Balaji Amines (530999) Q4 25/26 earnings summary

Executive summary

• FY26 delivered stable operations and improved profitability; Q4 benefited from operating leverage, cost efficiencies, inventory planning and product mix.

• A temporary geopolitical disruption affected production in March 2026; inventory planning and raw-material availability helped sustain customer supplies.

• FY27 priorities include improving utilization, executing growth projects and scaling new products gradually.

Financial highlights

• Q4 FY26 consolidated revenue was ₹403 crore vs ₹361 crore YoY; EBITDA was ₹102 crore vs ₹68 crore and PAT was ₹65 crore vs ₹40 crore.

• FY26 consolidated revenue was ₹1,454 crore vs ₹1,430 crore; EBITDA was ₹294 crore vs ₹265 crore and PAT was ₹169 crore vs ₹159 crore.

• Q4 FY26 standalone revenue was ₹370 crore vs ₹327 crore; EBITDA was ₹94 crore vs ₹64 crore and PAT was ₹62 crore vs ₹40 crore.

• FY26 operating cash flow was ₹184 crore vs ₹255 crore; investing cash outflow was ₹344 crore vs ₹139 crore, and cash and equivalents closed at ₹74 crore.

• Consolidated net worth was ₹2,152 crore at March 2026; debt was ₹133 crore, while standalone operations remained debt-free.

Outlook and guidance

• FY27 consolidated volume growth guidance was 10%-15%; new plants and battery-sector ramp-up were also cited as supporting 20%-30% growth, with 25%-30% targeted by FY27 end from current volumes.

• EBITDA margin was guided to remain sustainable at 22%-23% of sales, subject to raw-material conditions; ₹3,000 crore revenue by FY28 was reaffirmed, conditional on expected conditions continuing.

• DME commissioning was expected in Q1 FY27; utilization was estimated at 30%-40% in FY27, rising to 50%-60% by year-end and 80%-90% the following year, subject to approvals and customer trials.

• NMM capacity of 5,000 TPA is planned for FY27; the improved-process ACN plant is targeted for Q2 FY27 commissioning.

• BSCL Unit I EDA-based products are targeted for H1 FY27 and Unit II HCN, NaCN and EDTA facilities for Q4 FY27.