NGL Fine-Chem Limited (NGLFINE)
₹2,784.60 -0.77% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NGL Fine-Chem's revenue was ₹139 Cr (+33.6% year on year, -6.6% on the previous quarter), and net profit ₹18.4 Cr (+99.1% year on year); the operating margin was 16.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹139 | +33.6% | -6.6% |
| Operating profit | ₹23.3 | +112.2% | +10.9% |
| Net profit | ₹18.4 | +99.1% | +41.5% |
| EPS (₹) | 29.78 | +99.1% | +36.4% |
| Operating margin | 16.7% | — | — |
NGLFINE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.44% of the NGLFINE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.57%. That is close to its usual level. Turnover was only ₹94 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 37.4% · 36.5% · 48.1% · 61.2% · 41.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
NGL Fine-Chem Limited received an order from SEBI granting exemption to Ajita Nachane Family Trust and Rahul Nachane Family Trust from open offer obligations under SAST Regulations. The proposed transaction involves an intra-promoter transfer of 17,96,899 equity shares (29.09% of paid-up capital) for family succession planning. Total promoter holding will remain unchanged at 72.49%, and public shareholding will remain at 27.51%. The exemption is valid for one year from the order date of October 9, 2026.
- SEBI granted exemption under Regulation 11(5) of Takeover Regulations from open offer requirements
- Promoters Rahul Nachane and Ajita Nachane to transfer 17,96,899 shares (29.09% stake) to private family trusts
- Total promoter shareholding remains unchanged at 72.49% (44,78,646 shares)
- Public shareholding remains unaffected at 27.51% (16,99,378 shares)
- Trusts must complete the transfer within 1 year from October 9, 2026, and file a report within 21 days of acquisition
NGL Fine-Chem Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, Purva Sharegistry (India) Pvt. Ltd., on October 01, 2026. It confirms that all security certificates received for dematerialisation during the quarter were processed, confirmed or rejected, and mutilated according to regulatory requirements. This is a standard secretarial compliance filing with no impact on business operations or financials.
- Compliance certificate filed for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Certificate provided by RTA Purva Sharegistry (India) Pvt. Ltd. dated October 01, 2026
NGL Fine-Chem has received a Show Cause Notice (Form GST DRC-01) from the Maharashtra GST Department proposing a total demand of ₹6.19 crore for FY 2022-23. The demand includes ₹3.04 crore in tax, ₹2.66 crore in interest, and ₹0.48 crore in penalties, primarily relating to input tax credit reconciliation differences and alleged short payment of outward tax. Relative to the company's financials, the proposed demand represents ~1.2% of TTM revenue (₹536 crore) and ~10.9% of TTM PAT (₹57 crore). The company stated it has adequate grounds to challenge the notice and has a personal hearing scheduled for October 22, 2026.
- Total demand proposed: ₹6,18,61,905 (Tax: ₹3,04,36,444; Interest: ₹2,66,42,312; Penalty: ₹47,83,149)
- Allegation involves alleged ineligible/excess ITC of ₹2,86,05,444 and outward tax difference of ₹18,31,000 for FY 2022-23
- Notice issued under Section 73(1) of CGST/MGST Act by Deputy Commissioner of State Tax, Mumbai
- Personal hearing is scheduled for October 22, 2026, with the company planning to file a detailed reply
NGL Fine-Chem has commenced commercial production of Phase II at its Tarapur Greenfield facility effective September 24, 2026, marking full operationalization of the project. Total capex incurred is approximately ₹222 crore, financed via ₹138 crore in internal accruals and ₹84 crore in bank term loans. This total investment represents ~41.4% of TTM revenue (₹536 crore) and ~69.4% of net worth (₹320 crore). The facility adds flexible manufacturing infrastructure targeted at expanding NGL's API portfolio, including entry into higher-margin regulated markets.
- Commercial production of Phase II commenced on September 24, 2026, achieving full commissioning of the Tarapur facility
- Total investment made across the Greenfield project stands at approx. ₹222 crore
- Capex financed via ₹84 crore in bank term loans and ₹138 crore from internal accruals
- Phase I had previously commenced operations on March 11, 2025
NGL Fine-Chem Limited reported the completion of its scheduled one-on-one virtual analyst/investor meeting on September 16, 2026. The meeting followed an initial intimation dated September 10, 2026. The company confirmed that no presentation was delivered and no unpublished price-sensitive information (UPSI) was shared, with discussions restricted entirely to publicly available information. With TTM revenue standing at ₹536 Cr and market capitalization at ₹1581 Cr, this disclosure is purely procedural.
- One-on-one analyst/investor meeting held virtually on September 16, 2026
- Reference to prior intimation submitted on September 10, 2026
- No investor presentation was made during the interaction
- Confirmed zero Unpublished Price Sensitive Information (UPSI) shared
NGL Fine-Chem Limited has notified the exchanges regarding a scheduled one-on-one virtual interaction with an analyst/investor on September 16, 2026, at 11:30 AM IST. The company stated that no unpublished price sensitive information (UPSI) will be shared during the discussion. This is a routine investor relations update under Regulation 30 of SEBI LODR Regulations.
- One-on-one virtual meeting scheduled for September 16, 2026
- Meeting timing announced as 11:30 A.M. (IST)
- Company confirmed no unpublished price sensitive information will be disclosed
NGL Fine-Chem Limited has submitted its voting results and scrutinizer report for the 45th Annual General Meeting held on August 25, 2026. All ordinary and special resolutions were approved by shareholders with over 99.9% majority votes cast via remote e-voting. Key resolutions passed include the adoption of FY26 financial statements, declaration of final dividend, re-appointment of Whole-Time Director Mr. Rajesh Lawande, and re-appointment of Independent Director Mrs. Sarala Menon. A total of 42 shareholders attended the meeting via video conferencing out of 13,525 eligible shareholders on the record date.
- All resolutions passed with >99.9% approval from voting shareholders
- 13,525 total shareholders recorded on the cut-off date of August 18, 2026
- 31,69,080 votes (99.96%) approved the re-appointment of Whole-Time Director Rajesh Lawande
- 45,22,974 votes (99.99%) approved the declaration of FY26 final dividend
- 42 shareholders (3 promoter group, 39 public) attended the AGM via video conference
NGL Fine-Chem Limited conducted its 45th Annual General Meeting on August 25, 2026, via video conferencing with 42 shareholders in attendance (3 promoter group and 39 public). Key agenda items placed before shareholders included the adoption of FY26 audited accounts, approval of the final dividend for FY26, and the re-appointment of Whole-Time Director Mr. Rajesh Lawande and Independent Director Mrs. Sarala Menon. The Chairman briefed shareholders on FY26 performance, Q1 FY27 results, and the status of the Tarapur greenfield expansion. Voting results will be declared separately upon receipt of the Scrutinizer's report.
- 45th AGM concluded on August 25, 2026, with a total duration of 25 minutes (11:00 AM to 11:25 AM IST)
- Total of 42 members attended the meeting via VC (3 promoter group and 39 public shareholders)
- 6 resolutions transacted including final dividend declaration for FY26 and re-appointment of whole-time and independent directors
- Remote e-voting window was active from August 22, 2026 (9:00 AM) to August 24, 2026 (5:00 PM)
NGL Fine-Chem Limited has issued a corrigendum regarding a typographical error in the non-statutory Corporate Social Responsibility (CSR) section of its FY2025-26 Annual Report. The unit of measurement was mistakenly printed as 'Crores' instead of 'Lakhs'. The corrected figures show an actual CSR spend in FY26 of ₹41.50 Lakhs (previously ₹41.50 Crores) against a Statutory CSR Obligation of ₹51.61 Lakhs (previously ₹51.61 Crores). The company confirmed this has no impact on its financial statements.
- Clerical unit error corrected in non-statutory CSR section on page 26 of FY26 Annual Report
- CSR spend in FY26 corrected to ₹41.50 Lakhs from ₹41.50 Crores
- Statutory CSR Obligation corrected to ₹51.61 Lakhs from ₹51.61 Crores
- 45th AGM remains scheduled for Tuesday, August 25, 2026 at 11:00 AM IST
NGL Fine-Chem released its Q1FY27 investor presentation reporting revenue from operations of ₹139.16 crore, up 33.57% YoY but down 6.75% QoQ. Profit after tax jumped 99.09% YoY and 36.42% QoQ to ₹18.40 crore, supported by inventory gains and a ₹2.50 crore mark-to-market forex gain (versus a ₹4.50 crore loss in Q4FY26). Management guided that margins (EBITDA margin at 16.73%) may moderate as price realizations normalize. The ₹210 crore Greenfield capex at Tarapur is nearing completion with ₹209.71 crore invested through Q1FY27, scheduled for commercial production in H2FY27.
- Revenue from operations grew 33.57% YoY to ₹139.16 crore, while PAT jumped 99.09% YoY to ₹18.40 crore in Q1FY27
- EBITDA expanded 112.21% YoY to ₹23.29 crore with EBITDA margins widening 620 bps YoY to 16.73%
- Profitability was supported by a ₹2.50 crore forex gain against a ₹4.50 crore forex loss in Q4FY26, alongside temporary inventory gains
- Tarapur Greenfield project (₹210 crore total scope, ~39% of TTM revenue) has seen ₹209.71 crore invested, with commercial production slated for H2FY27
NGL Fine-Chem Limited has paid fines totaling ₹23,600 (₹11,800 each to BSE and NSE) due to a delay in submitting prior intimation for a board meeting under Regulation 29 of SEBI LODR. The delay occurred for the period ended May 31, 2026, and was described by the board as an 'inadvertent procedural delay'. The board reviewed the matter on August 12, 2026, and has since strengthened internal compliance monitoring. Given the company's TTM revenue of ₹501 Cr, the financial impact is negligible, representing a minor administrative lapse.
- Total fine of ₹23,600 paid to stock exchanges (₹11,800 each to NSE and BSE, inclusive of 18% GST).
- Non-compliance pertains to Regulation 29(2)/29(3) regarding prior intimation of board meetings for May 2026.
- Notices were originally issued by the exchanges on June 15, 2026, and reviewed by the board on August 12, 2026.
- Company has implemented a strengthened internal compliance monitoring and review mechanism to prevent future delays.
- The fine amount is immaterial compared to the company's TTM PAT of ₹48 Cr.
NGL Fine-Chem reported a strong start to FY27 with consolidated net profit rising 99.1% YoY to Rs 18.40 Cr, up from Rs 9.24 Cr in Q1 FY26. Sequentially, PAT grew 36.4% from Rs 13.49 Cr in Q4 FY26, indicating accelerating momentum. The quarterly PAT of Rs 18.40 Cr represents approximately 38% of the entire TTM PAT (Rs 48 Cr), suggesting a significant earnings beat. Profit Before Tax (PBT) also saw a robust increase of 106.7% YoY to Rs 24.48 Cr.
- Consolidated Net Profit reached Rs 18.40 Cr in Q1 FY27, a 99.1% increase over Rs 9.24 Cr in Q1 FY26.
- Consolidated Earnings Per Share (EPS) rose to Rs 29.78 from Rs 14.96 in the year-ago period.
- Profit Before Tax (PBT) more than doubled to Rs 24.48 Cr compared to Rs 11.84 Cr in Q1 FY26.
- Finance costs decreased to Rs 0.97 Cr from Rs 1.21 Cr YoY, despite the company's ongoing expansion projects.
- Standalone PAT stood at Rs 16.45 Cr, contributing the bulk of the consolidated performance.
NGL Fine-Chem reported a robust start to FY27, with consolidated net profit nearly doubling to ₹18.40 Cr from ₹9.24 Cr in the year-ago quarter. Implied consolidated revenue stood at approximately ₹146.59 Cr, showing strong growth over June 2025 (₹104.19 Cr) and maintaining momentum near the record March 2026 quarter. Profit Before Tax (PBT) surged 106.7% YoY to ₹24.48 Cr, reflecting improved operational efficiency. The company's EPS rose to ₹29.78, providing a strong foundation as it approaches the commissioning of its ₹160 Cr Tarapur Greenfield plant in H2 FY27.
- Consolidated Net Profit increased by 99.1% YoY to ₹18.40 Cr from ₹9.24 Cr.
- Consolidated Earnings Per Share (EPS) rose to ₹29.78 from ₹14.96 in June 2025.
- Profit Before Tax (Consolidated) grew to ₹24.48 Cr, a 106.7% increase over the ₹11.84 Cr reported in the same period last year.
- Finance costs decreased to ₹0.97 Cr from ₹1.21 Cr YoY, indicating efficient debt management during expansion.
- Depreciation and amortisation expenses rose to ₹5.25 Cr from ₹4.27 Cr YoY, reflecting recent capacity additions.
NGL Fine-Chem has issued its FY26 Annual Report and scheduled its 45th AGM for August 25, 2026. The company reported a strong recovery in FY26 with revenue growing 36% to ₹500.95 crore and PAT surging 128% to ₹48.13 crore. Management is focusing on a ₹160 crore Greenfield expansion at Tarapur, with Phase II expected to commence commercial production in H2 FY27. The company is strategically pivoting towards regulated markets in the US and Europe to reduce its 94% revenue dependence on Animal APIs.
- Revenue from operations increased 36% YoY to ₹500.95 crore in FY26
- Profit After Tax (PAT) grew by 128% to ₹48.13 crore compared to FY25
- Greenfield expansion at Tarapur involves a ₹160 crore investment, approximately 50% of current net worth
- Animal APIs continue to dominate the portfolio, contributing 94% of revenue in FY26
- Proposed dividend of ₹1.75 per equity share for the financial year 2025-26
NGL Fine-Chem has released its FY26 Annual Report and scheduled its 45th AGM for August 25, 2026. The company reported a strong recovery in FY26 with revenue growing 36% to ₹501 crore and PAT surging 128% to ₹48.13 crore, driven by volume growth and better capacity utilization. A key growth driver is the ₹160 crore Tarapur greenfield expansion, with Phase II expected to commence commercial production in H2 FY27. The company is strategically pivoting toward regulated markets (US/Europe) to diversify its current 94% revenue dependence on Animal APIs.
- Revenue from operations increased 36% YoY to ₹500.95 crore in FY26
- Profit After Tax (PAT) grew by 128% to ₹48.13 crore, recovering from previous pricing pressures
- Tarapur Greenfield expansion of ₹160 crore is progressing, with Phase II commercial production slated for H2 FY27
- Animal APIs now account for 94% of total revenue, up from 92% in the previous year
- Proposed a dividend of ₹1.75 per share for the financial year 2025-26
Financial Performance
Revenue Growth by Segment
In Q2 FY26, Animal API contributed 90% of revenue (down from 94% in Q2 FY25), Human API 4% (up from 3%), Intermediates 5% (up from 2%), and Formulations 1% (down from 2%). Overall revenue grew 28.64% YoY to INR 120.26 Cr in Q2 FY26.
Geographic Revenue Split
NGL derives approximately 25% of its sales from the domestic market and the remaining 75% from export sales to semi-regulated markets in Europe, Asia Pacific, West Asia, and Latin America.
Profitability Margins
Operating margins moderated to 10.2% in FY25 from approximately 17% in FY24 due to intense competition and rising costs. However, Q2 FY26 saw a recovery with EBITDA margins expanding to 14.27% from 10.54% YoY.
EBITDA Margin
EBITDA margin stood at 14.27% in Q2 FY26, representing a 373 bps improvement YoY. Core profitability is recovering from a low of 10.2% in FY25 as demand stabilizes and volume increases.
Capital Expenditure
The company is undertaking a Greenfield expansion at Tarapur with a total estimated capex of INR 160 Cr. As of Q2 FY26, INR 133.29 Cr has been invested, with commercial production expected in the latter half of FY27.
Credit Rating & Borrowing
CRISIL has a 'Negative' outlook due to subdued margins, while ICRA maintains a 'Stable' outlook. Interest coverage remained healthy at 11.55 times in FY25 despite margin pressure.
Operational Drivers
Raw Materials
Major raw materials include N-2 and N-3 level intermediates and solvents used in API manufacturing. These are susceptible to price volatility which impacts margins due to short-term contracts.
Capacity Expansion
Greenfield expansion at Tarapur is underway (INR 160 Cr) to serve regulated markets. Brownfield expansion at subsidiary Macrotech for intermediates is completed and commercial production has started.
Raw Material Costs
Raw material costs are a significant portion of the cost base; realizations were impacted in FY25 by competition, while revenue remained stable due to increased volumes. Procurement is managed via short-term contracts.
Manufacturing Efficiency
75% of production currently comes from Zero Liquid Discharge (ZLD) facilities, reflecting high environmental compliance and operational standards.
Strategic Growth
Growth Strategy
Growth will be driven by entering regulated markets (US and Europe) which offer higher margins, launching new products from the pipeline, and the commissioning of the Tarapur Greenfield plant in H2 FY27.
Products & Services
Key products include veterinary APIs such as Nitroxynil, Clorsulon, and Buparvaquone, which account for 85-90% of total sales.
Brand Portfolio
NGL Fine-Chem Limited.
New Products/Services
Validation batches for regulated markets are currently being manufactured in the new Tarapur clean rooms to generate data for regulatory submissions.
Market Expansion
Targeting regulated markets in the US and Europe to diversify from current semi-regulated market dominance.
External Factors
Industry Trends
The industry is seeing a recovery in demand for animal health APIs. There is a clear trend toward capacity expansion and shifting focus to regulated markets to capture higher margins and offset competitive pricing in semi-regulated regions.
Competitive Landscape
Mid-sized player facing intense competition from both domestic Indian manufacturers and international players, particularly in the unregulated market segments.
Competitive Moat
Moat is built on decades of experience in API manufacturing, a strong global client base of over 400 customers, and partial backward integration for basic chemicals which supports a competitive cost proposition.
Geopolitical Risks
Exposure to international markets in Europe, Latin America, and Asia Pacific makes the company sensitive to global trade barriers and regulatory changes.
Regulatory & Governance
Industry Regulations
Regulatory audits for the new Tarapur facility are anticipated to commence in Q2 FY27. Successful audits are a prerequisite for commercial production for regulated markets.
Environmental Compliance
75% of production is from Zero Liquid Discharge facilities. The company invested INR 133.29 Cr in the Tarapur project which includes high-standard clean rooms for regulatory compliance.
Legal Contingencies
The auditor's report for FY25 expressed an unmodified opinion on internal financial controls; no specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful outcome of regulatory audits for the Tarapur plant, which is critical for the H2 FY27 production timeline and margin expansion strategy.
Geographic Concentration Risk
High export concentration (75%) with significant exposure to semi-regulated markets.
Credit & Counterparty Risk
Trade receivables stood at INR 112.60 Cr in H1 FY26, reflecting high working capital intensity and potential credit exposure.
