Earnings presentation - Q4FY2026
NEOGEN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Neogen Chemicals reported Q4 FY26 consolidated revenue of ₹247 crore (up 22% YoY) and full-year revenue of ₹862 crore (up 11% YoY). PAT surged 373% to ₹11.4 crore in Q4, boosted by a low base from Dahej fire incident costs in Q4 FY25, but FY26 PAT declined 17% to ₹28.8 crore. EBITDA margins contracted—standalone margins fell 134 bps to 17.7% and consolidated to 15.9%—despite revenue growth, due to higher input costs, Dahej transition expenses, and Neogen Ionics expansion overheads. Finance costs rose sharply by 55-57% tracking CAPEX deployment for battery materials. Promoter infused ₹161 crore via preferential allotment to fund expansion. The company guided FY27 standalone revenue of ₹875-950 crore, implying modest growth. The Dahej replacement plant is on track for June 2026 commissioning, and the Pakhajan battery materials project (total revised cost ₹1,795 crore) remains targeted for H1 FY27 (Electrolytes) and H2 FY27 (Salts).
Margins are under pressure from elevated input costs and heavy capex spending, which is weighing on near-term profitability despite revenue growth. The large debt-funded expansion (net debt at ₹1,295 crore) increases financial risk, though the promoter infusion and insurance recoveries provide some support. FY27 revenue guidance appears conservative, and the battery materials ramp-up remains the key catalyst for future growth.