Amines & Plasticizers

What Amines & Plasticizers does

Amines & Plasticizers Limited is an Indian publicly listed specialty chemicals company (BSE: AMNPLST, ticker AMNP) founded in 1970 and headquartered in Mumbai, manufacturing amines and plasticizers for industrial customers. Its products serve three primary use cases — gas treatment, agrochemicals, and construction chemicals — with a horizontal segmentation approach targeting multiple industrial chemical buyers. The company sells through direct industrial sales channels, with 40-50% of revenue generated from exports and the majority from domestic Indian markets.

The company's revenue model is straightforward industrial chemicals manufacturing: products are sold to industrial buyers on a transactional basis with no publicly disclosed pricing structure or customer concentration data. Ethylene oxide sourced from Reliance Industries is a critical raw material input, creating supplier concentration risk that ICRA has explicitly flagged. The company competes against larger listed peers including Balaji Amines, Indo Amines, Alkyl Amines, and Modi Naturals in a market where ethanolamines alone is projected to reach USD 4.93 billion by 2031.

Financial performance in FY26 deteriorated materially: revenue fell 13.6% to Rs 571.03 crore, net profit declined 10.9% to Rs 36.53 crore, and operating margin compressed from 10.4% (FY25) to 8.7% (9M FY26). In response to geopolitical disruptions in West Asia, export scale-down, freight inflation, and forex vulnerability, ICRA placed the company's ratings on watch with negative implications in March 2026. Management partially offset revenue weakness through a 9.1% reduction in operating expenditure, lifting Q4 FY26 net profit 19.8% YoY to Rs 15.35 crore despite a 6.4% YoY revenue decline in the same quarter.

Name

Amines & Plasticizers

Legal name

Amines & Plasticizers Limited

Website

https://amines.com

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

251–500 employees

Short description

Amines & Plasticizers Limited is a Mumbai-based, BSE/NSE-listed Indian specialty chemicals manufacturer (est. 1970) producing amines and plasticizers for industrial buyers in gas treatment, agrochemicals, and construction chemicals, with 40-50% of revenue from exports.

Ownership category

akta.pro rank

Product category

Specialty Chemicals

NAICS

Other Basic Organic Chemical Manufacturing (32519)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Plasticizers & Solvents (Phthalates/Alternatives, Commodity Solvents) (IMAEADAK)

akta.pro secondary industry

Commodity Organic Chemicals (Solvents & Intermediates) (IMAEAAAB)

Keywords

• Specialty chemicals
• Amine manufacturing
• Plasticizer production
• Gas treatment chemicals
• Industrial chemicals

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Chemicals Manufacturing Sales: Manufactures and sells amines and plasticizers to industrial customers. Revenue is generated through product sales with exports comprising 40-50% of total revenue.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Amines & Plasticizers Limited manufactures and sells specialty amines and plasticizers for industrial customers. The company's products serve applications in gas treatment, agrochemicals, and construction chemicals. Revenue is generated through product sales of these chemical intermediates, with exports contributing 40-50% of total revenue alongside a majority domestic Indian customer base.

Differentiator

Problem solved

Functional benefit

Products and services

• Amines Specialty amine chemicals manufactured for industrial applications including gas treatment, agrochemicals, and construction chemicals. Sold to industrial manufacturers and chemical companies as inputs for downstream production.
• Plasticizers Plasticizer chemicals manufactured for industrial applications, supplied to manufacturers and chemical companies as production inputs across industrial sectors.

Quantifiable outcome

• Achieved 19.8% increase in Q4 net profit through 9.1% reduction in operating expenditure

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Reliance IndustriescriticalOthersKey raw material supplier for ethylene oxide, which is a critical input for chemical production. Supplier concentration risk noted by ICRA rating agency as a concern due to dependence on this single supplier for a key raw material.

Scale indicators7 records

Recent moves4 records

Expansion highlights2 records

Broad incumbents

• Lanxess: Global specialty chemicals company and a major plasticizer producer. Comparable on the plasticizer side of Amines & Plasticizers' portfolio, though Lanxess operates globally and across many chemistries.
• Eastman Chemical: US-listed global specialty chemicals maker with a significant plasticizers and intermediates franchise. A relevant competitor and benchmark for the plasticizer portion of the business.
• ExxonMobil Chemical: Major global petrochemicals producer of plasticizers, plasticizer alcohols, and EO derivatives. Comparable on commodity plasticizer supply dynamics that affect Amines & Plasticizers' input costs and pricing.
• Clariant Chemicals (India): Subsidiary of Swiss specialty chemicals group Clariant, with Indian manufacturing and sales of specialty amines and intermediates. Competes for the same industrial customers in India.
• BASF India: Indian subsidiary of BASF, the global chemicals major. Produces amines and plasticizers in India among a much broader portfolio, providing a competitive benchmark on scale, technology, and customer access.

Direct peers

• Alkyl Amines & Chemicals: Mumbai-headquartered Indian listed producer of amines and amine derivatives with pharma, agro, and industrial customers. Closely overlaps Amines & Plasticizers on product range, geography, and customer base.
• Balaji Amines: Indian listed manufacturer of aliphatic amines, serving agrochemical, pharmaceutical, and industrial chemical customers in India. Directly comparable as a like-sized Indian amines specialist competing for overlapping end-markets.
• India Glycols: Indian listed chemical manufacturer producing ethylene oxide derivatives, glycols, and specialty chemicals. Comparable through shared EO-based chemistry and similar industrial customer base in India.
• Indo Amines: Indian listed manufacturer of amines and specialty chemicals serving pharmaceuticals, agrochemicals, and performance chemicals. A direct domestic competitor with overlapping application focus.

Regional players

• Godrej Industries (Chemicals Division): Diversified Indian conglomerate with a chemicals business producing surfactants, intermediates, and specialty inputs. Adjacent product portfolio with overlap on industrial chemical customers in India.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/amines-and-plasticizers-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amines & Plasticizers