ALKYLAMINE

Alkyl Amines Chemicals (AACL)’s 4QFY25 revenue increased 8% YoY to INR 3.9b. The growth was mainly volume-driven, though the company continues to face pricing pressure. Gross margin dipped 330bp YoY to 45.9%, while EBITDAM stood at 17.6%. PAT came in at INR 460m vs. our estimate of INR 522m. Exports contributed 25% of the total revenue in FY25. AACL reported 13% YoY volume growth in FY25 (15% in 4QFY25), but top-line growth was muted due to continued pricing pressure (-4% YoY in FY25). Pharma demand stayed stable, while agrochem demand remained volatile amid industry-wide capacity expansions. Average capacity utilization currently stands at 65-70% for the company.