Owing to muted earnings growth prospects, and declining return ratios (ROE: 16.1/15.1/13.5%, RoIC: 22.5/21.7/18.8% in FY20E/21E/22E), we prefer Alkyl Amines over Balaji in the Amines space. We maintain BUY on BAL, post its above expectation performance in Q2FY20, with a TP of Rs 488 (13x Sep-21E EPS). Strong volume traction in high margin Specialty chemicals and Amines Derivatives coupled with benign RMC, amplified its operating performance.