Neogen Chemicals Limited (NEOGEN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-410.3%

-₹6,811.60

vs ₹2,195.00 price

Levered DCF

-₹8,976.23

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	102.02×	122.54×	88.55×	64.18×	97.45×	64.1×	27.78×	25.27×
P/B	3.59×	5.41×	4.15×	6.65×	9.9×	10.97×	5.09×	7.54×
P/S	3.4×	5.49×	4.57×	4.67×	8.93×	5.97×	2.6×	2.21×
EV / EBITDA	30.08×	35.65×	31.33×	30.66×	52.52×	34.57×	16.4×	14.95×
Gross margin	32.2%	45.6%	20.5%	43.4%	28.7%	28.8%	28.8%	28.5%
Operating margin	12.7%	37.3%	12.9%	14.1%	35.7%	17.3%	17.3%	17.1%
Net margin	3.3%	4.5%	5.2%	7.3%	9.2%	9.3%	9.4%	8.8%
Current ratio	1.17×	1.36×	1.49×	1.6×	2.26×	1.35×	1.54×	1.37×
Debt / equity	1.71×	0.76×	0.54×	0.77×	0.52×	1.21×	0.92×	1.71×
Interest coverage	1.46×	5.97×	2.12×	3.34×	9.13×	4.22×	4.43×	3.43×
Dividend yield	0.1%	0.1%	0.2%	0.2%	0.1%	0.2%	0.5%	0.6%
Payout ratio	9.2%	15.2%	21.0%	13.7%	11.8%	14.9%	15.0%	14.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.5%	4.4%	4.7%	10.4%	10.2%	17.1%	18.3%	29.8%
Return on invested capital	3.4%	14.2%	5.0%	7.7%	19.8%	9.8%	11.8%	14.7%
Return on assets	1.0%	2.0%	2.4%	4.7%	5.6%	6.4%	8.1%	8.5%
Free cash flow yield	-30.4%	-2.9%	-10.5%	-4.2%	-3.9%	-2.6%	-8.0%	-4.5%
Earnings yield	1.0%	0.8%	1.1%	1.6%	1.0%	1.6%	3.6%	4.0%
Enterprise value	₹43.2B	₹48.6B	₹35.5B	₹35.6B	₹45.5B	₹22.3B	₹9.4B	₹6.5B
Net debt / EBITDA	9.67×	4.34×	3.5×	3.03×	2.26×	3.43×	2.51×	2.74×
Cash conversion cycle (days)	240	134	161	241	210	185	247	156