From India’s Perlite Pioneer to a Niche Industrial Materials Company
Amol Minechem Limited, formerly known as Amol Dicalite Limited, is an Ahmedabad-based unlisted public company specialising in perlite-based products, filter aids and insulation solutions. The company was established in 1979 and started commercial production of perlite products in 1982, making it one of India’s early players in this specialised industrial-minerals segment. (amolminechem.com)
Official Amol Minechem Website
1. Company Snapshot
| Particular | Details |
|---|---|
| Company | Amol Minechem Limited |
| Former Name | Amol Dicalite Limited |
| Established | 1979 |
| Commercial Production | 1982 |
| Registered Office | Ahmedabad, Gujarat |
| Manufacturing Plant | Kadi, Mehsana, Gujarat |
| Sector | Specialty Minerals / Industrial Materials |
| Main Product | Perlite & Perlite-based products |
| CIN | U14100GJ1979PLC003439 |
| ISIN | INE404C01012 |
| Face Value | ₹10 |
| Paid-up Equity Shares | 8,19,135 |
| Status | Unlisted |
| Promoter Holding | ~74.97% |
The company’s latest FY2025-26 annual report confirms the ISIN, share capital and Kadi manufacturing facility.
2. What Does Amol Minechem Do?
Amol Minechem operates in a relatively niche segment of industrial minerals and specialty insulation materials.
Its major products include:
- Perlite Ore
- Expanded Perlite
- Perlite Filter Aid
- Cryogenic Perlite
- Thermal Insulation Perlite
- Construction Perlite
- Horticulture Perlite
The company also undertakes on-site expansion of perlite ore, filling into cryogenic tanks and cold boxes, and industrial insulation jobs. (amolminechem.com)
What is Perlite?
Perlite is a naturally occurring volcanic glass that expands significantly when heated. Because expanded perlite is lightweight and has useful insulation and filtration properties, it finds applications across multiple industrial sectors.
3. Where Are Its Products Used?
Amol Minechem’s products have applications across:
Industrial
Industrial insulation and high-temperature applications.
Cryogenic
Cryogenic insulation for tanks and cold boxes, including applications associated with industrial gases and LNG-related infrastructure.
Food & Beverage
Perlite filter aids can be used in filtration processes.
Construction
Lightweight construction and insulation applications.
Horticulture
Perlite is used as a growing-medium component because of its lightweight and porous structure.
Process Industries
Specialised filtration and thermal-insulation applications.
The company states that it serves both domestic and international markets and has developed new applications for perlite over time.
4. Competitive Position
One of the interesting characteristics of Amol Minechem is its niche positioning.
The FY2025-26 annual report describes the company as the largest producer of perlite-based products in India, with a sizeable market share and a strong position in the product market.
The company also highlights its long operating history and brand presence in the Indian perlite market.
This is different from a conventional commodity business: the company’s products are specialised materials, and customer qualification/application knowledge can create a degree of entry barrier.
5. Business History
Amol was established in 1979 and began manufacturing perlite products in 1982 under technical and financial collaboration with a US company that was a pioneer in perlite products. (amolminechem.com)
The company later became fully Indian-promoted after the exit of its former US collaborator.
Today, Amol Minechem operates as an Indian-promoted company with more than four decades of operating history.
6. Financial Performance
Consolidated Financials
₹ Crore
| Particular | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 62.15 | 62.92 | 69.53 |
| Other Income | 5.72 | 5.29 | 5.95 |
| Total Income | 67.87 | 68.22 | 75.47 |
| PAT attributable to shareholders | 11.84 | 6.22 | 6.35 |
| EPS | ₹144.57 | ₹75.95 | ₹77.50 |
FY26 consolidated revenue increased approximately 10.4% over FY25, while consolidated PAT increased only modestly from ₹6.22 Cr to ₹6.35 Cr. The FY26 annual report reports consolidated revenue from operations of ₹69.53 Cr and EPS of ₹77.50.
Important observation
The company experienced a significant earnings decline in FY25 despite relatively stable revenue.
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹62.15 Cr | ₹62.92 Cr | ₹69.53 Cr |
| PAT | ₹11.84 Cr | ₹6.22 Cr | ₹6.35 Cr |
| EPS | ₹144.57 | ₹75.95 | ₹77.50 |
Therefore, revenue recovery in FY26 has not yet translated into a return to FY24 profit levels. (Wealth Wisdom)
7. EBITDA & Margin Picture
The company’s consolidated EBITDA was approximately:
- FY23: ₹8.74 Cr
- FY24: ₹12.44 Cr
- FY25: ₹4.42 Cr
FY25 therefore represented a significant margin compression compared with FY24. (UnlistedZone)
The FY26 annual report shows EBITDA before interest, depreciation and tax adjustments of ₹11.52 Cr, compared with ₹9.44 Cr in FY25. However, an exceptional item of ₹4.74 Cr was recorded in FY26, which materially affected reported earnings.
This makes it important to distinguish between operating recovery and reported bottom-line profit.
8. FY26 Business Update
The company reported:
Revenue / operating and other income: ₹69.68 Cr on a standalone basis versus ₹66.95 Cr in FY25.
EBITDA: ₹11.52 Cr versus ₹9.44 Cr.
However, after the exceptional item, interest, depreciation and taxation, earnings for the year were ₹1.91 Cr on the standalone basis.
Management stated that geopolitical issues and economic uncertainty affected industrial demand, while costs were showing an increasing trend. At the same time, the company said its order book for insulation jobs remained reasonable and that thermal-insulation products were receiving greater acceptance.
9. International Business
Amol Minechem has two wholly owned overseas subsidiaries:
- Amol Cryogenic Insulation (USA) Inc.
- Amol Cryogenic Insulation Ltd. – UAE
Both remained subsidiaries during FY2025-26.
However, the subsidiaries were loss-making during FY26, with the UAE subsidiary reporting a loss and the US subsidiary also reporting a smaller loss.
This is an area worth monitoring because international expansion has potential, but currently the subsidiaries are not yet meaningful profit contributors.
10. Shareholding Pattern
The company has a relatively concentrated promoter ownership structure.
FY26 Shareholding
| Shareholder | Holding |
|---|---|
| Promoter Group | 74.97% |
| Others | 25.03% |
| Total | 100% |
The latest available shareholding data and company filings indicate promoter ownership of approximately 74.97%. (Precize)
Major shareholders – FY25
| Shareholder | Holding |
|---|---|
| Shreyas Sheth | 33.82% |
| Pratik Sheth | 21.56% |
| Priti Sheth | 8.68% |
| Other promoter-group holdings | Balance |
These holdings are disclosed in the company’s FY2025 annual report. (amolminechem.com)
11. Management
Key management includes:
Mr. Shreyas C. Sheth – Chairman & Managing Director
Mrs. Priti S. Sheth – Director
Mr. Naishadh I. Parikh – Director
The FY2025-26 annual report lists these directors.
12. Balance Sheet & Debt
Amol Minechem is not a heavily leveraged business compared with many industrial companies.
FY25 third-party data showed debt/equity around 0.09x. (Precize)
The FY26 consolidated accounts show current borrowings of approximately ₹4.89 Cr, mainly cash credit and unsecured loans, while long-term secured borrowings were very small.
This relatively moderate leverage is an important characteristic of the company.
13. Dividend
The Board proposed a ₹2.50 per equity share dividend for FY2025-26, subject to shareholder approval.
The company also paid ₹2.50 per share for FY2024-25, compared with ₹5 per share for FY2023-24.
14. Unlisted Share Price
Unlisted-market sources currently show Amol Minechem around ₹900 per share.
UnlistedZone reported an indicative price of ₹900 as of 10 September 2026, with a 52-week high of ₹995 and low of ₹900. The source explicitly states that this is an indicative private-market level and not an exchange quote or offer to deal. (UnlistedZone)
Because the company is unlisted, different dealers/platforms can quote different prices.
15. Indicative Valuation
Using:
- Indicative price: ₹900
- Shares: 8,19,135
- FY26 consolidated EPS: ₹77.50
Approximate valuation:
| Metric | Approximate |
|---|---|
| Indicative Price | ₹900 |
| Shares Outstanding | 8.19 lakh |
| Implied Market Cap | ₹73.7 Cr |
| FY26 EPS | ₹77.50 |
| Indicative P/E | ~11.6x |
| FY26 Book Value | ~₹900+ per share range* |
*Book value varies depending on whether standalone or consolidated net worth is used; investors should use the latest audited consolidated balance sheet for a precise valuation calculation.
At around ₹900, the market valuation is materially different from many high-growth unlisted stories: the valuation is relatively dependent on whether earnings can recover from the FY24 peak and whether the company’s niche market position can translate into sustained profitability.
16. Key Growth Drivers
1. Niche market leadership
Amol has a long-established position in India’s perlite market and describes itself as the country’s largest producer of perlite-based products.
2. Cryogenic insulation
Expansion of LNG, industrial gases and cryogenic infrastructure can create opportunities for specialised insulation products.
3. Industrial applications
The company continues to develop new applications and customers for perlite products.
4. Horticulture
Growing use of controlled-environment agriculture and specialised growing media could provide another demand segment.
5. Thermal insulation
Management specifically highlighted increasing acceptance of thermal-insulation products and expects this segment to generate additional business.
6. International expansion
The company has subsidiaries in the US and UAE, providing a platform for international business, although these subsidiaries were loss-making in FY26.
17. Key Risks
1. Earnings volatility
PAT declined from ₹11.84 Cr in FY24 to ₹6.22 Cr in FY25 and remained around ₹6.35 Cr in FY26. (Wealth Wisdom)
2. Product concentration
The business remains heavily dependent on the perlite segment. Industry sources estimate that more than 90% of revenue is linked to perlite-related products. (Safal Capital India Ltd.)
3. Small scale
With consolidated revenue of around ₹70 Cr, Amol remains a micro/small-cap industrial company, and earnings can be more sensitive to individual customers, costs and market conditions.
4. Overseas subsidiaries
The US and UAE subsidiaries were loss-making in FY26, which requires monitoring.
5. Liquidity
The company is unlisted, meaning there is no continuous NSE/BSE order book. Buying and selling can depend on private-market counterparties.
6. Cost pressure
Management itself highlighted rising costs as a challenge going forward.
7. No confirmed IPO
There is currently no confirmed IPO/DRHP information identified for Amol Minechem. Moneycontrol’s current company page also shows DRHP status as No. (Moneycontrol)
18. UnlistedCart Takeaway
Amol Minechem is a niche industrial-materials company rather than a conventional commodity/mining story.
Its key differentiators are:
45+ years of operating history → niche perlite leadership → specialised insulation/filter-aid products → relatively low leverage → promoter ownership of ~75% → international subsidiaries.
At the same time, the financial trajectory deserves close attention. FY26 revenue improved and operating EBITDA recovered, but consolidated PAT remains well below FY24 levels. The next important trigger would therefore be whether the company can convert its market position and new applications—particularly thermal and cryogenic insulation—into sustained profit growth.
Quick Snapshot
| Parameter | Amol Minechem |
|---|---|
| Established | 1979 |
| Commercial Production | 1982 |
| Business | Perlite & Specialty Industrial Materials |
| Plant | Kadi, Gujarat |
| FY26 Revenue | ₹69.53 Cr |
| FY26 PAT | ₹6.35 Cr |
| FY26 EPS | ₹77.50 |
| FY26 EBITDA | ~₹11.52 Cr |
| Promoter Holding | ~74.97% |
| Shares | 8.19 lakh |
| Indicative Price | ~₹900 |
| Implied Market Cap | ~₹74 Cr |
| Indicative P/E | ~11.6x |
| ISIN | INE404C01012 |
| IPO | No confirmed DRHP |
| Status | Unlisted |
Official Annual Reports: Amol Minechem Annual Reports (amolminechem.com)
Disclaimer: This report is for educational and informational purposes only. Unlisted-share prices are indicative private-market references and may vary based on availability, quantity, liquidity and transaction terms. Financial figures should be verified against the latest audited annual report before making any investment decision. This is not investment advice or a recommendation to buy or sell securities.
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