We initiate coverage on Balaji Amines (BUY, TP = Rs 725, based on 17x FY20E EPS) and Alkyl Amines (BUY, TP = Rs 710, based on 22x FY20E EPS). Given the persistent run-up in both stocks 300% and 120% in the trailing two years, valuations may not rerate further even as stock performance mimics earnings growth here on. Amines form a relatively smaller, yet profitable niche, within the Chemicals industry. They are Organic Chemicals (derived from Ammonia) and are used in the synthesis of Pharmaceutical bulk drugs (APIs), Agro-chemicals, Dyestuffs, Oil & Gas (downstream), Water Treatment chemicals, and Rubber Chemicals.