As soon as Neogen begins receiving dedicated volumes for battery chemical compounds from home battery producers corresponding to Ola Electrical, Rajesh Exports, Exide, Amara Raja and others we anticipate the inventory worth to understand additional. The corporate is in superior phases of debate with Morita Chemical compounds of Japan to kind a JV for electrolyte salts which can additional increase development prospects.
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IDBI Capital Report
Neogen Chemical compounds Ltd. delivered a good monetary efficiency within the quarter. The efficiency was led by greater volumes throughout varied product classes. Income for Natural chemical compounds section grew by 7% YoY whereas the income for the inorganic chemical compounds section declined by 30% YoY taking into consideration the decrease costs of bromine and lithium within the quarter.
The quarter additionally noticed an distinctive lack of Rs 141 million owing to the fireplace affect on the MPP plant in Dahej. We’re sanguine on the corporate’s progress on the battery chemical entrance with sturdy capex plans coupled with a high notch expertise companion within the type of MUIS.
Now we have pruned our estimates owing to the decreasing of administration income steering owing to the fireplace affect.
We preserve our Purchase ranking on the inventory with March 2026 goal worth of Rs 2,871 at 45 occasions FY28E anticipated earnings.
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