Neogen Chemicals Limited (NEOGEN)

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Neogen Chemicals Limited (NEOGEN) · mywealthgrid

About

Neogen Chemicals Limited manufactures specialty chemicals in the Materials sector. The company has a market cap of ₹6,041 Cr with recent quarterly revenue of ₹250 Cr, and has delivered strong 1-year returns of 55.74%.

Face value: ₹10

Market cap

₹6,595 Cr

P/E

185.5×

P/B

7.8×

Dividend yield

0.1%

ROE

3.6%

ROCE

8.5%

Debt / equity

1.63

OPM

16%

EPS (TTM)

₹13.5

Book value

₹309.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE of 169.89 is exceptionally high; verify if earnings growth trajectory justifies this multiple or if normalization poses downside risk.
Profitability volatility: Net profit swings from ₹3.37 Cr to ₹19.44 Cr across recent quarters despite stable revenue of ₹246–₹252 Cr; investigate root causes of quarterly variance.
Poor capital efficiency: ROE of 3.58% is low; assess whether capital-intensive operations constrain returns on equity.
High leverage: D/E ratio of 1.63 indicates debt exceeds equity; verify debt servicing capacity and refinancing risk.

Generated analysis · source review pending

Growth drivers

Margin expansion: Operating margin improved from 14.36% (Sep 2025) to 19.27% (Jun 2026), a 5-point gain; verify if this reflects sustainable cost control or product mix improvement.
Revenue acceleration: Quarterly revenue increased from ₹206–₹220 Cr (Sep–Dec 2025) to ₹246–₹252 Cr (Mar–Jun 2026); investigate whether driven by end-market demand, volume growth, or pricing.
Earnings growth: EPS rose from ₹1.28 (Sep 2025) to ₹7.15 (Jun 2026); determine drivers—margin expansion, volume increase, or changes in share count.

Generated analysis · source review pending

1,826 historical price candles were omitted because the exchange source has not been verified.

₹2,407.1-1.2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 20.7% over the last 5 years

Cons

−Low return on equity of 4.6% (3-yr avg)
−Profit declined 1.7% a year over the last 5 years
−Heavily leveraged (debt/equity 1.6)
−Weak interest coverage of 1.5×
−Expensive at 185.5× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

27/100

Business quality: 14
Growth: 58
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	164	239	306	336	487	686	691	778	862
COGS	95	141	184	198	275	389	382	423	466
Gross profit	69	98	122	139	212	298	308	355	396
	40	55	64	74	126	186	198	218	258
	29	43	58	65	87	112	110	137	138
OPM %	17.7%	18.2%	19%	19.3%	17.8%	16.3%	16%	17.6%	16%
Depreciation	2	3	5	7	12	16	23	28	28
Interest	10	12	12	14	19	29	42	49	75
	1	1	0	0	1	4	7	-10	6
Profit before tax	—	29	41	44	57	71	53	50	41
Tax	6	8	12	13	12	21	17	15	12
Tax %	—	28.4%	30.3%	29.1%	21.8%	29.7%	32.4%	30.6%	30%
	11	21	29	31	45	50	36	35	29
PAT margin %	6.7%	8.8%	9.4%	9.3%	9.2%	7.3%	5.2%	4.5%	3.3%
EPS (₹)	5.5	10.4	12.3	13.5	18.7	20	14	13.2	10.9
EPS adjusted (₹)	5.5	10.4	12.3	13.4	17.9	20	13.5	13.2	10.9
	0%	14.4%	16.3%	16.7%	14.7%	15%	14.3%	7.6%	9.2%
Annual report	—	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	20	20	23	23	25	25	26	26	26
Reserves	22	50	133	160	414	458	734	763	790
Minority interest	—	—	0	—	—	—	—	—	—
	67	116	132	206	227	362	394	566	1,330
	43	60	66	103	133	209	308	392	756
Total equity & liabilities	153	246	355	492	799	1,054	1,461	1,747	2,902
	57	83	104	127	285	347	496	404	475
CWIP	1	0	3	115	11	36	109	156	857
Investments	0	1	1	1	82	77	0	0	0
	94	163	248	250	422	594	856	1,187	1,570
Total assets	153	246	355	492	799	1,054	1,461	1,747	2,902

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41.1%	39.9%	41.3%	43.6%	43.4%	44.6%	45.6%	45.9%
EBITDA margin %	18.2%	19%	19.1%	17.8%	16.3%	15.9%	17.5%	16%
EBIT margin %	17%	17.3%	17.1%	15.4%	13.9%	12.6%	14%	12.8%
PAT margin %	8.8%	9.4%	9.3%	9.2%	7.3%	5.2%	4.5%	3.3%
Working capital
Receivable days	93	90	85	82	94	149	94	161
Inventory days	188	257	211	258	275	365	267	445
Payable days	111	71	122	131	147	138	227	346
NWC days	169	276	174	209	223	376	134	260
Leverage
Current ratio	1.37	1.54	1.35	2.26	1.6	1.49	1.36	1.17
Debt to EBITDA	2.67	2.28	3.2	2.62	3.25	3.58	4.15	9.67
Debt to equity	1.65	0.85	1.13	0.52	0.75	0.52	0.72	1.63
Interest coverage	3.4	4.4	4.2	4	3.5	2.3	2.3	1.5
Asset turnover	0.97	0.86	0.68	0.61	0.65	0.47	0.45	0.3
Return ratios
Return on assets %	8.5%	8.1%	6.4%	5.6%	4.7%	2.4%	2%	1%
Return on capital employed %	38.1%	31.6%	22.2%	17%	16.3%	12%	11.6%	8.5%
Return on equity %	29.8%	18.3%	17.1%	10.2%	10.4%	4.7%	4.4%	3.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.19%	56.89%	56.89%	56.89%	51.23%	51.23%	51.23%	51.23%	51.23%	51.23%	51.23%	53.01%
	4.24%	4.51%	4.56%	4.65%	8.17%	7.73%	7.79%	7.36%	5.15%	4.57%	4.46%	4.11%
	20.25%	22.84%	22.14%	22.54%	22.48%	22.53%	22.75%	22.96%	25.23%	21.99%	22.64%	19.6%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.32%	15.76%	16.41%	15.92%	18.12%	18.51%	18.23%	18.45%	18.39%	22.21%	21.67%	23.28%
No. of shareholders	—	—	—	—	—	—	—	—	45,710	47,884	54,332	61,988

Promoter holding down 7.18 percentage points since Sep 2023.

38 deals · 8 Sept 2021 – 2 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Jun 2026	AXIS MUTUAL FUND	Bulk	BSE	Sell	2,66,000	₹1,788.01	₹47.56 Cr
31 Dec 2025	SHALU AGGARWAL	Bulk	NSE	Buy	1,32,819	₹1,189.75	₹15.80 Cr
31 Dec 2025	AJAY KUMAR AGGARWAL	Bulk	NSE	Sell	1,32,819	₹1,186.88	₹15.76 Cr
12 Dec 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	1,53,791	₹1,112.64	₹17.11 Cr
12 Dec 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	1,53,779	₹1,112.14	₹17.10 Cr
11 Dec 2025	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Buy	4,55,342	₹1,098.80	₹50.03 Cr
11 Dec 2025	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	4,55,342	₹1,099.40	₹50.06 Cr
11 Dec 2025	QE SECURITIES LLP	Bulk	NSE	Buy	2,47,954	₹1,101.55	₹27.31 Cr
11 Dec 2025	QE SECURITIES LLP	Bulk	NSE	Sell	2,43,782	₹1,101.27	₹26.85 Cr
11 Dec 2025	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	2,33,099	₹1,100.47	₹25.65 Cr

1–10 of 38

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Mr. ANURAG SURANANon-Executive - Non Independent Director-Chairperson
Mr. HARIN HARIDAS KANANIExecutive Director-MD
Mr. SHYAMSUNDER RADHESHYAM UPADHYAYExecutive Director
Mr. TRIPLICANE COMMANDOOR NARASIMHAN SAIKRISHNANExecutive Director
Mr. RANJAN KUMAR MALIKNon-Executive - Independent Director
Mrs. AVI K SABAVALANon-Executive - Independent Director
Mr. RAJESHKUMAR BABULAL SHAHNon-Executive - Independent Director
Mr. MANOJ KUMAR PATINon-Executive - Independent Director
Mr. Gopi Krishnan SarathyChief Financial Officer
Ms. Unnati KananiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 6 fund houses

Held by these funds

9.73%

of the company's equity

All mutual funds

15.77%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

13 schemes · 6 fund houses

		Shares
Contra Fund	SBI Mutual Fund	12.48 L	274.77	0.58%	4.556%	-0
Small Cap Fund	Axis Mutual Fund	8.1 L	178.27	0.57%	2.956%	-0
Flexi Cap Fund	Axis Mutual Fund	1.96 L	43.17	0.31%	0.716%	-0
Comma Fund	SBI Mutual Fund	1.35 L	29.65	2.4%	0.492%	-17,395
Large and Midcap Fund	SBI Mutual Fund	91,336	20.1	0.05%	0.333%	-6.73 L
Innovation Fund	Axis Mutual Fund	73,201	16.11	1.18%	0.267%	-0
Small Cap Fund	Bajaj Finserv Mutual Fund	58,783	12.94	0.49%	0.215%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	33,888	7.46	0.3%	0.124%	-742

1–8 of 13

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

8

Final dividend13 Aug 2026 · ex-date₹1
Final dividend19 Sept 2025 · ex-date₹1
Final dividend19 Sept 2024 · ex-date₹2
Final dividend25 Aug 2023 · ex-date₹3
Final dividend19 Sept 2022 · ex-date₹2.75
Final dividend16 Sept 2021 · ex-date₹2.25
Final dividend17 Sept 2020 · ex-date₹2
Final dividend11 Sept 2019 · ex-date₹1.5

1

Board meeting to consider results24 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

47 announcementsExport CSV

21 Sept 2026, 3:56 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

17 Sept 2026, 6:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

17 Sept 2026, 12:22 amCompany Update

Outcome Of The Meeting Of The Fund-Raising Committee Held On September 16, 2026

General PDF

17 Sept 2026, 12:21 amCompany Update

Announcement under Regulation 30 (LODR)-Allotment

Allotment of Equity Shares PDF

17 Sept 2026, 12:20 amCompany Update

Announcement under Regulation 30 (LODR)-Qualified Institutional Placement

Qualified Institutional Placement PDF

16 Sept 2026, 10:42 pmCompany Update

Outcome Of Fund Raising Committee

General PDF

16 Sept 2026, 10:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Qualified Institutional Placement

Qualified Institutional Placement PDF

10 Sept 2026, 8:02 pmCompany Update

Outcome Of Fund Raising Committee Meeting Held Today

General PDF

Date	Category	Subject	Filing
21 Sept 2026, 3:56 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
17 Sept 2026, 6:22 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41.1%	39.9%	41.3%	43.6%	43.4%	44.6%	45.6%	45.9%
EBITDA margin %	18.2%	19%	19.1%	17.8%	16.3%	15.9%	17.5%	16%
EBIT margin %	17%	17.3%	17.1%	15.4%	13.9%	12.6%	14%	12.8%
PAT margin %	8.8%	9.4%	9.3%	9.2%	7.3%	5.2%	4.5%	3.3%
Working capital
Receivable days	93	90	85	82	94	149	94	161
Inventory days	188	257	211	258	275	365	267	445
Payable days	111	71	122	131	147	138	227	346
NWC days	169	276	174	209	223	376	134	260
Leverage
Current ratio	1.37	1.54	1.35	2.26	1.6	1.49	1.36	1.17
Debt to EBITDA	2.67	2.28	3.2	2.62	3.25	3.58	4.15	9.67
Debt to equity	1.65	0.85	1.13	0.52	0.75	0.52	0.72	1.63
Interest coverage	3.4	4.4	4.2	4	3.5	2.3	2.3	1.5
Asset turnover	0.97	0.86	0.68	0.61	0.65	0.47	0.45	0.3
Return ratios
Return on assets %	8.5%	8.1%	6.4%	5.6%	4.7%	2.4%	2%	1%
Return on capital employed %	38.1%	31.6%	22.2%	17%	16.3%	12%	11.6%	8.5%
Return on equity %	29.8%	18.3%	17.1%	10.2%	10.4%	4.7%	4.4%	3.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40
Privi Speciality Chemicals LimitedPRIVISCLPRIVISCL	₹13,970 Cr	₹14,980 Cr	₹2,671 Cr	₹666 Cr	25.2%	₹342 Cr	12.4%	27.7%	25.2%	158
Sudeep Pharma LimitedSUDEEPPHRMSUDEEPPHRM	₹13,546 Cr	₹13,694 Cr	₹676 Cr	₹233 Cr	34.6%	₹133 Cr	27.1%	31.1%	25.2%	366
Anupam Rasayan India LimitedANURASANURAS	₹13,243 Cr	₹15,058 Cr	₹2,535 Cr	₹563 Cr	22.2%	₹175 Cr	9.4%	9.1%	5.5%	377
Vinati Organics LimitedVINATIORGAVINATIORGA	₹12,528 Cr	₹12,528 Cr	₹2,381 Cr	₹665 Cr	29.4%	₹448 Cr	19.9%	18.8%	14.9%	152
Elantas Beck India LimitedELANTASELANTAS	₹10,644 Cr	₹10,644 Cr	₹778 Cr	₹147 Cr	20.3%	₹136 Cr	17.4%	20.6%	15.8%	70

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	-4	-35	84	1	-30	-29	196	-231
	-13	-20	-29	-135	-146	-94	-216	-317	-410
	-0	24	63	51	188	100	237	113	642
Net cash flow	—	—	-1	-0	44	-25	-8	-8	-0
Free cash flow	12	—	—	61	-169	-133	-332	-122	-787
CFO / Operating profit %	40.9%	-8.5%	-59.5%	129.9%	1.6%	-27.2%	-26.5%	143.8%	-168.3%

Neogen Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

8

1

Announcements

8

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Neogen Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends8

Board meetings1

Announcements

Dividends8

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

8

1

8

1