Neogen Chemicals (NEOGEN) Q4 25/26 earnings summary

Executive summary

• Q4 FY 2026 delivered strong growth with consolidated revenue up 22% YoY to INR 247 crore and FY 2026 revenue up 11% to INR 862 crore, driven by high plant utilization and robust demand in pharma, flavors, fragrance, and specialty applications.

• Maintained resilience despite industry headwinds, including overcapacity, supply chain disruptions, and elevated input costs due to geopolitical tensions.

• Battery chemicals (Neogen Ionics) contributed INR 13 crore in Q4 and INR 36 crore in FY 2026, maintaining consistent performance.

• Board recommended a final dividend of INR 1 per equity share for FY 2026, subject to shareholder approval.

• Audited standalone and consolidated financial results for FY 2026 were approved with an unmodified audit opinion from statutory auditors.

Financial highlights

• Q4 FY 2026 consolidated revenue: INR 247 crore (+22% YoY); EBITDA: INR 44 crore (+21% YoY); EBITDA margin: 17.8%.

• FY 2026 consolidated revenue: INR 862 crore (+11% YoY); EBITDA: INR 137 crore; PAT: INR 29 crore.

• Standalone net profit for FY 2026 was INR 46.96 crore; consolidated net profit was INR 28.75 crore.

• Total debt at FY 2026: INR 1,330 crore; net debt: INR 1,295 crore.

• Net cash from operating activities turned positive in H2 FY 2026 (INR 14.6 crore) after an outflow in H1.

Outlook and guidance

• Standalone revenue guidance for FY 2027: INR 875–950 crore (excluding battery business), reflecting Dahej plant ramp-up.

• Battery chemicals (Neogen Ionics) revenue guidance for FY 2027: INR 300 crore+, with majority in H2 as new capacities come online.

• FY 2028 target: INR 1,100 crore+ standalone revenue; FY 2029 consolidated revenue projected at INR 3,700–4,200 crore, driven by battery and core businesses.

• Commissioning of the replacement Dahej plant expected by June 2026; Pakhajan greenfield battery materials facility to be operational in FY 2027.

• Battery chemicals business to ramp up with commercial manufacturing of electrolytes in H1 FY 2027 and electrolyte salts in H2 FY 2027.