NSE: NEOGEN · BSE: 542665
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Organic chemicals, Inorganic chemicals, Battery chemicals (Neogen Ionics). Specialty chemicals manufacturer with a capex-heavy, working-capital-intensive battery materials growth leg.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 487 | 686 | 691 | 778 | 862 |
| EBITDA (ex other income) | 87 | 112 | 110 | 122 | 138 |
| margin % | 17.8 | 16.3 | 15.9 | 15.7 | 16.0 |
| Owners' profit | 45 | 0 | 0 | 35 | 29 |
| EPS, as reported (₹) | 18.70 | 20.03 | 13.96 | 13.20 | 10.90 |
| ROE % · ROCE % | 10.2 · 13.1 | 10.4 · 15.5 | 4.7 · 10.1 | 4.4 · 9.7 | 3.5 · 6.8 |
| Debt / equity (x) | 0.45 | 0.75 | 0.52 | 0.72 | 1.63 |
| Cash from operations | 1 | (30) | (29) | 196 | (231) |
| Capex | (170) | (102) | (303) | (318) | (556) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 193 | 201 | 203 | 187 | 209 | 220 | 247 | 250 |
| Profit before tax | 15 | 15 | 4 | 14 | 5 | 6 | 16 | 23 |
| Net profit | 11 | 10 | 2 | 10 | 3 | 4 | 11 | 17 |
| EPS (₹) | 4.15 | 3.80 | 0.91 | 3.89 | 1.28 | 1.40 | 4.32 | 6.29 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 169.3 | 23.1 | 94 of 99 | 5% |
| P/B | 7.5 | 2.8 | 87 of 99 | 12% |
| ROCE | 2.4 | 10.1 | 88 of 106 | 17% |
| ROE | 3.5 | 8.1 | 79 of 99 | 20% |
| Debt / Equity | 1.6 | 0.2 | 94 of 99 | 5% |
| EBITDA margin | 20.8 | 15.5 | 36 of 99 | 64% |
| Revenue growth | 34.0 | 24.4 | 31 of 94 | 68% |
| Profit growth | 66.8 | 55.1 | 42 of 92 | 55% |
| Market cap | 6161 | 699 | 20 of 108 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Neogen Chemicals schedules Q2 FY27 earnings call for November 2, 2026 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to approve September results and consider INR 200 crore debt redemption | results | low | — | — |
| 26 Sept 2026 · Neogen's step-down subsidiary NML approves Rs 76.8 cr preferential issue to Morita | fund raising | medium | — | — |
| 26 Sept 2026 · CRISIL revises outlook to Stable, rating reaffirmed | credit debt | medium | — | — |
| 25 Sept 2026 · Neogen Chemicals closes trading window from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Neogen Chemicals to attend Arihant Capital investor meet on Sept 28, 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Neogen Chemicals raises about INR 600 crore via first-ever QIP, oversubscribed 6.5x | compliance | high | — | — |
| 17 Sept 2026 · Neogen Chemicals to attend Morgan Stanley investor meet on Sep 22, 2026 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Neogen Chemicals raises about 600 crore via QIP at premium to floor price | fund raising | high | — | — |
| 17 Sept 2026 · Neogen Chemicals raises Rs 600 crore via QIP at Rs 2,255 per share | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.