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Neogen Chemicals Q2 FY27 results: net profit up 144.2% to ₹8.23 crore, revenue up 41.8%
Neogen Chemicals Limited reported consolidated revenue of ₹295.96 crore for Q2 FY27, up 41.8% from Q2 FY26. Net profit was ₹8.23 crore and basic EPS was ₹2.96, both higher year on year but lower than in Q1 FY27, while EBITDA margin edged up to 15.3% from 14.4%.
Key points
- Consolidated revenue rose 41.8% year on year to ₹295.96 crore in Q2 FY27.
- EBITDA increased 51.3% to ₹45.33 crore, with the margin at 15.3% against 14.4%.
- Net profit rose 144.2% to ₹8.23 crore and basic EPS increased to ₹2.96.
- Against Q1 FY27, revenue rose 18.2%, but net profit fell 51.9% and EBITDA margin declined 4.0 percentage points.
- H1 FY27 revenue was ₹546.25 crore, up 38.2%, while net profit rose 85.6% to ₹25.34 crore.
How did Neogen Chemicals perform in Q2 FY27?
Neogen Chemicals reported consolidated revenue of ₹295.96 crore for Q2 FY27, up ₹87.30 crore or 41.8% from ₹208.66 crore in Q2 FY26. Total income rose 42.4% to ₹299.92 crore, while EBITDA increased 51.3% to ₹45.33 crore. The EBITDA margin was 15.3%, compared with 14.4% a year earlier.
Profit before tax rose 151.4% to ₹12.72 crore from ₹5.06 crore, and net profit increased 144.2% to ₹8.23 crore from ₹3.37 crore. Basic EPS was ₹2.96 against ₹1.28 in Q2 FY26. Against Q1 FY27, however, revenue rose 18.2% to ₹295.96 crore, while EBITDA fell 6.0% to ₹45.33 crore, net profit fell 51.9% to ₹8.23 crore and EPS fell 52.9% to ₹2.96.
On a standalone basis, Q2 FY27 revenue was ₹288.00 crore, up 39.3% from ₹252.28 crore in the year-ago quarter. Standalone net profit was ₹21.14 crore, compared with ₹9.31 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 295.96 | 250.29 | 208.66 | +41.8% | +18.2% |
| Other income | 3.96 | 3.86 | 1.89 | +109.5% | +2.6% |
| Total expenses | 287.20 | 231.07 | 205.49 | +39.8% | +24.3% |
| EBITDA | 45.33 | 48.23 | 29.96 | +51.3% | −6.0% |
| EBITDA margin | 15.3% | 19.3% | 14.4% | +0.9 pp | −4.0 pp |
| Profit before tax | 12.72 | 23.08 | 5.06 | +151.4% | −44.9% |
| Tax | 4.49 | 6.17 | 1.78 | +152.2% | −27.2% |
| Net profit | 8.23 | 17.11 | 3.37 | +144.2% | −51.9% |
| EPS (₹) | 2.96 | 6.29 | 1.28 | +131.2% | −52.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Neogen Chemicals' costs and profit?
Total expenses were ₹287.20 crore in Q2 FY27, up ₹81.71 crore or 39.8% from ₹205.49 crore in Q2 FY26. Cost of materials was the largest increase, rising ₹81.90 crore or 53.5% to ₹234.88 crore. Employee cost rose ₹6.67 crore or 27.5% to ₹30.96 crore, while other expenses increased ₹13.36 crore or 31.2% to ₹56.22 crore.
Finance costs increased ₹8.30 crore or 42.6% to ₹27.78 crore from ₹19.48 crore, while depreciation was ₹8.79 crore, up ₹1.48 crore or 20.2%. Other income rose ₹2.07 crore or 109.5% to ₹3.96 crore. There was no exceptional item, and tax expense increased ₹2.71 crore or 152.2% to ₹4.49 crore.
Against Q1 FY27, total expenses rose ₹56.13 crore or 24.3% to ₹287.20 crore. Cost of materials increased ₹54.85 crore, finance costs ₹6.97 crore and other expenses ₹13.23 crore. Other income rose ₹0.10 crore, tax fell ₹1.68 crore to ₹4.49 crore, and there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 234.88 | 152.98 | +81.90 | +53.5% |
| Employee cost | 30.96 | 24.29 | +6.67 | +27.5% |
| Finance costs | 27.78 | 19.48 | +8.30 | +42.6% |
| Depreciation | 8.79 | 7.31 | +1.48 | +20.2% |
| Other expenses | 56.22 | 42.86 | +13.36 | +31.2% |
| Total expenses | 287.20 | 205.49 | +81.71 | +39.8% |
| Other income | 3.96 | 1.89 | +2.07 | +109.5% |
| Tax | 4.49 | 1.78 | +2.71 | +152.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹546.25 crore, up ₹150.87 crore or 38.2% from ₹395.38 crore in H1 FY26. Total income rose 39.1% to ₹554.07 crore, while profit before tax increased 86.4% to ₹36.00 crore.
H1 FY27 net profit was ₹25.34 crore, up ₹11.69 crore or 85.6% from ₹13.65 crore in H1 FY26. Basic EPS increased 77.8% to ₹9.21 from ₹5.18.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 546.25 | 395.38 | +38.2% |
| Profit before tax | 36 | 19.31 | +86.4% |
| Net profit | 25.34 | 13.65 | +85.6% |
| EPS (₹) | 9.21 | 5.18 | +77.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹4,005.17 crore against ₹2,901.87 crore on 31 March 2026. Total equity rose to ₹1,577.51 crore from ₹816.25 crore, while borrowings increased to ₹1,559.65 crore from ₹1,329.89 crore and cash rose to ₹444.46 crore from ₹4.94 crore.
Inventories were ₹752.60 crore at the end of Q2 FY27, compared with ₹568.23 crore on 31 March 2026. Trade receivables fell to ₹304.47 crore from ₹380.36 crore, while trade payables declined to ₹430.55 crore from ₹442.14 crore.
H1 FY27 operating cash flow was negative ₹126.84 crore, compared with negative ₹246.11 crore in H1 FY26. Investing cash flow was negative ₹389.50 crore against negative ₹113.35 crore, financing cash flow was positive ₹955.86 crore against positive ₹466.28 crore, and capital expenditure was ₹419.64 crore against ₹170.84 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,005 | 2,902 |
| Total equity | 1,578 | 816.25 |
| Borrowings | 1,560 | 1,330 |
| Cash and equivalents | 444.46 | 4.94 |
| Inventories | 752.60 | 568.23 |
| Trade receivables | 304.47 | 380.36 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −126.84 | −246.11 |
| Cash from investing | −389.50 | −113.35 |
| Cash from financing | 955.86 | 466.28 |
| Capital expenditure | 419.64 | 170.84 |
Source: Company's results filing (XBRL).
How has Neogen Chemicals done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. It reached a period high of ₹295.96 crore in Q2 FY27, compared with a low of ₹186.73 crore in Q1 FY26, although the sequential direction from Q1 FY27 was higher.
Net profit was higher than a year earlier in the last three quarters. It peaked at ₹17.11 crore in Q1 FY27 before falling to ₹8.23 crore in Q2 FY27, while its low was ₹2.41 crore in Q4 FY25. EBITDA margin reached 19.3% in Q1 FY27 and fell to 15.3% in Q2 FY27, from a low of 14.4% in Q2 FY26.
What else did the company announce?
The board approved the voluntary early redemption, in full, of 20,000 non-convertible debentures with a face value of ₹1,00,000 each, aggregating to ₹200 crore. The redemption was subject to required approvals. The board also increased the threshold for loans, inter-corporate deposits, guarantees, securities and investments to ₹500 crore under Section 186.
What did the auditors point out?
The limited review report included an emphasis of matter concerning a fire loss and the related insurance claim. The excerpt states that the company appointed an independent surveyor to ascertain the loss and determine its entitlement under the insurance policy, and separately appointed an independent chartered accountant firm to opine on the accounting treatment of the loss and the claim made to the insurer.
What did Neogen Chemicals' management say?
The Patancheru organolithium capacity is planned to double to 600 MTPA for up to ₹45 crore, targeting completion by H1 FY28. Management said the expansion would add ₹50–75 crore in FY28 and ₹150–200 crore in FY29. The company also identified cell-plant ramp-up, local-salt adoption, fixed-cost absorption, temporary tolling, rebuild costs and elevated inventory as risks.
The CFO said interest costs were expected to trend downwards, supported by term-debt reduction using the QIP proceeds, lower borrowing costs after a credit-rating upgrade and an incoming insurance claim. The QIP was oversubscribed 6.5 times, with the proceeds earmarked mainly for deleveraging.
How did Neogen Chemicals shares react?
The filing appeared after market hours. NEOGEN fell 2.1% within five minutes, 2.4% within 15 minutes and 3.1% within 30 minutes. By the reaction-day close, the stock was down 4.6% from the previous close of ₹2,190.00, while the Specialty Chemicals sector median rose 1.9% and the Nifty Microcap 250 rose 1.4%.
By the next day's close, the stock was down 0.6% from its pre-results close. The Specialty Chemicals sector median was up 1.0% over the same closes, leaving NEOGEN 1.6 percentage points behind the sector. Earlier reaction-day moves were positive on 24 July 2026 and 16 May 2026, and negative on 7 November 2025 and 2 August 2025.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −2.1% | |
| 15 minutes | −2.4% | |
| 30 minutes | −3.1% | |
| Reaction day | −4.6% | +1.9% |
| Next day | −0.6% | +1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | +0.3% |
| 16 May 2026 | +0.9% |
| 11 February 2026 | −0.7% |
| 8 November 2025 | −10.1% |
| 2 August 2025 | −5.3% |
| 17 May 2025 | −0.8% |
| 1 February 2025 | +9.7% |
| 12 November 2024 | −2.5% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among 47 Specialty Chemicals peers that filed for the quarter, the median revenue growth was 28.1%. Thirty-one peers grew slower than Neogen Chemicals and 16 grew faster than the company. Of the 43 peers for which profit was compared, 38 reported higher profit.
| Neogen Chemicals revenue growth (YoY) | +41.8% |
|---|---|
| Median of 47 other Specialty Chemicals companies | +28.1% |
| Companies with slower revenue growth than Neogen Chemicals | 31 of 47 |
| Companies with faster revenue growth than Neogen Chemicals | 16 of 47 |
| Companies whose net profit rose | 38 of 43 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Neogen Chemicals' revenue in Q2 FY27?
Revenue from operations was ₹295.96 crore, up 41.8% from ₹208.66 crore in Q2 FY26 (consolidated).
Did Neogen Chemicals make a profit in Q2 FY27?
Yes. Net profit was ₹8.23 crore, against a net profit of ₹3.37 crore in Q2 FY26.
What was Neogen Chemicals' EPS in Q2 FY27?
Basic earnings per share were ₹2.96, against ₹1.28 in Q2 FY26.
How did Neogen Chemicals shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.6% from the previous close; the median Specialty Chemicals stock moved +1.9%.
When did Neogen Chemicals announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of The Board Meeting Scheduled To Be Held On Saturday, October 31, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On Saturday, October 31, 2026 (BSE, 31 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 31 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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