Neogen Chemicals (NEOGEN) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was INR 295.96 crore, up 42% YoY; EBITDA was INR 45.3 crore, up 51%, and PAT was INR 8.23 crore, up 144%.

• Growth reflected gains in core segments and rapid Battery Chemicals scaling, despite geopolitical conflict, supply-chain friction, feedstock inflation and temporary Dahej unavailability.

• Board approved doubling Patancheru organolithium capacity and voluntary early redemption of INR 200 crore of NCDs, subject to approvals and terms.

Financial highlights

• Q2 standalone revenue was INR 288 crore, up 39%; EBITDA was INR 53.7 crore, up 54%; PAT was INR 21.14 crore, up 127%.

• H1 FY27 consolidated revenue was INR 546.25 crore, up 38%; EBITDA was INR 93.6 crore, up 52%; PAT was INR 25.34 crore, up 86%.

• H1 standalone revenue was INR 540.28 crore; PAT was INR 40.58 crore, up from INR 23.55 crore YoY.

• At September 30, 2026, liquid investments were INR 465 crore; consolidated net debt was INR 1,095 crore and standalone net debt INR 378 crore.

Outlook and guidance

• FY27 consolidated revenue guidance was reiterated at INR 1,350–1,400 crore; management also indicated revenue could reach INR 1,100 crore or more as the base business exceeds earlier expectations.

• FY27 Battery Chemicals revenue target is INR 250–300 crore; FY28 revenue is expected to exceed INR 1,000 crore, subject to electrolyte volumes and customer ramp-up.

• FY28 base-business revenue is expected at INR 1,200–1,300 crore; organolithium expansion could add INR 150–200 crore in its second contribution year, subject to lithium prices.

• Battery Chemicals is targeted to generate EBITDA of INR 500 crore or more at full utilization by FY29; early ramp-up margins may fluctuate.

• H2 demand typically benefits from European markets, Q4 HVAC-related lithium chemicals and agrochemical crop cycles.