Neogen Chemicals released its earnings presentation for Q4 and FY26 under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, showcasing strong quarterly performance alongside its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The board, at its meeting held on May 16, 2026, approved the audited results and recommended a final dividend of Re. 1 per equity share for FY 2025-26, subject to shareholder approval at the ensuing 37th Annual General Meeting. The earnings presentation was subsequently filed with the exchanges on May 17, 2026, and uploaded to the company's official website. The statutory auditors, M/s. Chandabhoy & Jassoobhoy, issued an unmodified opinion on both the standalone and consolidated financial results.
Q4 FY26 Financial Performance
Neogen Chemicals delivered a robust quarterly performance, with standalone revenue rising 22% year-on-year to ₹248.60 crore. Standalone PAT surged 182% in Q4 FY26, while consolidated PAT jumped 373% over the same period, aided by the absence of exceptional items that had weighed on the prior-year quarter. Standalone EBITDA stood at ₹45.40 crore against ₹41.20 crore in Q4 FY25, with EBITDA margin at 18.20% compared to 20.25% in the year-ago period. The following tables present the detailed profit and loss statements.
Standalone Profit & Loss Statement
| Particulars (INR in crore): |
Q4 FY26 |
Q4 FY25 |
Growth (%) |
FY26 |
FY25 |
Growth (%) |
| Revenue: |
248.60 |
203.80 |
22% |
855.50 |
773.70 |
11% |
| Expenditure: |
203.30 |
162.60 |
25% |
704.20 |
626.50 |
12% |
| EBITDA: |
45.40 |
41.20 |
10% |
151.30 |
147.10 |
3% |
| EBITDA Margins: |
18.20% |
20.25% |
-195 bps |
17.7% |
19.0% |
-134 bps |
| Depreciation: |
6.40 |
6.00 |
6% |
23.50 |
25.60 |
-8% |
| Other Income: |
3.90 |
2.70 |
46% |
15.80 |
9.80 |
62% |
| EBIT (inc. Other Income): |
42.90 |
37.80 |
13% |
143.60 |
131.30 |
9% |
| Interest: |
23.00 |
16.50 |
39% |
80.40 |
51.40 |
57% |
| Profit Before Tax: |
19.90 |
21.30 |
-7% |
63.10 |
79.90 |
-21% |
| PBT Margins: |
8.0% |
10.5% |
-245 bps |
7.4% |
10.3% |
-295 bps |
| Exceptional Items: |
0.00 |
13.60 |
NA |
0.00 |
13.60 |
NA |
| PBT (inc. exceptional items): |
19.90 |
7.80 |
157% |
63.10 |
66.40 |
-5% |
| Tax Expense: |
5.30 |
2.60 |
105% |
16.20 |
18.00 |
-10% |
| Profit After Tax: |
14.70 |
5.20 |
182% |
47.00 |
48.40 |
-3% |
| PAT Margins: |
5.9% |
2.5% |
+335 bps |
5.5% |
6.3% |
-77 bps |
| EPS (INR)*: |
5.56 |
1.97 |
182% |
17.81 |
18.35 |
-3% |
*Not annualized
Consolidated Profit & Loss Statement
| Particulars (INR in crore): |
Q4 FY26 |
Q4 FY25 |
Growth (%) |
FY26 |
FY25 |
Growth (%) |
| Revenue: |
246.60 |
202.80 |
22% |
862.00 |
777.60 |
11% |
| Expenditure: |
202.70 |
166.40 |
22% |
724.70 |
641.20 |
13% |
| EBITDA: |
43.90 |
36.40 |
21% |
137.30 |
136.30 |
1% |
| EBITDA Margins: |
17.8% |
17.9% |
-13 bps |
15.9% |
17.5% |
-160 bps |
| Depreciation: |
7.60 |
6.80 |
12% |
27.50 |
27.80 |
-1% |
| Other Income: |
1.00 |
0.60 |
66% |
6.10 |
4.00 |
53% |
| EBIT (inc. Other Income): |
37.30 |
30.20 |
23% |
115.90 |
112.70 |
3% |
| Interest: |
21.50 |
12.50 |
72% |
75.10 |
48.50 |
55% |
| PBT (inc. share of profit): |
15.90 |
17.80 |
-11% |
41.10 |
64.20 |
-36% |
| PBT Margins: |
6.4% |
8.8% |
-233 bps |
4.8% |
8.3% |
-350 bps |
| Exceptional Items: |
0.00 |
14.10 |
NA |
0.00 |
14.10 |
NA |
| PBT (inc. exceptional items): |
15.90 |
3.70 |
331% |
41.10 |
50.20 |
-18% |
| Tax Expense: |
4.50 |
1.30 |
251% |
12.30 |
15.30 |
-20% |
| Profit After Tax: |
11.40 |
2.40 |
373% |
28.80 |
34.80 |
-17% |
| PAT Margins: |
4.6% |
1.2% |
+343 bps |
3.3% |
4.5% |
-114 bps |
| EPS (INR)*: |
4.32 |
0.91 |
375% |
10.90 |
13.20 |
-17% |
*Not annualized
Battery Chemicals Expansion
Neogen Chemicals is actively scaling up its battery chemicals business, with lithium electrolyte salt and additive capacities at various stages of commissioning and development. The 2,000 MT electrolyte plant at Dahej has been fully commissioned. Additionally, 200 MTPA of lithium electrolyte salt and additive capacity is already commissioned, while 1,300 MTPA is currently under trial production. A further 1,000 MTPA of capacity along with 500 MT of intermediate capacity is planned by Q3 FY27. The company's Managing Director stated that FY27 is expected to be a transformative year, driven by commissioning the large battery materials plant at Pakhajan, scaling up electrolyte operations at Dahej, and restoring standalone growth, with a revenue target of ₹875–950 crore.
| Battery Chemicals Capacity: |
Details |
| Electrolyte Plant (Dahej): |
2,000 MT — Fully Commissioned |
| Li Salts & Additives — Commissioned: |
200 MTPA |
| Li Salts & Additives — Under Trial Production: |
1,300 MTPA |
| Additional Capacity Planned (by Q3 FY27): |
1,000 MTPA + 500 MT Intermediate |
| FY27 Revenue Target (MD Guidance): |
₹875–950 crore |
Subsidiary Project Updates and Expansion Initiatives
Neogen Ionics Limited, a wholly-owned subsidiary, reported revised project timelines and planned manufacturing capacities for its Dahej and Pakhajan facilities. The revised Scheduled Commercial Operation Date (SCOD) for the Dahej project is March 31, 2027, while the Pakhajan project SCOD is revised to June 30, 2027, both subject to lender approval. The Pakhajan site in Dahej PCPIR spans 264,285 m², with total planned capacity across both sites reaching 32,000 MT of electrolyte and 5,500 MT of lithium electrolyte salts and additives.
| Manufacturing Location: |
Land Area |
Planned Electrolyte Capacity |
Planned Li Salts & Additives Capacity |
Revised SCOD |
| Dahej SEZ: |
6,455 m² |
2,000 MT |
1,500 MT (FY25–FY27 phased) |
March 31, 2027 |
| Pakhajan, Dahej PCPIR: |
264,285 m² |
30,000 MT |
3,000 MT |
June 30, 2027 |
| Total: |
270,740 m² |
32,000 MT |
5,500 MT |
— |
Following the fire incident at the Dahej plant in March 2025, the current capacity at that facility is unavailable. A replacement plant of the same capacity is currently under construction and planned to be operational by June 2026.
Dividend and Audit
The board recommended a final dividend of Re. 1 per equity share for FY 2025-26, subject to shareholder approval. The results were reviewed and recommended by the Audit Committee pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The record date for determining dividend eligibility and the AGM date will be intimated in due course. The company also amended its Code for Prevention of Insider Trading, with the revised code uploaded to its official website.
Borrowings and Credit Ratings
Neogen Chemicals disclosed details of outstanding qualified borrowings for FY 2025-26 in accordance with applicable SEBI circulars. Outstanding qualified borrowings rose significantly during the year, reflecting the company's ongoing capital expenditure programme. CRISIL Ratings Limited reaffirmed its ratings as of March 31, 2026, removing them from 'Rating Watch with Developing Implications'.
| Particulars: |
Amount (₹ in crore) |
| Outstanding at start of FY (April 1, 2025): |
92.54 |
| Incremental borrowing during FY 2025-26: |
228.98 |
| Outstanding at end of FY (March 31, 2026): |
321.52 |
| Debt securities issuance during FY 2025-26: |
200.00 |
| Long Term Rating (CRISIL): |
A/Negative |
| Short Term Rating (CRISIL): |
A1 |
| NCD Rating (CRISIL): |
A/Negative |
CSR Initiatives
Neogen Chemicals continued its commitment to social responsibility during the period. The company secured the EcoVadis Silver Medal for 2025, highlighting its progress in ESG and commitment to sustainable business practices. CSR spending was directed across multiple focus areas as detailed below.
| CSR Focus Area: |
Amount Spent |
| Education: |
Rs. 45.72 Lakh |
| Water Conservation & Natural Resource Management: |
Rs. 37.81 Lakh |
| Environment: |
Rs. 26.84 Lakh |
| Women Empowerment: |
Rs. 9.14 Lakh |
| Healthcare: |
Rs. 8.88 Lakh |
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