NGLFINE

NGL Fine-Chem share price & financials

Price
₹3,055.6
Market cap
₹1.6k Cr
Sector
Healthcare
Calls analysed
3
Latest concall · Q4 FY26 · call held 25 May 2026

NGL Fine Chem Q4 FY26

Revenue ₹149.23 cr +57%EBITDA ₹21.41 cr +239%EBITDA Margin 14.35% PAT ₹13.49 cr +2398%

What went well

  • Revenue from operations for Q4 FY26 stood at ₹149.23 crores, registering a growth of 57% year on year.
  • EBITDA margin for Q4 FY26 stood at 14.35%, an expansion of 769 basis points over the same quarter last year.
  • Profit after tax for FY26 stood at ₹48.13 crores, a growth of 128% over FY25.

What to watch

  • Geopolitical developments led to an increase in freight costs and raw material prices, impacting margins.
  • Forex movement resulted in mark-to-market provisions, which had some impact on margins.
Read the full call →

What NGL Fine-Chem Limited does

NGL Fine-Chem Limited manufactures Active Pharmaceutical Ingredients (APIs), advanced intermediates, and finished dosage forms for both animal and human health, holding a market-leading position in veterinary APIs. It runs manufacturing facilities at Tarapur and Navi Mumbai (Maharashtra), backward-integrated with in-house production, and exports to customers across Asia, Europe, the Americas and Africa alongside a domestic India business. Animal API is the dominant business line, sold to global animal-health companies, supplemented by a smaller human-API portfolio (antimalarial and anti-diarrhoeal molecules), pharmaceutical intermediates, and finished dosage forms.

Segments

  • Animal API
  • Human API
  • Intermediates
  • Formulations (Finished Dosage Forms)
Manufacturing facilities
5 (Tarapur & Navi Mumbai, Maharashtra)
Manufacturing area
20,000 sq. m
Product portfolio
45 APIs (43 veterinary, 2 human), 1 intermediate and 11 finished dosage forms
Customers served
~451 customers globally
Countries served
50+ countries
Employees
500+ trained employees
Founded 1981Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 10 tracked 1 delivered 2 missed 7 open
  • US FDA Initial Filing delivered said Q4 FY25 Promised: Targeted in the October to December quarter [CY25] Q4 FY26: Promise remains achieved. No new updates.
  • EU Sales from Existing Plant missed said Q4 FY25 Promised: INR25 crores to INR30 crores in the current year [FY26] Q4 FY26: No FY26 EU sales figure was reported. Management now anticipates European business to start in H2 FY27, contradicting the INR25-30 crore target for FY26.
  • Capex Completion Timeline delayed said Q4 FY25 Promised: Completion is targeted for Q3 of the current financial year [FY26] Q4 FY26: Commissioning further delayed from Q1 FY27 to early Q2 FY27 due to gas and labor shortages.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.7%, net profit up 100.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue93 89 95 104 120 +29%128 +44%149 +57%139 +34%
EBITDA12 5 6 11 17 +42%22 +340%21 +250%23 +109%
Net profit10 1 1 9 10 +0%16 +1500%13 +1200%18 +100%
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 +89.9% 1Y

₹1.5k₹2.0k₹2.5k₹3.0k₹3.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 18 Nov 2025Q4 FY26 — 25 May 2026

1Y: ₹1,399.2 on 10 Sept 2025 → ₹2,657.2. High ₹3,457.8 (10 Aug 2026), low ₹1,278.8 (19 Dec 2025).

How the price took the results

close before → close after

Q4 FY26
+4.5%
25 May
Q2 FY26
+2.4%
18 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 21.4% a year over 3 years, FY23 to FY26. Operating margin widened to 14.2%.

Year endingFY23FY24FY25FY26
Revenue₹280 Cr₹339 Cr₹368 Cr₹501 Cr
Operating profit₹35 Cr₹54 Cr₹32 Cr₹71 Cr
Operating margin12.6%15.9%8.7%14.2%
Interest₹1 Cr₹0 Cr₹2 Cr₹4 Cr
Depreciation₹11 Cr₹12 Cr₹12 Cr₹19 Cr
Net profit₹20 Cr₹41 Cr₹21 Cr₹48 Cr
Net margin7.2%12.1%5.7%9.6%
Cash from operations₹35 Cr₹20 Cr₹32 Cr₹43 Cr
Free cash flow₹5 Cr₹-8 Cr₹-41 Cr₹-43 Cr
ROCE12.0%20.0%10.0%19.0%
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₹3 Cr₹3 Cr₹3 Cr₹3 Cr₹3 Cr₹3 Cr
Reserves₹151 Cr₹200 Cr₹219 Cr₹260 Cr₹297 Cr₹326 Cr
Borrowings₹16 Cr₹30 Cr₹32 Cr₹34 Cr₹88 Cr₹123 Cr
Other liabilities₹36 Cr₹44 Cr₹32 Cr₹59 Cr₹96 Cr₹94 Cr
Total liabilities₹207 Cr₹277 Cr₹287 Cr₹356 Cr₹484 Cr₹545 Cr
Fixed assets₹64 Cr₹89 Cr₹88 Cr₹86 Cr₹170 Cr₹164 Cr
Capital work in progress₹12 Cr₹6 Cr₹26 Cr₹46 Cr₹35 Cr₹95 Cr
Investments₹29 Cr₹29 Cr₹39 Cr₹54 Cr₹49 Cr₹39 Cr
Other assets₹102 Cr₹153 Cr₹133 Cr₹171 Cr₹230 Cr₹247 Cr
Total assets₹207 Cr₹277 Cr₹287 Cr₹356 Cr₹484 Cr₹545 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, promoters trimmed −0.25 pp while the public added +0.17 pp. The shareholder count shrank 4% to 13,393.

Promoters
72.5%
FIIs
0.1%
DIIs
0.0%
Public
27.4%

Since Jun 2025

  • Promoters −0.25 pp
  • Public +0.17 pp
  • FIIs +0.05 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.1%, FIIs 0.0%, Public 26.9%.Dec '23: Promoters 73.1%, FIIs 0.0%, Public 26.9%.Mar '24: Promoters 72.7%, FIIs 0.1%, Public 27.2%.Jun '24: Promoters 72.7%, FIIs 0.0%, Public 27.2%.Sep '24: Promoters 72.7%, FIIs 0.0%, Public 27.3%.Dec '24: Promoters 72.7%, FIIs 0.1%, Public 27.2%.Mar '25: Promoters 72.7%, Public 27.3%.Jun '25: Promoters 72.7%, Public 27.3%.Sep '25: Promoters 72.7%, Public 27.3%.Dec '25: Promoters 72.7%, Public 27.3%.Mar '26: Promoters 72.7%, FIIs 0.0%, Public 27.2%.Jun '26: Promoters 72.5%, FIIs 0.1%, DIIs 0.0%, Public 27.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of NGL Fine-Chem Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rajesh Narayan Lawande 21.89%unchanged
Rahul Jayant Nachane 17.54%unchanged
Sunita Sandeep Potdar 13.14%−0.24 pp
Ajita Rahul Nachane 11.55%unchanged
Pci Ferrmone Chemicals India Private Limited 8.38%unchanged
Pushpa Narayan Lawande 0.00%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.

What the price assumes

Attractive

To justify its price of ₹2657, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~32%. At that growth it is worth ₹4467 — upside of 68%.

Growth the price implies
21.3% a year
for 7 years, fading to 4%
It has actually compounded at
33.5% a year
net profit, FY23–FY26 · EPS 31.8%
The gap
-0.1 pp
68% downside if it only repeats history
Price today ₹2,657.2 Value at the reference growth ₹4,466.66

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse NGL Fine-Chem Limited

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