Financial Performance - Standalone (Q1 FY27 vs Q1 FY26)

  • Revenue: INR 252.3 crore (up 37% from INR 184.6 crore)
  • EBITDA: INR 48.2 crore (up 39% from INR 34.7 crore)
  • EBITDA Margins: 19.1% (up 30 bps from 18.8%)
  • Profit Before Tax: INR 26.1 crore (up 37% from INR 19.1 crore)
  • PBT Margins: 10.4% (up 10 bps from 10.3%)
  • Profit After Tax: INR 19.4 crore (up 37% from INR 14.2 crore)
  • PAT Margins: 7.7% (unchanged)
  • Earnings Per Share: INR 7.15 (up 32% from INR 5.40)
  • Interest Cost: INR 23.1 crore (up 65% from INR 14.0 crore)
  • Other Income: INR 7.9 crore (up 139% from INR 3.3 crore)

Financial Performance - Consolidated (Q1 FY27 vs Q1 FY26)

  • Revenue: INR 250.3 crore (up 29% from INR 194.1 crore)
  • EBITDA: INR 48.2 crore (up 53% from INR 31.5 crore)
  • EBITDA Margins: 19.3% (up 260 bps from 16.9%)
  • Profit Before Tax: INR 23.3 crore (up 63% from INR 14.3 crore)
  • PBT Margins: 9.3% (up 160 bps from 7.7%)
  • Profit After Tax: INR 17.1 crore (up 67% from INR 10.3 crore)
  • PAT Margins: 6.8% (up 130 bps from 5.5%)
  • Earnings Per Share: INR 6.29 (up 62% from INR 3.89)

Key Operational Highlights

  • Strong growth achieved despite temporary Dahej plant shutdown, managed through efficient toll manufacturing sites
  • Revenue expansion driven by higher volumes for key product lines
  • Organolithium Portfolio delivered robust gains driven by enhanced plant throughput
  • Neogen Ionics (NIL) achieved Q1 FY27 revenue of INR 19 crore (vs. INR 5 crore in Q1 FY26)
  • Performance bolstered by favorable product mix with highest-ever quarterly revenues in both Organolithium and Battery Chemicals
  • Cost pass-throughs initiated for RM and input costs (freight, packaging, utilities) to protect operating margins

Dahej Fire Incident Update

  • Cumulative recoveries: INR 164 crore to date
  • INR 155 crore in on-account insurance claims (including INR 15 crore received in July 2026)
  • INR 9 crore from salvage realization
  • INR 1 crore incurred incidental charges (also claimed under insurance policy)
  • Net claim receivable as of June 30, 2026: INR 186 crore on consolidated basis
  • Reconstruction of Dahej plant complete with trial runs underway; commercial production to begin soon

Corporate Action

  • Board approved raising up to INR 600 Crore through issue of eligible securities via Qualified Institutional Placement (QIP)
  • Subject to necessary shareholder and statutory approvals
  • Can be raised in INR or foreign currency

Neogen Ionics Battery Chemicals Expansion

  • Total Estimated Project Cost: INR 1,795 crore
  • Q1 FY27 CAPEX: INR 218 crore incurred
  • Cumulative CAPEX to date: INR 1,298 crore
Manufacturing Capacity Plan:

| Location | Land Area | Year | Electrolyte Capacity | Lithium Electrolyte Salts & Additives |

| Dahej SEZ | 6,455 m² | FY25 | 2,000 MT | 400 MT |

| Dahej SEZ | 6,455 m² | FY26 | 1,100 MT | - |

| Dahej SEZ | 6,455 m² | FY27 | - | 1,000 MT |

| Pakhajan, Dahej PCPIR | 264,285 m² | FY27 | 30,000 MT | 3,000 MT |

| Total | 270,740 m² | | 32,000 MT | 5,500 MT |

Project Details:
  • Dahej Phase 1: Project cost INR 428 crore, target completion by February 2027
  • Pakhajan Phase 2: Budgeted at INR 1,367 crore, completion expected by March 2027
  • Project specifications reflect design optimizations with advanced Japanese technology
  • Enhanced localization of critical sub-components to reduce import dependence
  • Project completion timelines on schedule: Electrolytes (H1 FY27), Electrolyte Salts (H2 FY27)
  • Electrolyte: Mechanical assembly complete, trial runs initiated, facility validation underway
  • Lithium Electrolyte Salts: Provisional approvals secured from 4 major international customers
  • Final site audits completed for 3 US-based electrolyte manufacturers
  • Morita's $20 million equity contribution toward JV remains committed

Management Commentary

Dr. Harin Kanani, Managing Director, stated:

  • Q1 FY27 performance driven by volume gains across core business lines
  • Neogen Ionics generated over 50% of its entire prior-year revenue in Q1 FY27 alone
  • Company well-positioned to leverage expanded capacities as Dahej plant scales up
  • Battery materials project on track with successful customer validations and international site audits
  • Government's proposed PLI scheme for battery component manufacturers will accelerate supply chain localization
  • FY27 will be a defining year of execution for battery materials project commissioning
  • Reaffirmed previously shared guidance for strategic CAPEX roadmap execution

Seasonal Business Patterns

  • Stronger financial performance typically in second half (October to March)
  • Strong demand from Europe scales up in October-November, accelerates from January
  • Q4 demand strong for Lithium-based chemicals from HVAC segment (100% depreciation benefits)
  • Agrochem demand stronger during H2 linked to crop cycle
  • Investors urged to compare quarterly performance with corresponding quarter previous year

Company Background

  • Leading manufacturer of Bromine and Lithium-based specialty chemicals since 1991
  • Largest importer of Lithium Carbonate for last 3 decades
  • 258 products developed by in-house R&D
  • 934 employees (13% in R&D team)
  • Net worth: INR 816 crore as of March 31, 2026
  • 5-year Revenue CAGR: 21%
  • 4 manufacturing sites + 2 R&D facilities
  • Export sales: 30% in Q1 FY27

Manufacturing Infrastructure

  • Mahape: 4,045 m², 69 m³ organic, 9 m³ inorganic capacity
  • Vadodara: 161,874 m², 111 m³ organic capacity
  • Dahej: 43,374 m² (replacement plant under construction)
  • Patancheru: 16,187 m², 300 MTA capacity
  • Total: 209,293 m² land, 438 m³ organic, 39 m³ inorganic capacity

ESG & Governance

  • Dahej Greenfield project focused on Lithium-ion Battery Materials supporting clean energy transition
  • ESG risks integrated into Risk Management Committee mandate
  • Board approved policies covering all 9 principles of National Guidelines on Responsible Business Conduct
  • EcoVadis Silver Medal for 2026
  • Separated positions of Chairman and Managing Director
  • Mr. Anurag Surana designated as Non-Executive Chairman