We maintain our Buy rating on Balaji Amines and value BLA at 17.0x Sep 21 EPS with a revised target price of Rs 763/share. Balaji Amines (BLA) reported a muted 2QFY19 performance on account of higher input costs (Methanol prices up ~40% YoY) and aberrations in operations due to regional political movements and strikes at ports. Sales grew by 7.6% YoY to Rs 2.16bn while EBITDA/APAT declined by 13.1% and 6.0% YoY.