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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

52-Week Range
Valuation
Financials (FY2024-25)
Investment Thesis
Amol Minechem Limited is a veteran industrial minerals company with over 45 years in perlite processing. Its diversified product portfolio serving filtration, cryogenics, insulation, and horticulture segments provides stability. While limited public financial data is available, the company's niche positioning and long operational track record are positive signals. At ₹600 per share in the unlisted market, investors should conduct thorough due diligence on financials before investing.
Pros
Cons
Business Segments
Perlite Filteraid
Manufacturing of Perlite Filteraid for food & beverage, pharmaceutical, and industrial filtration applications. Established under US technical collaboration.
Perlite Insulation Products
Expanded perlite for construction insulation, horticulture, and industrial applications.
Revenue Model
Amol Minechem generates revenue by mining perlite ore and processing it into value-added products for industrial clients. Revenue streams include sale of filter aids to breweries, pharmaceutical companies, and food processors; supply of cryogenic perlite for LNG infrastructure; thermal insulation products to construction firms; and horticultural perlite for commercial farms and nurseries. Exports may form a meaningful portion of revenue.
Detailed Analysis
Growth Plans
India's LNG infrastructure buildout increasing demand for cryogenic perlite
Growth in craft beer, wine, and pharmaceutical filtration driving filter aid demand
Rising adoption of perlite in soilless farming and urban horticulture
Potential export opportunities to Southeast Asia and Middle East
Industry Tailwinds
Recent Developments
Amol Minechem reported FY2025 revenue of Rs 68.2 crore but EBITDA CAGR of -46% signals persistent margin challenges in the perlite processing business.
FY2025Frequently Asked Questions
About Amol Minechem
Amol Minechem Limited (formerly Amol Dicalite Limited) is an Ahmedabad, Gujarat-based manufacturer of perlite filtration products and mineral-based industrial materials, incorporated in 1979. The company operates through a technology collaboration with a US-based perlite company, bringing American processing expertise to India's industrial filtration market. Perlite is a naturally occurring volcanic glass that, when subjected to rapid heating, expands up to 20 times its original volume to become an ultra-lightweight, inert, and highly porous material with exceptional filtration, insulation, and horticultural properties. Expanded perlite is used across diverse industries including beverage filtration (beer, wine, fruit juice), pharmaceutical manufacturing, swimming pool water treatment, food processing, construction (lightweight concrete), and horticultural applications. Amol Minechem is headquartered in Navrangpura, Ahmedabad, and reported revenues of approximately Rs 68.2 crore in FY2025 with approximately 68 employees. However, EBITDA has seen a significant CAGR decline of -46%, indicating persistent margin pressures from energy input costs, competitive dynamics, or raw material pricing. The authorised capital stands at Rs 13 crore. Gujarat's industrial ecosystem provides strong logistical advantages for mineral processing and export. The company's US technology collaboration provides proprietary processing know-how and quality alignment with international buyers. India's domestic perlite consumption is growing with expanding construction, horticulture, and beverage markets. Amol Minechem's 45+ years of operating experience in this specialised niche positions it as an established player in a relatively high-barrier sector.
Key Milestones
Incorporated December 2, 1979 in Ahmedabad, Gujarat (CIN: U14100GJ1979PLC003439)
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's LNG infrastructure buildout increasing demand for cryogenic perlite
Growth in craft beer, wine, and pharmaceutical filtration driving filter aid demand
Rising adoption of perlite in soilless farming and urban horticulture
Potential export opportunities to Southeast Asia and Middle East
Industry Headwinds
Import competition from low-cost Turkish and Greek perlite exporters
Volatility in mining regulations and environmental clearances
Limited access to capital for plant expansion as an unlisted entity
EBITDA CAGR of -46% — persistent and worsening margin compression raises business sustainability questions
Source: Company Financial Filings
Small workforce of 68 employees limits operational scale and innovation capacity
Source: AlphaHub Research
Perlite is a globally traded commodity; price pressures from international markets (especially Turkey, which dominates global perlite supply) can impact Amol Minechem's realizations.
Mining operations in India face stringent environmental clearance requirements, and any regulatory changes in Gujarat's mining sector could disrupt operations.
As an unlisted company, shareholders face significant difficulty in exiting their positions, especially given the niche nature of the business.
Competition from global perlite processors with larger scale (e.g., Imerys, EP Minerals) could limit Amol Minechem's pricing power in export markets.
Established under technical/financial collaboration with an American company to produce Perlite Filteraid
Built into India's leading perlite products manufacturer over 45+ years
Revenue Rs.68.2 Cr (FY25) with 74.96% promoter holding