The said product would be manufactured at the company’s existing unit situated at J5, MIDC, Dhule, Maharashtra, India.
The company will cater the product in both domestic and international markets, including countries in regions such as Asia-Pacific, North America, and Europe.
Separately, Indo Amines (IAL) said that Crisil Ratings has upgraded its ratings on the bank facilities of the company to 'Crisil A-/Stable/Crisil A2+' from 'Crisil BBB+/Stable/Crisil A2’.
Crisil Ratings stated that the upgrade reflects sustained improvement in IAL’s overall credit risk profile supported by healthy operating performance.
IAL reported revenue of Rs 793 crore during the first nine months of fiscal 2025 as against Rs 690 crore during a similar period of fiscal 2024; and is estimated to have achieved revenue of more than Rs 1000 crore in fiscal 2025.
Better operating efficiency and the group’s prudent inventory management have also resulted in improving operating margin. The operating margin increased to 9.62% during the first nine months of fiscal 2025 from 8.98% during the similar period of fiscal 2024 and is expected to sustain above 9.70% over the medium term.
The group’s business risk profile has improved, driven by increase in capacity utilisation, healthy orders from customers and product additions. Diversified customer base and geography profile have also supported steady revenue growth.
With operations remaining working capital intensive, debt remains at similar level, resulting in gearing of 0.88 times as on 30 September 2024. However, with high operating profit, interest coverage increased to around 5.4 times for April-December 2024 in fiscal 2025 from 4.3 times during the similar period of fiscal 2024 and is expected at similar level over the medium term.
The ratings continue to reflect the established market position of the company backed by the extensive experience of the promoters in the chemical industry and the group’s healthy financial risk profile.
These strengths are partially offset by susceptibility to commodity prices and large working capital requirement.
Indo Amines (IAL) is part of the Indo Amines group. The company manufactures fine and specialty chemicals used in several industries, including pharmaceutical, agrochemical, fertiliser, petrochemical, pesticide and perfumery. The company has five manufacturing units in Gujarat and Maharashtra.