Synopsis:- Shares jumped nearly 12% after approval of ₹258 crore state incentives for a mega expansion. Benefits include SGST refunds, power and stamp duty exemptions. A ₹750 crore expansion plan, exports of ₹166 crore and presence across 50+ countries strengthened long-term growth visibility.
The shares of the speciality chemicals manufacturer gained up to 12 percent in today’s trading session after the company received Maharashtra government grants of Rs 258 Crore in incentives for a Mega Project.
With a market capitalization of Rs 3,833.04 crore, the shares of Balaji Amines Ltd were trading at Rs 1,183.00 per share, increasing around 10 percent as compared to the previous closing price of Rs 1,072.55 apiece.
Government Grants
The shares of Balaji Amines Ltd have seen bullish movement after the Maharashtra government granted an eligibility certificate for the company’s unit expansion under the Mega Projects scheme. The company will receive incentives worth up to Rs 258 crore as Industrial Promotion Subsidy, equal to 50% of SGST on eligible sales. Additional benefits include an electricity duty exemption and a full stamp duty waiver for seven years, supporting long-term cost savings and profitability.
Earlier, Balaji Amines announced a Rs 750 crore expansion in its subsidiary, Balaji Speciality Chemicals, to diversify into high-value products such as HCN, sodium cyanide and EDTA derivatives. The project has received Mega Project status from the Maharashtra government. The brownfield unit is expected to be commissioned by September 2026, while the greenfield MIDC facility is targeted for completion before December 2026.
Financial & Other Highlights
The company reported a modest slowdown in Q2FY26, with revenue slipping 2% year-on-year to Rs 341 crore from Rs 347 crore. Net profit saw a sharper 10% decline to Rs 37 crore, indicating some margin or cost pressures during the quarter, despite relatively stable topline performance.
Balaji Amines is well diversified across essential and growing industries, reducing dependence on any single segment. Pharma contributes the largest share at 51% of revenue, followed by paints and resins at 26%. The company also serves agrochemicals, oil & gas, water treatment, animal feeds and textiles, ensuring stable demand and resilience across market cycles
Balaji Amines continues to expand its global presence, exporting to 50+ countries across Europe, the Americas, Asia and Africa. Exports contribute 12.8% of FY25 revenue, amounting to ₹166 crore. The company is trusted by leading pharma, chemical and industrial players worldwide, reflecting strong product quality, long-standing relationships and growing international acceptance.
On a year-on-year basis, the company’s operating performance remained largely stable. Operating profit slipped marginally from ₹61 crore in Q2FY25 to ₹60 crore in Q2FY26, reflecting slightly softer execution. However, operating margin improved from 17% to 18%, indicating better cost control and improved operating efficiency despite flat profitability.
Balaji Amines stands out as a leading player in amines and speciality chemicals with a strong global footprint. The company exports different countries, serves 65+ international customers and offers over 40 products. With 2.92 lakh MTPA capacity, zero liquid discharge facilities and advanced in-house technology, it enjoys scale, quality leadership and cost advantages.
Balaji Amines is a leading Indian manufacturer of aliphatic amines, amine derivatives and speciality chemicals. With strong in-house technology, large-scale manufacturing and a global customer base, the company supplies critical inputs to pharma, agrochemicals, paints and industrial sectors across domestic and international markets.
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