NSE:BALAMINES Guidance Report - SOIC x StockScans Report

Balaji Amines is India’s largest maker of aliphatic amines - the nitrogen-based building blocks inside pharmaceuticals, agrochemicals and industrial solvents - and the country’s most persistent import-substitution chemist. Founded in 1988 by a civil engineer who believed India should design and build its own chemical plants rather than license foreign technology, the company has grown from three products to over 40, exporting to 55 countries, entirely debt-free and funded by its own cash flows. Its recurring approach is simple: find a molecule India imports, develop the process in-house, build a plant large enough to serve both domestic and export markets, and commission it before anyone else does.

Business segments

Three engines built in sequence - a high-volume amine backbone that feeds two downstream platforms, one for pharmaceutical intermediates and one for specialty molecules including EV-battery chemicals, plus a small hotel division and a separately housed subsidiary.

1. Aliphatic amines: the cash engine that feeds everything else

The company makes the largest volumes of methylamines and ethylamines in India, consumes 80% of that output to manufacture higher-value derivatives, and runs on proprietary technology that lets it produce any amine variant on demand rather than in fixed ratios.

Largest domestic producer - Balaji Amines operates India’s biggest methylamines plant at 88,000 tonnes per year and the country’s largest ethylamines capacity at 22,500 tonnes per year, both built on technology developed entirely in-house.
Captive consumption is the moat - roughly 80% of methylamines production never leaves the company; it flows straight into downstream derivatives and specialty chemicals, so the amines segment acts as both a revenue stream and a guaranteed low-cost raw material supply for the rest of the business.
Proprietary flexibility beats conventional processes - conventional amine plants produce mono, di and tri variants in fixed proportions, but Balaji Amines’ technology can manufacture any single variant in large amounts, and its newest plant at Unit IV can produce pure Di-Methyl Amine without generating unwanted co-products, giving it a cost edge over competitors.
Distance is a natural barrier - aliphatic amines are hazardous to transport and require specialised vehicles, which limits how far imports can economically travel and forces Indian customers to buy from credible local suppliers.

2. Amine derivatives: where the amine backbone becomes pharmaceutical and feed ingredients

By reacting its own amines into hydrochloride salts, amides and animal-feed additives, the company captures higher margins on molecules where customer qualification takes years but repeat demand is sticky.

World’s largest producer of a key diabetes-drug intermediate - Balaji Amines is the largest manufacturer globally of Dimethyl Amine Hydrochloride, the essential raw material for the diabetes drug Metformin, a position it has built since beginning production in 1997.
Vertical integration locks in cost and supply - because every derivative starts with an amine the company already makes, it avoids buying intermediates on the open market and insulates itself from price swings that hit non-integrated competitors.
Customer relationships are slow to win, hard to lose - pharmaceutical and agrochemical buyers take time to qualify a new supplier, but once approved the business generates repeat orders that are protected from spot-price competition.
Multiple forms for multiple markets - Choline Chloride, an animal and poultry feed additive, is sold as a 60% corn-cob carrier, a 75% aqueous solution and a 98% powder, letting the company serve different customer preferences from the same chemistry.

3. Specialty chemicals: the import-substitution pipeline and the EV-battery bet

This is where the company targets molecules India has never made domestically - solvents, battery-grade chemicals and a new fuel gas - using in-house R&D to enter markets before anyone else and building capacity ahead of demand.

Sole domestic manufacturer of electronic-grade DMC for EV batteries - Balaji Amines is the only company in India producing Dimethyl Carbonate, and it has upgraded its 15,000-tonne-per-year plant to electronic-grade purity, making it the sole domestic source of this critical electrolyte solvent for lithium-ion batteries.
First mover in multiple import-dependent molecules - the company has been the only Indian manufacturer of GBL, NMP and Morpholine since 2009, and it has commenced commercial production of India’s first commercial-scale Dimethyl Ether plant at 100,000 tonnes per year, a gas that can be blended with LPG under newly released BIS standards.
Targeting markets where imports dominate - India consumes about 90,000 tonnes of Dimethylformamide annually, of which roughly 70,000 tonnes is imported, and domestic demand is growing at 7-10% per year; Balaji Amines has 30,000 tonnes of capacity positioned to capture that substitution opportunity as anti-dumping duties improve utilisation.
Every molecule is home-grown - electronic-grade DMC, DME, N-Methyl Morpholine and the Acetonitrile expansion have all been developed through internal R&D with zero external process licences, so the company moves from lab to plant without waiting in a technology-licensing queue.

4. Balaji Speciality Chemicals: the separately housed ethylene-amines subsidiary

A 55%-owned subsidiary that is the sole Indian manufacturer of several ethylene amines and derivatives, serving pharmaceuticals, coatings and oilfield chemicals from a plant that was the first of its kind in the country.

Sole domestic producer of critical import substitutes - BSCL is the only manufacturer in India of Ethylenediamine, Piperazine Anhydrous, Diethylenetriamine and related derivatives, products that India consumes roughly 50,000 tonnes of annually.
First-of-its-kind reactor technology - the manufacturing facility of Balaji Specialty Chemicals Ltd (BSCL), a subsidiary, at Solapur uses advanced high-temperature, high-pressure reactors that had never been assembled in India before; the design was validated through simulation of all parameters before construction.
REACH-registered for European access - BSCL holds REACH registrations for EDA, DETA and AEEA, which opens regulated European markets that are closed to unregistered suppliers.
Two large expansions under execution - a brownfield project to complete the full ethylene-amine value chain by September 2026, and a greenfield project for Hydrogen Cyanide, Sodium Cyanide and EDTA derivatives expected by March 2027, together backed by Mega Project status from the Maharashtra government.

5. Hotel division: a five-star asset in an industrial town

The only five-star hotel in Solapur, operated under a Sarovar Group management contract, serving business travellers and pilgrims with 129 rooms on three acres.

Captures corporate and pilgrimage traffic - Solapur sits near major temple towns including Pandharpur, Tuljapur and Akkalkot, attracting millions of visitors annually, while the hotel’s proximity to the company’s factories makes it the natural choice for vendors and business guests.
Asset-light operation - the property is owned by Balaji Amines but managed by Sarovar Group on a management-fee-plus-revenue-share model, so the company does not run day-to-day hotel operations.
Small contributor to the whole - the hotel accounts for roughly 2.6% of total company turnover, making it a diversification rather than a material earnings driver.

Manufacturing and technology backbone

Every process across all three chemical segments is built on proprietary technology developed in-house, running across four main manufacturing units organised by chemistry type rather than product line.

Zero external process licences - the company holds no third-party technology licences; all processes for amines, derivatives and specialty chemicals have been developed internally, and for select key products these domestically developed processes supply 90-95% of India’s requirement.
Units organised by chemistry generation - Unit I is the core amines and derivatives hub, Unit III is the specialty solvents and pharma-intermediates platform, and Unit IV is the next-generation and EV-linked chemistries platform, each with distinct infrastructure but sharing the same raw-material backbone.
Continuous, not batch, processing - the manufacturing process is complex, continuous and hazardous, requiring high technological know-how and environmental clearances, which raises the barrier for new entrants.
Lowest consumption coefficients in the industry - through continuous optimisation of energy, utilities and raw materials, the company achieves the lowest input consumption per unit of output among peers.
Renewable energy integration - a 6 MW solar plant commissioned in April 2025 now supplies roughly 30% of manufacturing energy, with a 20 MW greenfield solar project in progress, alongside a 1.5 MW wind project operating since 2009.

Group structure and partners

Balaji Amines is the listed parent with five factory locations, one material subsidiary and a hotel division operated under a management contract - no holding company, no associates, no joint ventures.

Parent and subsidiary - Balaji Amines Limited holds a 55% stake in Balaji Speciality Chemicals Limited, its only material subsidiary, which operates a manufacturing facility at Chincholi MIDC, Solapur; BSCL had filed for an IPO in 2022 but withdrew the draft prospectus in September 2023.
Five factory locations across two states - Unit I at Tamalwadi (Maharashtra), Unit II at IDA Bollaram (Telangana), Unit III and Unit IV at Chincholi MIDC (Maharashtra), and Unit V at Nandi Kandi (Telangana).
Hotel operated, not managed in-house - the Balaji Sarovar Premiere is a division of the parent company, not a separate legal entity, and is run by Sarovar Group under a management-fee-plus-revenue-share arrangement.
Founder-led board - the eight-member board includes four independent directors and two women; key executives are Mr. A. Prathap Reddy (Executive Chairman and founder), Mr. D. Ram Reddy (Managing Director), and Mr. A. Srinivas Reddy (Whole-time Director and CFO).

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	381	383	414	385	347	313	353	358	341	331	395	456
Growth YoY Revenue Growth YoY%	-39.4	-34.6	-12.2	-17.0	-8.8	-18.4	-14.8	-6.9	-1.8	5.9	11.9	27.2
Expenses ExpensesCr	327	309	316	319	286	267	293	304	281	275	301	340
Operating Profit Operating ProfitCr	54	74	98	66	61	46	60	55	60	57	94	116
OPM OPM%	14.1	19.4	23.6	17.2	17.5	14.6	16.9	15.3	17.6	17.1	23.9	25.4
Other Income Other IncomeCr	7	8	9	8	9	8	8	9	7	5	8	6
Interest Expense Interest ExpenseCr	2	2	1	1	1	1	1	1	1	2	2	1
Depreciation DepreciationCr	11	11	12	12	12	12	13	14	14	14	14	14
PBT PBTCr	48	70	93	62	57	41	54	49	52	46	86	106
Tax TaxCr	12	14	20	16	15	10	14	12	15	15	21	28
PAT PATCr	36	56	72	46	41	31	40	37	37	31	65	78
Growth YoY PAT Growth YoY%	-69.3	-33.4	31.3	-32.7	14.0	-44.2	-44.2	-19.8	-10.5	-1.2	60.2	113.8
NPM NPM%	9.6	14.6	17.5	11.8	11.9	10.0	11.5	10.2	10.9	9.3	16.4	17.1
EPS EPS₹	10.7	15.2	21.0	13.4	12.7	10.2	12.4	11.7	10.7	9.5	20.0	23.1

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

381

383

414

385

347

313

353

358

341

331

395

456

Growth YoY

Revenue Growth YoY%

-39.4

-34.6

-12.2

-17.0

-8.8

-18.4

-14.8

-6.9

-1.8

5.9

11.9

27.2

Expenses

ExpensesCr

327

309

316

319

286

267

293

304

281

275

301

340

Operating Profit

Operating ProfitCr

116

OPM

OPM%

14.1

19.4

23.6

17.2

17.5

14.6

16.9

15.3

17.6

17.1

23.9

25.4

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

106

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

-69.3

-33.4

31.3

-32.7

14.0

-44.2

-19.8

-10.5

-1.2

60.2

113.8

NPM

NPM%

9.6

14.6

17.5

11.8

11.9

10.0

11.5

10.2

10.9

9.3

16.4

17.1

EPS

EPS₹

10.7

15.2

21.0

13.4

12.7

10.2

12.4

11.7

10.7

9.5

20.0

23.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	381	383	414	385	347	313	353	358	341	331	395	456
Growth YoY Revenue Growth YoY%	-39.4	-34.6	-12.2	-17.0	-8.8	-18.4	-14.8	-6.9	-1.8	5.9	11.9	27.2
Expenses ExpensesCr	327	309	316	319	286	267	293	304	281	275	301	340
Operating Profit Operating ProfitCr	54	74	98	66	61	46	60	55	60	57	94	116
OPM OPM%	14.1	19.4	23.6	17.2	17.5	14.6	16.9	15.3	17.6	17.1	23.9	25.4
Other Income Other IncomeCr	7	8	9	8	9	8	8	9	7	5	8	6
Interest Expense Interest ExpenseCr	2	2	1	1	1	1	1	1	1	2	2	1
Depreciation DepreciationCr	11	11	12	12	12	12	13	14	14	14	14	14
PBT PBTCr	48	70	93	62	57	41	54	49	52	46	86	106
Tax TaxCr	12	14	20	16	15	10	14	12	15	15	21	28
PAT PATCr	36	56	72	46	41	31	40	37	37	31	65	78
Growth YoY PAT Growth YoY%	-69.3	-33.4	31.3	-32.7	14.0	-44.2	-44.2	-19.8	-10.5	-1.2	60.2	113.8
NPM NPM%	9.6	14.6	17.5	11.8	11.9	10.0	11.5	10.2	10.9	9.3	16.4	17.1
EPS EPS₹	10.7	15.2	21.0	13.4	12.7	10.2	12.4	11.7	10.7	9.5	20.0	23.1

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

381

383

414

385

347

313

353

358

341

331

395

456

Growth YoY

Revenue Growth YoY%

-39.4

-34.6

-12.2

-17.0

-8.8

-18.4

-14.8

-6.9

-1.8

5.9

11.9

27.2

Expenses

ExpensesCr

327

309

316

319

286

267

293

304

281

275

301

340

Operating Profit

Operating ProfitCr

116

OPM

OPM%

14.1

19.4

23.6

17.2

17.5

14.6

16.9

15.3

17.6

17.1

23.9

25.4

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

106

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

-69.3

-33.4

31.3

-32.7

14.0

-44.2

-19.8

-10.5

-1.2

60.2

113.8

NPM

NPM%

9.6

14.6

17.5

11.8

11.9

10.0

11.5

10.2

10.9

9.3

16.4

17.1

EPS

EPS₹

10.7

15.2

21.0

13.4

12.7

10.2

12.4

11.7

10.7

9.5

20.0

23.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	643	670	861	943	936	1,311	2,323	2,355	1,642	1,397	1,425	1,523
Growth Revenue Growth%	3.9	4.3	28.4	9.5	-0.8	40.1	77.1	1.4	-30.3	-14.9	2.0	11.1
Expenses ExpensesCr	516	521	679	750	755	938	1,700	1,746	1,318	1,165	1,160	1,196
Operating Profit Operating ProfitCr	127	149	182	193	181	373	623	609	324	232	265	327
OPM OPM%	19.7	22.2	21.1	20.5	19.3	28.5	26.8	25.9	19.7	16.6	18.6	21.4
Other Income Other IncomeCr	3	9	12	4	5	6	15	15	30	33	29	25
Interest Expense Interest ExpenseCr	22	13	9	13	23	18	17	12	6	4	5	6
Depreciation DepreciationCr	19	20	19	20	32	34	42	46	45	48	56	56
PBT PBTCr	88	126	166	165	131	327	578	567	302	213	232	290
Tax TaxCr	30	43	53	48	34	83	160	161	69	55	63	79
PAT PATCr	58	82	113	117	97	244	418	406	232	159	169	211
Growth PAT Growth%	73.5	42.9	37.4	3.5	-16.8	149.8	71.6	-2.9	-42.7	-31.7	6.7	40.9
NPM NPM%	9.0	12.3	13.1	12.4	10.4	18.6	18.0	17.2	14.2	11.3	11.9	13.8
EPS EPS₹	17.8	25.4	34.9	36.3	32.3	73.5	113.7	100.5	63.2	48.6	51.6	63.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

643

670

861

943

936

1,311

2,323

2,355

1,642

1,397

1,425

1,523

Growth

Revenue Growth%

3.9

4.3

28.4

9.5

-0.8

40.1

77.1

1.4

-30.3

-14.9

2.0

11.1

Expenses

ExpensesCr

516

521

679

750

755

938

1,700

1,746

1,318

1,165

1,160

1,196

Operating Profit

Operating ProfitCr

127

149

182

193

181

373

623

609

324

232

265

327

OPM

OPM%

19.7

22.2

21.1

20.5

19.3

28.5

26.8

25.9

19.7

16.6

18.6

21.4

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

126

166

165

131

327

578

567

302

213

232

290

Tax

TaxCr

160

161

PAT

PATCr

113

117

244

418

406

232

159

169

211

Growth

PAT Growth%

73.5

42.9

37.4

3.5

-16.8

149.8

71.6

-2.9

-42.7

-31.7

6.7

40.9

NPM

NPM%

9.0

12.3

13.1

12.4

10.4

18.6

18.0

17.2

14.2

11.3

11.9

13.8

EPS

EPS₹

17.8

25.4

34.9

36.3

32.3

73.5

113.7

100.5

63.2

48.6

51.6

63.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	643	670	861	943	936	1,311	2,323	2,355	1,642	1,397	1,425	1,523
Growth Revenue Growth%	3.9	4.3	28.4	9.5	-0.8	40.1	77.1	1.4	-30.3	-14.9	2.0	11.1
Expenses ExpensesCr	516	521	679	750	755	938	1,700	1,746	1,318	1,165	1,160	1,196
Operating Profit Operating ProfitCr	127	149	182	193	181	373	623	609	324	232	265	327
OPM OPM%	19.7	22.2	21.1	20.5	19.3	28.5	26.8	25.9	19.7	16.6	18.6	21.4
Other Income Other IncomeCr	3	9	12	4	5	6	15	15	30	33	29	25
Interest Expense Interest ExpenseCr	22	13	9	13	23	18	17	12	6	4	5	6
Depreciation DepreciationCr	19	20	19	20	32	34	42	46	45	48	56	56
PBT PBTCr	88	126	166	165	131	327	578	567	302	213	232	290
Tax TaxCr	30	43	53	48	34	83	160	161	69	55	63	79
PAT PATCr	58	82	113	117	97	244	418	406	232	159	169	211
Growth PAT Growth%	73.5	42.9	37.4	3.5	-16.8	149.8	71.6	-2.9	-42.7	-31.7	6.7	40.9
NPM NPM%	9.0	12.3	13.1	12.4	10.4	18.6	18.0	17.2	14.2	11.3	11.9	13.8
EPS EPS₹	17.8	25.4	34.9	36.3	32.3	73.5	113.7	100.5	63.2	48.6	51.6	63.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

643

670

861

943

936

1,311

2,323

2,355

1,642

1,397

1,425

1,523

Growth

Revenue Growth%

3.9

4.3

28.4

9.5

-0.8

40.1

77.1

1.4

-30.3

-14.9

2.0

11.1

Expenses

ExpensesCr

516

521

679

750

755

938

1,700

1,746

1,318

1,165

1,160

1,196

Operating Profit

Operating ProfitCr

127

149

182

193

181

373

623

609

324

232

265

327

OPM

OPM%

19.7

22.2

21.1

20.5

19.3

28.5

26.8

25.9

19.7

16.6

18.6

21.4

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

126

166

165

131

327

578

567

302

213

232

290

Tax

TaxCr

160

161

PAT

PATCr

113

117

244

418

406

232

159

169

211

Growth

PAT Growth%

73.5

42.9

37.4

3.5

-16.8

149.8

71.6

-2.9

-42.7

-31.7

6.7

40.9

NPM

NPM%

9.0

12.3

13.1

12.4

10.4

18.6

18.0

17.2

14.2

11.3

11.9

13.8

EPS

EPS₹

17.8

25.4

34.9

36.3

32.3

73.5

113.7

100.5

63.2

48.6

51.6

63.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	274	356	461	568	652	888	1,243	1,548	1,715	1,839	1,970
Current Liabilities Current LiabilitiesCr	216	199	257	308	264	243	301	149	149	130	402
Non Current Liabilities Non Current LiabilitiesCr	109	73	106	145	180	158	130	115	104	104	189
Total Liabilities Total LiabilitiesCr	605	635	848	1,046	1,113	1,310	1,745	1,963	2,146	2,252	2,743
Current Assets Current AssetsCr	245	280	355	449	461	577	907	1,032	997	941	941
Non Current Assets Non Current AssetsCr	359	355	493	596	652	733	838	930	1,149	1,311	1,802
Total Assets Total AssetsCr	605	635	848	1,046	1,113	1,310	1,745	1,963	2,146	2,252	2,743

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

274

356

461

568

652

888

1,243

1,548

1,715

1,839

1,970

Current Liabilities

Current LiabilitiesCr

216

199

257

308

264

243

301

149

130

402

Non Current Liabilities

Non Current LiabilitiesCr

109

106

145

180

158

130

115

104

189

Total Liabilities

Total LiabilitiesCr

605

635

848

1,046

1,113

1,310

1,745

1,963

2,146

2,252

2,743

Current Assets

Current AssetsCr

245

280

355

449

461

577

907

1,032

997

941

Non Current Assets

Non Current AssetsCr

359

355

493

596

652

733

838

930

1,149

1,311

1,802

Total Assets

Total AssetsCr

605

635

848

1,046

1,113

1,310

1,745

1,963

2,146

2,252

2,743

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	274	356	461	568	652	888	1,243	1,548	1,715	1,839	1,970
Current Liabilities Current LiabilitiesCr	216	199	257	308	264	243	301	149	149	130	402
Non Current Liabilities Non Current LiabilitiesCr	109	73	106	145	180	158	130	115	104	104	189
Total Liabilities Total LiabilitiesCr	605	635	848	1,046	1,113	1,310	1,745	1,963	2,146	2,252	2,743
Current Assets Current AssetsCr	245	280	355	449	461	577	907	1,032	997	941	941
Non Current Assets Non Current AssetsCr	359	355	493	596	652	733	838	930	1,149	1,311	1,802
Total Assets Total AssetsCr	605	635	848	1,046	1,113	1,310	1,745	1,963	2,146	2,252	2,743

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

274

356

461

568

652

888

1,243

1,548

1,715

1,839

1,970

Current Liabilities

Current LiabilitiesCr

216

199

257

308

264

243

301

149

130

402

Non Current Liabilities

Non Current LiabilitiesCr

109

106

145

180

158

130

115

104

189

Total Liabilities

Total LiabilitiesCr

605

635

848

1,046

1,113

1,310

1,745

1,963

2,146

2,252

2,743

Current Assets

Current AssetsCr

245

280

355

449

461

577

907

1,032

997

941

Non Current Assets

Non Current AssetsCr

359

355

493

596

652

733

838

930

1,149

1,311

1,802

Total Assets

Total AssetsCr

605

635

848

1,046

1,113

1,310

1,745

1,963

2,146

2,252

2,743

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	85	60	140	94	144	110	220	354	334	255	184
Investing Cash Flow Investing Cash FlowCr	-29	-10	-135	-119	-130	-62	-147	-210	-274	-139	-344
Financing Cash Flow Financing Cash FlowCr	-54	-55	16	21	-26	-37	-57	-81	-75	-49	85
Net Cash Flow Net Cash FlowCr	2	-5	21	-4	-12	11	16	63	-15	68	-75
Free Cash Flow Free Cash FlowCr	53	47	32	-75	83	-21	72	234	82	70	-186
CFO To PAT CFO To PAT%	147.2	73.4	123.7	80.5	147.9	45.1	52.5	87.3	143.8	161.1	108.8
CFO To EBITDA CFO To EBITDA%	66.9	40.5	76.9	48.7	79.8	29.4	35.3	58.1	103.2	110.0	69.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

140

144

110

220

354

334

255

184

Investing Cash Flow

Investing Cash FlowCr

-29

-10

-135

-119

-130

-62

-147

-210

-274

-139

-344

Financing Cash Flow

Financing Cash FlowCr

-54

-55

-26

-37

-57

-81

-75

-49

Net Cash Flow

Net Cash FlowCr

-5

-4

-12

-15

-75

Free Cash Flow

Free Cash FlowCr

-75

-21

234

-186

CFO To PAT

CFO To PAT%

147.2

73.4

123.7

80.5

147.9

45.1

52.5

87.3

143.8

161.1

108.8

CFO To EBITDA

CFO To EBITDA%

66.9

40.5

76.9

48.7

79.8

29.4

35.3

58.1

103.2

110.0

69.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	85	60	140	94	144	110	220	354	334	255	184
Investing Cash Flow Investing Cash FlowCr	-29	-10	-135	-119	-130	-62	-147	-210	-274	-139	-344
Financing Cash Flow Financing Cash FlowCr	-54	-55	16	21	-26	-37	-57	-81	-75	-49	85
Net Cash Flow Net Cash FlowCr	2	-5	21	-4	-12	11	16	63	-15	68	-75
Free Cash Flow Free Cash FlowCr	53	47	32	-75	83	-21	72	234	82	70	-186
CFO To PAT CFO To PAT%	147.2	73.4	123.7	80.5	147.9	45.1	52.5	87.3	143.8	161.1	108.8
CFO To EBITDA CFO To EBITDA%	66.9	40.5	76.9	48.7	79.8	29.4	35.3	58.1	103.2	110.0	69.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

140

144

110

220

354

334

255

184

Investing Cash Flow

Investing Cash FlowCr

-29

-10

-135

-119

-130

-62

-147

-210

-274

-139

-344

Financing Cash Flow

Financing Cash FlowCr

-54

-55

-26

-37

-57

-81

-75

-49

Net Cash Flow

Net Cash FlowCr

-5

-4

-12

-15

-75

Free Cash Flow

Free Cash FlowCr

-75

-21

234

-186

CFO To PAT

CFO To PAT%

147.2

73.4

123.7

80.5

147.9

45.1

52.5

87.3

143.8

161.1

108.8

CFO To EBITDA

CFO To EBITDA%

66.9

40.5

76.9

48.7

79.8

29.4

35.3

58.1

103.2

110.0

69.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	578	1,230	1,823	1,585	813	5,712	9,403	6,294	6,622	3,912	3,166	6,470
Price To Earnings Price To Earnings	10.3	14.9	16.1	13.5	7.8	24.0	25.5	19.3	32.3	24.8	18.9	31.6
Price To Sales Price To Sales	0.9	1.8	2.1	1.7	0.9	4.4	4.0	2.7	4.0	2.8	2.2	4.3
Price To Book Price To Book	2.1	3.4	3.9	2.8	1.2	6.4	7.5	4.0	3.9	2.1	1.6	3.3
EV To EBITDA EV To EBITDA	5.7	8.8	10.7	9.1	5.8	15.5	15.2	10.0	19.5	15.4	11.4	20.1
Profitability Ratios Profitability Ratios
GPM GPM%	33.5	37.7	35.4	34.4	33.4	41.1	37.0	35.7	32.9	31.5	32.4	32.4
OPM OPM%	19.7	22.2	21.1	20.5	19.3	28.5	26.8	25.9	19.7	16.6	18.6	21.4
NPM NPM%	9.0	12.3	13.1	12.4	10.4	18.6	18.0	17.2	14.2	11.3	11.9	13.8
ROCE ROCE%	25.7	31.1	28.7	23.3	17.1	34.7	44.1	35.9	17.7	11.7	11.3	11.3
ROE ROE%	20.6	22.7	24.2	20.4	14.8	27.2	33.4	26.1	13.5	8.6	8.6	8.6
ROA ROA%	9.5	13.0	13.3	11.2	8.8	18.6	23.9	20.7	10.8	7.0	6.2	6.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

578

1,230

1,823

1,585

813

5,712

9,403

6,294

6,622

3,912

3,166

6,470

Price To Earnings

10.3

14.9

16.1

13.5

7.8

24.0

25.5

19.3

32.3

24.8

18.9

31.6

Price To Sales

0.9

1.8

2.1

1.7

0.9

4.4

4.0

2.7

4.0

2.8

2.2

4.3

Price To Book

2.1

3.4

3.9

2.8

1.2

6.4

7.5

4.0

3.9

2.1

1.6

3.3

EV To EBITDA

5.7

8.8

10.7

9.1

5.8

15.5

15.2

10.0

19.5

15.4

11.4

20.1

Profitability Ratios

GPM

GPM%

33.5

37.7

35.4

34.4

33.4

41.1

37.0

35.7

32.9

31.5

32.4

OPM

OPM%

19.7

22.2

21.1

20.5

19.3

28.5

26.8

25.9

19.7

16.6

18.6

21.4

NPM

NPM%

9.0

12.3

13.1

12.4

10.4

18.6

18.0

17.2

14.2

11.3

11.9

13.8

ROCE

ROCE%

25.7

31.1

28.7

23.3

17.1

34.7

44.1

35.9

17.7

11.7

11.3

ROE

ROE%

20.6

22.7

24.2

20.4

14.8

27.2

33.4

26.1

13.5

8.6

ROA

ROA%

9.5

13.0

13.3

11.2

8.8

18.6

23.9

20.7

10.8

7.0

6.2

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	578	1,230	1,823	1,585	813	5,712	9,403	6,294	6,622	3,912	3,166	6,470
Price To Earnings Price To Earnings	10.3	14.9	16.1	13.5	7.8	24.0	25.5	19.3	32.3	24.8	18.9	31.6
Price To Sales Price To Sales	0.9	1.8	2.1	1.7	0.9	4.4	4.0	2.7	4.0	2.8	2.2	4.3
Price To Book Price To Book	2.1	3.4	3.9	2.8	1.2	6.4	7.5	4.0	3.9	2.1	1.6	3.3
EV To EBITDA EV To EBITDA	5.7	8.8	10.7	9.1	5.8	15.5	15.2	10.0	19.5	15.4	11.4	20.1
Profitability Ratios Profitability Ratios
GPM GPM%	33.5	37.7	35.4	34.4	33.4	41.1	37.0	35.7	32.9	31.5	32.4	32.4
OPM OPM%	19.7	22.2	21.1	20.5	19.3	28.5	26.8	25.9	19.7	16.6	18.6	21.4
NPM NPM%	9.0	12.3	13.1	12.4	10.4	18.6	18.0	17.2	14.2	11.3	11.9	13.8
ROCE ROCE%	25.7	31.1	28.7	23.3	17.1	34.7	44.1	35.9	17.7	11.7	11.3	11.3
ROE ROE%	20.6	22.7	24.2	20.4	14.8	27.2	33.4	26.1	13.5	8.6	8.6	8.6
ROA ROA%	9.5	13.0	13.3	11.2	8.8	18.6	23.9	20.7	10.8	7.0	6.2	6.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

578

1,230

1,823

1,585

813

5,712

9,403

6,294

6,622

3,912

3,166

6,470

Price To Earnings

10.3

14.9

16.1

13.5

7.8

24.0

25.5

19.3

32.3

24.8

18.9

31.6

Price To Sales

0.9

1.8

2.1

1.7

0.9

4.4

4.0

2.7

4.0

2.8

2.2

4.3

Price To Book

2.1

3.4

3.9

2.8

1.2

6.4

7.5

4.0

3.9

2.1

1.6

3.3

EV To EBITDA

5.7

8.8

10.7

9.1

5.8

15.5

15.2

10.0

19.5

15.4

11.4

20.1

Profitability Ratios

GPM

GPM%

33.5

37.7

35.4

34.4

33.4

41.1

37.0

35.7

32.9

31.5

32.4

OPM

OPM%

19.7

22.2

21.1

20.5

19.3

28.5

26.8

25.9

19.7

16.6

18.6

21.4

NPM

NPM%

9.0

12.3

13.1

12.4

10.4

18.6

18.0

17.2

14.2

11.3

11.9

13.8

ROCE

ROCE%

25.7

31.1

28.7

23.3

17.1

34.7

44.1

35.9

17.7

11.7

11.3

ROE

ROE%

20.6

22.7

24.2

20.4

14.8

27.2

33.4

26.1

13.5

8.6

ROA

ROA%

9.5

13.0

13.3

11.2

8.8

18.6

23.9

20.7

10.8

7.0

6.2

Operational Ratios

Solvency Ratios

Liquidity Ratios

	CLEAN	NEOGEN	FCL	BALAMINES	TATVA	PRASOLCHEM	YASHO
Market CapitalizationMkt CapCr	8,046	7,442	6,515	6,470	4,478	4,279	4,244
Close PriceClose₹	757.00	2,477.10	55.95	1,997.00	1,914.30	723.00	3,519.70
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	34.53	186.39	43.71	31.56	87.13	50.99	73.59
Price To SalesPS	8.19	8.04	6.44	4.25	8.05	3.47	4.52
RevenueRevenueCr	982	926	1,012	1,523	650	1,233	939
Revenue Growth TTMRev Gr TTM%	-0.3%	18.0%	91.4%	11.1%	49.7%		34.2%
PAT Growth TTMPAT Gr TTM%	-13.3%	5.7%	41.1%	40.9%	254.7%		372.3%

Market CapitalizationMkt CapCr

8,046

7,442

6,515

6,470

4,478

4,279

4,244

Close PriceClose₹

757.00

2,477.10

55.95

1,997.00

1,914.30

723.00

3,519.70

IndustryIndustry

Specialty Chemicals

Price To EarningsPE

34.53

186.39

43.71

31.56

87.13

50.99

73.59

Price To SalesPS

8.19

8.04

6.44

4.25

8.05

3.47

4.52

RevenueRevenueCr

982

926

1,012

1,523

650

1,233

939

Revenue Growth TTMRev Gr TTM%

-0.3%

18.0%

91.4%

11.1%

49.7%

34.2%

PAT Growth TTMPAT Gr TTM%

-13.3%

5.7%

41.1%

40.9%

254.7%

372.3%

	CLEAN	NEOGEN	FCL	BALAMINES	TATVA	PRASOLCHEM	YASHO
Market CapitalizationMkt CapCr	8,046	7,442	6,515	6,470	4,478	4,279	4,244
Close PriceClose₹	757.00	2,477.10	55.95	1,997.00	1,914.30	723.00	3,519.70
IndustryIndustry	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals	Specialty Chemicals
Price To EarningsPE	34.53	186.39	43.71	31.56	87.13	50.99	73.59
Price To SalesPS	8.19	8.04	6.44	4.25	8.05	3.47	4.52
RevenueRevenueCr	982	926	1,012	1,523	650	1,233	939
Revenue Growth TTMRev Gr TTM%	-0.3%	18.0%	91.4%	11.1%	49.7%		34.2%
PAT Growth TTMPAT Gr TTM%	-13.3%	5.7%	41.1%	40.9%	254.7%		372.3%

Market CapitalizationMkt CapCr

8,046

7,442

6,515

6,470

4,478

4,279

4,244

Close PriceClose₹

757.00

2,477.10

55.95

1,997.00

1,914.30

723.00

3,519.70

IndustryIndustry

Specialty Chemicals

Price To EarningsPE

34.53

186.39

43.71

31.56

87.13

50.99

73.59

Price To SalesPS

8.19

8.04

6.44

4.25

8.05

3.47

4.52

RevenueRevenueCr

982

926

1,012

1,523

650

1,233

939

Revenue Growth TTMRev Gr TTM%

-0.3%

18.0%

91.4%

11.1%

49.7%

34.2%

PAT Growth TTMPAT Gr TTM%

-13.3%

5.7%

41.1%

40.9%

254.7%

372.3%

Balaji Amines Ltd

Balaji Amines Ltd

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