Motilal Oswal's research report on Alkyl Amines Chemicals
lkyl Amines Chemicals (AACL) reported a steady operating performance with EBITDA growth of 4% YoY in 4QFY26. The company successfully mitigated raw material cost pressures through price pass-throughs, driving a 70bp YoY improvement in EBITDA margin to 18.3%. While volume growth remained flat in FY26, the growth momentum is expected to improve steadily, driven by rising demand from the pharma segment led by peptides, with management guiding a 5-10% overall volume growth. Further, the anti-dumping duty (ADD) on acetonitrile is likely to aid price recovery and strengthen AACL’s market position.
Outlook
We estimate a CAGR of 6%/6%/7% in revenue/EBITDA/PAT over FY26-28 and maintain our earnings estimates. We value the stock at 40x FY28E EPS to arrive at our TP of INR1,720. Reiterate Neutral.
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Alkyl Amines Chemicals_07052026_Motilal Oswal