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Swing Capital

Balaji Amines Ltd

NSE: BALAMINES BSE: 530999Pharma

Balaji Amines Ltd specialises in manufacturing Methylamines, Ethylamines, Derivatives of specialty chemicals and Pharma Excipients. These have been the main products, it also have facilities for the manufacturing of derivatives, which are down-stream products for various pharma/pesticide industries apart from user specific requirements. It is one of the largest manufacturers of aliphatic amines in India. [1]

₹1,679
52W: ₹905 — ₹1946
PE 32.9 · Book ₹551 · +205% vs book
Market Cap₹5,439 Cr
Stock P/E32.9Price to Earnings
ROCE13.4%Return on Capital
ROE9.62%Return on Equity
Div. Yield0.65%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 21.7%

Weaknesses

  • −Stock is trading at 3.03 times its book value
  • −The company has delivered a poor sales growth of 1.03% over past five years.
  • −Company has a low return on equity of 10.3% over last 3 years.

Shareholding Pattern

Promoters54.59%
FIIs2.99%
DIIs1.46%
Public40.96%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.71%53.71%53.71%54.62%▲0.954.59%▼0.054.59%54.59%54.59%
FIIs5.05%5.27%▲0.25.16%▼0.15.09%▼0.15%▼0.14.53%▼0.53.3%▼1.22.99%▼0.3
DIIs1.59%1.79%▲0.21.66%▼0.11.48%▼0.21.46%▼0.01.52%▲0.11.53%▲0.01.46%▼0.1
Public39.67%39.23%▼0.439.46%▲0.238.83%▼0.638.96%▲0.139.37%▲0.440.59%▲1.240.96%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales308367333320299322319309301362
Expenses250278274262248264263259246276
Operating Profit58895958525856505586
OPM %19%24%18%18%17%18%18%16%18%24%
Net Profit42634140364040313262
EPS ₹12.8219.3212.5112.4711.0212.2212.289.7110.0119.1

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,292Cr, up 2.1% YoY. OPM at 19%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹203Cr (23% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 1.46% (+1.28pp change). FIIs: 2.99% (-1.56pp change). Promoters hold 54.59%.

Margin & Efficiency

ROCE declining from 19% (Mar 2015) to 13% (Mar 2026). Working capital days: 112.

Valuation

PE 32.9x with 13.4% ROCE. Price is 205% above book value of ₹551. Dividend yield: 0.65%.

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