Dear Shareholders,

Thirty-seven years ago, we built Balaji Amines on one conviction: that India could make its own chemistry. It did not need to borrow from the world. FY26 tested that conviction. It rewarded it.

A Year of Decisive Recovery

Two years of subdued global speciality chemical pricing are behind us. FY26 marks the turn.

Full-year consolidated revenue stood at ₹1,454 crore. PAT came in at ₹169 crore. The fourth quarter, our strongest in years, delivered revenue of ₹403 crore, EBITDA of ₹102 crore at a 25% margin, and PAT of ₹65 crore, up 62% year-on-year.

These are not cyclical numbers. They are the operating leverage of infrastructure that took years to build and is now reaching its full stride, even during a challenging geopolitical environment. The structural improvements, quietly assembled over two years, have surfaced in the results.

The standalone entity remains entirely debt-free. Every rupee of BAL expansion projects is funded from our own cash generation. For the seventh consecutive year, your Board recommends a dividend of ₹11 per share.

What We Design, We Build, and What It Means to India

Each new project at Balaji Amines begins the same way: India is importing something it should be making. We design, we build the plant. We commission it. We supply the market.

In FY26, that discipline produced four milestones.

Our methylamines plant (88,000 TPA), the largest in India, built on technology we developed ourselves, completed its first full year of operations. The structural cost advantage it provides is now visible in our margins.

The MIPA plant was commissioned in Q1FY26. Customers who previously relied on imports can now rely on domestic sources.

Electronic Grade DMC was commissioned in May 2025. Balaji Amines is today the sole domestic manufacturer of this critical element for EV batteries. India’s EV market crossed 8.5% of vehicle registrations in FY26. We were ready. India First at Balaji Amines.

The 6 MW solar plant commenced generation in April 2025. Today, roughly 30% of our manufacturing energy comes from solar. I do not raise this as an ESG headline. I raise it as a futuristic, self-sufficient, and resilient argument. Lower per-unit power costs are already reflected in our standalone margins. The same engineering discipline that drives import substitution drives self-sufficiency in energy. They are expressions of the same culture.

India’s Chemistry, on the World’s Stage

Our export footprint spans more than 50 countries. REACH certifications for a range of products of BAL has an access to European regulated markets. Our direct international customer relationships across the pharmaceutical, agrochemical, and performance chemical sectors now exceed 65.

We do not export because India’s market is small. We export because our products are globally competitive. That distinction matters.

The Pipeline: India’s Priorities, Our Products

We have a strong record of on-time commissioning. That record is the basis for what comes next.

DME at Unit IV is already on stream in Q1FY27. NMM and upgraded ACN follow later in FY27. BSCL Unit I delivers the full EDA value chain in September 2026. BSCL Unit II, covering HCN, NaCN, EDTA, and EDTA-2Na, will be delivered by March 2027.

By the close of FY27, Balaji Amines will be a strategic supplier to India’s pharmaceutical, agrochem, mining, energy, and EV battery industries simultaneously.

This is the vision we have been executing for a decade. India’s industrial self-reliance is no longer a government slogan. It is a structural economic shift. It is rewarding companies that were already positioned for it. We were already positioned.

Looking Ahead

India today is a country where political will, industrial policy, and market demand for chemical self-reliance have converged. We have been building for this convergence for years.

I am guiding for 10-15% consolidated volume growth in FY27, with EBITDA margins in the 22-23% range. Over the medium term, as DME, NMM, ACN, and BSCL progressively contribute, I expect 20-30% volume growth. These are grounded projections, built on plants already under construction, already being commissioned, and accepted by customers. The revenue ahead is queued, not speculative.

FY28 will be the year our shareholders begin to see the full revenue and margin impact of that preparation. The investments are done. The plants are being commissioned. The customers are ready. So are we.

In Gratitude

None of this happens without people. To our shareholders: your trust is the mandate we carry into every capital decision.

To our employees: your discipline and commitment are the reasons the plants run, the projects are commissioned, and the numbers improve. To our customers, suppliers, and partners: your confidence in Balaji Amines is both a privilege and a responsibility we take seriously.

We enter FY27 with full project pipelines, a debt-free balance sheet, and a market that is finally moving in our direction. The future we have seen is ours to deliver, and we are ready.