Post an underwhelming Q1 and tepid volume outlook, we cut our EPS estimate by 11.4/14.5% for FY20/21E. Given the (1) Muted earnings growth prospects, (2) Declining return ratios (ROE: 14.6/14.4/13.1%, RoIC: 21.8/21.8/19.1% in FY20E/21E/22E), we prefer Alkyl Amines over Balaji in the Amines space. BAL reported muted performance in Q1FY20 consequential to (1) Soft volume off-take by the agrochemical industry, (2) High raw material prices, predominantly Methanol. Hence, we cut our EPS estimates for FY20/21 and arrive at a TP of Rs 452/share based on 13x Sep-21E EPS.