LiveMint reported on Oct. 20 that Antique Stock Broking Limited initiated coverage of Neogen Chemicals Limited with a ₹3,050 share-price target, citing the company’s battery-materials expansion. Two major projects have scheduled commercial operation dates in 2027 that Neogen described as sought or approved by lenders.
LiveMint’s article put Neogen shares at ₹2,482; measured against that figure, the target is roughly 23% higher. The outlet also reported that the shares had gained 64% over six months. These target and share-performance figures are LiveMint’s reports of Antique’s view and market data.
Neogen’s audited FY26 revenue was ₹8.62 billion. LiveMint reported that Antique forecasts revenue of ₹37.59 billion in FY30 and expects battery chemicals to grow from 4% of revenue in FY26 to 62% in FY30. The brokerage also projects that the battery segment will reach EBITDA break-even in FY27, according to LiveMint; these are brokerage estimates, not company guidance.
For the quarter ended June 30, 2026, Neogen reported consolidated revenue of ₹2.50 billion, up 34% year over year. EBITDA increased 53% to ₹480 million, while profit after tax rose 67% to ₹170 million. Neogen Ionics Limited, its battery-materials subsidiary, recorded revenue of ₹190 million, compared with ₹50 million a year earlier.
Neogen’s May 16 stock-exchange filing estimated combined costs of ₹17.95 billion for Dahej Phase 1 and Pakhajan Phase 2. In July, the company said it had spent ₹12.98 billion through the June quarter. The filing listed February 2027 for Dahej and March 2027 for Pakhajan as scheduled commercial operation dates sought or approved by lenders; those dates do not confirm when the plants will open. Neogen attributed revisions to design optimization after adopting Japanese technology and plans to use more locally sourced components.
The company also reported that consolidated finance costs rose 64% year over year in the June quarter. It linked the increase to higher working-capital needs and delayed insurance receipts, alongside borrowing for capital spending.
In its July update, Neogen said assembly of the Pakhajan electrolyte plant was complete and trial runs had begun. Four international customers had provisionally approved its salt products, and three U.S. electrolyte manufacturers had completed site audits, the company said. Commercial supplies depended on final approval of plant trials. Neogen’s July schedule projected electrolyte production in the first half of FY27 and salt production in the second half.
