1. At a Glance – Blink and You’ll Miss It
Indo Amines Limited is that classic Indian specialty chemicals company that never trends on Twitter but quietly supplies chemicals to half the economy. At a market cap of ~₹868 Cr, a current price of ~₹120, and a P/E of ~12x, this stock is priced like the market has trust issues. And honestly, can you blame it?
In Q3 FY26, the company reported ₹277 Cr in revenue and ₹11.9 Cr in PAT, delivering YoY sales growth of ~7% and profit growth of ~5%. Not explosive, not disastrous — just very… chemical. ROCE sits at a respectable 18%, ROE around 19%, and operating margins hover near 10%, which in specialty chemicals is neither sexy nor embarrassing.
But here’s the twist: 5-year profit CAGR of ~34%, exports at ~46%, presence in 70+ countries, and a product basket of 70+ chemicals. Sounds impressive. So why is the stock down ~18% over one year?
Is the market missing something? Or is Indo Amines just another “looks-good-on-paper” chemistry experiment? Let’s put on our lab coats and investigate.
2. Introduction – The Silent Chemist of Dalal Street
Indo Amines was incorporated in 1992, which means it has survived liberalisation, multiple chemical cycles, and at least three different versions of SEBI compliance nightmares. That alone deserves respect.
The company operates in fine and specialty chemicals, which is basically the “middle child” of the chemical industry — not as glamorous as CRAMS giants, not as boring as bulk chemicals. It makes amines, surfactants, performance chemicals, water treatment chemicals, agro intermediates, pharma intermediates, and even perfumery chemicals. Yes, the same company touches your shampoo, your medicines, your crops, and your road construction chemicals. Overachiever much?
Yet, despite doing so many things, Indo Amines rarely gets the valuation love that peers enjoy. While the industry trades at a median P/E of ~27x, Indo Amines sits at ~12x, looking like that overqualified candidate who didn’t crack the HR interview.
So what’s happening here? Is it execution risk, debt, margins, or just the market being moody? Let’s break it
down step by step.
3. Business Model – WTF Do They Even Do?
Explaining Indo Amines to a lazy investor is tricky because the company does a lot of things, but none of them sound Instagrammable.
Here’s the simplified version:
Indo Amines manufactures chemical intermediates that are used by pharma companies, agrochemical players, water treatment firms, coating manufacturers, plastic processors, mining companies, and perfumery brands.
Their segment revenue mix FY25 looks like a diversified thali:
- Water Treatment Chemicals – ~20%
- Agro Chemicals – ~18%
- Coatings – ~15%
- Amines & Surfactants – ~14%
- Chemicals & Plastics – ~12%
- Pharmaceuticals – ~11%
- Mining – ~8%
- Others – ~2%
This diversification reduces dependency risk but also caps margin expansion. No single blockbuster product, no single super-margin segment. It’s steady, boring, and resilient — like a government bond with chemicals.
The company operates 5 ISO-certified manufacturing units across Baroda, Dhule, Mahad, Badlapur, and Dombivli, with aggregate installed capacity of ~1.10 lakh MTPA. Add to that overseas subsidiaries in China, Malaysia, Europe, and the US, and you get a globally spread, operationally complex setup.
Question for you: do you prefer one hero product or 70 stable soldiers?
4. Financials Overview – Numbers Don’t Lie, They Just Yawn
Quarterly Performance Table (Q3 FY26)
Consolidated figures in ₹ Crores
| Metric | Latest Quarter (Dec FY26) | YoY Quarter (Dec FY25) | Previous Quarter (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 277 | 259 | 277 | ~7% | ~0% |
| EBITDA | 25 | 24 | 32 | ~4% | -22% |
| PAT | 11.9 | 11.3 | 18.0 | ~5% | -34% |
| EPS (₹) | 1.64 | 1.56 | 2.49 | ~5% | -34% |
Commentary (aka Chemical Reaction Notes):
- Revenue
