Alkyl Amines just reported Q1 FY26 like a nerd who topped the chemistry exam but forgot to check the pass mark was only 33%. Revenue ₹406 Cr, PAT ₹49 Cr, margins stable at ~18%. Stock trades at a P/E of 55.8 – basically, investors are treating it like organic chemistry viva: “Sir, I don’t know the answer, but please give me full marks.”
2. Introduction
Founded in 1979 by Yogesh Kothari, Alkyl Amines has transformed from a humble ammonia twister into a global amines cartel. If Breaking Bad was based in Pune, this company would be the producer.
It makes over 100 chemical products — the kind you can’t pronounce without a PhD and a headache. Customers include pharma, agro, dyes, water treatment, rubber, even personal care (yes, your face wash may have traveled via Alkyl’s pipeline).
Despite being a ₹10,400 Cr market cap company, it behaves like a hyperactive IITian: launches new plants, debottlenecks capacity, fights China in anti-dumping cases, and occasionally blows up (literally — see Dec 2024 plant rupture incident).
So is this chemistry genius worth the premium, or just another overhyped lab assistant? Let’s do the dissection.
3. Business Model – WTF Do They Even Do?
Alkyl Amines runs on a simple idea: take ammonia (NH₃), remove a hydrogen atom, and replace it with funky radicals like methyl, ethyl, or propyl. Voilà — aliphatic amines. Sounds nerdy, but it powers half the economy.
Revenue Split FY25:
Amines & Derivatives: 79% (up from 75%)
Specialty Chemicals & Others: 21%
End Users:
Pharma (because every pill needs a chemical chaser)
Agro (your vegetables aren’t growing on “organic love” alone)
Water Treatment (saving rivers one amine at a time)
Dyes, Rubber, Mining, Polymers, Cosmetics… basically anywhere chemistry sneaks in.
They’ve got 20 plants across 110 acres in Maharashtra & Gujarat, running at 60–70% utilization. Which is hilarious — imagine buying a 10-seater car and only using 6 seats but still charging UberXL rates.
Do you now understand, or should we draw benzene rings?
4. Financials Overview
Metric
Latest Qtr (Q1 FY26)
YoY Qtr (Q1 FY25)
Prev Qtr (Q4 FY25)
YoY %
QoQ %
Revenue
406
400
386
1.5%
5.2%
EBITDA
77
79
68
-2.5%
13.2%
PAT
49.4
49
46
0.8%
7.4%
EPS (₹)
9.67
9.56
9.00
1.1%
7.4%
Commentary: Flat like a chemistry lab pancake. YoY growth = single digits, but stock valuation = rocket fuel. EPS annualised = ₹38.7 → at CMP ₹2,039, P/E = 52.6. Investors clearly think these amines cure heartbreak.
5. Valuation Discussion – Fair Value Range
Method 1: P/E Multiple
EPS annualised: ₹38.7
Industry P/E: 33.6
Range: 30x – 40x → ₹1,160 – ₹1,550
Method 2: EV/EBITDA
Annualised EBITDA: ~₹308 Cr
EV: ₹10,230 Cr
EV/EBITDA = 33x (industry 20–25x)
Fair Range: 20x – 25x → EV ₹6,160 – ₹7,700 Cr
Equity Value = ₹6,360 – ₹7,900 Cr → Per share: ₹1,245 – ₹1,545
🎯 Combined Fair Value Range = ₹1,200 – ₹1,600 (Disclaimer: For educational purposes only, not investment advice. Don’t sue us, sue your chemistry teacher.)
