Given the (1) Uncertainty in the ramp up of BSCPL (2) Muted earnings growth prospect (3) 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. Maintain BUY. We maintain BUY on BAL, post its muted performance in Q3FY20, with a TP of Rs 490 (13x Dec-21E EPS). The operating performance was adversely impacted by lower product realizations but offset by strong volume traction.