NGL Fine Chem held its 45th annual general meeting on Tuesday, August 25, 2026. The meeting, conducted through video conferencing, saw shareholders adopt the audited financial statements for the fiscal year ended March 31, 2026.

The session commenced at 11:00 am and concluded at 11:25 am. A total of 42 shareholders participated in the meeting via the virtual platform. The requisite quorum was present throughout the proceedings.

Key Resolutions Passed

Shareholders approved several key agenda items through remote e-voting and voting during the meeting. The resolutions included:

• Adoption of audited consolidated financial statements for FY26
• Declaration of final dividend on equity shares for FY26
• Re-appointment of Mr. Rajesh Lawande as Whole-Time Director
• Re-appointment of Mrs. Sarala Menon as Independent Director
• Ratification of remuneration payable to the Cost Auditor

Board Leadership

Mr. Dhananjay Mungale, Chairman of the Board and Independent Director, presided over the meeting. Other directors present included Managing Director Mr. Rahul Nachane, Whole-Time Director and Chief Financial Officer Mr. Rajesh Lawande, Non-Executive Director Mrs. Ajita Nachane, and Independent Directors Mrs. Sarala Menon and Mr. Sudhir Deo.

The Chairman apprised members of the company’s performance for FY25-26, progress on the greenfield expansion at Tarapur, and results for Q1 FY26-27. He also outlined the company’s long-term growth strategy.

Audit and Compliance

Representatives from M/s. Manek & Associates (Statutory Auditors) and M/s. HSPN & Associates LLP (Secretarial Auditors) attended the meeting. The Statutory Auditors' Report and Secretarial Audit Report were taken as read, as they contained no qualifications or adverse remarks.

Mr. Hemant Shetye, Practising Company Secretary, served as the Scrutinizer for the e-voting process. The combined voting results and Scrutinizer's Report will be submitted to the stock exchanges within the stipulated timelines.

NGL Fine Chem Limited delivered a strong financial turnaround in the first quarter of FY27, reporting a net profit of ₹18.40 crore, a significant improvement from the ₹13.49 crore profit in Q4FY26 and a sharp contrast to the ₹4.5 crore loss recorded in the corresponding quarter of the previous fiscal year. The company’s revenue from operations grew 33.57% year-on-year to ₹139.16 crore, though it declined slightly by 6.75% quarter-on-quarter from ₹149.23 crore. This performance underscores the sustained demand momentum across its animal health product segments, as noted by Managing Director Rahul Nachane.

Financial Performance

The company’s operational efficiency improved notably, with EBITDA rising 8.76% quarter-on-quarter to ₹23.29 crore and surging 112.21% year-on-year. Consequently, the EBITDA margin expanded by 239 basis points to 16.73% in Q1FY27, compared to 14.35% in Q4FY26. Total income for the quarter stood at ₹146.59 crore, driven by operating revenue and other income, which increased 202.05% quarter-on-quarter to ₹7.43 crore.

Finance costs remained controlled at ₹0.99 crore, down slightly from ₹1.01 crore in the previous quarter. Depreciation and amortisation expenses increased to ₹5.25 crore from ₹5.05 crore. Profit before tax jumped 37.41% quarter-on-quarter to ₹24.48 crore.

What the Numbers Show

A critical driver of the profitability surge was non-operational income. The company recorded a ₹2.5 crore forex gain in Q1FY27, reversing the ₹4.5 crore mark-to-market forex provision that weighed on Q4FY26 results. Additionally, management highlighted that part of the margin improvement is attributable to inventory gains arising from price increases during the period. With other income contributing significantly to total income, investors should note that these mark-to-market movements are volatile and may not recur at similar magnitudes.

Balance Sheet and Cash Flow

As of FY26, NGL Fine Chem’s total equity and liabilities stood at ₹545.50 crore, with shareholders’ fund increasing to ₹329.23 crore from ₹282.43 crore in FY25. Long-term borrowings rose to ₹56.40 crore from ₹25.34 crore, reflecting ongoing capital expenditure. Trade receivables increased substantially to ₹130.88 crore from ₹82.84 crore in FY25, while inventories grew to ₹70.28 crore. Cash and bank balances remained stable at ₹5.11 crore.

Cash flow from operating activities improved to ₹43.32 crore in FY26 from ₹32.36 crore in FY25. However, cash flow from investing activities remained negative at (₹70.59 crore), primarily due to capex outlays. Net cash flow for FY26 was ₹2.27 crore.

Strategic Outlook

Management confirmed that the Phase II expansion project remains on schedule, with commissioning expected during the current quarter. The total project cost and scope remain unchanged, with commercial production slated to commence in H2FY27. This incremental capacity aims to support growth plans and address emerging opportunities in existing and new markets.

Segment-wise, Animal API continued to dominate revenue mix, accounting for 95% of sales in Q1FY27, consistent with Q4FY26. Geographically, Asia remained the largest market at 40% share, followed by Rest of World at 30% and India at 20%.