This Amines Stock Rises 42% in 1 Year: Can the Anti-Dumping Push Extend the Run?
- September 17, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Balaji Amines: CMP around Rs 2,150 on 17 Sep 2026. 1-year return 41.8%. 52W range Rs 968.10 to Rs 2,629.80. Market cap Rs 6,972 Cr. Q1 FY27 PAT Rs 78.12 Cr.
Quick Answer
Balaji Amines Ltd is the amines stock that rose approximately 42% in the year to 17 September 2026, from Rs 1,516.70 to around Rs 2,150. The gain came after March 2026, driven by India’s first commercial DME plant, two quarters of margin expansion and a recommended anti-dumping duty on ethylene diamine imports. That duty still awaits a finance ministry notification, so the pricing power the market has assumed is not yet locked in.
This amines stock rose approximately 42% in one year, from Rs 1,516.70 on 17 September 2025 to around Rs 2,150 on 17 September 2026. The move was not a straight line: the share first sank to Rs 968.10 in March 2026, then more than doubled off that base.
The company is Balaji Amines Ltd (NSE: BALAMINES), a Solapur-based maker of aliphatic amines, amine derivatives and specialty chemicals. Balaji Amines share price spent late 2025 under pressure from low-priced Chinese imports, then re-rated once margins turned and trade protection arrived.
Click Here – Get Free Investment Predictions
How Much Has This Amines Stock Returned in 1 Year?
This amines stock returned approximately 42% over the twelve months to 17 September 2026, measured close to close. That is a clean price return: face value stayed at Rs 2 and there was no split or bonus in the window.
The headline hides two opposite halves. Between September 2025 and late March 2026 this amines stock lost roughly 36%. From the 52-week low of Rs 968.10 on 30 March 2026 it has gained about 122%.
| Period | Start Price (Rs) | Price on 17 Sep 2026 (Rs) | Price Return |
|---|---|---|---|
| 1 Month | 2,125.20 | 2,150.00 | 1.2% |
| 6 Months | 1,000.40 | 2,150.00 | 114.9% |
| 1 Year | 1,516.70 | 2,150.00 | 41.8% |
| 3 Years | 2,207.35 | 2,150.00 | Minus 2.6% |
| 5 Years | 4,780.95 | 2,150.00 | Minus 55.0% |
The five-year row is the counterweight. This amines stock traded above Rs 4,780 in September 2021, at the peak of the post-pandemic chemical cycle, and is still far below it. A three-year holder is under water. The 2026 move is a recovery, not a new high.
It was among the stronger performers on a screen of NSE small-cap stocks ranked by 1-year return, dated 17 September 2026. The amines stock has already cooled from a 52-week high of Rs 2,629.80 recorded on 7 September 2026 and trades about 18% below that.
Why Did This Amines Stock Rise 42% in One Year?
Five dated events between January and July 2026 did the work: a new plant, two strong quarters, a trade remedy ruling and a state subsidy. That is why almost the entire gain in this amines stock sits in the back half.
India’s First DME Plant Went Commercial on 20 May 2026
Balaji Amines began commercial production at a 100,000 tonnes per annum dimethyl ether plant at Solapur on 20 May 2026, the first commercial-scale DME facility in India. DME blends with LPG, so the plant is an import substitution play rather than another commodity line. The amines stock gained more than 4% on the news.
Q4 FY26 Results on 2 June 2026 Doubled Sequential Profit
March 2026 quarter revenue was Rs 402.53 crore against Rs 336.29 crore in the December quarter, and net profit doubled to Rs 64.77 crore from Rs 30.76 crore. The operating margin jumped to 25.83% from 18.61%. This amines stock surged 19% intraday on 2 June 2026, with about 2.25 million shares traded on volumes over six times normal.
A Trade Remedy Ruling on Ethylene Diamine in June and July 2026
In June 2026 the national trade remedies authority issued final findings recommending a five-year anti-dumping duty on ethylene diamine from China, the European Union, Saudi Arabia and Taiwan. Balaji Speciality Chemicals, a subsidiary, is the only domestic EDA producer and filed the petition. The amines stock rose nearly 7% on 2 July 2026 and a further 11.5% to Rs 2,305.40 in a later session.
Q1 FY27 Profit More Than Doubled on 28 July 2026
June 2026 quarter revenue reached Rs 461.45 crore, up about 26% year on year, while net profit rose to Rs 78.12 crore from Rs 36.53 crore. EBITDA nearly doubled to Rs 121.40 crore at a 26.63% operating margin, the best for this amines stock in three years. Sales volume was 21,587 tonnes across amines, derivatives and specialty chemicals.
Rs 258 Crore Maharashtra Subsidy Cleared in January 2026
On 8 January 2026 the company received an eligibility certificate under the Maharashtra Mega Projects scheme worth about Rs 258 crore in industrial promotion subsidies, covering 50% of state GST on eligible finished products, an electricity duty exemption and a seven-year stamp duty exemption to December 2030. The amines stock rallied about 10% that day.
What Chinese Dumping Did to Amines Pricing
Chinese overcapacity is the main reason this amines stock went nowhere for three years. Revenue fell from Rs 2,370.64 crore in FY23 to Rs 1,430.29 crore in FY25, and the operating margin compressed from 26.51% to 18.99%.
The ethylene diamine investigation put numbers on it. For October 2023 to September 2024, the authority found weighted average price undercutting of about 11% across all four subject origins, continuing even while the domestic producer sold at a loss. Dumping margins were placed at 40% to 50% for Chinese producers other than one named exporter, and higher for European ones.
Protection has already landed on one product. A five-year anti-dumping duty on acetonitrile from China, Russia and Taiwan was notified on 19 June 2025, after final findings in March 2025. Acetonitrile is a pharmaceutical solvent in which this amines stock is adding capacity, so the duty removes a direct source of price pressure.
Ethylene diamine is different. It is a recommendation, not a levy. The finance ministry must notify it before customs can collect, and such recommendations are not always accepted in full. Anyone buying this amines stock on that basis is taking execution risk on a decision with no fixed deadline.
Check the Univest Screener for Live Fundamentals of High-Return Stocks
Balaji Amines Financials Behind This Amines Stock
The quarterly turn is what separates 2026 from earlier false starts in this amines stock. Margins bottomed in the December 2025 quarter and have expanded twice since.
| Quarter | Revenue (Rs Cr) | EBITDA (Rs Cr) | Operating Margin | Net Profit (Rs Cr) |
|---|---|---|---|---|
| Jun 2025 | 367.36 | 63.71 | 17.78% | 36.53 |
| Sep 2025 | 347.60 | 66.87 | 19.64% | 37.10 |
| Dec 2025 | 336.29 | 61.66 | 18.61% | 30.76 |
| Mar 2026 | 402.53 | 101.99 | 25.83% | 64.77 |
| Jun 2026 | 461.45 | 121.40 | 26.63% | 78.12 |
Diluted earnings per share for the amines stock moved from Rs 9.49 in the December 2025 quarter to Rs 23.13 in the June 2026 quarter, and net profit margin from 9.49% to 16.44%.
| Financial Year | Revenue (Rs Cr) | EBITDA (Rs Cr) | Operating Margin | Net Profit (Rs Cr) |
|---|---|---|---|---|
| FY22 | 2,337.60 | 637.39 | 27.44% | 417.90 |
| FY23 | 2,370.64 | 624.36 | 26.51% | 405.68 |
| FY24 | 1,671.15 | 353.37 | 21.53% | 232.30 |
| FY25 | 1,430.29 | 265.35 | 18.99% | 158.59 |
| FY26 | 1,453.79 | 294.24 | 20.65% | 169.16 |
FY26 revenue of Rs 1,453.79 crore is still 39% below the FY23 peak and FY26 profit is less than half of FY23. The recovery in this amines stock is real but early. FY26 capital expenditure of Rs 370.20 crore ran ahead of operating cash flow of Rs 184.04 crore, and net cash fell by Rs 74.97 crore.
Shareholding and Valuation Check on This Amines Stock
Promoter holding has barely moved, but foreign institutions have been sellers in this amines stock through the entire rally, which is an uncomfortable signal.
| Shareholder | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Promoters | 54.59% | 54.59% | 54.59% | 54.56% |
| FIIs | 4.53% | 3.30% | 2.99% | 3.17% |
| DIIs | 1.52% | 1.53% | 1.46% | 1.58% |
| Public and Others | 39.37% | 40.59% | 40.96% | 40.69% |
Foreign institutional holding has slid from 5.09% in March 2025 to 3.17% in June 2026. Combined institutional ownership under 5% leaves the free float with retail holders, which makes moves in this amines stock sharper in both directions.
On valuation the amines stock trades at a price to earnings ratio of approximately 33.09 against an industry figure near 35.86, a price to book of 3.53 on a book value of Rs 610, and a return on equity of 8.46%. Debt to equity is 0.07, market capitalisation is around Rs 6,972 crore and the dividend yield is 0.51%.
Key Risks in This Amines Stock
The risks are specific, and worth reading before the return table.
The ethylene diamine duty may never be notified. If the recommendation is rejected, trimmed or delayed, much of the pricing power the market has assumed for this amines stock disappears and the 26.63% June quarter margin becomes harder to hold.
Chinese capacity has not gone away. Duties cover named products from named origins, so relief for an amines stock is never complete. Supply can shift to uncovered countries or to downstream derivatives, a recurring pattern in Indian chemical trade cases.
Volatility is extreme. The amines stock lost 36% between September 2025 and March 2026, gained 122% off the March low, then gave up about 18% in the seven sessions after 7 September 2026.
Liquidity is thin and cannot be hedged. Market capitalisation is around Rs 6,972 crore and the share is not in the futures and options segment. Daily volume swings from roughly 32,000 shares on a quiet morning to over 2.2 million on an event day, which widens spreads in this amines stock exactly when holders want out.
Capex and execution risk. A phased expansion of about Rs 750 crore is planned at the specialty chemicals subsidiary, with N-methyl morpholine and acetonitrile additions targeted for FY27 and a greenfield unit at Chincholi. Return on equity of 8.46% is modest, and much of that spend sits in a subsidiary rather than the parent. The DME plant has no established domestic demand pool and leans on LPG blending economics.
Download the Univest iOS App or Univest Android App to track the Balaji Amines share price live
Balaji Amines Share: Analyst View
Analyst opinion has lagged the price. Balaji Amines share price now trades above every published target available, a caution flag after a move of this size in an amines stock.
Balaji Amines Share Price Target
A domestic brokerage moved to an accumulate stance on 20 May 2026 with a Balaji Amines share price target of Rs 1,981, raised from Rs 1,334 in November 2025, projecting revenue, EBITDA and profit compound growth of roughly 36%, 53% and 60% over FY26 to FY28. A consensus target near Rs 2,086 with a hold rating followed on 26 July 2026.
Both sit below the current Balaji Amines share price of around Rs 2,150 and both predate the July trade remedy news. Any Balaji Amines share price target is an estimate that can be revised, not a forecast.
Absent a fresher call, the levels that matter for this amines stock are the 52-week high of Rs 2,629.80 and the low of Rs 968.10. On trailing earnings per share of Rs 65.04, Balaji Amines share price implies about 33 times earnings, close to the industry average.
Other Stocks to Track From the Same Return Screen
Beyond this amines stock, a screen of NSE small-cap stocks ranked by 1-year return also includes related names such as Neogen Chemicals with a 1-year return of 50.00%, Gujarat Ambuja Exports at 45.04% and Rain Industries at 44.73%.
Among the names covered from that screen, MTAR Technologies returned 396.53% over one year. Readers can compare this amines stock with the Nifty 50 benchmark and track each of these names on Univest before making any decision.
Conclusion
This amines stock has delivered approximately 42% in a year, and almost all of it came after March 2026. The drivers behind the amines stock are dated and identifiable: a DME plant, two quarters of margin expansion, a state subsidy and a trade remedy ruling that could lift EDA realisations.
What is unsettled is whether the duty is notified, whether margins above 26% hold as volumes normalise, and whether revenue can close the 39% gap to FY23. Balaji Amines share price already trades above available targets, so the room for disappointment is narrow. Size positions accordingly and consult a registered adviser.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which amines stock rose 42% in 1 year?
Ans. Balaji Amines Ltd (NSE: BALAMINES) is the amines stock that gained approximately 42% between 17 September 2025 and 17 September 2026, from Rs 1,516.70 to around Rs 2,150, with no split or bonus in the period.
Why did Balaji Amines share price rise in 2026?
Ans. Balaji Amines share price rose on five dated triggers: a Rs 258 crore Maharashtra subsidy approval on 8 January 2026, commercial production at India’s first 100,000 tonne DME plant on 20 May, a 19% jump on March quarter results on 2 June, a recommended anti-dumping duty on ethylene diamine in early July, and a June quarter profit of Rs 78.12 crore on 28 July.
What were Balaji Amines Q1 FY27 results?
Ans. Balaji Amines reported June 2026 quarter revenue of Rs 461.45 crore, up about 26% year on year, with net profit of Rs 78.12 crore against Rs 36.53 crore. EBITDA was Rs 121.40 crore at a 26.63% margin on volume of 21,587 tonnes.
How has Chinese dumping affected this amines stock?
Ans. Low-priced Chinese supply compressed realisations for the amines stock and pushed revenue from Rs 2,370.64 crore in FY23 down to Rs 1,430.29 crore in FY25, with the operating margin falling from 26.51% to 18.99%. The ethylene diamine investigation found weighted average price undercutting of about 11% during October 2023 to September 2024, continuing even while the domestic producer sold at a loss.
Has India imposed an anti-dumping duty on ethylene diamine?
Ans. Not yet. The trade remedies authority issued final findings in June 2026 recommending a five-year duty on ethylene diamine from China, the European Union, Saudi Arabia and Taiwan, but the finance ministry must notify it first. A separate five-year duty on acetonitrile from China, Russia and Taiwan was notified on 19 June 2025.
What is the Balaji Amines share price target?
Ans. A domestic brokerage set a Balaji Amines share price target of Rs 1,981 on 20 May 2026 with an accumulate rating, up from Rs 1,334 in November 2025, and a consensus target near Rs 2,086 with a hold rating was recorded on 26 July 2026. Both sit below the current price of around Rs 2,150.
What are the 52-week high and low of Balaji Amines?
Ans. The 52-week high is Rs 2,629.80, touched on 7 September 2026, and the 52-week low is Rs 968.10, hit on 30 March 2026. The amines stock trades around Rs 2,150 on 17 September 2026, roughly 18% below the high and 122% above the low.
Is this amines stock a good buy after a 42% rally?
Ans. That depends on whether the ethylene diamine duty is notified and whether margins above 26% hold. The amines stock is no longer a bottom trade after a 122% run off the low. It trades above available analyst targets, revenue is still 39% below FY23, and no derivatives cover makes exits harder in a fall. A registered adviser is the right place for that call.
