Indian maker of veterinary & human APIs, intermediates and finished dosage forms, market leader in veterinary APIs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 139 | +33.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.0 | +6.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 18.0 | +100.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 18.66 | +9.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -8.58 | +2.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 40.68 | +27.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 3 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| US FDA Initial Filing | Targeted in the October to December quarter [CY25] | Q4 FY25 | Promise remains achieved. No new updates. | Achieved |
| EU Sales from Existing Plant | INR25 crores to INR30 crores in the current year [FY26] | Q4 FY25 | 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. | Missed |
| Capex Completion Timeline | Completion is targeted for Q3 of the current financial year [FY26] | Q4 FY25 | Commissioning further delayed from Q1 FY27 to early Q2 FY27 due to gas and labor shortages. | Delayed |
2 of NGL Fine-Chem Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,490.1 on 24 Oct 2025 → ₹2,632.5. High ₹3,457.8 (10 Aug 2026), low ₹1,278.8 (19 Dec 2025).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 3 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| US FDA Initial Filing | Targeted in the October to December quarter [CY25] | Q4 FY25 | Promise remains achieved. No new updates. | Achieved |
| EU Sales from Existing Plant | INR25 crores to INR30 crores in the current year [FY26] | Q4 FY25 | 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. | Missed |
| Capex Completion Timeline | Completion is targeted for Q3 of the current financial year [FY26] | Q4 FY25 | Commissioning further delayed from Q1 FY27 to early Q2 FY27 due to gas and labor shortages. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
NGL Fine Chem Q4 FY26
NGL Fine Chem reported a strong Q4 and full year FY26, demonstrating significant revenue and profit growth driven by broad-based demand and an expanded API portfolio. While facing external cost pressures and a slight delay in Phase II commissioning, the company is optimistic about continued volume momentum and margin improvement, supported by recent price pass-throughs and ongoing capacity expansion.
Read the full callNGL Fine Chem Q2 FY26
NGL Fine Chem reported strong Q2 and H1 FY26 results driven by broad-based demand recovery in India and Asia, with significant growth in revenue and EBITDA. The company is making strategic progress in regulated markets, having filed its first API registration with the US FDA and expanding its European portfolio. While profitability was slightly impacted by increased costs and lower realizations, management is optimistic about future margin improvement as new capacities come online and regulated market sales commence, despite acknowledging ongoing pricing pressures and a cautious outlook on sus
Read the full callNGL Fine Chem Q4 FY25
NGL Fine Chem reported a challenging Q4 FY25 with significant margin compression and a 49% decline in FY25 PAT, primarily due to heightened competition, subdued realizations, and geopolitical issues. Despite these headwinds, the company successfully commercialized Phase 1 of its capex project and remains committed to strategic initiatives, including regulated market entry and process reengineering, with meaningful sales from new capacities expected from FY27.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +100% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 93 | 89 | 95 | 104 | 120 | 128 | 149 | 139 |
| Expenses | 82 | 84 | 89 | 93 | 103 | 105 | 128 | 116 |
| Operating profit | 12 | 5 | 6 | 11 | 17 | 22 | 21 | 23 |
| Operating margin | 12.0% | 6.0% | 7.0% | 11.0% | 14.0% | 18.0% | 14.0% | 17.0% |
| Other income | 5 | 0 | -1 | 6 | 2 | 5 | 2 | 7 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 5 |
| Profit before tax | 13 | 1 | 1 | 12 | 13 | 21 | 18 | 24 |
| Tax rate | 26.0% | −1.0% | 49.0% | 22.0% | 26.0% | 24.0% | 24.0% | 25.0% |
| Net profit | 10 | 1 | 1 | 9 | 10 | 16 | 13 | 18 |
| EPS (₹ per share) | 15.88 | 2.07 | 0.87 | 14.96 | 15.59 | 25.40 | 21.84 | 29.78 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 280 | 339 | 368 | 501 |
| Expenses | 245 | 285 | 336 | 429 |
| Operating profit | 35 | 54 | 32 | 71 |
| Other income | 5 | 14 | 10 | 15 |
| Interest | 1 | 0 | 2 | 4 |
| Depreciation | 11 | 12 | 12 | 19 |
| Profit before tax | 28 | 54 | 27 | 64 |
| Net profit | 20 | 41 | 21 | 48 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 200 | 219 | 260 | 279 | 297 | 326 |
| Borrowings | 30 | 32 | 34 | 78 | 88 | 123 |
| Other liabilities | 44 | 32 | 59 | 75 | 96 | 94 |
| Total liabilities | 277 | 287 | 356 | 435 | 484 | 545 |
| Fixed assets | 89 | 88 | 86 | 143 | 170 | 164 |
| Capital work in progress | 6 | 26 | 46 | 50 | 35 | 95 |
| Investments | 29 | 39 | 54 | 60 | 49 | 39 |
| Other assets | 153 | 133 | 171 | 183 | 230 | 247 |
| Total assets | 277 | 287 | 356 | 435 | 484 | 545 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 27 | 14 | 35 | 20 | 32 | 43 |
| Cash from investing | -25 | -14 | -27 | -27 | -70 | -71 |
| Cash from financing | -1 | -1 | -1 | -1 | 37 | 30 |
| Net cash flow | 2 | -1 | 7 | -7 | 0 | 2 |
| Free cash flow | 10 | -15 | 5 | -8 | -41 | -43 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 53 | 74 | 86 | 97 | 82 | 95 |
| Inventory days | 132 | 137 | 69 | 98 | 101 | 106 |
| Days payable | 103 | 91 | 63 | 112 | 103 | 97 |
| Cash conversion cycle | 82 | 120 | 93 | 83 | 81 | 104 |
| Working capital days | 69 | 90 | 68 | 76 | 50 | 60 |
| Return on capital employed | 54.0% | 34.0% | 12.0% | 20.0% | 10.0% | 19.0% |
| Dividend payout | 2.0% | 2.0% | 5.0% | 3.0% | 5.0% | 2.0% |
To justify its price of ₹2632, 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 70%.
Ownership
Promoters hold 72.49% as of Sept 2026; institutions cut 0.03 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of NGL Fine-Chem Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 21.89% | unchanged | |
| 17.54% | unchanged | |
| 13.14% | unchanged | |
| 11.55% | unchanged | |
| 8.38% | 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.
Your own record
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