NEOGEN CHEMICALS LIMITED

Manufactures specialty organic and inorganic chemicals, including organo-lithium reagents, and is building a battery chemicals business through wholly-owned subsidiary Neogen Ionics. In Q1 FY27, the organic chemicals segment generated INR 194 cr (+18% YoY) and inorganic chemicals INR 57 cr (+158% YoY), while Neogen Ionics (lithium electrolyte salts and electrolyte) reported INR 19 cr versus INR 5 cr YoY. The company is constructing a replacement facility at Dahej (commercial production set for Q2 FY27 after a fire) and a new battery chemicals project at Pakhanjan, funded by a Rs 161 cr preferential issue and a proposed Rs 600 cr QIP. Materials account for 74% of revenue, employees 10.5% and other opex 19.5%; the company runs a working-capital-heavy model with 140-150 day cycle targeted in the base business. It exports to 36 countries (29.17% of standalone turnover in FY26) and has secured provisional approvals from four international cell producers for non-FEOC lithium salts, with commissioning of electrolyte plant targeted H1 FY27 and salts H2 FY27.