At a Glance
Balaji Amines Ltd reported consolidated FY25 revenue of ₹1,430 Cr and net profit of ₹159 Cr, with Q4 alone contributing ₹361 Cr revenue and ₹40 Cr PAT. But the real story? A secret ₹750 Cr expansion in its specialty chemicals subsidiary, green solar dreams, and enough projects in the pipeline to make even ISRO look slow. CMP: ₹1,451.70 (down 2.67% on results day).
1. About the Company
Balaji Amines Ltd (BAL), founded in 1988, is a Solapur-headquartered chemical powerhouse. It specializes in:
- Methyl & Ethyl Amines
- Derivatives of Aliphatic Amines
- Specialty Chemicals
- Exporting to global clients across pharma, agrochemicals, and resins
- Operates a surprise 5-star hotel in Solapur (because why not?)
2. Key Managerial Personnel (KMP)
- Mr. D. Ram Reddy – Managing Director
- Abhijeet Kothadiya – Company Secretary
These folks are balancing amine molecules and quarterly profits like tightrope walkers over a vat of chemicals.
3. Financials (Q4 FY25 and Full FY25)
Q4 FY25 (Consolidated)
| Metric | Q4FY25 | Q3FY25 | Q4FY24 |
|---|---|---|---|
| Revenue | ₹361 Cr | ₹321 Cr | ₹423 Cr |
| EBITDA | ₹68 Cr | ₹54 Cr | ₹106 Cr |
| PAT | ₹40 Cr | ₹31 Cr | ₹72 Cr |
| EBITDA Margin | 19% | 17% | 25% |
| PAT Margin | 11% | 10% | 17% |
| Volume | 25,871 MT | 24,107 MT | 27,984 MT |
FY25 (Consolidated)
| Metric | FY25 | FY24 |
| Revenue | ₹1,430 Cr | ₹1,671 Cr |
| EBITDA | ₹265 Cr | ₹353 Cr |
| PAT | ₹159 Cr | ₹232 Cr |
| EBITDA Margin | 19% | 21% |
| PAT Margin | 11% | 14% |
| Volume | 1,04,393 MT | 1,09,320 MT |
📉 Revenue and profit are down YoY, but Q4 recovery gives hope. Volumes picking up again.
4. Forward-Looking Fair Value (FV) Calculation
Assuming:
- EPS (FY25): ₹47
- Forward P/E (industry avg): 25x
FV Estimate = ₹47 x 25 = ₹1,175 per share
CMP: ₹1,451.70 → Market’s already pricing in a 30% premium. Either it knows something we don’t… or it just likes solar.
5. Estimated Growth & Industry Outlook
Green Signals:
- ✅ 6 MW Solar plant commissioned in April 2025
- ✅ Electronic Grade DMC commissioned
- ✅ Propylene Glycol pharma-grade plant up next
- ✅ Di Methyl Ether, N-Methyl Morpholine, Iso Propyl Amine plants coming in FY26
- ✅ ACN capacity expansion (60 MT/day) by FY27
Mega Plot Twist: ₹750 Cr Greenfield + Brownfield projects via Balaji Specialty Chemicals Ltd
- Hydrogen & Sodium Cyanide, EDTA, Benzyl Cyanide, and other high-value molecules
- Timeline: FY26-FY27
👨🔬 Pharma demand steady, agrochem volatile. Margins expected to improve once capacity gets fully utilized.
6. EduInvesting Take
“Balaji Amines is like that student who bunked midterms but aced the finals with a 750-mark surprise project.”
- Margins are shrinking, but the R&D engine is revving up.
- The Solar plant adds ESG flavour. We’re one green certificate away from a CSR poster boy.
- ₹750 Cr in specialty expansion is not small change. It’s a double-down on future profits.
- Still, PAT margins are 11% — no party hats yet.
If volumes recover and new projects scale fast, this could become a specialty chemicals breakout.
7. Risks & Red Flags
- 🛢️ Volatile raw material costs
- 🧾 High CAPEX burden (though funded via internal accruals)
- 🌍 Global geopolitical risks impacting demand
- ⛅ Weather (for solar ops), policy changes, and pharma market dynamics
🗓️ Published: May 29, 2025
✍️ By: Prashant Marathe
Tags: Balaji Amines, FY25 results, specialty chemicals, solar energy, pharma intermediates, Balaji Speciality, India capex boom, EduInvesting
