AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 10 Sep - Neogen Chemicals opened QIP on September 10, 2026; floor price fixed at ₹2,189.73 per share.
Source: Bse
Neogen Chemicals Limited (NEOGEN)
Micro CapChemicals stocks · Micro cap · NSE
Neogen Chemicals manufactures specialty chemicals, including lithium-based and bromine-based compounds, serving pharma, agro, and advanced battery materials sectors. It focuses on protecting core margins, supply reliability, and driving growth in battery materials.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result25 Jul, 12:42 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.2 (n=45)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +8.4% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
NEOGEND candles · FIT view+42.7%Latest close ₹2359.90 on 2026-10-21
Bar
-5.0%
RSI
47
MACD hist
-10.74
52W pos
77%
2026-10-21O ₹2485.00H ₹2516.90L ₹2335.00C ₹2359.90Vol 3.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NEOGENNifty ChemicalsNifty 500
- NEOGEN
- +9.5%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- +16.0 pp
Chart stats
21 Oct 2026- From 52W high
- -15.3%
- 52W range position
- 77%
- ATR (14)
- 5.4%
- Volume vs 20D
- 1.73x
- Avg traded value
- ₹49.8 Cr
- 20D price channel
- ₹2,296.7 - ₹2,785
₹2,785
₹966.7 - ₹2,785
₹128.3
Latest completed session
20-session average
52.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED9
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +33.7% · PAT +70.0% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2722.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +34% YoY · PAT +70% YoY · margin expansion · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹250 Cr | +33.7% | +1.2% |
| EBITDA | ₹48 Cr | +50.0% | +9.1% |
| Operating margin | 19.0% | +200 bps | +100 bps |
| PAT | ₹17 Cr | +70.0% | +54.5% |
| PAT margin | 6.8% | +145 bps | +235 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 216.00
- P/B
- 8.32
- EV/EBITDA
- 49.40
- Market Cap
- 7694.00Cr
Profitability
- ROE
- 3.58%
- ROCE
- 6.46%
- ROA
- 1.24%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- -17.00%
Balance Sheet
- Debt/Equity
- 1.71
- Interest Coverage
- 1.86×
- Altman Z
- 3.19
- Book Value
- 309.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -231.00 Cr
- EPS TTM
- 13.25
Shareholding
- Promoter Hold
- 48.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 250+1.2% vs prev
Net Profit
₹ CrLatest: 17.0+54.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~7.8% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 144% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
90
RS percentile
Stage 2 UptrendEstablished S2
1M return
+0.0%
3M return
+9.5%
6M return
+42.2%
1Y return
+62.1%
RS 1D
-1
RS 20D
-1
Sector rank
#14
Industry rank
#41
Stage evidence
- Price is 21.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
08 May 2026
S2 age
116 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 163.73-4.03%
RS vs Nifty 500164
Valuation & peers
U-Score 9 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 9 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality0/20
Balance Sheet1/15
Cash Flow1/10
Piotroski
3/9 (+1)
Penalties
-1
Raw sum
9
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
9/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 7/25 to the score.
- Cash flow contributes 1/10 to the score.
- Balance sheet contributes 1/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -2722.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
216.0
PB
8.3
EV/EBITDA
49.4
ROE
3.6%
ROCE
6.5%
FCF Yield
—
Debt/Equity
1.7
MoS
-2722.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 1.7, so downturn resilience matters.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
9
Previous: 9
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-2722.7%
Previous: -2868.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
8
8
8
8
9
9
9
9
9
9
9
9
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹303.51
-677.5% MoS
Growth-justified P/E
6.3
Growth-justified Value
₹83.61
-2722.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SUDARSCHEM
Micro
Sudarshan Chemical Industries Limited
Fertilizers & Agrochemicals
match 169
24
89.6
0.5%
-8507%
OVERVALUED
SHARDACROP
Micro
Sharda Cropchem Limited
Fertilizers & Agrochemicals
match 164
93
10.4
23.2%
+78%
DEEP VALUE
KANSAINER
Micro
Kansai Nerolac Paints Limited
Fertilizers & Agrochemicals
match 161
38
22.5
8.8%
-176%
WATCHLIST
PRIVISCL
Micro
Privi Speciality Chemicals Limited
Fertilizers & Agrochemicals
match 160
66
38.0
26.0%
+18%
UNDERVALUED
PCBL
Large
PCBL Chemical Limited
Fertilizers & Agrochemicals
match 159
28
45.0
5.6%
-906%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:14:56.416Z
Management commentary snapshot
Q1 FY27 revenue grew 34% YoY to INR 250 crore, with EBITDA up 53% to INR 48 crore, driven by volume growth in core and battery chemicals. PAT surged 67% YoY to INR 17 crore, and standalone guidance was revised upwards.
Neogen delivered robust Q1 FY27 results, driven by core business resilience and strong battery chemicals momentum. Key capacity expansions are on track, and the QIP aims to de-leverage and fund future growth. While macro headwinds persist, the company's strategic positioning in battery materials and cost pass-through mechanisms support the thesis.
Current business mix
Revenue by operational vertical (Q1 FY27)
Latest issuer-disclosed distribution across 2 reported categories.
Organic Chemicals77.3%
Inorganic Chemicals22.7%
Growth engines
Battery Materials Segment (Neogen Ionics)
Delivered INR 19 crore revenue in Q1 FY27 (vs INR 5 crore in Q1 FY26), highest ever quarterly revenue. Targeting INR 300 crore revenue for FY27.
Organo-lithium Business
Hit full utilization level in Q1 FY27, considering further capacity increase by the end of the financial year due to strong demand.
Inorganic Chemicals Segment
Delivered a standout performance with revenue surging 158% YoY to INR 57 crore in Q1 FY27, partly supported by organo-lithium by-products.
Custom Synthesis Manufacturing (CSM)
Customers remain engaged; Dahej plant restart with improvements is expected to make it more attractive for CSM customers.
Capacity and execution
Dahej Replacement Plant
Reconstruction is almost complete, trial runs are underway, with commercial production set to commence within Q2 FY27.
Battery Material Facility (Electrolyte)
Mechanical assembly is complete, trial runs initiated, and commissioning is targeted for H1 FY27.
Battery Material Facility (Lithium Electrolyte Salts)
Commissioning of the facility for lithium electrolyte salts remains targeted for H2 FY27.
Organo-lithium Capacity
Considering to further increase capacity slightly by the end of the financial year, with incremental CAPEX of less than INR 10-15 crore.
Tailwinds
Government Support for Battery Materials
Strongly backed by Government support and proactive policy actions, including PLI ACC battery manufacturers ramp-up and proposed PLI for battery components.
Domestic Battery Demand Surge
Domestic battery demand is projected to surge from 33 GWh (last year) to 92 GWh by 2027, eventually reaching over 200 GWh by 2032.
Global Non-FEOC, Non-PAP Demand
Global cell producers are accelerating transition towards non-FEOC, non-PAP compliant supply chain to meet US tax credit requirements by 2027.
Strategic Partner Equity Contribution
Strategic partner Morita remains fully committed to their USD 20 million equity contribution towards the joint venture, expected during Q2 and Q3 FY27.
Headwinds
Geopolitical Volatility
The global chemical industry continues to navigate a complex operating landscape characterized by persistent geopolitical volatility.
Uneven End-Market Demand
The global chemical industry continues to navigate a complex operating landscape characterized by uneven end-market demand.
Elevated Shipping Freight Costs
Base business demonstrated resilience despite ongoing global supply chain volatility and elevated shipping freight costs.
Temporary Overheads
EBITDA margin expansion was achieved despite temporary expenses related to Dahej plant rebuild, toll manufacturing, and initial expansion cost at Neogen Ionics.
Risk radar
Battery Technology Changes
Discussion about shifting to sodium-ion, though management believes the same plant can be used for sodium-ion electrolyte production.
Delay in Domestic Battery Cell Capacities
If domestic battery cell capacities get delayed, there could be a delay in the electrolyte business ramp-up.
China Spot Pricing for Battery Salts
Current China spot prices are lower than the formula price, which could lead to slightly lower pricing for securing early volumes in Q2/Q3 FY27.
Working Capital Intensity
Increased working capital intensity due to supply chain inflation and temporary holding costs pending insurance claim disbursement.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison reflects overall business growth and seasonal trends. QoQ is crucial for tracking sequential momentum, utilization ramp-up of new capacities (Dahej, Neogen Ionics), and project execution in the chemicals sector.
Sector KPIs management disclosed
Volumes
Growth was driven by volume growing across core business verticals, sustained customer demand, and strong volumes led by organo-lithium, inorganic chemicals, and battery chemicals.
Realizations
INR 15 crore of legacy business growth came from increased prices related to lithium and other raw materials. Current China spot prices for battery salts are lower than the formula price.
Product Mix
Gross profit rose by 37% to INR 117 crore, reflecting an optimized product mix and cost pass-through arrangements.
Spreads
EBITDA margins expanded by 260 basis points to 19.3%. Cost pass-through mechanisms with customers across key raw materials and input costs were successfully initiated.
Management forward view
FY27 Revenue Guidance Revision
Improved standalone guidance from INR 875-950 crore to INR 950-1,050 crore, expecting the base business to cross INR 1,000 crore.
FY27 Battery Business Revenue Target
Looking at INR 300 crore revenue for the current year for the battery business (approx. INR 200 crore salts, INR 100 crore electrolyte).
FY29 Battery Business Revenue Potential
Current CAPEX can cater to a revenue of around INR 2,400-2,900 crore by FY29, assuming full utilization.
QIP Fundraise for De-leveraging and Growth
Board approved raising INR 600 crore via QIP to de-leverage the balance sheet and prepare for future growth opportunities in battery materials and organo-lithium.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dahej Plant Commercial Production | Trial runs underway, reconstruction almost complete. | Commencement of commercial production within Q2 FY27 and smooth ramp-up. |
| Neogen Ionics Commissioning | Electrolyte facility commissioning targeted H1 FY27, lithium electrolyte salts H2 FY27. | Successful commissioning, product validation with domestic cell manufacturers, and commencement of commercial supplies. |
| Morita Equity Contribution | USD 20 million expected during Q2 and Q3 FY27. | Timely receipt of the equity contribution from the strategic partner. |
| QIP Fundraise Completion | Board approved raising INR 600 crore via QIP, subject to approvals. | Successful completion of the QIP and its impact on debt reduction and financial flexibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 9th percentile within Chemicals. Main check: balance sheet trust is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
128 docs text-extracted · 56 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Chemicals: 9th pctile, median 73 · Micro: 6th pctile, median 73
Evidence depth
Financial-only
128 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
39
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.8%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Operating cash flow is negative at ₹-231 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.71.
- ▸Interest coverage is 1.9x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Neogen Chemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 26 Sep - CRISIL revised Neogen Chemicals’ and Neogen Ionics’ outlook to Stable; ratings reaffirmed on September 26, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Intimation of Analyst/Investor meet to be held on September 28, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Intimation of Analyst/Investor meeting to be held on September 22, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 16 Sep - QIP closed on Sept 16, 2026; 26,60,753 shares priced at ₹2,255 each.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 17 Sep - Neogen Chemicals allotted 26,60,753 shares in a ₹600 crore QIP at ₹2,255 each on September 16, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 21 Sep - Neogen raises ~INR 600 crore in first-ever QIP, oversubscribed 6.5x, to repay debt and fund working capital.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 17 Sep - Neogen Chemicals allotted 26,60,753 shares in a ₹600 crore QIP at ₹2,255 each.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Credit ratingJul 2026
Jul 2026 · Intimation Of Credit Rating 18 Jul - CRISIL downgraded Neogen Chemicals and Neogen Ionics ratings on July 18, 2026 due to battery project delays.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jul - Notice of 37th AGM to be held on 21-08-2026 in newspaper publication.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.