Transcript of the Earnings Call - Q4 & FY 26
NGLFINE · price
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NGL Fine-Chem reported strong Q4 FY26 with revenue of ₹149.23 crore (up 57% YoY) and EBITDA of ₹21.41 crore at 14.35% margin. Full-year FY26 revenue was ₹500.95 crore (36% growth), with EBITDA doubling to ₹72.69 crore and PAT at ₹48.13 crore (128% growth). The company attributed the recovery to volume growth across its expanded product portfolio (now ~45 APIs, up from ~20 three years ago), better geographic reach including Latin America, and improved capacity utilisation from Phase I expansion. External headwinds from freight and raw material cost increases were partially offset by price pass-throughs already secured in Q1 FY27. Phase II of the Tarapur expansion is delayed to early Q2 FY27 but remains on track for commercial production from H2 FY27. Phase II capacity is expected to generate ₹350–400 crore revenue at peak utilisation over 3–4 years. Management guided to EBITDA margins of 15%–18% going forward, expecting partial price recovery and sustained volume momentum to drive improvement from Q2 onwards.
The third consecutive quarter of strong recovery signals a durable turnaround. Management's 15%–18% EBITDA margin guidance and Phase II capacity (targeting regulated markets like Europe and the US) provide a clear multi-year growth roadmap, though the USFDA inspection timeline remains uncertain and dependent on customer filings and regulator availability.