NGL FINE CHEM LIMITED

Manufactures active pharmaceutical ingredients (APIs) for the global animal health and human pharma industries, running 5 production facilities in India with FY26 revenue of Rs.500.95 crore. Animal health APIs account for 95% of Q4 FY26 revenues, supplying 5 of the world's top 10 animal health companies and serving roughly 430 customers across 54-55 countries; exports make up 75% of revenue. The product portfolio has grown from about 20 APIs three years ago to 45 APIs, with a stated target of 9-10 new APIs added annually, and the customer base widened by 47 new accounts in Q4 FY26. Manufacturing capacity is being expanded in two phases at Tarapur: Phase I is operational at 70-80% utilisation, while Phase II commissioning is now slated for early Q2 FY27 with commercial production targeted from H2 FY27; total Phase II capex is Rs.210 crore (Rs.182.75 crore spent), with the new plant expected to generate Rs.350-400 crore of revenue at peak over 3-4 years. Regulated-market access is being built through 5 VMFs filed with the US FDA (6 more planned), 6 CEPs and 9 DMS targeted by end CY2026, with Europe sales starting in CY2026 and US sales from FY28. Raw materials are the largest input cost at 49.3% of revenue, followed by other operating expenses at 24.6% and employee costs at 13.1%.