Balaji Amines share price rallied on Thursday, rising as much as 8% during the session, after reports indicated that India’s trade watchdog has recommended anti-dumping duties on imports of ethylene diamine from China, the European Union, Saudi Arabia and Taiwan. 

The stock emerged among the top gainers in the specialty chemicals space as investors bet that the proposed duties would improve the competitive landscape for domestic manufacturers by reducing the impact of low-priced imports. Peer Alkyl Amines Chemicals also traded higher during the session, reflecting positive sentiment across the amines segment. As of writing, Balaji Amines was up 6% at Rs 2,215. 

DGTR recommends anti-dumping duty 

According to reports, the Directorate General of Trade Remedies (DGTR) has recommended the imposition of anti-dumping duties after concluding an investigation into imports of ethylene diamine from the four regions. 

The investigation found that the product was being exported to India at unfairly low prices, adversely impacting domestic manufacturers. The recommendation has now been forwarded to the Finance Ministry, which will take the final decision on whether the duty should be imposed.  

Stock has jumped 20% over a year and 99.6% this year so far.

Ethylene diamine is a key chemical intermediate used in the manufacture of pharmaceuticals, agrochemicals, resins, coatings and several specialty chemical products. 

Why the move matters 

Market participants believe the proposed anti-dumping duty could significantly benefit domestic producers by creating a more level playing field. 

Cheap imports have kept prices under pressure in recent years, affecting profitability and limiting pricing power for Indian manufacturers. If the Finance Ministry accepts the recommendation, imported material would become relatively more expensive, allowing domestic companies to improve realizations and increase capacity utilization. 

Balaji Amines manufactures aliphatic amines, amine derivatives and specialty chemicals catering to industries such as pharmaceuticals, agrochemicals, pesticides and industrial chemicals, making it one of the companies expected to benefit from the proposed measure.  

Strong earnings add to optimism 

Apart from the regulatory tailwind, investors have also been encouraged by the company’s improving financial performance. 

For the quarter ended March 2026, Balaji Amines reported a 12% year-on-year increase in revenue from operations to about ₹395 crore. EBITDA rose 58% to ₹94 crore, while EBITDA margin expanded by 700 basis points to 23.9%. 

Net profit also climbed 58% year-on-year to ₹63 crore, aided by improved operating efficiency and a better product mix. The strong quarterly performance has reinforced expectations that the company is emerging from a challenging phase for the specialty chemicals sector.  

While the Finance Ministry’s decision on the DGTR recommendation will be closely watched, Thursday’s rally underscored investor optimism that stronger trade protection could improve industry dynamics and support earnings for domestic amines manufacturers such as Balaji Amines. 

Source: HDFCSky