Balaji Amines Ltd. share price target

We maintain our Buy rating on Balaji Amines and value BLA at 17.0xJune'21 EPS with a revised target price of Rs 748/share. Balaji Amines (BLA IN) has been able to sustain its earnings momentum after a stellar FY18 performance. Sales/EBITDA/PAT grew by 30.0/44.6/48.6% YoY to Rs 2.6bn/Rs 587mn/Rs 338mn respectively. BLA has relentlessly worked upon growing its volumes on the back of de-bottlenecking exercises, import substitution opportunities and anti-dumping duties in place.

We maintain Buy on Balaji Amines and value BLA at 17.0x FY20E EPS with a target price of Rs 725/share. Balaji Amines (BLA) reported a strong 4QFY18 with Sales/EBITDA/PAT growing by 33.0%/23.3%/93.4% YoY to Rs 2.56 bn/ Rs 469 mn/ Rs 332 mn respectively. Sales growth of 33.0%, was driven by 10.0% volume growth

BAL has steadily built up capacity in methylamines and other specialty chemicals between FY10-FY14 riding on the strong demand potential from its key end-user industries - pharmaceuticals...

Balaji Amines (BAL) has steadily built up capacity in methylamines and other specialty chemicals between FY10-FY14 riding on the strong demand potential from its key end-user...