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Neogen Chemicals (NEOGEN) investor relations material
Neogen Chemicals Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary10 Nov, 2025
Executive summary
Q2 FY 2026 saw 8% revenue growth and 16% gross profit improvement, despite operational disruptions from a Dahej plant outage, which was mitigated by shifting production and outsourcing, incurring temporary costs.
Strategic milestones included the formation of an Indo-Japan JV for battery materials, key customer approvals for electrolyte and salt, and enhanced corporate governance with board role separation.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with limited review by statutory auditors and no material misstatements identified.
Amalgamation of Buli Chemicals India Private Limited completed, with retrospective restatement of prior periods.
Financial highlights
Q2 FY 2026 consolidated revenue was INR 209 crore, up 8% year-over-year; organic revenue grew 12% to INR 184 crore, inorganic revenue was INR 24 crore.
Neogen Ionics contributed INR 5.42 crore to revenue; EBITDA was INR 30 crore, with margin pressure from higher employee costs, insurance premiums, and outsourcing.
PAT for Q2 FY 2026 was INR 3 crore, impacted by increased operational and finance costs, and lower Dahej plant utilization.
Standalone revenue for Q2 FY26 was INR 206.7 crore; standalone PAT was INR 9.3 crore.
Standalone EBITDA margin for H1 FY26: 17%; consolidated EBITDA margin for H1 FY26: 14%.
Outlook and guidance
Battery Chemicals revenue guidance for FY 2026 revised down to INR 30–40 crore due to delayed customer ramp-up; FY 2027 guidance is INR 400–500 crore, with full utilization targeted by FY 2029 (INR 2,400–2,900 crore).
Base business revenue on track for INR 850 crore in FY 2026 and INR 950–1,000 crore in FY 2027, with double-digit growth targeted for FY 2028 without major CapEx.
Margin guidance for standalone business is 18% ±1–1.5% at full utilization; Neogen Ionics targets 20% ROC, with EBITDA margin for battery business expected at 16–20% depending on lithium prices.
Significant ramp-up in battery materials expected next year as new projects commission and Dahej plant rebuild completes.
Non-FEOC transition: Market share targets
Elevated costs: Impact on FY26 PAT and FY27 recovery
Battery chemicals: Utilization plan given delays
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Next Neogen Chemicals earnings date
Q3 25/2631 Jan, 2026
Next Neogen Chemicals earnings date
Q3 25/2631 Jan, 2026
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Frequently asked questions
Neogen Chemicals Limited is an Indian company engaged in the production of specialty chemicals. It manufactures bromine-based compounds, lithium salts, and Grignard reagents used in pharmaceuticals, agrochemicals, engineering, and electronics. The company supports both domestic and international markets through custom synthesis and contract manufacturing. It is headquartered in Mumbai, India, and its shares are listed on the NSE.
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