NGL Fine-Chem Ltd. (NGLFINE) AI Stock Analysis

• Market Cap: ₹13.61B
• Dividend Yield: 0.13%
• Average Volume (3M): 156.00
• Price to Earnings (P/E): 13.8
• Beta (1Y): 0.80
• Revenue Growth: 9.83%
• EPS Growth: -50.02%
• Country: IN
• Employees: 682
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Drug Manufacturers - General
• EPS (TTM): 25.40
• Shares Outstanding: 6,178,024
• 10 Day Avg. Volume: 192
• 30 Day Avg. Volume: 156
• PEG Ratio: -0.68
• Price to Book (P/B): 2.47
• Price to Sales (P/S): 1.89
• P/FCF Ratio: -7.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹2,324.00 ▲(62.86% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is primarily driven by solid financial growth trends but offset by weaker recent profitability and negative free cash flow. Technicals are mixed with near-term softness despite a broader uptrend. Valuation is a supportive factor due to a moderate P/E and a high dividend yield.

Positive Factors

Multi-year Revenue Growth

Sustained multi-year revenue growth demonstrates expanding commercial traction and market penetration. Durable top-line momentum supports scale economics, allows reinvestment in capacity or product development, and underpins medium-term competitiveness even if margins fluctuate.

Growing Equity Base

A steadily increasing shareholders' equity and healthy equity ratio create a durable capital cushion, improving solvency and capacity to fund growth internally. This strengthens resilience to downturns and reduces immediate dependency on external financing over the medium term.

Stable Operating Margins

Relatively stable EBIT and EBITDA margins imply the core chemical operations generate predictable operating profits and possess operational leverage. That stability supports sustained cash generation potential and competitive positioning despite volatility in net income.

Negative Factors

Declining Net Income

Recent declines in net income signal weakening bottom-line performance despite revenue gains. Persistent profit erosion reduces retained earnings, pressures return metrics and dividend capacity, and could restrict reinvestment or margin recovery without structural cost or pricing fixes.

Rising Leverage

An uptick in debt-to-equity increases financial risk and interest obligations, reducing balance-sheet flexibility. Higher leverage constrains the firm’s ability to fund capital projects internally, raises refinancing risk, and can magnify downside impact if earnings remain volatile.

Negative Free Cash Flow

Negative free cash flow and weak conversion of net income into cash point to structural cash-generation stress. This limits internal funding for capex, debt reduction or dividends, forcing reliance on external financing or asset moves and increasing medium-term liquidity risk.

NGL Fine-Chem Ltd. Business Overview & Revenue Model

Company Description

NGL Fine-Chem Limited manufactures and sells pharmaceuticals and intermediates for use in veterinary and human health worldwide. It offers active pharmaceutical ingredients, such as diminazene aceturate, diminazene diaceturate, homidium chloride, nitroxynil, clorsulon, parvaquone, buparvaquone, isometamidium chloride hydrochloride, toldimfos sodium, butaphosphan, imidocarb dipropionate, triclabendazole, ractopamine HCl, S-methoprene, praziquantel, toltrazuril, decoquinate, flunixin meglumine, carprofen, fenbendazole, amitraz, and marbofloxacin for animal health applications; and nitazoxanide, atovaquone, and ranolazine for human health applications. The company also provides various intermediate products; and finished dosage forms in granules and tablets. NGL Fine-Chem Limited was incorporated in 1981 and is based in Mumbai, India.

How the Company Makes Money

Revenue is generated primarily from the sale of the company’s chemical products to customers (typically B2B). Specific breakdowns of revenue streams by product categories (e.g., intermediates, specialty chemicals, custom synthesis/contract manufacturing), customer industries, geographies, pricing model (spot vs. long-term supply contracts), or material partnerships are not available in the provided context; therefore details beyond direct product sales cannot be stated reliably. null

NGL Fine-Chem Ltd. Financial Statement Overview

Summary

Strong multi-year revenue growth and a steadily increasing equity base are positives, but profitability has weakened recently (declining net income), leverage has risen, and cash flow quality is a concern with negative free cash flow and weaker conversion of earnings into cash.

Income Statement

NGL Fine-Chem Ltd. has demonstrated robust revenue growth over the years, with a significant increase in Total Revenue from 2020 to 2025. The Gross Profit Margin and Net Profit Margin have shown variability, reflecting fluctuations in cost management and profitability. Although the recent year saw a decline in Net Income, the company's EBIT Margin and EBITDA Margin, while varying, indicate a stable operational performance. Overall, the income statement suggests a growing company with solid revenue but facing profitability challenges in recent years.

Balance Sheet

The balance sheet of NGL Fine-Chem Ltd. reflects a stable equity base with Stockholders' Equity consistently increasing. However, the Debt-to-Equity Ratio has risen recently, indicating increased leverage. The Equity Ratio remains healthy, suggesting a strong equity foundation. Return on Equity (ROE) has been inconsistent, indicating variable profitability relative to shareholders' investments. Overall, the balance sheet shows strengths in equity growth but reveals potential risks due to increasing leverage.

Cash Flow

The cash flow analysis reveals challenges in generating free cash flow, as evidenced by negative Free Cash Flow in recent periods. Operating Cash Flow has seen growth but not at a pace to offset high capital expenditures. The Free Cash Flow to Net Income Ratio indicates inefficiencies in converting profits into free cash flow. Overall, the cash flow statement highlights a need for improved cash management and cost control measures.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.09B	3.68B	3.39B	2.78B	3.18B	2.58B
Gross Profit	2.08B	1.86B	1.70B	1.38B	1.66B	1.53B
EBITDA	476.13M	338.69M	678.69M	404.87M	788.78M	881.27M
Net Income	206.86M	211.24M	413.17M	204.96M	498.97M	567.19M
Balance Sheet
Total Assets	4.84B	4.33B	3.56B	2.87B	2.77B	2.08B
Cash, Cash Equivalents and Short-Term Investments	637.29M	655.28M	553.14M	525.02M	295.49M	338.51M
Total Debt	882.03M	731.53M	340.04M	324.99M	300.01M	164.48M
Total Liabilities	1.84B	1.51B	929.04M	645.30M	737.10M	533.08M
Stockholders Equity	3.00B	2.82B	2.63B	2.23B	2.03B	1.54B
Cash Flow
Free Cash Flow	-82.44M	-949.49M	-80.59M	38.80M	-425.52M	101.42M
Operating Cash Flow	167.72M	358.22M	204.65M	352.86M	138.25M	273.54M
Investing Cash Flow	-143.73M	-345.53M	-268.17M	-270.20M	-142.03M	-245.68M
Financing Cash Flow	-10.81M	-10.81M	-10.81M	-10.81M	-10.81M	-10.81M

NGL Fine-Chem Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1427.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NGLFINE, the sentiment is Neutral. The current price of 1427 is below the 20-day moving average (MA) of 2291.03, below the 50-day MA of 1985.77, and below the 200-day MA of 1494.90, indicating a neutral trend. The MACD of 54.31 indicates Positive momentum. The RSI at 49.98 is Neutral, neither overbought nor oversold. The STOCH value of 22.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NGLFINE.

NGL Fine-Chem Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NGLFINE	66 Neutral	₹13.61B	13.84	―	0.13%	9.83%	-50.02%
GANESHBE	63 Neutral	₹5.42B	9.06	―	―	-12.30%	-26.40%
INDOBORAX	63 Neutral	₹7.86B	24.50	―	0.38%	12.35%	6.79%
SUKHJITS	62 Neutral	₹4.94B	46.35	―	0.63%	-5.05%	-57.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
DMCC	61 Neutral	₹5.37B	25.70	―	0.97%	40.79%	109.95%
MANGALAM	50 Neutral	₹485.29M	-1.11	―	―	-24.55%	-310.57%

NGL Fine-Chem Ltd. Corporate Events

NGL Fine-Chem Outlook Raised to Stable by Crisil

NGL Fine-Chem Limited announced that Crisil Ratings has revised the outlook on its long-term bank loan facilities to Stable from Negative, while reaffirming the long-term rating at Crisil BBB+. The short-term rating has been reaffirmed at Crisil A2, indicating an improved outlook on the company’s credit profile, which may support its financing flexibility and signal stabilizing business or financial conditions to lenders and investors.

NGL Fine-Chem Board Clears Q3 FY26 Results, Appoints New Company Secretary

NGL Fine-Chem Ltd.’s board has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, along with the limited review report from its statutory auditors, reinforcing regulatory compliance and providing investors with updated performance data. The board also appointed Shivam Gharat as Company Secretary and Compliance Officer with immediate effect, a move that strengthens the company’s governance framework and oversight of listing and disclosure requirements.

NGL Fine-Chem Clears Q3 FY26 Results, Appoints New Compliance Head

NGL Fine-Chem Ltd. announced that its board of directors has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, which have been reviewed by the statutory auditors in line with Indian accounting standards and securities regulations. The board also appointed Shivam Gharat as Company Secretary and Compliance Officer with effect from 3 February 2026, a move that is expected to strengthen the company’s corporate governance and regulatory compliance framework, underscoring its focus on transparency and adherence to SEBI listing requirements for the benefit of shareholders and other stakeholders.

NGL Fine-Chem Confirms SEBI-Compliant Dematerialisation of Securities for December Quarter

NGL Fine-Chem Ltd. has informed the stock exchanges that, based on confirmation from its registrar and transfer agent Purva Sharegistry (India) Pvt. Ltd., all securities received for dematerialisation between October 1, 2025 and December 30, 2025 were duly verified, mutilated, cancelled, and converted into electronic form within the prescribed SEBI timelines, with the depositories recorded as the registered owners. The company also confirmed that all dematerialised securities correspond to securities already listed on the recognised stock exchanges, underscoring its adherence to SEBI (Depositories and Participants) Regulations, 2018 and reinforcing compliance and transparency for investors and other market participants.