Neogen Chemicals Limited (NEOGEN)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹2,272.2 ↑ 41.22% (1Y)

🎯 Key Takeaways

Neogen Chemicals Limited is in a strategic expansion phase, transitioning from a mature chemical producer to a growth-oriented player with significant CAPEX commitments in inorganic chemicals and new plant commissioning. Management is actively advancing its Dahej and Pakhajan projects, targeting completion by early 2027, while revising FY27 revenue guidance upward to ₹875-950 crores.
Revenue grew 4.2% QoQ to ₹201 in Q3FY25.
⚠️ Margin pressure persists despite revenue growth, as seen in Q4 FY26 PAT decline, potentially due to rising operational or project costs.

Market Cap

₹4,392

P/E Ratio

88.9

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Neogen Chemicals Limited is in a strategic expansion phase, transitioning from a mature chemical producer to a growth-oriented player with significant CAPEX commitments in inorganic chemicals and new plant commissioning. Management is actively advancing its Dahej and Pakhajan projects, targeting completion by early 2027, while revising FY27 revenue guidance upward to ₹875-950 crores. The company is leveraging strong inorganic chemical growth and insurance recoveries to fund expansion, though profitability remains sensitive to margin pressures despite revenue gains.

📰 What's Happening

In Q4 FY26, Neogen reported ₹247 crores revenue (22% YoY growth) driven by 145% growth in inorganic chemicals, with EBITDA at ₹44 crores and PAT at ₹11 crores. Management accelerated Dahej plant commissioning to June 2026, with Phase 1 completion targeted for February 2027 and Pakhajan Phase 2 by March 2027. CAPEX for FY27 was increased to ₹600-700 crores, and FY27 revenue guidance of ₹875-950 crores was set, explicitly excluding the battery business. Additionally, the company raised ₹161 crores via a preferential issue and recognized ₹140 crores in interim insurance recoveries related to a 2025 Dahej fire incident, with a fully recoverable ₹203.18 crores claim outstanding.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	204	165	162	164	200	180	193	201
Operating Profit	34	30	28	22	38	32	35	36
OPM %	16.0%	17.0%	16.0%	12.3%	17.9%	17.1%	17.9%	17.2%
Net Profit	14	10	8	1	17	11	11	10
EPS	₹5.74	₹3.92	₹3.17	₹0.41	₹6.42	₹4.35	₹4.15	₹3.80

Revenue has shown consistent growth over the past eight quarters, rising from ₹165 crores in Q1FY24 to ₹247 crores in Q4 FY26, with inorganic chemicals emerging as a key growth driver. However, operating and net profit margins have remained relatively flat or slightly compressed despite revenue gains, indicating cost pressures or investment timing impacts. The company posted ₹855.49 crores revenue and ₹46.96 crores PAT in FY26, up from prior year, but the PAT decline in Q4 FY26 to ₹11 crores suggests margin sensitivity. Quarterly trends reflect steady top-line expansion but uneven profitability, likely due to CAPEX ramp-up and project-related expenditures.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance on FY27 revenue of ₹875-950 crores (excluding battery business), with completion of Dahej Phase 1 by February 2027 and Pakhajan Phase 2 by March 2027. CAPEX is planned at ₹600-700 crores for FY27 to support inorganic chemical expansion. Management attributes growth to volume-driven inorganic chemical demand and expects improved cash flow from insurance recoveries and project commissioning. No formal long-term guidance beyond FY27 was disclosed, but timelines for project completions and capital deployment are explicitly outlined in recent filings.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND SRF LINDEINDIA FLUOROCHEM

⚠️ Risk Factors

1. Margin pressure persists despite revenue growth, as seen in Q4 FY26 PAT decline, potentially due to rising operational or project costs. 2. Execution risk around Dahej and Pakhajan project timelines — delays could impact FY27 revenue targets and investor confidence. 3. High CAPEX commitments may strain cash flows if insurance recoveries or operational efficiencies are delayed. 4. Dependence on inorganic chemical demand cycles and commodity price volatility could affect profitability in the inorganic segment.

📋 Recent Filings

🧠 Analyst's Read

Neogen Chemicals is executing a clear expansion strategy with defined project milestones and capital allocation, supported by strong inorganic growth and insurance recoveries. The key watchpoints are margin resilience during CAPEX ramp-up and adherence to revised project timelines. While financials show consistent top-line momentum, profitability remains volatile. Investors should monitor execution progress on Dahej and Pakhajan, as well as updates on inorganic chemical demand and cash flow generation post-commissioning.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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