NEOGEN

Neogen Chemicals share price & financials

Price
₹1,932
Market cap
₹5.5k Cr
Sector
Chemicals
Calls analysed
8
Latest concall · Q1 FY27 · call held 27 Jul 2026

Neogen Chemicals Limited Q1 FY27

Revenue ₹250 cr +34%EBITDA ₹48.2 cr +53%EBITDA Margin 19.3% PAT ₹17.1 cr +67%

What went well

  • Consolidated revenue for Q1 FY27 was INR 250 crore, a robust growth of 34% year-on-year, driven by volume growth across core business verticals and sustained customer demand.
  • EBITDA grew 53% year-on-year to INR 48.2 crore, with EBITDA margins expanding by 260 basis points to 19.3%, reflecting optimized product mix and cost pass-through mechanisms.
  • Profit after tax (PAT) stood at INR 17.1 crore, surging 67% year-on-year with a PAT margin of 6.8%.

What to watch

  • Finance cost increased significantly by 64% year-on-year to INR 20.8 crore, primarily due to higher debt drawdown for ongoing CAPEX at Neogen Ionics and increased working capital intensity.
  • The base business experienced temporary overheads related to interim toll manufacturing arrangements and elevated shipping freight costs, impacting margins despite resilience.
Read the full call →

What Neogen Chemicals Limited does

Neogen Chemicals is a specialty chemicals manufacturer built around Bromine and Lithium chemistry, making Organic Chemicals (bromine compounds, organolithium/N-Butyl Lithium reagents, advanced brominated intermediates, and custom synthesis/contract manufacturing) and Inorganic Chemicals (specialty lithium-based compounds) sold to pharmaceutical, agrochemical, semiconductor, electronics, flavours & fragrances and construction-chemical customers. It runs four manufacturing plants plus two in-house R&D centres, and exports to multiple countries. Through wholly-owned subsidiary Neogen Ionics it is forward-integrating into lithium-ion battery materials (electrolytes and lithium electrolyte salts), building a dedicated greenfield facility at Pakhajan, Dahej PCPIR alongside its existing Dahej SEZ battery-chemicals plant.

Segments

  • Organic Chemicals
  • Inorganic Chemicals
  • Battery Chemicals (Neogen Ionics)
Manufacturing sites
4 (Mahape–Navi Mumbai; Karakhadi–Vadodara, Gujarat; Dahej SEZ, Gujarat; Patancheru–Hyderabad, Telangana)
R&D facilities
2
Employees
905 (of which ~14% in R&D)
Products developed by in-house R&D
258
Countries exported to
33
New greenfield battery-materials site under construction
Pakhajan, Dahej PCPIR — 264,285 sq. m (~65 acres)
Founded 1989Headquarters Thane, Maharashtra, IndiaEmployees 905 (Q4 FY26 (Mar 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 27 tracked 2 delivered 9 missed 16 open
  • FY26 Battery Chemicals Revenue delivered, diluted said Q2 FY25 Promised: Rs. 400 crore to Rs. 500 crore Q1 FY27: Historical target already met on a diluted basis.
  • FY25 Battery Chemicals Revenue missed said Q2 FY25 Promised: Rs. 75 crore to Rs. 100 crore Q1 FY27: Historical target already missed.
  • FY27 Base Business Revenue revised up said Q2 FY25 Promised: Rs. 1,150 to Rs. 1,200 crore Q1 FY27: Based on strong Q1 performance, guidance was revised upwards from INR 875-950 crore to a new range of INR 950-1,050 crore.

All 27 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.7%, net profit up 70.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue193 201 203 187 209 +8%220 +9%247 +22%250 +34%
EBITDA35 35 36 32 30 −14%32 −9%44 +22%48 +50%
Net profit11 10 2 10 3 −73%4 −60%11 +450%17 +70%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +49.5% 1Y

₹1.0k₹1.5k₹2.0k₹2.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 27 Jul 2026

1Y: ₹1,587.4 on 10 Sept 2025 → ₹2,373. High ₹2,388.9 (10 Sept 2026), low ₹979.8 (9 Dec 2025).

How the price took the results

close before → close after

Q1 FY27
+0.1%
27 Jul
Q4 FY26
+1.6%
18 May
Q3 FY26
−0.1%
12 Feb
Q2 FY26
−9.9%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.9% a year over 3 years, FY23 to FY26. Operating margin held at 16.0%.

Year endingFY23FY24FY25FY26
Revenue₹686 Cr₹691 Cr₹777 Cr₹863 Cr
Operating profit₹112 Cr₹110 Cr₹137 Cr₹138 Cr
Operating margin16.4%15.9%17.6%16.0%
Interest₹29 Cr₹43 Cr₹48 Cr₹75 Cr
Depreciation₹16 Cr₹23 Cr₹28 Cr₹28 Cr
Net profit₹50 Cr₹36 Cr₹34 Cr₹28 Cr
Net margin7.2%5.2%4.4%3.2%
Cash from operations₹-30 Cr₹-29 Cr₹196 Cr₹-231 Cr
Free cash flow₹-134 Cr₹-332 Cr₹-121 Cr₹-647 Cr
ROCE13.0%9.0%9.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹23 Cr₹25 Cr₹25 Cr₹26 Cr₹26 Cr₹26 Cr
Reserves₹160 Cr₹414 Cr₹458 Cr₹734 Cr₹773 Cr₹790 Cr
Borrowings₹222 Cr₹229 Cr₹370 Cr₹409 Cr₹1.1k Cr₹1.4k Cr
Other liabilities₹87 Cr₹131 Cr₹202 Cr₹292 Cr₹370 Cr₹691 Cr
Total liabilities₹492 Cr₹799 Cr₹1.1k Cr₹1.5k Cr₹2.3k Cr₹2.9k Cr
Fixed assets₹127 Cr₹285 Cr₹347 Cr₹496 Cr₹426 Cr₹475 Cr
Capital work in progress₹115 Cr₹11 Cr₹36 Cr₹109 Cr₹335 Cr₹857 Cr
Investments₹1 Cr₹82 Cr₹77 Cr₹0 Cr₹101 Cr₹0 Cr
Other assets₹250 Cr₹422 Cr₹594 Cr₹856 Cr₹1.4k Cr₹1.6k Cr
Total assets₹492 Cr₹799 Cr₹1.1k Cr₹1.5k Cr₹2.3k Cr₹2.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +4.82 pp while DIIs trimmed −3.36 pp. The shareholder count grew 34% to 61,988.

Promoters
53.0%
FIIs
4.1%
DIIs
19.6%
Public
23.3%

Since Jun 2025

  • Public +4.82 pp
  • DIIs −3.36 pp
  • FIIs −3.24 pp

How it drifted, 12 quarters

Over this window the public went from 15.3% to 23.3% — +8.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.2%, FIIs 4.3%, DIIs 20.3%, Public 15.3%.Dec '23: Promoters 56.9%, FIIs 4.5%, DIIs 22.9%, Public 15.8%.Mar '24: Promoters 56.9%, FIIs 4.6%, DIIs 22.1%, Public 16.4%.Jun '24: Promoters 56.9%, FIIs 4.7%, DIIs 22.5%, Public 15.9%.Sep '24: Promoters 51.2%, FIIs 8.2%, DIIs 22.5%, Public 18.1%.Dec '24: Promoters 51.2%, FIIs 7.7%, DIIs 22.5%, Public 18.5%.Mar '25: Promoters 51.2%, FIIs 7.8%, DIIs 22.8%, Public 18.2%.Jun '25: Promoters 51.2%, FIIs 7.3%, DIIs 23.0%, Public 18.4%.Sep '25: Promoters 51.2%, FIIs 5.2%, DIIs 25.2%, Public 18.4%.Dec '25: Promoters 51.2%, FIIs 4.6%, DIIs 22.0%, Public 22.2%.Mar '26: Promoters 51.2%, FIIs 4.5%, DIIs 22.6%, Public 21.7%.Jun '26: Promoters 53.0%, FIIs 4.1%, DIIs 19.6%, Public 23.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 10 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Neogen Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Haridas Kanani Family Trust (Beena Haridas Kanani and Harin Haridas Kanani) 19.27%−0.73 pp
Harin Haridas Kanani 12.19%−0.46 pp
Beena Kanani Family Trust (Haridas Thakarshi Kanani and Harin Haridas Kanani) 9.64%−0.36 pp
SBI Contra Fund Mutual fund8.53%−0.32 pp
Cadamba Solutions Private Limited 4.93%+4.93 pp
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund4.01%−1.98 pp
Pallika Haridas Kanani 3.64%−0.14 pp
H T Kanani Family Trust (Beena Haridas Kanani and Pallika Haridas Kanani) 1.83%−0.07 pp
Beena Haridas Kanani 1.37%unchanged
Malabar India Fund Limited FPI fund1.26%−0.05 pp
Shalu Aggarwal 1.13%−0.05 pp
Ashoka Whiteoak Icav - Ashoka Whiteoak India Opportunities Fund FPI fund1.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in NEOGEN

Filings to Aug 2026

0 new, 0 added, 2 trimmed, 0 sold out — net −6.90 L shares (−31.9%).

Held by funds
₹325 Cr
3 schemes
Biggest holder
SBI Contra Fund
₹275 Cr · 0.6% of that fund
SchemeHoldingLast month
SBI Contra Fund SBI Mutual Fund₹275 Crheld
SBI Comma Fund SBI Mutual Fund₹30 Cr−0.17 L
SBI Large and Midcap Fund SBI Mutual Fund₹20 Cr−6.73 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 2 trimmed — net −6.90 L shares (−31.9%)

Funds are sitting on
+55%
vs est. average cost
Held by funds
₹325 Cr
3 schemes · ≈ 5.1% of the company
Biggest holder
SBI Contra Fund
₹275 Cr · 0.6% of that fund

Shares held by these funds +23%

Aug '23 21.64 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2373, this stock must grow earnings at 61% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹45 — downside of 98%.

Growth the price implies
60.9% a year
for 7 years, fading to 4%
It has actually compounded at
-17.3% a year
net profit, FY23–FY26 · EPS -18.4%
The gap
0.8 pp
-98% downside if it only repeats history
Price today ₹2,373 Value at the reference growth ₹44.68

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Neogen Chemicals Limited

Guides on how to read this kind of business and the numbers that matter.