1. At a Glance

Indo Amines is the introvert of the speciality chemical world. Doesn’t scream, doesn’t trend on FinTwit, and yet — delivers a5-year profit CAGR of 34%, runs ondouble-digit margins, and just clocked its best-ever quarter. With a stock P/E of 15 and ROE of 19%, it’s like discovering your shy lab partner owns a meth lab (legal one) and makes more than the principal.

2. Introduction

While everyone chases mega-cap drama like Deepak Nitrite’s fluorine flames or Pidilite’s Fevicol monopoly, Indo Amines quietly runs a ₹1,100 crore operation pumping out niche chemicals for pharma, ink, fragrances, and even pesticides (no, not to kill investors).

The company has taken the slow-and-steady compounding route — no IPO drama, no 100x hype. And in Q1 FY26, it casually posted ₹29 Cr in profit, a 2x jump QoQ. That’s not “fine” chemicals. That’s damnrefined.

But all’s not squeaky clean. Promoter stake has dropped from69% to 58%in under 2 years. Dividend? ₹0.50 per share — enough to buy a stale samosa. Still, margins are improving, capacity is being added, and the stock trades at a steep discount to its sector peers. The risk-reward brew smells… complex.

3. Business Model (WTF Do They Even Do?)

Indo Amines manufacturesspeciality, fine, and performance chemicalsused across:

• Agrochemicals & Pharmaceuticals
• High-performance polymers
• Paints, printing inks, dyes, pigments
• Fragrances, flavours, and surfactants
• Rubber & Homecare formulations

This isn’t a “one formula fits all” game. Customers need customization, batch-to-batch consistency, and purity. So Indo doesn’t just sell a drum of chemicals — it sells process knowledge, long-term B2B relationships, and chemical credibility.

It has three main manufacturing facilities across Maharashtra and Gujarat, and a growing export book. Think of it as the Costco of custom chemicals — bulk buyers only, margins controlled by process efficiency, not by branding.

4. Financials Overview

Let’s toss the numbers into the cauldron and see what boils: