Amines & Plasticizers Limited – Investor Presentation Summary

Key Operational Highlights

  • Installed specialty amines production capacity: 32,760 MTPA
  • Unit 1 (Turbhe) capacity utilization in FY26: 85%
  • Unit 2 (Industrial Gases) capacity utilization in FY26: 60%
  • Unit 3 (Engineering Services) capacity utilization in FY26: 45%
  • Serves customers across 85+ countries
  • Domestic market share in ethanolamines: 75-80%
  • Among world's largest producers of NMMO (N-Methyl Morpholine Oxide)

Key drivers of operational performance: Strategic location near Mumbai and port, multi-purpose reaction capabilities, focus on import substitution, and custom formulation development.

Segment-wise Performance

Q1FY27 Revenue Contribution by Product Category:

  • Gas Treating Chemicals and Speciality Solvents: 35.60%
  • Alkanolamines and Alkyl Alkanolamines: 43.21%
  • Morpholine & Derivatives: 9.31%
  • EO/PO-Based Speciality Products: 10.70%
  • Others (Oilfield chemicals, industrial gases, engineering services): 1.18%

FY26 Revenue Contribution for reference:

  • Gas Treating Chemicals and Speciality Solvents: 33.09%
  • EO/PO-Based Speciality Products: 10.98%

Explanation of significant changes in segment performance: The product portfolio remains diversified across multiple industries including oil refining, petrochemicals, pharmaceuticals, agrochemicals, and textiles.

Financial Highlights

Q1FY27 Financials:

  • Revenue from operations: ₹150.53 crore
  • Total income: ₹150.72 crore
  • EBITDA: ₹15.14 crore
  • EBITDA Margin: 10.06%
  • Profit before tax: ₹12.74 crore
  • Net Profit: ₹9.47 crore
  • EPS: ₹1.72

Quarterly Comparison:

  • QoQ: Revenue decreased 3% from Q4FY26 (₹155.14 crore), EBITDA decreased 36% from Q4FY26 (₹23.70 crore)
  • YoY: Revenue increased 7% from Q1FY26 (₹140.29 crore), EBITDA increased 16% from Q1FY26 (₹13.07 crore)

Drivers of financial performance: High inventory levels helped navigate raw material price increases, partial capacity operation due to limited fuel and gas availability, and ability to pass on input cost increases to most customers.

Key Risks: Geopolitical conditions affecting supply chains, limited and costly availability of fuel and gas, government tender projects contracted earlier at fixed prices, temporary suspension of Middle East supplies.

Geographical Revenue Split

FY26 Export Geographic Breakdown:

  • Asia: 71.03%
  • Middle East: 15.52%
  • Europe: 2.13%
  • North America: 2.06%
  • Central Asia: 7.45%
  • Africa: 0.60%
  • Oceania: 0.38%
  • South America: 0.11%
  • Caribbean: 0.72%

Domestic vs Export Revenue: Not specified in exact values, but export presence spans over 85 countries.

Balance Sheet Snapshot

FY26 Consolidated Balance Sheet (₹ in crores):

  • Total Assets: ₹422.10
  • Non-Current Assets: ₹80.56
  • Net Block (Excluding ROU): ₹74.77
  • Current Assets: ₹341.55
  • Inventories: ₹83.04
  • Trade Receivables: ₹139.24
  • Cash & Cash Equivalents: ₹49.21
  • Shareholders Fund: ₹292.26
  • Non-current Liabilities: ₹20.44
  • Long Term Borrowings: ₹11.56
  • Current Liabilities: ₹109.41
  • Short Term Borrowings: ₹15.65

Financial Health Insights: Strong cash position of ₹49.21 crore, reduced short-term borrowings from ₹65.88 crore in FY25 to ₹15.65 crore in FY26, healthy trade receivables of ₹139.24 crore.

Capex & Cash Flow Health

FY26 Cash Flow (₹ in crores):

  • Cash Flow From Operating Activities: ₹66.41
  • Cash Flow From Investing Activities: (₹0.73)
  • Cash Flow From Financing Activities: (₹58.19)
  • Net Increase in Cash and Cash Equivalents: ₹7.49
  • Capital Work-in-Progress: ₹0.09 crore (down from ₹0.38 crore in FY25)

Investment Rationale: Focus on modular expansions with underutilized land across 56 acres of integrated facilities, self-funded growth supported by historically lean balance sheet.

Strategic & R&D Initiatives

Investments in Innovation:

  • DSIR-recognized R&D lab with 160 sq. mt. dedicated infrastructure
  • R&D team: 6 members (2 Doctorates, 4 Chemists)
  • 43 new products commercialized over last 5 years
  • Tailor-made solvent formulations developed for over 25 domestic and international customers
  • Developed carbon capture formulations and demulsifiers
  • Introduced new import-substitute molecules in battery and hydrogen energy segments

Expected impact on growth: Development of battery-related and hydrogen-use molecules to replace imports and drive strategic relevance.

Strategic Rationale: Focus on green chemistry principles, process optimization to improve yield and reduce effluent, technology upgradation to meet international compliance norms.

Industry Trends & Business Environment

Macro/Industry Trends: Geopolitical conditions weighing on operations and supply chains, increased prices of both raw materials and finished goods, limited and costly availability of fuel and gas.

Impact on Company: Temporary suspension of Middle East supplies (since resumed on no-credit basis), partial plant capacity operation during Q1FY27, need to pass on input cost increases to customers.

Management Commentary & Growth Outlook

Strategic Outlook: "Operations have stabilised in the second quarter, and we hold a firm order book that supports the continuation of current profitability. The quarter also brought several encouraging developments on the commercial front. We continue to pursue new export opportunities across our markets, several of which are progressing well."

FY Guidance: "While the operating situation remains dynamic and does not lend itself to specific guidance, the progress made on the commercial front during the quarter leaves us confident in the direction of the business."

Commercial Developments: Entered into agreements with two global multinational corporations to supply formulated solvents to their existing and new customers worldwide. Progress towards supply of an amine reclamation unit to a large refinery in India.

Risks and Opportunities: Operating environment remains dynamic with geopolitical challenges, but firm order book and new commercial agreements provide confidence.