Balaji Amines Limited

Annual Report 2022
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Balaji Amines, unlocking value forms the bedrock of our existence.
For, in our 34 years of journey, we focused primarily on creating doors in walls perceived impregnable. We ventured into areas considered complex and challenging - hence considered not feasible. We journeyed all of these 34 years to make India selfreliant, as opposed to simply being motivated with growing our enterprise. In doing so, we unlocked value for all those who have partnered with us, believed in us and relied on us. This document chronicles our ‘value unlocking’ for India and India Inc.

Unlocking value has
been a good business philosophy

It has delivered decent growth
It has improved profitability
It has created value

A Company that focuses
on treading the Road less

Set up in 1988, Balaji Amines Limited (Balaji) is one of India’s leading manufacturers of Specialty and Fine Chemicals with a specialization in manufacturing Methylamines, Ethylamines, Derivatives of Specialty Chemicals and Pharma Excipients.

Registered office in Solapur (Maharashtra, India) and Corporate Office in Hyderabad (Telangana, India). The Company has the state-of-the-art manufacturing facility near Solapur (Maharashtra, India) and Hyderabad (Telangana, India).

Balaji Amines also possesses an excellent R&D facility and pilot plants, which helps in conducting basic research and fine tune processes. Its passion for quality products is reflected in its strong global presence.

The Company is spearheaded by Mr. A. Prathap Reddy, Executive Chairman and other Members of Board. The day-to-day operations are managed by a team of 1100+ team members.



2,31,000 MT







Revenue (Rs crore)






Capital employed (Rs crore)


Market capitalisation (Rs crore)


  • Maintaining our integrity in the market and excelling in all the sectors by providing quality products to our customers
  • Focus towards high-value derivatives and specialty chemicals with an aim to move up the value-chain with vertical integration
  • Develop new indigenous technology for manufacturing new products in India first time leading to lowering in manufacturing costs and improving of return ratios.


  • Innovating new production techniques to amplify our services, maintaining our integrity in the market and excelling in all the sectors we set our foot in are our core set of values. We abide by them and aim to continue our legacy with Integrity.
  • One of our topmost priorities is to provide safety and top-notch care to our employees and develop a healthy work culture for all of them in an environments where each stakeholder is performing with excellence

Our performance snapshot

this far


Started business operations


Started to produce Methyl Amines and Ethyl Amines in the following year


Established an R&D Centre at Hyderabad


Started manufacturing drug intermediate –Dimethyl Amine Hydrochloride


Added derivatives of Methyl and Ethyle Amines to the product portfolio


Certified with ISO:9001


Developed more specialty chemicals


Founded Balaji Foundation and Research Centre for the rural population as a part of CSR activity. Became the only manufacturer of GBI, NMP, and Morpholine


Secured the ‘Certificate of Merit’ for outstanding export by Chemexcil


Installed wind turbine for generating in-house electricity in-house to start focusing on renewable energy


Received “Certificate of Suitability” certification from European Directorate for the Quality Medicines & HealthCare (EDQM), Europe for our product PVPK-30.

Also received WHO-GMP certification and REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals).


Inaugurated the five-star hotel ‘Balaji Sarovar Premiere’ in October 2013

Commissioning of DMF manufacturing Plant


Awarded for Balaji Sarovar Premium’s ‘eco-friendly Green technology’


Awarded another ‘Certificate of Excellence’ for Balaji Sarovar Premium from the ‘Trip Advisor ‘on the basis of customer reviews for excellent food, service and hospitality


Set up a plant to manufacture Acetonitrile


90 acres of land allotted in MIDC, Chincholi with Mega Project Status


Set up a new plant under our subsidiary Balaji Specialty Chemicals Private Limited. The project was completed in a record 12 months and has also received Environment Clearance for Greenfield Project

Environmental Clearance received for Balaji Amines unit IV Greenfield Project

Commenced operation in Greenfield Project at unit- IV

Our products

From humble beginnings as a manufacture of Methyl Amines, the Company has forged ahead into Ethyl Amines and other derivatives of Methyl Amines and Ethyl Amines leveraging in-house developed technology and processes. Continuous improvement over the years has positioned the Company as one of the low-cost producers of quality products marketed to marquee customers across sectors.


Mono Methyl Amine
Di-Methyl Amine
Tri-Methyl Amine
Mono-Ethyle Amine
Di-Ethyle Amine
Tri-Ethyle Amine


Mono-Methyl Amine Hydrochloride Di-Methyl Amine Hydrochloride Tri-Methyl Amine Hydrochloride Mono-Ethyle Amine Hydrochloride Di-Ethyle Amine Hydrochloride Tri-Ethyle Amine Hydrochloride Di-Methyl Acetamide Di-Methyl urea Choline Chloride 60% Corn Cob Choline Chloride 75% (Aqueous Solution) Choline Chloride 98% Powder

Specialty Chemicals

Morpholine Acetonitrile (ACN) Dimethylformamide (DMF) N-Ethyle-2-Pyrrolidone (NeP) 2-Pyrrolidone (2-P) Gamma-Butyrolactone (GBL) N-Methyl 2-Pyrrolidone (NMP) Pharmapure Povidone (PVP K30 & PVP K25) Di-Methyl Amino Ethanol Di-Ethyle Amino Ethanol
Sectoral usage
  • Pharmaceuticals
  • Oil & Gas
  • Agrochemicals
  • Rubber Cleaning Chemicals
  • Paint & Resins
  • Water Treatment Chemicals
  • Animal Feed
  • Dyes & Textiles
Global presence
Global presence
  • The UK
  • The US
  • Argentina
  • Canada
  • Israel
  • India
  • Pakistan
  • Pakistan
  • Oman
  • Germany
  • Italy
  • Egypt
  • South Africa
  • Korea
  • Taiwan
  • Spain
  • France
  • Belgium
  • The Netherlands
  • Norway
  • Poland
  • Ukraine
  • Mexico
  • Brazil
  • Australia
  • China
  • Japan
  • Turkey
  • Finland
  • Indonesia
  • Switzerland
  • Sri Lanka
  • Russia
  • Malaysia
  • Singapore
  • Bahrein
  • Jordan
  • Guatemala
  • Columbia
  • Costa Rica
  • Thailand
  • Morocco
  • Peru
  • Venezuela
  • Philippines
  • Saudi Arabia
  • Vietnam
  • Ireland
  • Qutar
  • Slovenia
  • Kuwait

Our Competitive Moat

Diverse product portfolio

The Company enjoys an undisputed market presence in a broad range of products. It is among the top three players in India in most of the products in its basket.

Intellectual capital

The Company’s intellectual capital has provided it with a unique platform – Balaji is the only company to utilise indigenous technology to manufacture Amines and allied products that cater to the requirements of diverse sectors. This coupled with the team’s continuous efforts in new process development enables it to remain competitive in existing products despite the growing competitive intensity.


Most of the plants are fully-automated and are controlled through DCS systems (distributed control systems) that can be managed by one single operator. This is a one-of-a-kind solution developed by the team customised to its process requirements.

Value-added products

The Company has an undying passion to move up the value-chain by developing and delivering high-value derivatives and specialty chemicals. To support this zeal, the Company continues to invest in enhancing capabilities and shoring capacities.

Large customer base

The multi-sector, multi-geography and multi-product category presence de-risks the Company from an over dependence on any one sector, geography or product. In India, it has more than 1,200 customers some of whom are sectoral leaders with a growing demand. The Company also enjoys a wide global presence in more than 50 nations. Moreover, it is a leading player for its products in the geographies of its presence.

Care of the Earth

The Company has pledged to contribute to environmental well-being by reducing and reusing the fresh water used at its manufacturing facilities. This approach has transformed all its facilities into zero liquid discharge units.

22.21 % Revenue

5-yr CAGR

24.12 % EBITDA

5-yr CAGR

28.43 % Net Profit

5-yr CAGR

26.40% Networth

5-yr CAGR
From the Chairman’s desk
We will continue to produce high-quality products which are technology driven and substitute import, for which we have been continuously undertaking expansions. This will reinforce our commitment to unlock value for our business partners in


Dear Shareholders,

It gives immense pleasure in communicating with you. Last year around this time, we were in the midst of anxiety owing to the fast spreading and increasingly fatal second wave of the pandemic. Having overcome that very trying phase with considerable pain, we have resurged smartly. For India and Indians have, time and again, demonstrated resilience to rebound smartly against headwinds.

My heart goes out to all those families who have lost their loved ones during this health crisis. My immense gratitude to the entire healthcare fraternity, other frontline workers, institutions and individuals from all walks of life who have contributed to overcoming this very challenging phase.

FY22 was a good year for us at Balaji. We reported a healthy all-round performance in terms of growing the business during the period under review and drawing out the contours of our future road map that promises to sustain our business growth over the foreseeable future.
Business growth
We were among the very few fortunate business houses that continued to witness robust demand for our products from end-user industries even during the second wave as our products featured under essential category, with some of them also required in medication. With the intensity of the second wave of the pandemic lessening, demand for our products resurged which kept our facilities humming with energy.

Our business progress was partially hindered by the reduced availability of Key Starting Material (KSM) owing to global supply chain disruptions that prevailed during most part of the financial year. Besides, inflationary pressures, particularly in the second half of the fiscal, impacted overall operating margins.

We ended the year with satisfying numbers. Our revenue grew by 65.08%, EBITDA by 35.64% and Net Profit by 32.90% over the previous financial year. We were aided in achieving this growth by our DMF and new Ethylamines plants which were commercialised during the year and have achieved stable operations since.

Having made good progress, we start the current year with considerable optimism and unlocking value for all our stakeholders.

We shall continue to witness improved demand across our product portfolio. The global sourcing from Indian pharma and agrochemicals industry is expected to increase on account of the ‘China Plus One’ business strategy being adopted by western companies. As the confidence in building demand will continue to scale northwards

Also, the PLI incentives provided by the Government gives considerable impetus to speciality chemicals, pharmaceutical and agrochemical industries to undertaken sizeable capex which will allow India to capitalise on this large opportunities. The combination of these factors should cascade into healthy demand for our products.

In keeping with this reality, our thrust will be on expanding our portfolio of key derivative products alongside entering newer specialty chemicals to gain from both vertical integration and operating efficiencies.We are working on both aspects, putting in place the requisite building blocks, which should strengthen our growth momentum going forward.

We are setting up a plant for manufacture of Di Methyl Carbonate (DMC) & Propylene Glycol (PG) [under Phase 1 of our 90-acre Greenfield Project (Unit IV)] which will be operational in FY23. DMC is an import-substitute used for making Polycarbonate, apart from this DMC and PG are widely used in pharma and other Speciality chemical industries.

The consumption of DMC and PG s is expected to grow exponentially in India backed by various applications across the sectors. Moreover, there is encouraging scope for exporting DMC to other global markets. The unit’s capacity of DMC is 15,000 TPA and that of Propylene Glycol is 15,000 TPA.

In addition to this, we have substantial capex plans (Rs. 300-350 crore) which will be initiated over FY23 and FY24 and are expected to commence production between mid FY24 till end of FY25.

1) New N-Butylamine plant with a capacity of 15,000 TPA

2) Acetonitrile plant with a capacity of 15,000 TPA

3) Methylamine plant with a capacity of 40,000 TPA

4) DMF plant with a capacity of 30,000 TPA

These units, when commissioned, will further strengthen our position in our business space.

We also plan to steadily expand our reach in the export market over medium to long-term, given the eagerness of global companies to reduce their exposure to Chinees suppliers.

In closing

We will continue our endeavour to produce high-quality products which substitute imports, for whichwe have been continuously undertaking expansions. This will only reinforce our commitment to unlock value. My personal focus will be on improving the quality of business. This means improving our products, our technology and processes and our customer service to increasingly unlock value for our customers.

I take this opportunity to thank my colleagues on the Board for their knowledge and guidance in drawing the contours of our strategy and helping the company course correct to align with sectoral realities. I would also like to thank the entire team for the unwavering dedication and tireless efforts in elevating the Company’s position in our business space. I express my gratitude for all other stakeholders for their support and belief in our journey. We continue to solicit your support as we journey towards our ambitious goal.

Stay safe. Stay healthy.
Warm regards,

A. Prathap Reddy
Executive Chairman

Social &

Ethical and responsible businesses are the one who are most likely to withstand the innumerable headwinds that continue to thwart business progress. The headwinds of tomorrow are not the same as those that impacted business a few years ago.

Climate change is the buzz word across the world – in political circles and economic and business forums. Countries and companies have articulated their aspiration to transition to a Net Carbon Zero position over the coming years.

Hence, comprehensive concern and responsibility of the Environment has become a business mandate. As a result, Environmental, Social and Governance (ESG) has emerged as a business imperative for sustained

Hence, comprehensive concern and responsibility of the Environment has become a business mandate. As a result, Environmental, Social and Governance (ESG) has emerged as a business imperative for sustained success. In today’s world, it is used as a yardstick by investors for screening companies and encourages organisations to act responsibly. Investors seek to ensure that the Company is taking prudent strategic decisions that pass the ESG filters.

As a responsible organisation, Balaji, since inception, has built its organisation pillared on Environmental, Social and Governance. Every strategic decision is taken after its successfully clears these three aspects.


Though, the Company deals in chemicals. The overall business of Balaji’s focus has been the immediate impact on the environment, health and safety of our employees, stakeholders is minimally cognizant of this responsibility, the Company has established strong systems and processes to mitigate these risks. Its stringent processes and systems, have ensured that the Company has always complied with the demanding standards of the National & Global Environmental objectives.

As an organisation, Balaji is committed to contributing to the well-being of communities and societies and the stakeholders.

The Company focuses on supporting economically weaker sections of the society through its CSR activities in improving Rural infrastructure, education, healthcare and livelihood which is crucial to the business and the society at large.

1) Education

The Company understands that education infuses the ability of innovation and adaptability on which the future depends. In keeping with this belief, the Company generously contributes to the educational institutes in the Solapur, Osmanabad and Medak district areas. Where the facilities are set up. It provides notebooks, library books, benches, desks, water filters R/O system, toilet blocks, laboratory equipment, provide funds for the construction of school buildings and other required furniture set up.

t also provides projectors and computers to promote e-learning. Deserving underprivileged students are awarded scholarships. Some of the district level and international conferences, educational lectures, and seminars are sponsored by Balaji. Students of the above districts are encouraged to participate in various academic and sports related competitions. The Company assists star sports persons of this region to prepare for the State or National level sports.

2) Healthcare

In the healthcare realm, Balaji shoulders the medical expenses of underprivileged patients. They have established health centres, camps etc., to provide access of medical assistance to emergency patients and the underprivileged sections of society. The Company arranges and funds regular free health camps (including eye/dental checkups) in remote areas. The Company provides dustbins and funds the construction of toilet blocks around the Solapur and Osmanabad districts to ensure proper health and hygiene is taken care of.

Balaji also facilitated and funded the installation of large water tanks, which is done to provide relief to communities in Solapur and Osmanabad districts – they did not have sufficient access to water resources. Additionally, the Company also provided water for the livestock in this region during summer
3) Community Service

The organisation contributes to orphanages situated in and around Solapur. It provides financial support to several homeless people to improve their living conditions. Furthermore, the Company has donated wheelchairs for senior citizens at Solapur Railway Station.

4) Conservation of Natural Resources
The government of Maharashtra introduced a strategy for water conservation named ‘Jalyukt Shivar Abhiyan’ with an aim to make the state drought-free. Balaji strategised to become part of this initiative. The key aim of Jalyukta Shivar Abhiyan is to establish the belief in the farming community that ‘every drop of rainwater is owned by them, and it should percolate in their land’. With respect to this view, the Company started this mission by way of deepening and widening of Nallas (drains, rivulets) since 2015. So far, we have completed work in more than 27 villages and have been partners in creating large storage of water to the tune of 300 TCM (30 Crores litres).

5) Rural Development

Balaji Amines has preferred with an NGO to set up Ekalavya Centre for organic agriculture, research and training Centre at Gungurti, Tandur Mandal, Vikarabad District, in Telangana. The Company has provided infrastructure facilities as a part of its smart village development by constructing roads and providing cement poles, streetlights, and surface drainage facilities to various villages.

The Company supplied garbage containers to some of the Villages in Solapur and Osmanabad districts to support the “Swatch Bharat Abhiyan”. It also provided containers and dumper placer for waste management of the Municipal Corporation of Solapur/ Osmanabad districts.

Balaji Amines ensures an appropriate and transparent decision-making process. The Company has put in place a robust and relevant Corporate Governance framework that helps it in stakeholder welfare along with profit maximisation. The Board steers and sets the Group’s direction and brings independent, informed and effective judgement and leadership to bear on material decisions reserved for the Board.

Board of Directors

Mr. A. Prathap Reddy
Executive Chairman and Whole-time Director
Mr. D. Ram Reddy
Managing Director
Mr. N. Rajeshwar Reddy
Joint Managing Director
Mr. G. Hemanth Reddy
Whole-time Director & CFO
Mr. A. Srinivas Reddy
Whole-time Director
Mr. T. Naveena Chandra
Independent Director
Mr. Amarender Reddy Munipuri
Independent Director
Mrs. Vimala B. Madon
Independent Director
Mr. Chavali Satyanarayana Murthy
Independent Director
Mr. Kashinath Revappa Dhole
Independent Director

Awards & Accolades

Balaji Amines Limited is a Winner for the Award for Excellence in Sub-Sector in Speciality Chemicals at India@75 : Chemical and Petrochemical Industry Awards, 2021 by FICCI (Federation of Indian Chambers of Commerce and Industry
Balaji Speciality Chemicals Limited, Subsidiary Company as a Joint Runner-Up for Award for Leading Company Contributing Towards Atmanirbhar Bharat in Chemicals at India@75: Chemical and Petrochemical Industry Awards, 2021 by FICCI (Federation of Indian Chambers of Commerce and Industry)