Given the (1) Muted earnings growth prospects, (2) Declining return ratios (ROE: 19.4/15.3/15.4%, RoIC: 30.0/26.3/26.9 in FY19/20E/21E), we prefer Alkyl Amines over Balaji in the Amines space Owing to a disappointing performance in Q4FY19, we cut our valuation multiple from 17x to 13x (Mar-21E consolidated EPS) and arrive at the target price of Rs 525/sh. This is on account of (1) Consistently poor volume growth, (2) Vagueness on imposition of Anti-dumping duty on Di-methyl Formamide (DMF), resulting in significantly low capacity utilizations (currently at ~45%), (3) Deferment of capacity augmentation projects to FY21.