Neogen Chemicals Limited — Q1FY27 earnings call summary

• Board approved INR 600cr QIP for deleveraging and growth capex; peak net debt expected 1,000-1,500cr post QIP
• Base business FY27 guidance revised to INR 950-1,050cr revenue; FY28 expected 10-15% growth; EBITDA margin ~18%
• Battery chemicals EBITDA ROCE target 20% at full utilization by FY29
• Dahej plant rebuild near completion; commercial production starts Q2 FY27; insurance claims receivable 186cr
• Battery chemicals revenue 19cr in Q1, expected 300cr in FY27; electrolyte plant commissioning H1 FY27, salts H2 FY27
• Battery business revenue potential INR 2,400-2,900cr by FY29 at full utilization; 50% of 2025 revenue in Q1 FY27
• Working capital cycle target 90 days for battery business, 140 days for base business by FY28; structural improvements expected
• FY29 expected to be inflection year for cash flow conversion and optimized operations

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