indo Amines Limited shows strong revenue growth and profitability improvements, with efficient cost management. However, the negative free cash flow indicates cash flow management issues, and there is room for better equity utilization.

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 103.51, above the 50-day MA of 112.36, and below the 200-day MA of 134.16, indicating a bearish trend. The MACD of -5.62 indicates Positive momentum. The RSI at 26.04 is Positive, neither overbought nor oversold. The STOCH value of 8.54 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	₹10.07B	17.66	―	0.52%	28.67%	50.12%
INDOAMIN	63 Neutral	₹6.69B	19.71	―	0.38%	13.01%	32.44%
BHAGERIA	63 Neutral	₹6.45B	17.61	―	0.81%	33.39%	85.08%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BODALCHEM	52 Neutral	₹5.93B	697.51	―	―	15.56%	2114.71%
HERANBA	49 Neutral	₹7.10B	-10.64	―	0.39%	―	―
UNIENTER	46 Neutral	₹6.68B	-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.