NEOGEN

Neogen Chemicals Limited

Lithium-ion battery materials and specialty chemicals manufacturer

Commodities›Chemicals›Chemicals & Petrochemicals›Specialty Chemicals

neogenchem.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2484.80
Market cap
6,803 Cr
Stock P/E
191.3
P/B
8.03
Dividend yield
0.0%
ROE (FY26)
3.5%
ROCE (FY26)
5.4%
Operating margin (FY26)
12.8%
Debt / equity (FY26)
1.63
OCF / EBITDA (FY26)
-168.3%
OCF / EBITDA (3Y)
-16.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Neogen Chemicals makes specialty organic and inorganic chemicals, including organo-lithium compounds, and is building a battery-materials business (lithium electrolyte salts and electrolytes) for battery makers through its subsidiary Neogen Ionics.

Company snapshot

19thBy market cap

Ranked among 68 companies in Specialty Chemicals.

What we see

Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales162 Cr164 Cr200 Cr180 Cr193 Cr201 Cr203 Cr187 Cr209 Cr220 Cr247 Cr250 Cr
Operating expenses (approx.)136 Cr144 Cr164 Cr149 Cr159 Cr167 Cr166 Cr155 Cr179 Cr188 Cr203 Cr202 Cr
EBITDA26 Cr20 Cr36 Cr31 Cr35 Cr35 Cr36 Cr32 Cr30 Cr32 Cr44 Cr48 Cr
OPM %16.0%12.3%17.9%17.1%17.8%17.2%17.9%16.9%14.4%14.5%17.8%19.3%
Other income2 Cr2 Cr2 Cr2 Cr0.79 Cr1 Cr0.59 Cr1 Cr2 Cr2 Cr0.98 Cr4 Cr
Interest11 Cr11 Cr10 Cr10 Cr13 Cr13 Cr13 Cr13 Cr19 Cr22 Cr21 Cr21 Cr
Depreciation6 Cr6 Cr6 Cr7 Cr7 Cr7 Cr7 Cr6 Cr7 Cr7 Cr8 Cr8 Cr
Profit before tax11 Cr6 Cr22 Cr16 Cr15 Cr15 Cr4 Cr14 Cr5 Cr6 Cr16 Cr23 Cr
Tax %27.9%81.4%24.7%27.2%29.2%34.4%34.5%28.2%34.6%35.9%28.1%26.5%
Net profit8 Cr1 Cr17 Cr11 Cr11 Cr10 Cr2 Cr10 Cr3 Cr4 Cr11 Cr17 Cr
EPS (₹)₹3.17₹0.41₹6.42₹4.35₹4.15₹3.80₹0.91₹3.89₹1.28₹1.40₹4.32₹6.29

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales239 Cr306 Cr336 Cr487 Cr686 Cr691 Cr778 Cr862 CrSign in free for the trailing twelve months
Operating expenses (approx.)196 Cr248 Cr272 Cr401 Cr575 Cr581 Cr641 Cr724 CrSign in free for the trailing twelve months
EBITDA43 Cr58 Cr64 Cr87 Cr112 Cr110 Cr136 Cr138 CrSign in free for the trailing twelve months
OPM %18.2%19.0%19.1%17.8%16.3%15.9%17.5%16.0%Sign in free for the trailing twelve months
Other income0.51 Cr0.10 Cr0.14 Cr1 Cr4 Cr7 Cr4 Cr6 CrSign in free for the trailing twelve months
Interest12 Cr12 Cr14 Cr19 Cr29 Cr42 Cr49 Cr75 CrSign in free for the trailing twelve months
Depreciation3 Cr5 Cr7 Cr12 Cr16 Cr23 Cr28 Cr28 CrSign in free for the trailing twelve months
Profit before tax29 Cr41 Cr44 Cr57 Cr71 Cr53 Cr50 Cr41 CrSign in free for the trailing twelve months
Tax %28.4%30.3%29.1%21.8%29.6%32.4%30.6%30.0%Sign in free for the trailing twelve months
Net profit21 Cr29 Cr31 Cr45 Cr50 Cr36 Cr35 Cr29 CrSign in free for the trailing twelve months
EPS (₹)₹10.43₹12.28₹13.45₹18.70₹20.03₹13.96₹13.20₹10.90Sign in free for the trailing twelve months
Dividend payout %——14.9%11.8%13.7%21.0%15.2%9.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital20 Cr23 Cr23 Cr25 Cr25 Cr26 Cr26 Cr26 Cr
Reserves50 Cr133 Cr160 Cr414 Cr458 Cr734 Cr763 Cr790 Cr
Borrowings116 Cr132 Cr202 Cr198 Cr362 Cr394 Cr566 Cr1,330 Cr
Other liabilities60 Cr66 Cr107 Cr162 Cr209 Cr308 Cr392 Cr756 Cr
Total liabilities246 Cr355 Cr492 Cr799 Cr1,054 Cr1,461 Cr1,747 Cr2,902 Cr
Fixed assets (net)83 Cr104 Cr122 Cr282 Cr339 Cr480 Cr374 Cr474 Cr
CWIP0.39 Cr3 Cr115 Cr11 Cr36 Cr109 Cr156 Cr857 Cr
Investments0.53 Cr0.60 Cr0.75 Cr82 Cr77 Cr0.45 Cr0.45 Cr0.45 Cr
Loans & advances—0 Cr0 Cr0 Cr0.36 Cr0.68 Cr0.39 Cr0.35 Cr
Inventories72 Cr130 Cr114 Cr195 Cr293 Cr382 Cr309 Cr568 Cr
Trade receivables61 Cr75 Cr79 Cr110 Cr177 Cr282 Cr200 Cr380 Cr
Cash & bank1 Cr0.56 Cr0.51 Cr33 Cr18 Cr12 Cr5 Cr5 Cr
Other assets29 Cr42 Cr62 Cr88 Cr113 Cr195 Cr702 Cr616 Cr
Total assets246 Cr355 Cr492 Cr799 Cr1,054 Cr1,461 Cr1,747 Cr2,902 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-4 Cr-35 Cr84 Cr1 Cr-30 Cr-29 Cr196 Cr-231 Cr
Cash from investing-20 Cr-29 Cr-135 Cr-146 Cr-94 Cr-216 Cr-317 Cr-410 Cr
Cash from financing24 Cr63 Cr51 Cr188 Cr100 Cr237 Cr113 Cr642 Cr
Net cash flow0.20 Cr-0.54 Cr-0.27 Cr44 Cr-25 Cr-8 Cr-8 Cr-0.02 Cr
Free cash flow (OCF − Capex)-24 Cr-63 Cr60 Cr-169 Cr-134 Cr-332 Cr-122 Cr-787 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %22.2%18.4%15.1%12.0%11.8%8.2%7.3%5.4%
ROE %29.8%18.3%17.1%10.2%10.4%4.7%4.4%3.5%
Debtor days929085829414994161
Inventory days165208230206220294222324
Days payable9857133105117111189252
Cash conversion cycle160240182183196332127233
OCF / EBITDA %-8.5%-59.5%129.9%1.6%-27.2%-26.5%143.8%-168.3%
OCF / EBITDA % (3 years)——27.3%24.1%20.8%-18.8%38.1%-16.8%
Debt / equity1.650.851.100.450.750.520.721.63
Current ratio1.371.541.382.261.601.491.361.17
Net debt / EBITDA—2.273.131.903.083.464.129.63