NGL Fine Chem Ltd(NGLFINE)

NSE: NGLFINEBSE: 524774

₹ 2,640.95-0.56%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,632 crWebsite: www.nglfinechem.comUpdated: 24 Oct 2026

About

NGL Fine-Chem Ltd is an Indian manufacturer of veterinary and human active pharmaceutical ingredients (APIs), with animal health APIs contributing 95% of revenue in Q1 FY27. The company reported FY26 revenue of ₹500.95 crores and serves approximately 430 customers across more than 55 countries, exporting over 75% of its turnover. It supplies five of the world's ten largest animal health companies and holds 15% to over 50% market share in key veterinary API products.^[1][2][3]

Business segments

Animal API contributed 95% of revenue in Q1 FY27, unchanged from Q4 FY26, up from 90% in Q4 FY25; Human API was 3% and formulations the remainder.^[3][4]
The company manufactures approximately 45 APIs as of Q4 FY26, up from about 20 three years earlier, of which 43 are veterinary and 2 are human APIs.^[4]

Products

Key veterinary APIs include Homidium Chloride, Nitroxynil, Clorsulon, Parvaquone, Buparvaquone, Isometamidium Chloride HCl, Toldimfos Sodium, Butaphosphan, Imidocarb Dipropionate, Triclabendazole, Rafoxanide, Diminazene Aceturate, S-Methoprene, and Carprofen.^[2]
Human API portfolio comprises Atovaquone (antimalarial) and Nitazoxanide (anti-diarrhoeal and antipneumocystic).^[2]
Fluralaner (Bravecto API) entered commercial production in May 2025 following patent expiry in March 2025; Afoxolaner technology has been developed and extensively sampled ahead of its patent expiry in approximately two to two-and-a-half years from Q4 FY26.^[4][5]

Manufacturing operations

NGL operates five manufacturing facilities at Tarapur and Navi Mumbai across 20,000 m² total manufacturing area, supported by wholly owned subsidiary Macrotech Polychem Private Limited.^[2]
Reactor capacity includes 168 kl glass-lined reactors, 253 kl stainless-steel reactors, and 36 m² gas-induction reactors, with a reaction range of -20°C to +250°C.^[2]
All manufacturing sites are accredited to WHO-GMP, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and cGMP standards.^[2]
R&D spend in FY26 was ₹7.91 crore with a pilot plant area of 10,000 sq ft and an R&D team of 48 people.^[2]
Approximately 95% of manufacturing is carried out in-house with many critical intermediates produced internally; ~20% of intermediate requirements were outsourced in Q4 FY26 to meet demand.^[2][4]

Key operating numbers

Top 5 products accounted for 48% of revenue in Q1 FY27, up from 44% in Q4 FY26 and 42% in Q1 FY26; top 10 products were 68% in Q1 FY27 vs 65% in FY26.^[3][2]
Top 10 customers accounted for 38% of sales in Q1 FY27, up from 29% in Q4 FY26 and down from 37% in Q1 FY26.^[3][4]
Revenue by geography in Q1 FY27: Rest of World 30%, Europe not separately disclosed; India 20% vs 23% in Q4 FY26.^[3]
Gross margin in FY26 was 52%, up 200 bps from 50% in FY25.^[4]
Phase I of the Tarapur greenfield was running at approximately 70 - 80% utilisation as of Q4 FY26.^[4]

Customers and distribution

NGL supplies five of the world's ten largest animal health companies and holds 15% to over 50% market share in key veterinary API products, with a 15-year record of zero market rejection.^[2]
Exports contribute over 75% of total turnover in FY26, with products reaching more than 55 countries and approximately 430 customers worldwide.^[2]
Latin America has emerged as a new geography with multiple customer registrations as of Q4 FY26.^[4]

Regulatory filings for EU and US markets

As of Q4 FY26, 3 CEPs approved and 3 under review in Europe; management targets 6 CEPs and 9 DMFs registered by end of CY2026.^[4]
Five USFDA Veterinary Master File (VMF) filings completed as of Q4 FY26; 6 more planned for FY27.^[4]
EU regulated market sales expected to start in FY27; significant US revenue expected from FY28 onwards, with USFDA site inspection potentially triggered in FY27 or FY28.^[4]
Regulated market (EU/US) products are expected to earn 3 - 5% higher EBITDA margin above the base 15 - 18% target band.^[4]

Expansion and capex

Phase II of the Tarapur greenfield facility commenced commercial production on 24 September 2026, with a total investment of ₹222 crore funded by ₹84 crore term loans and ₹138 crore internal accruals.^[6]
The new Tarapur plant (Phase II) is expected to generate up to ₹350 - 400 crores revenue at peak utilisation over a 3 - 4 year horizon.^[4]
Brownfield capacity expansion at Macrotech subsidiary completed with commercial production started as of Q3 FY26, adding intermediate capacities.^[7]
Maintenance and routine capex for FY27 expected at ₹15 - 20 crores; brownfield expansion at existing facilities planned for FY28 to support ROW market growth.^[4]

Recent developments

On 24 September 2026, NGL commenced commercial production at its Phase II Tarapur greenfield facility, completing the ₹222 crore project.^[6]
In Q1 FY27 (ended June 2026), ₹209.71 crores of the total ₹210 crore originally guided capex had been invested in the Tarapur project, with commissioning confirmed for Q2 FY27.^[3]
NGL submitted its first API registration to the USFDA in September 2025; a sponsor customer is in place to trigger a site audit expected in H2 CY2026.^[5]

Market Cap

₹1,632 Cr

High / Low

₹3,595 / 1,261

Stock P/E

28.5

Price / Book

5.0

Book Value

₹533

EPS

₹77.9

No. of Shares

0.62 Cr

ROCE

17.0%

ROE

15.7%

OPM

13.2%

Debt / Equity

0.33

Sales

₹501 Cr

Net Profit

₹48 Cr

Promoter holding

72.5%

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