Balaji Amines (530999) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue fell 14% YoY to ₹1,430 crore, EBITDA fell 25% to ₹265 crore and PAT fell 31% to ₹159 crore.

• Q4FY25 consolidated revenue of ₹361 crore, EBITDA of ₹68 crore and PAT of ₹40 crore improved QoQ but remained below Q4FY24.

• Capacity additions and product upgrades are progressing; utilization growth and industry recovery are expected to support medium-term growth and margins.

Financial highlights

• Consolidated Q4FY25 revenue was ₹361 crore vs ₹321 crore in Q3FY25; volumes rose to 25,871 MT from 24,107 MT.

• Consolidated Q4FY25 EBITDA was ₹68 crore vs ₹54 crore QoQ; PAT was ₹40 crore vs ₹31 crore.

• FY25 consolidated revenue was ₹1,430 crore vs ₹1,671 crore in FY24; EBITDA was ₹265 crore vs ₹353 crore and PAT ₹159 crore vs ₹232 crore.

• FY25 standalone revenue was ₹1,296 crore, EBITDA ₹249 crore and PAT ₹156 crore; FY24 comparatives were ₹1,359 crore, ₹267 crore and ₹171 crore.

• FY25 consolidated operating cash flow was ₹255 crore vs ₹334 crore in FY24; investing and financing cash outflows were ₹139 crore and ₹49 crore.

Outlook and guidance

• FY26 base-business volume growth is expected at 10%–12%; pricing pressure from higher raw-material costs and geopolitical uncertainty remain concerns.

• DME commissioning awaits PESO approvals; 50,000 tonnes are targeted this year and 70,000 tonnes next year, with potential utilization of 50%–60% subject to approvals and customer acceptance.

• Pharma-grade Propylene Glycol is targeted for Q1 FY26; ACN capacity expansion to 60 MT/day is targeted for FY27.

• DME, NMM and MIPA/DIPA projects are targeted for FY26; MIPA/DIPA commissioning awaits MPCB consent to operate.

• Subsidiary greenfield facilities are targeted by end-FY26 and EDA brownfield expansion in FY27; a 2,500 TPA NBPT project is proposed for next FY.