The stock’s recent price move has mirrored past cycles, with technical and balance sheet trends reinforcing the ongoing breakout.
Shares of Balaji Amines rose nearly 3% on Thursday after the company said it had received consent to operate its Isopropylamine (MIPA/DIPA) manufacturing facility.
Trial runs are expected to begin shortly, with commercial production to follow.
The stock has rallied nearly 20% in the last one month.
SEBI-registered analyst Rajneesh Sharma said that the recent move of Balaji Amines shares to ₹1,680 aligns with a historical trendline setup observed in prior cycles, including 2014 and 2020.
The analyst noted that the long-term logarithmic trendline continues to act as a strong support, with volume patterns suggesting the breakout is still in its early phase.
Sharma pointed to Balaji Amines’ balance sheet improvements over the past five years, citing a drop in borrowings from ₹260 crore to ₹11 crore.
He also noted a rise in reserves from ₹652 crore to ₹1,839 crore, enabled by over ₹1,100 crore in capex, largely funded through internal accruals.
Key business drivers being tracked include the ramp-up of DME, DMC, and NBPT capacities, as well as backward integration through BSCL to reduce raw material costs.
The analyst added that while methanol prices pose a near-term risk to margins, the broader structural thesis remains intact.
A target range of ₹2,800–₹3,900 over 12–24 months has been maintained, contingent on volume confirmation and a continuation of the current technical setup.
On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.
The stock has declined 4.6% so far in 2025.
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