
Shares of Balaji Amines and Alkyl Amines Chemicals rallied sharply on Wednesday, extending gains as investors continued to cheer the government's recommendation to impose anti-dumping duty on ethylene diamine imports from China, the European Union, Saudi Arabia and Taiwan. According to reports from Moneycontrol, Balaji Amines climbed as much as 11.5 percent to ₹2,305.40, making it one of the top gainers on the BSE Smallcap index. The stock has surged 105.5 percent so far in 2026, taking its market capitalisation to around ₹7,400 crore. Alkyl Amines Chemicals also advanced significantly, rising as much as 8 percent to ₹1,939.70 in late morning trade. The stock was trading at ₹1,923.7 per piece around 1.44 pm, climbing 127 points from its previous close of ₹1,795.6 on the NSE, and became one of the top gainers on both NSE and BSE smallcap indices, defying broader market sentiments.
The government's recommendation follows a trade-remedies investigation into imports of ethylene diamine, which found that low-priced shipments from the four regions had caused injury to the domestic industry. As reported by Moneycontrol, the proposed anti-dumping duty, if notified by the Finance Ministry, is expected to curb cheaper imports and improve pricing power for domestic manufacturers. The Ministry of Finance has now approved the proposed anti-dumping duty, with the same expected to reduce imports of cheaper ethylene diamine and lead to better pricing power and favourable fair competition for the domestic manufacturers. The Directorate General of Trade Remedies (DGTR) has recommended imposing anti-dumping duties on imports of ethylene diamine (EDA) from China, the European Union, Saudi Arabia, and Taiwan for a period of five years. Ethylene diamine is a key chemical intermediate used in the manufacture of pharmaceuticals, agrochemicals, resins, coatings and other specialty chemicals.
According to NDTV Profit, amine manufacturers such as Balaji Amines and Alkyl Amines are headed for their 'blockbuster year' in terms of both margins and volume growth. Ajay Joshi, founder of Ajay Joshi Chemicals, explained that the sector is witnessing an unusual, favourable alignment: input costs are falling even as output prices stay elevated. "The raw materials, methanol, ammonia have corrected from the war premium. They are now not at pre-war level, but considerably cheap and abundantly available," he said. At the same time, he noted that "the products of these amine companies are still selling at a premium price because globally there are structural supply issues with regard to amines," pointing to disruptions in Saudi Arabia and at Germany's BASF. This combination of cheap inputs, tight global supply and a domestic anti-dumping duty on acetonitrile has made the outlook exceptional for amine manufacturers.
The recommendation now moves to the Ministry of Finance for a final decision, which means the duty is not yet in effect and carries standard execution risk. Balaji Amines is the more direct play on this news as its subsidiary Balaji Speciality Chemicals petitioned for the duty and holds a domestic monopoly on EDA production. If the Finance Ministry ratifies the recommendation, Balaji would gain meaningful pricing power in a segment where it currently competes with landed import prices. However, investors should treat a Finance Ministry reversal or prolonged delay as a real risk, since a meaningful part of Balaji Amines' move prices in duty protection that hasn't yet been legally confirmed. For Alkyl Amines, near-term drivers remain company-specific including ammonia cost trends and capacity utilisation recovery.