Neogen Chemicals has reported steady financial results for the third quarter and nine months ending December 31, 2025, driven by strong demand in both Organic and Inorganic Chemicals.
Consolidated revenues for Q3 FY26 stood at Rs. 220 crore, up 9% year-on-year, despite capacity bottlenecks at its Dahej facility. The company mitigated these constraints through toll manufacturing arrangements. Neogen Ionics (NIL) contributed Rs. 12 crore in revenue for the quarter.
EBITDA remained resilient at Rs. 32 crore, supported by stable operating volumes, though year-on-year comparisons reflect transitory cost pressures, including increased overheads for Neogen Ionics, elevated insurance premiums following a fire incident, and interim toll manufacturing expenses. The company expects eligible costs to be recovered via Loss of Profit insurance claims.
Profit after tax (PAT) for the quarter was Rs. 4 crore, impacted by higher finance costs for Dahej plant reconstruction and pre-operative expenses for Neogen Ionics. Consolidated earnings per share (EPS) stood at Rs.1.40 per share (not annualized).
Commenting on the results, Harin Kanani, Managing Director of Neogen Chemicals, said: "Our Q3 FY26 performance reflects a steady recovery and a strategic pivot toward a future-ready portfolio. In our base business, we continue to see strong resilience across non-agchem applications, specifically Pharma, F&F and more. This demand stability, combined with our product optimization initiatives and upcoming replacement plant in Dahej, ensures our core operations remain robust despite global market transitions."
In Battery Materials, he said, "we have reached a transformative phase. As several Indian gigawatt players launch capacities later this and next financial year, Neogen is positioned as the most cost-efficient lithium salt and electrolyte source with proven Japanese technologies.
"The non-FEOC requirement for 45X tax credit in U.S. and current substantial price increase in China remains a substantial tailwind as we expand our global footprint in lithium salt. We anticipate several large-scale customers finalizing approvals for our lithium salts, leading to bulk consignments by H1 FY27."
He added: "Operationally, the Greenfield Pakhajan Electrolyte plant is nearing mechanical completion. The specialized MUIS technology equipment has arrived at our site and assembly is currently underway. As we transition into regular, long-term supply agreements, we are confident that Neogen Ionics will become the cornerstone of our growth, reinforcing our position as a technology-led leader in the global battery chemicals value chain."
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