NSE: NGLFINE · BSE: 524774
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Animal health APIs (95%), Human health APIs (5%), Export sales (75%). B2B API manufacturer; export-heavy; animal-health-focused; capacity-expanding
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 318 | 278 | 339 | 368 | 501 |
| EBITDA (ex other income) | 68 | 34 | 53 | 34 | 73 |
| margin % | 21.4 | 12.3 | 15.7 | 9.2 | 14.5 |
| Owners' profit | 0 | 0 | 0 | 21 | 0 |
| EPS, as reported (₹) | 80.77 | 33.18 | 66.88 | 34.19 | 77.90 |
| ROE % · ROCE % | 24.6 · 32.3 | 9.2 · 12.5 | 15.7 · 20.7 | 7.5 · 9.6 | 14.6 · 17.2 |
| Debt / equity (x) | 0.13 | 0.14 | 0.12 | 0.26 | 0.33 |
| Cash from operations | 14 | 35 | 20 | 36 | 43 |
| Capex | (56) | (31) | (29) | (131) | (90) |
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 | 93 | 89 | 95 | 104 | 120 | 128 | 149 | 139 |
| Profit before tax | 13 | 1 | 1 | 12 | 13 | 21 | 18 | 24 |
| Net profit | 10 | 1 | 1 | 9 | 10 | 16 | 13 | 18 |
| EPS (₹) | 15.88 | 2.07 | 0.88 | 14.96 | 15.58 | 25.40 | 21.83 | 29.78 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 30.8 | 72 of 158 | 55% |
| P/B | 4.9 | 3.1 | 113 of 163 | 31% |
| ROCE | 16.0 | 10.8 | 53 of 183 | 71% |
| ROE | 14.6 | 9.8 | 48 of 166 | 72% |
| Debt / Equity | 0.3 | 0.2 | 119 of 166 | 29% |
| EBITDA margin | 22.1 | 17.5 | 66 of 165 | 60% |
| Revenue growth | 33.6 | 16.3 | 41 of 161 | 75% |
| Profit growth | 99.1 | 30.9 | 37 of 158 | 77% |
| Market cap | 1605 | 806 | 81 of 181 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · SEBI exemption for family trust share transfer within promoter group | regulatory legal | high | — | — |
| 5 Oct 2026 · Routine demat compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · GST Show Cause Notice proposing demand of Rs 6.19 crore for FY 2022-23 | regulatory legal | high | — | — |
| 24 Sept 2026 · NGL Fine-Chem Phase II Greenfield facility commences production at Tarapur | capex operations | high | — | — |
| 16 Sept 2026 · NGL Fine Chem holds analyst meeting, shares no new info | investor communications | low | — | — |
| 10 Sept 2026 · NGL Fine Chem schedules one-to-one virtual analyst meet on Sept 16 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · NGL Fine Chem 45th AGM: All 6 resolutions passed | compliance | minimal | — | — |
| 25 Aug 2026 · 45th AGM held; Final Dividend declared; two directors reappointed | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · Corrigendum to Annual Report CSR figures unit corrected from Crores to Lakhs | general | low | — | — |
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 |
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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.