Balaji Amines Ltd. share price target

oxygen and logistical issues. Total Q4 sales volume stood at 24,878 mt, a 12.3% decline on a quarter-on-quarter quarter basis. Of this specialty chemicals...

Stellar quarter; new capacities to drive growth in FY22

Balaji Amines (BAL) posted record high results in Q3FY21 consolidated revenue grew 72% YoY/39% QoQ to INR392cr (v/s est. 37% growth).

Balaji Amines Ltd's (BAL) Q2FY21 consolidated revenue was at a record INR 282 crore, up 24% YoY/27% QoQ, and was 13% ahead of our estimates.

Sub optimal capacity utilization in April and May operating at 70% and 80% respectively, due to Covid hampered volumes in the first quarter this fiscal which plummeted almost 18% sequentially on an absolute basis,...

Balaji Amines' (BAL) margin expanded in Q1FY21 on the back of a favourable product mix and benign raw material environment.

BAL started manufacturing acetonitrile from November with an installed capacity of 9000 tons. The domestic demand for acetonitrile is around 12000 tons annually. BAL is currently manufacturing ~3000 tons of...

Balaji Amines Ltd's (BAL) Q3FY20 results were broadly in-line with our expectations.

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 with a TP of Rs 490 (13x Dec-21E EPS). We visited Balaji Amines and its subsidiarys Solapur facility, which was followed by an interaction with Mr. Ram Reddy, the companys Managing Director.

Balaji Amines Ltd's Q2FY20 results were in-line with our expectations. Revenue came in at INR 227 crore on a consolidated basis, which was broadly similar to what was achieved in the prior quarter.