AMNPLST - Amines & Plast.

📊 NSE: AMNPLST 🏢 Chemicals 📅 Last Updated: 12/13/2025 18:17

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations grew 1.66% YoY to INR 655.84 Cr in FY25 from INR 645.13 Cr in FY24. In Q1 FY26, consolidated revenue stood at INR 140.29 Cr, representing a 2.05% YoY increase compared to INR 137.48 Cr in Q1 FY25.

Geographic Revenue Split

Exports account for approximately 40-50% of total revenues (48% in FY23). Key international markets include the UAE, Turkmenistan, the USA, and Turkey. Domestic sales contribute the remaining 50-60% of the revenue mix.

Profitability Margins

Net Profit for FY25 was INR 39.89 Cr, a 1.5% increase from INR 39.30 Cr in FY24. Standalone PBT for H1 FY26 was INR 18.14 Cr, a significant 23.8% decline from INR 23.82 Cr in H1 FY25, primarily due to a maintenance shutdown in Q1 FY26.

EBITDA Margin

Consolidated EBITDA margin for Q1 FY26 was 9.31%, a contraction of 173 basis points from 11.05% in Q1 FY25. EBITDA fell 13.96% YoY to INR 13.07 Cr from INR 15.19 Cr due to operational downtime and volatile input costs.

Capital Expenditure

Historical PPE as of March 31, 2025, was INR 79.44 Cr. Cash outflow for the purchase of Property, Plant, and Equipment in H1 FY26 was INR 0.61 Cr, compared to INR 2.57 Cr in H1 FY25. No large debt-funded capex is planned for the immediate future.

Credit Rating & Borrowing

The company maintains a healthy credit profile with an interest coverage ratio of 7.0x in FY25. Finance costs decreased 23.7% YoY to INR 9.80 Cr in FY25 from INR 12.85 Cr in FY24, reflecting debt reduction. Gearing was 0.5x as of March 2023.

⚙️ Operational Drivers

Raw Materials

The primary raw material is Ethylene Oxide (EO). Other major cost drivers include natural gas and utility costs. Raw material costs (Cost of Materials Consumed) reached INR 430.57 Cr in FY25, representing 65.6% of total revenue.

Import Sources

Raw materials are primarily sourced domestically from Maharashtra (Reliance Industries), while some components are imported to provide a natural hedge against export receivables.

Key Suppliers

Reliance Industries Limited (RIL) is the sole supplier for Ethylene Oxide (EO), creating a high supplier concentration risk.

Capacity Expansion

Current manufacturing facility capacity is not explicitly stated in MT, but the company recently completed process modernization and fabrication capability enhancements in its engineering division to improve throughput.

Raw Material Costs

Raw material costs increased 1.96% YoY to INR 430.57 Cr in FY25. Profitability is highly sensitive to EO price volatility, which is dictated by the sole supplier, RIL.

Manufacturing Efficiency

Operating margins moderated to 9.3% in Q1 FY26 due to a planned maintenance shutdown. Efficiency is expected to improve as revenue ramps up post-shutdown through the remainder of FY26.

Logistics & Distribution

Distribution and other expenses totaled INR 118.90 Cr in FY25, up 4.6% from INR 113.67 Cr in FY24, driven by export-related freight and handling.

📈 Strategic Growth

Expected Growth Rate

2.05%

Growth Strategy

Growth is targeted through a strong pipeline of new molecules and process modernization. The company is leveraging its engineering division for fabrication capability enhancement and focusing on high-margin segments like MDEA for oil refineries and EMEA for pharma.

Products & Services

Methyl Diethanolamine (MDEA) for oil refineries, Ethyl Mono Ethanolamine (EMEA) for pharmaceuticals, and N-Methyl Morpholine Oxide (NMMO) for the viscose fibre industry.

Brand Portfolio

Amines & Plasticizers Limited (APL).

New Products/Services

The company is developing a pipeline of new molecules expected to strengthen the product portfolio and support long-term growth, though specific revenue contribution % is not yet disclosed.

Market Expansion

Targeting expansion in the EMEA and US markets for specialty amines. The company aims to ramp up revenue post-Q1 FY26 maintenance to stabilize annual profitability.

Market Share & Ranking

APL holds a dominant position in the domestic market for MDEA and EMEA, being one of the primary manufacturers in India.

🌍 External Factors

Industry Trends

The industry is shifting toward specialized amines for carbon capture and advanced pharma intermediates. APL is positioning itself by modernizing its engineering division to handle complex chemical fabrications.

Competitive Landscape

Faces intense competition from Chinese manufacturers, particularly in the NMMO solvent segment, which has pressured pricing and volumes.

Competitive Moat

Moat is built on 40+ years of technical expertise and a strong domestic market share in MDEA. This is sustainable due to high entry barriers in specialized chemical manufacturing and established client relationships in the refinery sector.

Macro Economic Sensitivity

Highly sensitive to global oil and gas prices, as these dictate the cost of Ethylene Oxide and manufacturing utilities.

Consumer Behavior

Increased demand for pharmaceutical-grade amines (EMEA) and cleaner refining processes (MDEA) is driving steady demand.

Geopolitical Risks

Trade barriers or economic shifts in Turkey and the UAE could impact nearly 50% of the revenue derived from exports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent pollution control norms and chemical manufacturing standards under the Companies Act 2013 and environmental protection laws.

Environmental Compliance

The company is ISO 14001:2015 and ISO 45001:2018 certified, indicating ongoing investment in environmental and occupational health standards.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 25.8% (Total Tax Expense of INR 13.89 Cr on PBT of INR 53.78 Cr).

Legal Contingencies

The company has disclosed pending litigations in Note 30 of the FY25 financial statements. While it confirms these impact the financial position, specific INR values for the claims were not provided in the summary documents.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (EO) and utility costs (Natural Gas) could impact margins by 3-4%, as seen in historical fluctuations between 7% and 11% EBITDA margins.