**Business Performance:** Balaji Amines reported stable Q2FY26 performance, with consolidated revenue at ₹348 Cr, a slight dip from previous quarters.

Total volumes remained steady at 26,165 MT, supported by consistent demand.

H1FY26 saw consolidated revenue at ₹715 Cr (-5% YoY), EBITDA ₹131 Cr (-9% YoY), and PAT ₹74 Cr (-15% YoY). Standalone operations remain zero-debt. **Growth Drivers or Strategy:** Strategy focuses on high-value derivatives & specialty chemicals, targeting fast-growing sectors like pharma, agro-chemicals, and EV battery materials.

They prioritize import substitutes and products with limited competition, supported by indigenous tech development and R&D. **Recent Developments:** The company is driving significant expansion with new projects.

A DME Plant at Unit-IV and a 5,000 TPA N-Methyl Morpholine facility are slated for commissioning in FY25-26. A substantial ₹750 Cr expansion at subsidiary Balaji Speciality Chemicals includes new plants for Hydrogen Cyanide (HCN) and EDTA, with Unit-I commissioning by Sept 2026 and Unit-II by Dec 2026. An Electronic Grade DMC plant commenced operations in May 2025. **Key Financial Metrics:** Q2FY26 consolidated EBITDA was ₹67 Cr (19% margin, up from 17% in Q1FY26), and PAT hit ₹37.10 Cr with a diluted EPS of ₹10.67. **Management Commentary / Outlook:** Management sees strong demand for methylamines & PVP K-30. The 6 MW AC solar power plant, commissioned in April 2025, is expected to deliver long-term cost benefits and support sustainable growth.