Amines & Plasticizers Limited

Basic Materials — Chemicals · NSE

₹165.80−₹1.35 (−0.81%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of Amines & Plasticizers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Amines & Plasticizers Limited manufactures and sells specialty chemicals in India.

IndustryChemicals

SectorBasic Materials

Employees292

Annual revenue₹570 Cr

How does it make money?

Turns over ₹570 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 292 employees supports ₹1.95 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.95 Cr

Who are its competitors?

The closest listed comparisons in its industry are PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -5% while net margin moved +67% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-5%

Margin effect+67%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.16 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings

Quality vs. Valuation

Company Quality

58/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

74/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

23.7x

3Y Median

29.7x

37 monthly readings · mean 34.6x · range 17.3x–79.3x

Sector Median

33.8x

median of 3 sector peers

🟢Current valuation is approximately 20% below its 3y median of 29.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 30% below the peer median of 33.8x.

vs. its own history

Cheap

29.7x median over 37 months · -20%

vs. sector peers

Cheap

33.8x median of 3 peers · -30%

vs. generic bands

Fair

15x–35x

EV/EBITDA

14.7x

PEG

1.40

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 7.6% to 10.6% over 3 years.
Debt is being paid down
Total debt is down 68% over 3 years.
Cash generation is improving
Free cash flow is up 2701% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 9.31x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 7.6% to 10.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 68% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 20% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 30% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 9.31x. Interest is payable whether or not the business has a good year.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 9%✓ 10.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹66 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 15%✓ 17.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 29.7x✓ 23.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹912 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

23.7x

Fair

Fairly valued against the generic band

P/B Ratio

3.12x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹7.01

Profitable

Profitable on a per-share basis

ROE

12.5%

Moderate

Moderate capital efficiency

ROCE

17.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

9.31x

High

High leverage

Revenue Growth (YoY)

7.3%

Modest

Modest growth

Profit Growth (YoY)

27.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.30%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹66 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

9.0%

Average

Average margins

Net Margin

6.6%

Average

Average bottom-line conversion

Current Ratio

3.12

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.16

Defensive

Steadier than the market

52W Range Position

32%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

169.0 / 176.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

50.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹597 Cr	₹647 Cr	₹659 Cr	₹570 Cr	-1.5%
EBITDA	₹45 Cr	₹72 Cr	₹70 Cr	₹60 Cr	+10.2%
EBITDA Margin	7.6%	11.1%	10.7%	10.6%	—
PAT (Net Profit)	₹23 Cr	₹40 Cr	₹41 Cr	₹37 Cr	+16.9%
EPS	₹4.16	₹7.24	₹7.45	₹6.64	+16.9%
ROE	12.5%	18.1%	15.9%	12.5%	—
ROCE	18.9%	26.6%	23.2%	17.5%	—
Total Debt	₹85 Cr	₹85 Cr	₹77 Cr	₹27 Cr	-31.5%
Free Cash Flow	₹2 Cr	₹43 Cr	₹26 Cr	₹66 Cr	+203.7%

🟡 Revenue has been broadly flat over 3 years (-1.5% a year).

🟢 EBITDA has grown at 10.2% a year over 3 years.

🟢 EBITDA Margin has risen from 7.6% to 10.6% over 3 years (+3.0 pts).

🟢 PAT (Net Profit) has grown at 16.9% a year over 3 years.

🟢 EPS has grown at 16.9% a year over 3 years.

🟡 ROE has held roughly flat at 12.5% over 3 years.

🔴 ROCE has fallen from 18.9% to 17.5% over 3 years (-1.4 pts).

🟢 Total Debt has shrunk at 31.5% a year over 3 years.

🟢 Free Cash Flow has grown at 203.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹422 Cr

Total Liabilities

₹130 Cr

Cash & Equivalents

₹49 Cr

Operating Cash Flow

₹66 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

89.2%

Corporate Actions

Dividend Rate

₹0.5

Ex-Dividend Date

11 Sept 2026

Peer Comparison

Company	P/E	ROE
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive1 mixed1 negative3 general

Amines & Plasticizers (AMNPLST) Share/Stock Price Live, NSE

TechGraph, 08 Oct

Amines & Plasticizers Share Price Slides on Latest Trade

Univest, 07 Oct

Amines & Plasticizers Ltd Downgraded to Sell Amidst Weak Financial and Technical Signals

MarketsMojo, 13 OctAnalyst view

🔴Potentially negativeAn analyst opinion changing, which moves the price without changing the business.

Amines & Plasticizers Upper Circuit Today: Price, Data and Peers

Univest, 06 Oct

Amines & Plasticizers Q4 Net Profit Jumps 18% To ₹15.4 Crore Amid Operational Efficiency

Sahi, 29 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Balaji Amines shares gain the most in over 10 years after 20% upper circuit; Peers surge as well

CNBC TV18, 14 MayPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingBusiness Quality · Growth · Profitability

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑