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Neogen Chemicals Ltd.
(NEOGEN)
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Rating:50Neutral
Price Target:
₹2,697.00
▲(30.71% Upside)
Action:Reiterated
Date:10/02/26
The score is held back primarily by weakened financial quality—margin compression, a sharp leverage increase, and negative operating/free cash flow—despite a constructive technical uptrend. Valuation is a secondary headwind due to the very high P/E with minimal dividend support.
Positive Factors
Strong Revenue Growth
The substantial multi-year revenue expansion indicates that Neogen has increased its commercial scale across specialty chemical markets. Continued growth can support operating leverage, broaden customer relevance, and provide a stronger base for future capacity utilization and product development.
Negative Factors
Higher Leverage
The sharp increase in debt has materially reduced balance-sheet flexibility while profitability and return on equity have weakened. Higher leverage can increase financing pressure, constrain capital allocation, and make future expansion more dependent on sustained operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
The substantial multi-year revenue expansion indicates that Neogen has increased its commercial scale across specialty chemical markets. Continued growth can support operating leverage, broaden customer relevance, and provide a stronger base for future capacity utilization and product development.
Read all positive factors
Neogen Chemicals Ltd. (NEOGEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹65.67B
Dividend Yield0.05%
Average Volume (3M)12.22K
Price to Earnings (P/E)164.7
Beta (1Y)1.22
Revenue Growth18.00%
EPS Growth3.85%
CountryIN
Employees680
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)13.25
Shares Outstanding30,042,427
10 Day Avg. Volume13,477
30 Day Avg. Volume12,220
Financial Highlights & Ratios
PEG Ratio-5.85
Price to Book (P/B)3.59
Price to Sales (P/S)3.40
P/FCF Ratio-3.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)22.04
Revenue Forecast (FY)₹12.58B
Neogen Chemicals Ltd. Business Overview & Revenue Model
Company Description
Neogen Chemicals Limited, founded in Thane, India, in 1989, is engaged in the manufacturing and supply of an extensive array of specialized chemical products. The company's comprehensive portfolio encompasses numerous organo-bromine compounds, inc...
How the Company Makes Money
Neogen Chemicals makes money by manufacturing and selling specialty chemical products—primarily (1) bromine-based organic intermediates and (2) lithium-based chemicals/intermediates—typically supplied to business customers (B2B) that use these inp...
Neogen Chemicals Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
38
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.26B | 8.62B | 7.78B | 6.91B | 6.86B | 4.87B |
| Gross Profit | 3.66B | 2.78B | 3.54B | 1.42B | 2.98B | 1.40B |
| EBITDA | 1.59B | 1.44B | 1.36B | 1.13B | 1.16B | 865.60M |
| Net Income | 355.60M | 287.50M | 348.30M | 356.50M | 499.70M | 446.30M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 29.02B | 17.47B | 14.61B | 10.54B | 7.99B |
| Cash, Cash Equivalents and Short-Term Investments | 49.50M | 49.50M | 49.60M | 124.90M | 967.60M | 1.14B |
| Total Debt | 0.00 | 13.95B | 5.97B | 4.09B | 3.70B | 2.29B |
| Total Liabilities | -8.16B | 20.86B | 9.58B | 7.01B | 5.71B | 3.60B |
| Stockholders Equity | 8.16B | 8.16B | 7.89B | 7.60B | 4.83B | 4.39B |
Cash Flow | ||||||
| Free Cash Flow | -4.17B | -8.93B | -1.22B | -3.32B | -1.34B | -1.69B |
| Operating Cash Flow | -2.46B | -3.37B | 1.96B | -291.50M | -303.50M | 14.10M |
| Investing Cash Flow | -1.13B | -4.14B | -3.17B | -2.16B | -944.60M | -1.46B |
| Financing Cash Flow | 4.66B | 7.51B | 1.13B | 2.37B | 1.00B | 1.88B |
Neogen Chemicals Ltd. Technical Analysis
Neutral
2063.35
Price Trends
2321.38
Negative
2177.30
Positive
1798.94
Positive
Market Momentum
-24.19
Positive
39.12
Neutral
9.90
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NEOGEN, the sentiment is Neutral. The current price of 2063.35 is below the 20-day moving average (MA) of 2401.47, below the 50-day MA of 2321.38, and above the 200-day MA of 1798.94, indicating a neutral trend. The MACD of -24.19 indicates Positive momentum. The RSI at 39.12 is Neutral, neither overbought nor oversold. The STOCH value of 9.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NEOGEN.
Neogen Chemicals Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹84.20B | 37.30 | ― | 0.61% | 5.11% | 20.64% | |
62 Neutral | ₹38.02B | 25.33 | ― | 0.05% | 16.61% | 15.18% | |
56 Neutral | ₹60.35B | 29.41 | ― | 0.59% | 11.08% | 34.10% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹65.67B | 164.71 | ― | 0.05% | 18.00% | 3.85% | |
50 Neutral | ₹43.58B | 34.62 | ― | 0.19% | 5.47% | 24.88% | |
48 Neutral | ₹37.56B | 59.68 | ― | 0.12% | 49.69% | 254.75% |
* General Sector Average
IN:NEOGEN
Neogen Chemicals Ltd.
2,185.75
733.25
50.48%
IN:ALKYLAMINE
Alkyl Amines Chemicals Limited
1,646.25
-246.47
-13.02%
IN:BALAMINES
Balaji Amines Limited
1,862.50
455.87
32.41%
IN:LXCHEM
Laxmi Organic Industries Ltd.
156.80
-46.30
-22.80%
IN:TATVA
Tatva Chintan Pharma Chem Limited
1,605.55
235.60
17.20%
IN:VISHNU
Vishnu Chemicals Limited
564.75
77.48
15.90%
Neogen Chemicals Ltd. Corporate Events
Neogen Subsidiary NML Clears Rs 76.8 Crore Preferential Share Issue to Morita Unit
Sep 26, 2026
Neogen Morita New Materials Ltd. (NML), a step-down subsidiary of Neogen Chemicals Ltd. via Neogen Ionics Ltd., has approved a preferential issue of 720,000 equity shares with a face value of Rs. 10 each at Rs. 1,066.66 per share, including premiu...
Neogen Chemicals Completes Qualified Institutions Placement at ₹2,255 per Share
Sep 16, 2026
Neogen Chemicals Ltd. has closed its qualified institutions placement of equity shares, issuing 2,660,753 fully paid-up shares with a face value of ₹10 each to eligible institutional investors. The fund-raising move aligns with earlier board...
Neogen Chemicals Closes QIP, Raises Capital From Institutional Investors
Sep 16, 2026
Neogen Chemicals has closed its qualified institutions placement of equity shares, following earlier board and shareholder approvals for the fund-raising programme. The issue, opened on September 10 and closed on September 16, 2026, saw applicatio...
Neogen Chemicals Raises Nearly ₹600 Crore Via Qualified Institutions Placement
Sep 16, 2026
Neogen Chemicals has completed a qualified institutions placement, issuing 2,660,753 equity shares at ₹2,255 per share to eligible institutional buyers, raising nearly ₹600 crore. The new shares, which will be listed on BSE and NSE and...
Neogen Chemicals Raises ₹600 Crore via Qualified Institutions Placement
Sep 16, 2026
Neogen Chemicals has completed a qualified institutions placement, issuing 26,60,753 equity shares at ₹2,255 per share, above the regulatory floor price, to raise approximately ₹600 crore from eligible institutional buyers. The fresh e...
Neogen Chemicals Raises ₹600 Crore via Qualified Institutions Placement
Sep 16, 2026
Neogen Chemicals has completed a qualified institutions placement, issuing 2,660,753 equity shares at ₹2,255 per share to eligible institutional investors, raising approximately ₹600 crore. The issue price was set above the regulatory ...
Neogen Chemicals Sets Floor Price and Opens QIP to Institutional Investors
Sep 10, 2026
Neogen Chemicals Ltd. has approved the launch of a qualified institutions placement of equity shares with a face value of ₹10 each, following prior clearance from its board and shareholders. The company has adopted a preliminary placement do...
Neogen Chemicals faces Rs 6.97 crore GST demand over alleged tax mismatches
Sep 6, 2026
Neogen Chemicals Ltd. has disclosed that it received a show cause-cum-demand notice from the Belapur Commissionerate of CGST and Central Excise relating to the 2022-23 financial year, raising a consolidated tax demand of Rs. 6.97 crore including i...
Neogen Chemicals faces Rs 6.97 crore GST demand over tax credit mismatches
Sep 6, 2026
Neogen Chemicals Ltd. has disclosed that it received a show cause-cum-demand notice from the Commissioner of CGST and Central Excise, Belapur, relating to the 2022-23 financial year. The notice raises a consolidated goods and services tax demand o...
Neogen Chemicals Restructures Subsidiary Assets in Rs 245-Crore Transfer
Aug 31, 2026
Neogen Chemicals Ltd. has announced that the boards of its wholly owned subsidiary Neogen Ionics Limited and step-down subsidiary Neogen Morita New Materials Limited have approved a Business Transfer Agreement for the sale of NIL’s undertaki...
Neogen Chemicals Sets August 21 Virtual AGM, Opens E-Voting for Shareholders
Jul 30, 2026
Neogen Chemicals Limited has scheduled its 37th Annual General Meeting for August 21, 2026 at 5:00 p.m. IST, to be conducted via video conferencing and other audio-visual means. The company has released its integrated annual report for the financi...
Neogen Chemicals Sets Record Date for Final Dividend and AGM Voting
Jul 30, 2026
Neogen Chemicals Ltd. has announced that August 13, 2026 will be the record and cut-off date to determine shareholders eligible for remote e-voting and receiving the final dividend for the financial year ended March 31, 2026. The company will clos...
Neogen Chemicals Publishes AGM Notice and FY26 Annual Report for Shareholders
Jul 30, 2026
Neogen Chemicals Ltd. has notified the exchanges that it has published newspaper advertisements in Financial Express and Mumbai Lakshadeep regarding its 37th Annual General Meeting. The AGM will be held on August 21, 2026, at 5:00 p.m. IST via vid...
Neogen Chemicals Delivers Strong Q1 FY27 Results Despite Operational Headwinds
Jul 26, 2026
Neogen Chemicals reported robust consolidated results for the quarter ended June 30, 2026, with revenue rising 34% year-on-year to INR 250 crore and profit after tax jumping 67% to INR 17 crore. Growth was driven by higher volumes across key produ...
Neogen Chemicals Publishes Q1 FY27 Earnings Presentation for Investors
Jul 26, 2026
Neogen Chemicals Ltd. has released an earnings presentation covering its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The disclosure has been formally communicated to both BSE and NSE under applicabl...
Neogen Chemicals Publishes Q1 FY27 Earnings Presentation
Jul 26, 2026
Neogen Chemicals Ltd., a specialty chemicals manufacturer listed on BSE and NSE, operates through both standalone and consolidated structures. The company targets industrial markets and maintains a focus on regulatory adherence and investor commun...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.