Balaji Amines (530999) Q2 24/25 earnings summary

Executive summary

• Q2 FY26 consolidated revenue from operations was ₹341 crore, EBITDA ₹67 crore and PAT ₹37 crore; volumes were broadly stable YoY amid weaker pharma and agrochemical offtake.

• EBITDA margin improved to 19% from 17% QoQ; outlook points to gradual improvement as new capacity comes onstream.

Financial highlights

• Q2 consolidated total income was ₹348 crore versus ₹367 crore in Q1 FY26; revenue from operations was ₹341 crore versus ₹358 crore.

• Q2 consolidated EBITDA was ₹67 crore versus ₹64 crore in Q1 and ₹70 crore in Q2 FY25; PAT was ₹37 crore, unchanged QoQ.

• H1 FY26 consolidated total income was ₹715 crore, EBITDA ₹131 crore and PAT ₹74 crore; standalone figures were ₹643 crore, ₹121 crore and ₹71 crore, respectively.

• Standalone Q2 revenue was ₹316 crore, EBITDA ₹57 crore and PAT ₹31 crore, down 3%, 11% and 22% YoY, respectively.

Outlook and guidance

• Management expects H2 volume growth of 8%-10%, contingent on DME approvals, battery-sector DMC demand and pharma-grade PG approval.

• DME and 5,000 TPA N-methyl morpholine are targeted for FY26 commissioning; improved-process acetonitrile is targeted for FY27.

• BSCL’s phased ₹750 crore expansion includes EDA-based products, HCN, sodium cyanide and EDTA facilities, with units targeted for commissioning in 2026.

• Management expects at least 15% growth in value and volume next FY when projects are commissioned and operating at optimum capacity.

• Acetonitrile modifications target higher-purity, lower-cost output; management expects improved margins next FY.