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Swing Capital

Neogen Chemicals Ltd

NSE: NEOGEN BSE: 542665Pharma

Neogen Chemicals Ltd, incorporated in 1991, manufactures bromine and lithium-based organic and organo-metallic compounds, used in the pharmaceutical, agricultural chemicals, and engineering industries. [1]

₹1,702
52W: ₹967 — ₹1883
PE 99.2 · Book ₹324 · +425% vs book
Market Cap₹4,660 Cr
Stock P/E99.2Price to Earnings
ROCE9.99%Return on Capital
ROE5.65%Return on Equity
Div. Yield0.06%Face Value ₹10

Strengths

  • +Promoter holding has increased by 1.78% over last quarter.
  • +Company's median sales growth is 19.3% of last 10 years
  • +Company's working capital requirements have reduced from 156 days to 110 days

Weaknesses

  • −Stock is trading at 5.19 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 6.51% over last 3 years.
  • −Dividend payout has been low at 7.96% of profits over last 3 years
  • −Company has high debtors of 152 days.
  • −Promoter holding has decreased over last 3 years: -7.18%

Shareholding Pattern

Promoters53%
FIIs4.29%
DIIs21.67%
Public21.05%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Promoters51.22%51.22%51.22%51.22%51.22%51.22%51.22%53%▲1.8
FIIs8.17%7.73%▼0.47.79%▲0.17.35%▼0.45.15%▼2.24.57%▼0.64.46%▼0.14.29%▼0.2
DIIs22.48%22.52%▲0.022.75%▲0.222.96%▲0.225.22%▲2.321.99%▼3.222.65%▲0.721.67%▼1.0
Public18.12%18.51%▲0.418.22%▼0.318.45%▲0.218.4%▼0.122.21%▲3.821.67%▼0.521.05%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales164210176193200204185207216249
Expenses143172145157163163150172179203
Operating Profit22383236384135353645
OPM %13%18%18%19%19%20%19%17%17%18%
Net Profit2191415145149915
EPS ₹0.857.35.285.635.461.975.393.533.325.56

AI Insights

Revenue Trend

Mar 2026 revenue at ₹855Cr, up 10.5% YoY. OPM at 18%.

Debt Position

Borrowings at ₹736Cr. Debt-to-equity ratio: 0.89x. Moderate leverage.

Capex Cycle

CWIP at ₹161Cr (55% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 21.67% (+1.42pp change). FIIs: 4.29% (+0.04pp change). Promoters hold 53%.

Margin & Efficiency

ROCE declining from 27% (Mar 2015) to 10% (Mar 2026). Working capital days: 110.

Valuation

PE 99.2x with 9.99% ROCE. Price is 425% above book value of ₹324. Dividend yield: 0.06%.

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