Neogen Chemicals Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,971.69Overvalued by 17.57%vs CMP ₹2,392.00

P/E (138.0) × ROE (5.5%) × BV (₹324.00) × DY (0.04%)

₹836.10Overvalued by 65.05%vs CMP ₹2,392.00

MoS: -186.1% (Negative)Confidence: 63/100 (Moderate)Models: All 7: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,882.10	29%	Over (-21.3%)
Graham Number	Earnings	₹321.86	21%	Over (-86.5%)
Net Asset Value	Assets	₹283.94	9%	Over (-88.1%)
EV/EBITDA	Enterprise	₹446.05	12%	Over (-81.4%)
Earnings Yield	Earnings	₹142.10	9%	Over (-94.1%)
ROCE Capital	Returns	₹803.53	12%	Over (-66.4%)
Revenue Multiple	Revenue	₹386.46	7%	Over (-83.8%)
Consensus (7 models)		₹836.10	100%	Overvalued

Key Drivers: P/E of 138 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | Wide model spread (₹142–₹1,882) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -4.5%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 3:07 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹774.00 Cr, versus ₹701.00 Cr in Mar 2024 (10.4% year on year). Net profit for Mar 2025 was ₹48.00 Cr, versus ₹41.00 Cr in Mar 2024 (17.1% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹199.00 Cr against net profit of ₹48.00 Cr. Cash flow covered 4.15 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹736.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Neogen Chemicals Ltd scores 41/100 (Weak)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health59/100 · Moderate

ROCE 9.9% AverageROE 5.5% WeakD/E 0.71 ModerateInterest Coverage 2.9x AdequateProfitable 5/5 available years Reported history

Smart Money30/100 · Weak

FII holding down -1.04% (6mo) SellingDII holding down 5.62% MF sellingPromoter increased by 1.78% Positive

Earnings Quality25/100 · Weak

CFO/NP ratio: 0.25x Poor cash conversionOPM stable around 18% SteadyWorking capital: 169 days Capital intensive

Quarterly Momentum40/100 · Moderate

Revenue (4Q): 4% YoY FlatProfit (4Q): -40% YoY Declining

Industry Rank40/100 · Moderate

P/E 138.0 vs industry 47.1 Premium to peersROCE 9.9% vs industry 12.2% Average3Y sales CAGR: 17% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 3:07 am

Market Cap	7,186 Cr.
Current Price	2,392
Intrinsic Value	₹836.10
High / Low	2,500/967
Stock P/E	138
Book Value	324
Dividend Yield	0.04 %
ROCE	9.93 %
ROE	5.51 %
Face Value	10.0
PEG Ratio	-30.37

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Neogen Chemicals Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Neogen Chemicals Ltd	7,186 Cr.	2,392	2,500/967	138	324	0.04 %	9.93 %	5.51 %	10.0
Fineotex Chemical Ltd	6,611 Cr.	56.8	62.4/19.0	54.0	7.58	0.23 %	18.3 %	13.5 %	1.00
Clean Science & Technology Ltd	8,892 Cr.	837	1,141/652	38.2	149	0.72 %	20.7 %	15.3 %	1.00
Grauer & Weil (India) Ltd	3,908 Cr.	86.2	92.0/49.7	24.4	23.9	0.58 %	20.6 %	15.2 %	1.00
Panama Petrochem Ltd	2,908 Cr.	481	600/229	6.07	243	0.62 %	19.2 %	15.6 %	2.00
Industry Average	16,509.72 Cr	1,111.47		47.07	191.32	0.53%	12.24%	9.75%	6.41

All Competitor Stocks of Neogen Chemicals Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	186.25	203.92	170.12	168.24	164.47	210.30	176.34	193.14	200.41	203.75	184.58	206.68	215.60
Expenses	156.11	171.33	140.67	142.00	142.55	172.31	144.52	156.65	162.76	162.58	149.90	171.73	179.34
Operating Profit	30.14	32.59	29.45	26.24	21.92	37.99	31.82	36.49	37.65	41.17	34.68	34.95	36.26
OPM %	16.18%	15.98%	17.31%	15.60%	13.33%	18.06%	18.04%	18.89%	18.79%	20.21%	18.79%	16.91%	16.82%
Other Income	1.40	1.77	1.84	1.87	1.50	2.82	2.81	2.24	2.05	-10.91	3.31	4.37	4.26
Interest	6.66	9.34	10.61	10.75	10.52	9.64	9.51	12.30	13.07	16.50	14.03	20.60	22.85
Depreciation	4.14	4.29	4.92	4.93	5.74	5.81	6.39	6.61	6.58	6.01	4.88	6.39	5.87
Profit before tax	20.74	20.73	15.76	12.43	7.16	25.36	18.73	19.82	20.05	7.75	19.08	12.33	11.80
Tax %	29.07%	30.87%	27.54%	26.47%	68.58%	24.05%	25.57%	25.03%	28.13%	33.03%	25.42%	24.49%	25.68%
Net Profit	14.71	14.33	11.42	9.14	2.25	19.26	13.94	14.86	14.41	5.19	14.23	9.31	8.77
EPS in Rs	5.90	5.75	4.58	3.66	0.85	7.30	5.28	5.63	5.46	1.97	5.39	3.53	3.32

Last Updated: March 3, 2026, 5:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 5:02 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	74	84	100	110	161	239	306	336	487	686	701	774	811
Expenses	62	71	86	90	132	196	248	272	401	575	585	627	664
Operating Profit	11	13	14	20	29	43	58	64	87	112	116	147	147
OPM %	16%	15%	14%	18%	18%	18%	19%	19%	18%	16%	17%	19%	18%
Other Income	0	1	0	0	1	1	0	1	1	5	8	-4	1
Interest	5	5	5	8	10	12	12	14	19	29	42	51	74
Depreciation	1	1	1	1	2	3	5	7	12	16	23	26	23
Profit before tax	6	8	8	12	18	29	41	44	57	71	59	66	51
Tax %	41%	37%	39%	33%	39%	28%	30%	29%	22%	30%	31%	27%
Net Profit	4	5	5	8	11	21	29	31	45	50	41	48	38
EPS in Rs	8.09	11.31	2.59	3.88	5.34	10.48	12.33	13.47	17.93	20.07	15.59	18.35	14.21
Dividend Payout %	25%	18%	77%	26%	19%	14%	16%	17%	15%	15%	13%	5%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	25.00%	0.00%	60.00%	37.50%	90.91%	38.10%	6.90%	45.16%	11.11%	-18.00%	17.07%
Change in YoY Net Profit Growth (%)	0.00%	-25.00%	60.00%	-22.50%	53.41%	-52.81%	-31.20%	38.26%	-34.05%	-29.11%	35.07%

Neogen Chemicals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	25%
5 Years:	20%
3 Years:	17%
TTM:	9%

Compounded Profit Growth
10 Years:	28%
5 Years:	15%
3 Years:	9%
TTM:	23%

Stock Price CAGR
10 Years:	%
5 Years:	16%
3 Years:	-1%
1 Year:	-1%

Return on Equity
10 Years:	11%
5 Years:	10%
3 Years:	8%
Last Year:	7%

Last Updated: September 5, 2025, 11:40 am

Balance Sheet

Last Updated: July 9, 2026, 3:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	20	20	20	20	23	23	25	25	26	26	26
Reserves	19	8	22	31	50	133	160	414	458	740	782	827
Borrowings	24	26	69	82	120	137	222	229	370	409	474	736
Other Liabilities	21	27	41	48	56	61	87	131	202	230	338	586
Total Liabilities	69	80	152	181	247	355	492	800	1,054	1,405	1,621	2,176
Fixed Assets	13	17	56	67	83	111	127	285	347	361	228	294
CWIP	0	1	1	1	0	3	115	11	36	56	28	161
Investments	0	0	0	0	0	0	0	81	77	5	193	307
Other Assets	55	62	94	112	163	242	250	423	594	983	1,173	1,413
Total Assets	69	80	152	181	247	355	492	800	1,054	1,405	1,621	2,176

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	9	9	0	12	-4	-34	83	1	-30	-134	199	-99
Cash from Investing Activity +	-2	-4	-33	-13	-20	-29	-134	-146	-94	-129	-188	-35
Cash from Financing Activity +	-6	-4	33	-0	24	62	51	188	100	226	-12	137
Net Cash Flow	1	0	1	-1	0	-1	-0	44	-25	-37	-2	3
Free Cash Flow	7	4	-32	-1	-24	-63	-52	-65	-134	-207	167	11
CFO/OP	89%	83%	21%	54%	4%	-37%	146%	13%	-17%	-107%	144%	-53%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	7.00	4.00	-32.00	-1.00	-24.00	-63.00	-52.00	-65.00	-134.00	-207.00	167.00	11.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	82	78	58	107	94	93	90	85	82	94	147	94
Inventory Days	173	178	190	228	192	188	257	211	258	275	353	265
Days Payable	117	120	130	177	141	111	71	122	131	147	134	220
Cash Conversion Cycle	138	136	117	158	145	169	276	174	209	223	366	138
Working Capital Days	140	140	126	67	49	63	96	67	111	80	190	169
ROCE %	26%	27%	26%	23%	23%	26%	22%	17%	14%	13%	10%	11%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	60.18%	56.89%	56.89%	56.89%	51.22%	51.22%	51.22%	51.22%	51.22%	51.22%	51.22%	53.00%
FIIs	4.25%	4.51%	4.56%	4.65%	8.17%	7.73%	7.79%	7.35%	5.15%	4.57%	4.46%	4.11%
DIIs	20.25%	22.85%	22.14%	22.54%	22.48%	22.52%	22.75%	22.96%	25.22%	21.99%	22.65%	19.60%
Public	15.32%	15.75%	16.42%	15.93%	18.12%	18.51%	18.22%	18.45%	18.40%	22.21%	21.67%	23.27%
No. of Shareholders	45,300	47,018	48,356	46,698	46,470	47,651	46,104	46,321	45,710	47,884	54,332	61,988

Shareholding Pattern Chart

No. of Shareholders

Neogen Chemicals Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Contra Fund	1,248,272	0.31	151.85	808,141	2025-12-07 15:45:16	54.46%
Axis Small Cap Fund	1,217,809	0.58	148.15	1,217,809	2025-04-22 17:25:25	0%
SBI Large & Midcap Fund	935,051	0.3	113.75	935,051	2025-04-22 15:56:55	0%
Sundaram Small Cap Fund	317,000	1.17	38.56	271,539	2026-01-25 00:00:00	16.74%
Invesco India Smallcap Fund	222,523	0.3	27.07	N/A	N/A	N/A
Axis Flexi Cap Fund	212,801	0.2	25.89	212,801	2025-04-22 15:56:55	0%
WhiteOak Capital Flexi Cap Fund	152,949	0.26	18.61	N/A	N/A	N/A
SBI Comma Fund	152,080	2.06	18.5	N/A	N/A	N/A
Axis Innovation Fund	132,727	1.41	16.15	118,806	2026-02-23 06:49:41	11.72%
Mirae Asset Healthcare Fund	102,961	0.47	12.53	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	13.20	13.96	20.03	18.70	13.45
Diluted EPS (Rs.)	13.20	13.96	20.03	18.70	13.45
Cash EPS (Rs.)	23.66	22.11	26.49	22.58	16.38
Book Value[Excl.RevalReserv]/Share (Rs.)	299.24	288.21	193.47	176.12	78.43
Book Value[Incl.RevalReserv]/Share (Rs.)	299.24	288.21	193.47	176.12	78.43
Revenue From Operations / Share (Rs.)	294.75	261.82	275.13	195.37	144.17
PBDIT / Share (Rs.)	53.20	44.55	46.54	35.22	27.81
PBIT / Share (Rs.)	42.66	35.88	40.04	30.53	24.85
PBT / Share (Rs.)	18.94	19.93	28.44	22.88	18.95
Net Profit / Share (Rs.)	13.13	13.45	20.00	17.89	13.43
NP After MI And SOA / Share (Rs.)	13.20	13.51	20.04	17.89	13.43
PBDIT Margin (%)	18.04	17.01	16.91	18.02	19.28
PBIT Margin (%)	14.47	13.70	14.55	15.62	17.23
PBT Margin (%)	6.42	7.61	10.33	11.71	13.14
Net Profit Margin (%)	4.45	5.13	7.26	9.15	9.31
NP After MI And SOA Margin (%)	4.47	5.16	7.28	9.15	9.31
Return on Networth / Equity (%)	4.41	4.68	10.35	10.16	17.11
Return on Capital Employeed (%)	11.09	10.12	15.50	13.10	18.23
Return On Assets (%)	1.99	2.43	4.74	5.58	6.36
Long Term Debt / Equity (X)	0.21	0.16	0.26	0.27	0.63
Total Debt / Equity (X)	0.71	0.51	0.75	0.45	1.10
Asset Turnover Ratio (%)	0.48	0.54	0.74	0.75	0.79
Current Ratio (X)	1.36	1.49	1.60	2.26	1.38
Quick Ratio (X)	0.94	0.76	0.88	1.37	0.72
Inventory Turnover Ratio (X)	2.25	1.41	1.99	2.23	1.48
Dividend Payout Ratio (NP) (%)	15.15	20.98	13.72	11.76	14.89
Dividend Payout Ratio (CP) (%)	8.43	12.78	10.36	9.32	12.20
Earning Retention Ratio (%)	84.85	79.02	86.28	88.24	85.11
Cash Earning Retention Ratio (%)	91.57	87.22	89.64	90.68	87.80
Interest Coverage Ratio (X)	2.89	2.79	4.01	4.60	4.71
Interest Coverage Ratio (Post Tax) (X)	2.00	1.84	2.72	3.34	3.28
Enterprise Value (Cr.)	4637.05	3527.65	3541.31	4504.16	2217.48
EV / Net Operating Revenue (X)	5.96	5.11	5.16	9.24	6.59
EV / EBITDA (X)	33.04	30.02	30.51	51.28	34.18
MarketCap / Net Operating Revenue (X)	5.24	4.56	4.66	8.93	5.99
Retention Ratios (%)	84.84	79.01	86.27	88.23	85.10
Price / BV (X)	5.16	4.14	6.63	9.91	11.02
Price / Net Operating Revenue (X)	5.24	4.56	4.66	8.93	6.00
EarningsYield	0.01	0.01	0.01	0.01	0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Neogen Chemicals Ltd and is it undervalued?

Neogen Chemicals Ltd: the stored intrinsic value estimate is ₹836.10, compared with a stored share price of ₹2,392.00. The model value is 65.0% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Neogen Chemicals Ltd?

The stored share price is ₹2,392.00. Price-data record updated: 24 September 2026, 3:07 am +05:30. This is not a live quote. The stored 52-week high / low is 2,500/967; this is a rolling range, not a financial-year range.

How have Neogen Chemicals Ltd's revenue and profit changed?

Does Neogen Chemicals Ltd's profit convert into cash?

What should I check in Neogen Chemicals Ltd's balance sheet?

Reported borrowings were ₹736.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Neogen Chemicals Ltd's P/E with other stocks?

The stored P/E is 138.00. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Neogen Chemicals Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.