Neogen Chemicals delivered a resilient performance in the fourth quarter and full year ended March 31, 2026, posting double-digit revenue growth. This is even as it navigated plant transition disruptions, elevated costs, and global supply chain uncertainty.

 

For Q4 FY26, consolidated revenue rose 22% year-on-year to Rs. 247 crore, driven by higher volumes and strong plant utilization. The company said its performance came despite “headwinds from Dahej plant transition, elevated input costs, and Middle East-led geopolitical supply chain disruptions,” with strategic pass-through mechanisms helping cushion input inflation.

 

EBITDA for the quarter increased 21% year-on-year to Rs. 44 crore, with margins holding steady at 17.8%. The company noted that results absorbed expansion overheads from Neogen Ionics, one-off Dahej replacement and toll manufacturing costs, and ongoing geopolitical pressures. Management expects profitability to strengthen further as operations normalize and new capacities scale up.

 

Profit after tax surged to Rs. 11 crore in Q4 FY26, sharply higher on a low base impacted by prior-year one-off costs linked to the Dahej fire incident. Earnings per share for the quarter stood at Rs  4.32.

 

For the full year FY26, consolidated revenue grew 11% to Rs. 862 crore, while EBITDA rose modestly by 1% to INR 137 crore. Net profit, however, declined 17% year-on-year to Rs  29 crore, reflecting higher finance costs tied to capital expenditure and expansion investments.

 

Despite near-term pressures, the board recommended a final dividend of Re. 1 per equity share for FY26, subject to shareholder approval.

 

Neogen Ionics, the company’s battery materials arm, reported Q4 revenue of Rs  13 crore as it continues scaling operations within India’s lithium-ion ecosystem.

 

Commenting on the performance, Harin Kanani, Managing Director, Neogen Chemicals said: “Demonstrating strong operational resilience, our Q4 & FY26 performance was robust against a challenging geopolitical backdrop. Growth was driven by high plant throughput and stable demand visibility across both, our core and emerging applications. 

 

"Input cost inflation, including packaging materials, remains mostly a pass-through for us, ensuring our core profitability remains protected. Underscoring our conviction in Neogen’s long-term growth trajectory and our strategic pivot into high-growth segments, the promoters have infused Rs. 161 crore of capital to support our expansion plans."

 

In Battery Materials, Neogen Ionics continues to strengthen its position as one of the most reliable player within India’s evolving lithium-ion battery materials ecosystem, that aligns with India’s ‘Atmanirbhar Bharat’ vision. 

 

The Pakhajan Greenfield Project timelines remain unchanged (H1 FY27 for Electrolyte and H2 FY27 for Electrolyte Salts) and the specialized MUIS Electrolyte plant has successfully initiated the trial-run phase to ensure process stabilization. 

 

"Our immediate focus centers on phased capacity ramp-up and customer qualification. Encouragingly, for Electrolyte Salts, provisional approvals have already been received from additional international customers, and final site audits are actively underway to transition them to commercial-ready supplies," the MD said.

 

Looking ahead, FY27 is expected to be a transformative year for Neogen as we commission one of India’s largest greenfield facilities dedicated to Battery Materials at Pakhajan.

 

Simultaneously, Neogen Ionics' Dahej plant also received 3 US based electrolyte makers audit approval and will also scale up this year supported by improving demand visibility.