Accumulate Balaji Amines; target of Rs 1334: Deven Choksey

Accumulate

Deven Choksey report on Balaji Amines

Balaji Amines’ Q2FY26 revenue stood at INR 3,406 Mn, down 5.0% QoQ and 1.8% YoY, reflecting a stable operating environment despite softer commodity pricing pressure. Total sales volumes were maintained at similar levels YoY at 26,166 MT , supported by steady demand across key segments. Amines volumes came in at 7,685 MT, Amines Derivatives at 8,374 MT, and Specialty Chemicals at 10,107 MT ppt. Adjusted PAT stood at INR 346 Mn, declining –9.1% QoQ and –15.7% YoY, impacted by higher depreciation and normalised tax rate. Overall realizations remained soft, though product offtake improved in key amine and intermediate categories, with management indicating continued stability in endmarket demand.

Outlook

We value Balaji Amines at 18.0x Sept’27E EPS, arriving at a target price of INR 1,334 as we roll forward to Q2FY28E. Accordingly, we maintain our “ACCUMULATE” rating on the stock.

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Balaji Amines - 26112025 - deven