Balaji Amines Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Balaji Amines Ltd-$ filed with BSE on 23 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Balaji Amines reported consolidated Q4 FY26 revenue of INR403 crores, up around 12% year-on-year, with EBITDA margin improving to 25% from 19% in Q4 FY25. Management attributed the margin gains to better operating leverage, stable raw material conditions, and a favorable product mix, while noting a brief production disruption in March 2026 due to an external geopolitical situation. The company also gave updates on the progress of its DME, NMM and ACN projects, and on the Balaji Specialty Chemicals expansion.
Numbers mentioned
Revenue: INR403 crores (Q4 FY26)
p. 3
“our total revenue for Q4 FY26 stood at INR403 crores as compared to INR361 crores in Q4 FY25, registering a year-on-year growth of around 12%.”
D Ram Reddy, page 3 of the filed PDF · View the filing
EBITDA: INR102 crores (Q4 FY26)
p. 3
“Our consolidated EBITDA for Q4 FY26 stood at INR102 crores as compared to INR68 crores in Q4 FY25.”
D Ram Reddy, page 3 of the filed PDF · View the filing
EBITDA margin: 25% (Q4 FY26)
p. 3
“EBITDA margin for the quarter stood at 25% compared to 19% in Q4 FY25 and 18% in Q3 FY26.”
D Ram Reddy, page 3 of the filed PDF · View the filing
Profit after tax: INR65 crores (Q4 FY26)
p. 3
“Profit after-tax, for Q4 FY26 stood at INR65 crores, compared to INR40 crores in Q4 FY25 and INR31 crores in Q3 FY26.”
D Ram Reddy, page 3 of the filed PDF · View the filing
Diluted EPS: INR19.99 per equity share (Q4 FY26)
p. 3
“Diluted EPS for the quarter stood at INR19.99 per equity share compared to INR9.49 per equity share in Q3 FY26.”
D Ram Reddy, page 3 of the filed PDF · View the filing
Total revenue: INR1,454 crores (FY26)
p. 4
“consolidated total revenue for FY26 stood at INR1,454 crores as compared to INR1,430 crores in FY25.”
D Ram Reddy, page 4 of the filed PDF · View the filing
EBITDA: INR294 crores (FY26)
p. 4
“Consolidated EBITDA for the year stood at INR294 crores as compared to INR265 crores in FY25, registering a growth of around 11%.”
D Ram Reddy, page 4 of the filed PDF · View the filing
EBITDA margin: 20% (FY26)
p. 4
“EBITDA margin improved to 20% in FY26 from 19% in FY25.”
D Ram Reddy, page 4 of the filed PDF · View the filing
Consolidated PAT: INR169 crores (FY26)
p. 4
“Consolidated PAT for FY26 stood INR169 crores, as compared to INR159 crores in FY25, reflecting a growth of around 7%”
D Ram Reddy, page 4 of the filed PDF · View the filing
PAT margin: 12% (FY26)
p. 4
“PAT margin for the year stood at 12% as against 11% in FY25.”
D Ram Reddy, page 4 of the filed PDF · View the filing
Consolidated net worth: INR2,152 crores (As of March 2026)
p. 4
“As of March 2026, consolidated networth stood at INR2,152 crores as compared to INR2,018 crores in March 2025.”
D Ram Reddy, page 4 of the filed PDF · View the filing
Consolidated debt: INR133 crores (As of March 2026)
p. 4
“Consolidated debt stood at INR133 crores, mainly on account of ongoing expansion related activities.”
D Ram Reddy, page 4 of the filed PDF · View the filing
Net cash from operating activities: INR184 crores (FY26)
p. 4
“During FY26, the company generated INR184 crores of net cash from operating activities.”
D Ram Reddy, page 4 of the filed PDF · View the filing
Total consolidated sales volume: 27,341 MT (Q4 FY26)
p. 4
“total consolidated sales volume for Q4 FY26 stood at 27,341 MT as compared to 25,871 MT in Q4 FY25.”
D Ram Reddy, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
NMM commissioning — FY27
stated firmly by D Ram Reddy
p. 5
“Our N-Methyl Morpholine, our NMM Project with a capacity of 5,000 TPA is currently under execution and is expected to be commissioned during FY27.”
D Ram Reddy, page 5 of the filed PDF · View the filing
ACN commissioning — Q2 FY27
stated firmly by D Ram Reddy
p. 5
“The improved process based Acetonitrile or ACN Plant is also under execution and is expected to be commissioned during the second quarter of FY27.”
D Ram Reddy, page 5 of the filed PDF · View the filing
DME commissioning — Q1 FY27
stated firmly by D Ram Reddy
p. 4
“The dimethyl ether, our DME plant at Unit 4 is expected to be commissioned during the first quarter of FY27, DME has applications in the”
D Ram Reddy, page 4 of the filed PDF · View the filing
Balaji Specialty Chemicals Unit-I commissioning — first half of FY27
stated firmly by D Ram Reddy
p. 5
“At Unit-I, the brownfield project of EDA-based value-added products including DETA, TETA, PIP, AEEA and AEP is expected to be commissioned during the first half of FY27.”
D Ram Reddy, page 5 of the filed PDF · View the filing
Balaji Specialty Chemicals Unit-II commissioning — Q4 FY27
stated firmly by D Ram Reddy
p. 5
“This project is proposed for the manufacturer of HCN, NaCN, EDTA and EDTA-2NA and is expected to be commissioned during Q4 FY27.”
D Ram Reddy, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said new projects are new products, not capacity additions to existing lines, and that some plants like DMF and battery chemicals run at lower utilization pending battery manufacturer demand.
Answered by D Ram Reddy
Asked by Priyank Chheda: Why continue expansions at low utilization, and which products have higher utilization?
p. 6
“So this we planned about 4, 5 years back by contacting the NITI Aayog.”
D Ram Reddy, page 6 of the filed PDF · View the filing
Management said the customer's requirement is about 15-20% of their outflow and that the customer continues to buy from them.
Answered by D Ram Reddy
Asked by Priyank Chheda: What is the risk from a large metformin customer backward integrating on methylamines?
p. 7
“And secondly, even today also, they are buying even this month also, they are buying from us.”
D Ram Reddy, page 7 of the filed PDF · View the filing
Management confirmed the target and clarified that DME manufacturing approval is already in place, with only transport approval pending.
Answered by D Ram Reddy
Asked by Parikshit Gujrati: Will the company reach INR3,000 crores revenue by FY28 given DME approval pending and slow specialty chemical demand growth?
p. 7
“Only thing is for the transportation part of the approvals, have already been on the place.”
D Ram Reddy, page 7 of the filed PDF · View the filing
Management said China has not entered the Indian market and does not expect much competition given the gas form of the product.
Answered by D Ram Reddy
Asked by Parikshit Gujrati: Is there an import risk from China dumping DME at lower prices?
p. 8
“No. As of now, China has not come to the India, because this being in the gas form I don't think there will be much competition from the outside country.”
D Ram Reddy, page 8 of the filed PDF · View the filing
Management attributed it to the subsidiary running at reduced days due to modification and repair work, with related expenses capitalized.
Answered by D Ram Reddy
Asked by Nilesh Ghuge: Why did other expenses in consolidated numbers fall sharply?
p. 9
“It is working 10 days, working and 15 days is working for the modifications, repairs are going on, which goes into the expenses, which going for the modification definitely goes into the capitalization.”
D Ram Reddy, page 9 of the filed PDF · View the filing
Management gave Q4 average pricing and said current prices have dipped slightly.
Answered by D Ram Reddy
Asked by Nilesh Ghuge: What are current EDA/DETA prices versus Q4 average?
p. 10
“Average Q4 numbers are about 300. And today, it is about 270 to 280.”
D Ram Reddy, page 10 of the filed PDF · View the filing
Management said availability is not a problem, though prices are volatile, requiring more frequent buying decisions.
Answered by D Ram Reddy
Asked by Pritesh Chheda: What is the raw material sourcing situation for methanol and ammonia?
p. 10
“Only prices are up, but availability is no problem as of now. We are getting regularly.”
D Ram Reddy, page 10 of the filed PDF · View the filing
Management said samples are being sent to customers for testing before bulk orders can be placed, pending transport permission.
Answered by D Ram Reddy
Asked by Anil Shah: Has the DME product been tested and approved by battery/prospective customers, and when will bulk orders start?
p. 13
“Those will be sending one, one cylinder to each customer, even though they are the bulk consumers, they’ll be testing with 500 kgs.”
D Ram Reddy, page 13 of the filed PDF · View the filing
Management said some customers placed small commercial orders but noted Indian companies were not yet ready, so product is being sold and used outside India.
Answered by D Ram Reddy
Asked by Anil Shah: Has the battery chemical product been approved and ordered by battery manufacturers?
p. 14
“They said that Indian companies are not yet ready. We are selling this outside country.”
D Ram Reddy, page 14 of the filed PDF · View the filing
Management said the decision rests with both boards and it is too early to discuss an IPO.
Answered by D Ram Reddy
Asked by Rajiv Rupani: Will the company increase its stake in BSE subsidiary or pursue an IPO?
p. 15
“It's too early. It's too early, Rajiv, to discuss.”
D Ram Reddy, page 15 of the filed PDF · View the filing
Management said DMF antidumping has not been applied for yet, and the EDA case is paused because the government exempted many products from duty amid the geopolitical situation.
Answered by D Ram Reddy
Asked by Rajiv Rupani: Is there any update on antidumping duty on DMF and EDA?
p. 15
“So we will have to wait till end of June because those orders given by the Government of India or exemption of certain products is valid up to, I think, the end of June.”
D Ram Reddy, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical situation disrupted raw material prices and briefly impacted production in March 2026
p. 4
“During the quarter, production was briefly impacted in March 2026 due to an external geopolitical situation.”
D Ram Reddy, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.