Indo Amines Limited stands as a prominent manufacturer and supplier of fine chemicals, specialty chemicals, and performance chemicals in India. Incorporated in 1992, Indo Amines Ltd has evolved into a significant player in the chemical industry. The company was listed on the stock exchanges in the year 1994 and trades on both NSE (INDOAMIN) and BSE (524648).
IAL manufactures oleo, specialty and performance chemicals used across various industries including Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Flavors & Fragrances, Home & Personal Care applications, Pesticides and Perfumeries. The company operates through three distinct business divisions: fine chemicals, specialty chemicals, and performance chemicals, serving both domestic and international markets.
Promoters from Techno Group and Universal Group have joined forces to create IAL. The Techno Group has been in the oleochemicals manufacturing business since 1982 and the Universal Group has been a chemical marketing consultancy since 1971. This strategic partnership brings together decades of industry experience and expertise.
Indo Amines Limited is headquartered in Mumbai. The company has six manufacturing sites strategically placed in Dombivli, Dhule, Rabale, Baroda, Tarapur and Mahad. Additionally, four more manufacturing sites of Indo Amines Limited are underway, indicating the company's expansion plans. The company also maintains an innovation lab CTA lab (chemistry, technology and Application). The lab is DSIR-approved and issued to research, innovate and develop unique processes, synthesis and chemical reactions for various products for manufacturers worldwide.
The company has established a robust global footprint through its subsidiaries including Indo Amines (Malaysia) SDN BHD, Indo Amines Americas LLC, Indo Amines (Changzhou) Co. Limited, Indo Amines (Europe) Limited, and Ashok Surfactants Private Limited. The company spreads its footprints across India and to over 30 countries on the world map.
Indo Amines operates across multiple product categories serving diverse industrial applications. The products manufactured by Indo Amines Limited find application in various industries like paints, pigments and polymers, cosmetics, home and personal care, pharmaceuticals, intermediates and APIs, metalworking and lubricants, water treatment chemicals, oil field, refineries and oil rigs, mining, drilling and construction, fertiliser additives, agrochemicals and textile processing chemicals.
The company's fine chemicals division provides aliphatic amines, aliphatic nitriles, aromatic amines, aromatic nitriles, halides, alcohols, cycloalkanols, and acid esters. Indo Amines offers a catalogue of specialty chemicals like fatty acids, amides, amines, di amines, tertiary amines, polyamines, amine ethoxylates, ammonium quats, etc. Indo Amines Limited started its performance chemical division in 2004. The division offers products like anticaking agents, granulating aid, antistatic agent, defoamer, antistripping agent, anticaking cum colouring agent, antifoaming agent for phosphoric acid plant, bitumen emulsifier and demulsifier for penicillin industry.
The company has a market cap of ₹1,099 crore as of July 2025, reflecting its significant market presence. For the financial year ended March 2025, net profit rose 30.09% to Rs 55.90 crore as against Rs 42.97 crore during the previous year ended March 2024. Sales rose 14.33% to Rs 1078.68 crore as against Rs 943.46 crore during the previous year ended March 2024.
Recent quarterly performance shows strong momentum with net profit of Indo Amines rising 29.93% to Rs 11.85 crore in the quarter ended March 2025 as against Rs 9.12 crore during the previous quarter ended March 2024. Sales rose 12.70% to Rs 285.41 crore in the quarter ended March 2025 as against Rs 253.24 crore during the previous quarter ended March 2024.
• Q4 FY2024-25 Performance: Net Profit of Rs 11.85 crore, Sales of Rs 285.41 crore
• FY2024-25 Performance: Net Profit of Rs 55.90 crore, Sales of Rs 1078.68 crore
• Market Capitalization: ₹1,099 crore (as of July 2025)
• PE Ratio: 19.02 (at current price of Rs 140.3)
• PB Ratio: 3.34 (at current price of Rs 140.3)
• Dividend Declared (FY2024): Rs 0.5 per share, yielding 0.4%
• Interest Coverage (Apr-Dec 2024, FY2025): Around 5.4 times
The group's business risk profile has improved, driven by increase in capacity utilisation, healthy orders from customers and product additions. Diversified customer base and geography profile have also supported steady revenue growth. However, with operations remaining working capital intensive, debt remains at similar level, resulting in gearing of 0.88 times as on 30 September 2024.
The ratings continue to reflect the established market position of the company backed by the extensive experience of the promoters in the chemical industry and the group's healthy financial risk profile. These strengths are partially offset by susceptibility to commodity prices and large working capital requirement.
The stock has shown remarkable performance over the long term. Indo Amines share price has surged 217% in the last three years. The company's stock has experienced volatility with the 52-week high of Indo Amines Ltd (INDOAMIN) being ₹248.40 and the 52-week low being ₹105.
Recent market developments include product launches that have positively impacted investor sentiment. Indo Amines Ltd launched its new product, Morpholine and Derivatives, boosting shares by up to 5.7%. The product targets both domestic and international markets, enhancing the company's global presence and investor sentiment.
Over the last 5 years, revenue has grown at a yearly rate of 17.65%, significantly outperforming the industry average of 11.09%. Over the last 5 years, market share increased from 0.91% to 1.16%, demonstrating the company's ability to outperform the industry and gain market share consistently.
Indo Amines Limited represents a well-established player in the specialty chemicals sector with strong fundamentals, diverse product portfolio, and global market presence. The company's commitment to innovation through its research facilities and strategic expansion plans positions it well for sustained growth in the evolving chemical industry landscape.
