Neogen Chemicals Limited has informed the Exchange about Disruption of Operations - update on fire incident.
NEOGEN · price
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Neogen Chemicals has received a third on-account insurance payment of Rs. 60 Crore for the fire that damaged its Multi-Purpose Plant (MPP3), warehouse and tank farms at Dahej SEZ on March 5, 2025. Total on-account claims received so far stand at Rs. 140 Crore. The company has recognised a total loss of Rs. 348.16 Crore (standalone) / Rs. 362.90 Crore (consolidated), with an insurance claim receivable of Rs. 334.60 Crore / Rs. 348.82 Crore, netting the impact to about Rs. 13.56 Crore. Production at the affected facility remains suspended, while construction of the replacement plant is underway with commissioning targeted for Q1 FY27. In the interim, production of critical specialty products has been shifted to other sites, supported by an upcoming expansion at the Patancheru plant to limit business disruption.
The insurance inflow is positive for near-term liquidity, though the net financial hit of ~Rs. 14 Crore has already been absorbed. Investors should watch for Q1 FY27 commissioning of the replacement plant, as delays could continue to weigh on earnings, while successful ramp-up would restore full capacity.