Neogen Chemicals Limited (NEOGEN) Financial Results — Revenue ₹247 Cr

Investor Takeaways

Revenue of ₹247 crores in Q4 FY26 grew 22% YoY, driven by 145% growth in inorganic chemicals.

PAT of ₹11 crores in Q4 FY26 reflects margin pressure despite revenue growth.

FY27 revenue guidance of ₹875-950 crores excludes battery business; CAPEX increased to ₹600-700 crores.

Insurance recoveries of ₹140 crores supported cash flow, with net claim receivable at ₹203 crores.

Dahej plant commissioning advanced to June 2026; Phase 1 completion targeted for February 2027.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹247 Cr	22%
Net Profit	₹11 Cr	N/A
EBITDA	₹44 Cr	17.8% margin
EPS	₹3.80	Q3FY25: ₹3.80
OPM	17.8%	Q4 FY26

What Changed

Neogen Chemicals reported Q4 FY26 revenue of ₹247 crores, up 22% YoY, with EBITDA at ₹44 crores and PAT of ₹11 crores. FY26 revenue reached ₹862 crores, driven by 145% YoY growth in inorganic chemicals. The company raised ₹161 crores from promoters and advanced Dahej plant commissioning to June 2026, with Phase 1 completion targeted for February 2027. FY27 revenue guidance of ₹875-950 crores excludes battery business, and CAPEX of ₹600-700 crores is planned for FY27. Insurance recoveries totaled ₹140 crores, with net claim receivable at ₹203 crores. Quarterly trends show stable OPM around 17-18% over the last four quarters, with profit growth moderating in recent quarters.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Neogen Chemicals	88.93	N/A	N/A	4,392.02
Solar Industries India	132.27	N/A	N/A	1,56,674.48
Pidilite Industries	75.73	N/A	N/A	1,49,378.89
SRF Limited	69.51	N/A	N/A	79,723.46

Neogen trades at a lower P/E compared to Solar Industries and Pidilite but higher than SRF, reflecting market expectations around growth in inorganic chemicals.

Risks & Concerns

PAT margin remains below EBITDA margin (17.8% vs 17.8%), indicating rising cost pressures.

FY27 revenue guidance excludes battery business, which may limit growth potential.

Net claim receivable of ₹203 crores remains outstanding, posing collection risk.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	201.43	10.01	17.2%
Q2FY25	193.36	10.96	17.85%
Q1FY25	179.95	11.47	17.12%
Q4FY24	199.65	16.93	17.93%

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About Neogen Chemicals Limited (NEOGEN)

Chemicals · Chemicals & Petrochemicals · Listed on NSE

Market Cap: ₹4,392.02 Cr P/E: 88.9

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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