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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Neogen Chemicals opens QIP, floor price set at Rs 2,189.73 per share | fund raising | high | — | — |
| 10 Sept 2026 · Neogen Chemicals QIP opens; floor price fixed at Rs 2,189.73 | fund raising | high | — | — |
| 10 Sept 2026 · Neogen Chemicals QIP opens; floor price set at 2189.73 per share | fund raising | high | — | — |
| 10 Sept 2026 · QIP opened; floor price set at Rs 2,189.73 per share | fund raising | high | — | — |
| 6 Sept 2026 · CGST show cause notice with Rs 6.97 crore demand | regulatory legal | high | — | — |
| 31 Aug 2026 · Subsidiary NIL to transfer assets worth Rs 245 Cr to step-down sub NML | strategic transactions | medium | — | — |
| 29 Aug 2026 · Promoter relative gifts 354 shares to family member off-market | regulatory legal | medium | — | — |
| 29 Aug 2026 · Insider's spouse gifts 354 shares to relative via off-market | ownership changes | medium | — | — |
| 22 Aug 2026 · Neogen Chemicals 37th AGM: All 5 Resolutions Passed, Re. 1 Dividend Approved | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · Neogen Chemicals 37th AGM: all 5 resolutions passed, Re 1 dividend declared | board shareholder meetings | low | — | — |
| 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 |
| AETHER INDUSTRIES LIMITED |
| 22,229 |
| 94.3 |
| 9.05 |
| 60.4 |
| 8.9 |
| 11.4 |
| — |
| 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 179.6 | 23.4 | 97 of 103 | 6% |
| P/B | 8.0 | 2.9 | 87 of 99 | 12% |
| ROCE | 2.4 | 10.3 | 90 of 108 | 17% |
| ROE | 3.5 | 8.1 | 81 of 101 | 20% |
| Debt / Equity | 1.6 | 0.2 | 96 of 101 | 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 | 6536 | 732 | 22 of 107 | 80% |
| 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 |
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.
