Balaji Amines financials and balance sheet

NSE: BALAMINESBSE: 530999Chemicals & PetrochemicalsSmall Cap

₹1,827.90₹69.90 (3.68%)BSE ₹1,828.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,897.80.

52-week range of traded prices to 23 Oct 2026

₹968.10Low, 30 Mar 2026₹2,629.80High, 7 Sep 2026

Market cap: ₹5,923 Cr821st largest listed
P/E: 28.9
P/B: 3.0
Dividend yield: 0.60%
ROE: 10.7%
ROCE: 11.8%
Debt to equity: 0.06
Volume, NSE: 1,53,18645.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Balaji Amines annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,355 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,425
Materials and goods−796
Employee costs−84
Other expenses−279
Operating profit265
Depreciation−56
Other income+29
One-off items0.0
Finance costs−5.4
Profit before tax232
Tax−63
Net profit169

What the company owns

Plant, investments and other assets₹1,878 Cr
Receivables₹346 Cr
Cash and bank₹271 Cr
Inventory₹247 Cr

What pays for it: net worth and liabilities

Net worth₹2,152 Cr
Other liabilities₹373 Cr
Borrowings₹133 Cr
Owed to suppliers₹85 Cr

Balaji Amines business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Balaji Amines segment results by quarter

Revenue by segment

₹1,451 CrTotal

Amines & Speciality Chemicals₹1,416 Cr97.5% of total
Hotel Division₹36 Cr2.5% of total

Profit by segment

Amines & Speciality Chemicals₹225 Cr96.0% of total
Hotel Division₹9 Cr4.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Amines & Speciality Chemicals
Revenue, ₹ crore
929
953
1,401
2,418
2,342
1,639
1,395
1,416
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
183
156
366
595
574
298
206
225
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hotel Division
Revenue, ₹ crore
21
20
7
16
26
30
33
36
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
−3
1
6
8
9
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	950	973	1,409	2,435	2,368	1,669	1,428	1,451
Company revenue, as in its results	943	936	1,311	2,320	2,355	1,642	1,397	1,425
Revenue	929	953	1,401	2,418	2,342	1,639	1,395	1,416
Revenue growth	–	2.6%	47.1%	72.6%	−3.1%	−30.0%	−14.9%	1.5%
Profit	183	156	366	595	574	298	206	225
Profit growth	–	−14.8%	134.7%	62.6%	−3.5%	−48.1%	−30.8%	9.2%
Margin	19.7%	16.4%	26.1%	24.6%	24.5%	18.2%	14.8%	15.9%
Return on capital	–	27.1%	43.5%	62.5%	33.4%	15.5%	10.0%	10.2%
Assets	–	1,008	1,230	1,801	1,895	2,076	2,183	2,654
Liabilities	–	433	389	848	173	156	129	454
Capital employed	–	575	841	952	1,722	1,919	2,054	2,200
Revenue	21	20	7	16	26	30	33	36
Revenue growth	–	−4.1%	−64.7%	–	–	13.0%	11.2%	7.5%
Profit	0	0	−3	1	6	8	9	9
Profit growth	–	–	–	–	–	51.9%	2.6%	8.2%
Margin	−0.1%	−1.6%	−42.1%	6.9%	21.1%	28.3%	26.1%	26.3%
Return on capital	–	−0.5%	−5.2%	2.0%	9.5%	15.2%	16.5%	18.4%
Assets	–	74	69	64	61	59	57	61
Liabilities	–	10	10	10	3	4	4	10
Capital employed	–	64	59	54	58	56	53	51
Revenue	–	0	1	1	–	–	–	–
Profit	–	−2	−18	0	–	–	–	–
Margin	–	−69,165.2%	−3,020.2%	−34.8%	–	–	–	–
Return on capital	–	−5.4%	−184.7%	−3.1%	–	–	–	–
Assets	–	31	12	9	–	–	–	–
Liabilities	–	1	2	1	–	–	–	–
Capital employed	–	29	10	8	–	–	–	–
Revenue	0	–	–	–	–	–	–	–
Profit	−2	–	–	–	–	–	–	–
Margin	−8,657.8%	–	–	–	–	–	–	–
Revenue	–	–	–	–	3	2	2	6
Profit	–	–	–	–	−1	1	2	3
Assets	–	–	–	–	6	11	12	27
Liabilities	–	–	–	–	89	93	100	127

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Balaji Amines quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 23 Jun	Mar 2021Filed 25 May	Mar 2022Filed 12 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 16 Jun	Mar 2026Filed 11 Jul
Revenue from operations	670	877	943	936	1,311	2,320	2,355	1,642	1,397	1,425
	518	688	750	755	938	1,690	1,746	1,318	1,165	1,160
Materials and goods bought	342	464	515	514	630	1,223	1,246	903	781	796
Employee costs	24	45	48	51	68	92	85	82	80	84
Other expenses	151	178	186	190	240	376	415	332	304	279
Operating profit before depreciation	153	189	193	181	373	630	609	324	232	265
Operating margin	22.8%	21.6%	20.5%	19.3%	28.5%	27.2%	25.9%	19.7%	16.6%	18.6%
Materials, % of revenue	51.1%	52.9%	54.6%	54.9%	48.1%	52.7%	52.9%	55.0%	55.9%	55.9%
Employee costs, % of revenue	3.6%	5.1%	5.1%	5.4%	5.2%	3.9%	3.6%	5.0%	5.7%	5.9%
Other expenses, % of revenue	22.5%	20.3%	19.7%	20.3%	18.3%	16.2%	17.6%	20.2%	21.8%	19.6%
Depreciation and amortisation	20	19	20	32	34	42	46	45	48	56
Operating profit after depreciation	133	170	174	149	339	588	564	278	184	209
Other income	3	4	4	5	6	7	15	30	33	29
Finance costs	13	9	13	23	18	17	12	6	4	5
Profit before one-off items and tax	123	165	165	131	327	578	567	302	213	232
One-off items	3	1	4	4	0	0	0	0	0	0
Profit before tax	126	166	169	135	327	578	567	302	213	232
	43	53	52	38	83	160	161	69	55	63
Current tax	43	–	52	40	81	140	147	63	55	48
Deferred tax	0	–	0	−2	2	21	14	6	−1	15
	82	113	117	97	243	418	406	232	159	169
Belonging to the company's shareholders	82	113	117	105	238	368	326	205	158	169
Belonging to outside owners of subsidiaries	–	–	0	−7	5	49	80	27	–	–
Other comprehensive income	–	–	0	0	0	0	0	−5	0	0
Total comprehensive income	–	–	117	97	243	418	405	227	159	169
Net margin	12.3%	12.9%	12.4%	10.4%	18.6%	18.0%	17.2%	14.2%	11.4%	11.9%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 23 Jun	Mar 2021Filed 25 May	Mar 2022Filed 12 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 16 Jun	Mar 2026Filed 11 Jul
	592	668	910	1,315	1,698	1,893	2,018	2,152
	574	658	894	1,250	1,554	1,722	1,845	1,976
Share capital	6	6	6	6	6	6	6	6
Reserves	568	652	888	1,243	1,548	1,715	1,839	1,970
Belonging to outside owners of subsidiaries	18	10	16	65	144	171	173	175
	191	241	100	73	58	20	11	133
Repayable after a year	83	120	89	58	30	11	2	65
Repayable within a year	107	121	11	16	27	9	9	68
	308	264	243	418	149	149	130	402
Trade payables	85	59	77	176	62	78	69	85
Other financial liabilities	37	19	30	30	48	50	42	222
Other liabilities	0	4	4	2	6	5	7	15
Provisions	23	21	40	55	0	3	2	1
Tax owed	56	40	81	138	6	4	–	11
	145	180	158	142	115	104	104	189
Other financial liabilities	3	5	3	0	1	1	1	5
Other liabilities	0	–	1	1	1	1	0	2
Provisions	0	0	0	0	2	4	3	3
Deferred tax	46	44	47	68	81	87	98	114
Trade payables	13	12	18	15	0	0	0	–
Total assets	1,046	1,113	1,310	1,875	1,963	2,146	2,252	2,743
	596	651	733	833	930	1,149	1,311	1,802
Plant in use, after depreciation	320	573	543	681	775	891	998	1,035
Plant being built	269	45	173	141	113	203	234	512
Intangible assets	0	0	0	0	0	0	0	3
Intangible assets being developed	0	–	–	0	0	2	3	0
Property held to earn rent	0	–	–	0	5	5	5	5
Investments	0	0	0	0	0	0	0	0
Other financial assets	4	5	6	6	6	7	9	15
Deferred tax	3	–	–	0	0	0	0	–
Other assets	0	28	11	5	30	41	62	232
	450	462	577	1,042	1,033	997	941	941
Inventories	163	110	110	222	303	287	274	247
Trade receivables	167	207	306	588	378	319	275	346
Cash and cash equivalents	14	4	17	33	148	81	149	74
Other bank balances	6	5	2	18	89	259	205	197
Current investments	0	48	0	0	73	0	0	0
Other financial assets	0	–	0	0	0	0	0	0
Tax paid in advance	53	40	75	133	0	0	0	0
Other assets	45	48	67	47	43	51	38	76
Net debt	170	185	80	22	−251	−320	−343	−138

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 12 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 16 Jun	Mar 2026Filed 11 Jul
	110	232	382	220	255	184
	148	315	524	282	303	218
	−225	−315	−95	−49	59	−59
Receivables	−98	−282	210	58	44	−71
Inventories	−1	−112	−80	16	13	27
Payables	0	0	−118	16	−9	16
Other working capital	−126	80	−108	−139	10	−31
Tax paid	−38	−83	−142	−63	−42	−34
Capital spending	132	148	120	253	186	370
Free cash flow	−22	84	262	−33	70	−186
	−62	−134	−186	−160	−139	−344
Plant and property sold	1	0	0	0	0	0
Interest received	1	0	4	22	21	14
	−37	−66	−81	−75	−49	85
Borrowings raised	0	0	0	0	0	131
Borrowings repaid	−22	−31	−43	−38	−9	−9
Interest paid	−18	−17	−12	−6	−4	−2
Lease payments	0	0	0	0	0	0
Dividends paid	2	13	19	32	36	36
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	11	32	115	−15	68	−75

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Balaji Amines dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 23 Jun	Mar 2021Filed 25 May	Mar 2022Filed 12 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 16 Jun	Mar 2026Filed 11 Jul
Earnings per share	₹25.42	₹34.92	₹36.14	₹32.34	₹73.52	₹113.71	₹100.47	₹63.22	₹48.62	₹51.60
Diluted earnings per share	₹25.42	₹34.92	₹36.14	₹32.34	₹73.52	₹113.71	₹100.47	₹63.22	₹48.62	₹51.60
Dividend per share	₹2.20	₹2.60	₹2.80	₹3.20	₹4.00	₹6.00	₹10.00	₹11.00	₹11.00	₹11.00
Book value per share	–	–	₹177.16	₹203.12	₹276.04	₹385.74	₹479.69	₹531.42	₹569.44	₹610.00
Dividend payout	8.7%	7.4%	7.7%	9.9%	5.4%	5.3%	10.0%	17.4%	22.6%	21.1%
Shareholder yield	–	–	–	–	0.0%	0.1%	0.3%	0.5%	0.9%	1.1%
Market cap at the year end (₹ crore)	1,228	1,820	1,606	815	5,700	9,414	6,296	6,627	3,911	3,166

Ratios

Consolidated, years to March.Balaji Amines PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 23 Jun	Mar 2021Filed 25 May	Mar 2022Filed 12 May	Mar 2023Filed 22 May	Mar 2024Filed 9 May	Mar 2025Filed 16 Jun	Mar 2026Filed 11 Jul
Revenue growth	4.3%	30.8%	7.5%	−0.8%	40.1%	76.9%	1.5%	−30.3%	−14.9%	2.0%
Operating profit growth	20.5%	24.1%	2.1%	−6.5%	106.5%	68.8%	−3.3%	−46.9%	−28.3%	14.3%
Net profit growth	42.9%	37.4%	3.5%	−16.8%	149.8%	71.6%	−2.9%	−42.7%	−31.7%	6.7%
Earnings per share growth	–	37.4%	3.5%	−10.5%	127.3%	54.7%	−11.6%	−37.1%	−23.1%	6.1%
	–	–	20.4%	17.0%	30.7%	34.4%	23.2%	12.5%	8.9%	8.9%
	–	–	–	−3.4 pts	13.7 pts	3.7 pts	−11.1 pts	−10.7 pts	−3.7 pts	0.0 pts
From the net margin	–	–	–	−2.0 pts	10.6 pts	−3.9 pts	−4.5 pts	−2.3 pts	−1.2 pts	0.4 pts
From asset turnover	–	–	–	−0.7 pts	6.9 pts	9.3 pts	−4.7 pts	−7.3 pts	−2.3 pts	−0.9 pts
From borrowing	–	–	–	−0.7 pts	−3.8 pts	−1.7 pts	−2.0 pts	−1.1 pts	−0.2 pts	0.5 pts
Return on capital employed	–	–	22.2%	16.4%	33.6%	42.4%	32.1%	14.6%	9.1%	9.2%
Cash conversion	–	–	–	–	45.1%	55.6%	94.2%	94.5%	161.1%	108.8%
Interest cover	10.3	18.8	13.3	6.5	18.5	34.4	47.1	43.2	49.7	38.9
Debt to equity	–	–	0.32	0.36	0.11	0.06	0.03	0.01	0.01	0.06
Receivable days	–	–	65	81	85	93	59	71	72	89
Inventory days	–	–	116	78	64	66	89	116	128	113
Payable days	–	–	60	42	44	53	18	31	32	39
Cash conversion cycle, days	–	–	120	117	104	106	129	156	168	163
Working capital days	–	–	88	103	91	93	93	115	122	86
Asset turnover	–	–	0.90	0.87	1.08	1.46	1.23	0.80	0.64	0.57
Assets per rupee of net worth	–	–	1.82	1.75	1.56	1.49	1.37	1.25	1.23	1.31
Sales per rupee of plant	–	–	2.95	1.63	2.42	3.41	3.04	1.84	1.40	1.38
Capital spending to depreciation	–	–	–	–	3.84	3.53	2.64	5.57	3.83	6.57
Plant being built, % of plant in use	–	–	84.3%	7.8%	31.9%	20.7%	14.6%	22.7%	23.5%	49.5%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.8%
Cash from operations against operating profit: 69.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.3%	1.7%	−15.4%
Profit growth, yearly rate	11.4%	−6.6%	−19.6%
Return on equity, average	–	17.6%	10.1%
Return on capital employed, average	–	21.4%	10.9%
Operating margin, average	22.1%	21.6%	18.3%
Net margin, average	13.9%	14.5%	12.5%
Asset turnover, average	–	0.94	0.67
Cash conversion cycle, days, average	–	144	162
Interest cover, average	28.1	42.7	43.9
Debt to equity, average	–	0.03	0.03

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,274	659	184
Cash from investing	−963	−643	−344
Cash from financing	−186	−39	85
Capital spending	1,077	808	370
Dividends paid	136	104	36
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	131	131	131
Borrowings repaid	130	56	9

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	5	4	6	6
Altman Z-scorePublished threshold 1.81	–	–	4.52	3.44	11.67	13.70	18.09	18.55	12.56	5.26
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.09	−1.35	−2.56	−2.22	−2.67	−2.56
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	16.11	20.08	10.93	8.40	1.93	13.16
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.68	0.79	1.08	1.18
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	24.82	7.20	15.49	−37.27	14.85	1.08	23.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−32.01	−23.11	8.29	34.28	22.24	9.00	−11.71
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.13	4.10	1.64	−5.81	0.47	−0.90	2.68
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.16	40.05	0.78	0.81	1.26	1.51	5.50
Effective tax ratePublished threshold 17.16 per cent	34.48	31.76	30.56	28.04	25.44	27.73	28.43	22.97	25.62	27.24
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	13.41	3.34	2.14	5.88	12.51

A threshold marked as ours has no published figure; it is the line we read the check against.