Earnings Call Transcript - Q2FY2027.

November 8, 2026 BSE Limited National Stock Exchange of India Limited Department of Corporate Services Listing Department, Exchange Plaza, Floor 25, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Kala Ghoda, Fort, Mumbai 400 001 Mumbai – 400 051 Scrip Code No: 542665 Company Symbol: NEOGEN Debt Segment Code: 977028 Sub.: Q2FY27 - Earnings Conference Call Transcript. Dear Sir/ Madam, With reference to the captioned subject, please find enclosed herewith the Earnings Conference Call Transcript of the Company’s Q2FY27 Earnings Conference Call held on Monday, November 2, 2026, at 5.00 p.m. IST. The transcript is also being uploaded on the company’s website at https://neogenchem.com/wp- content/uploads/ect002-q2-26-27.pdf Kindly take the same on your record. Thanking you, For Neogen Chemicals Limited Unnati Kanani Company Secretary and Compliance Officer Mem. No. A35131 Encl: As above Registered Office: 1002, Dev Corpora, Cadbury Junction, E: investor@neogenchem.com T: +91 22 2549 7300 Eastern Express Highway, Thane (W) 400 601, India. W: www.neogenchem.com F: +91 22 2549 7399 CIN No. L24200MH1989PLC050919 Neogen Chemicals Limited Q2 FY27 Earnings Conference Call November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Neogen Chemicals’ Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Nishid Solanki from CDR India. Thank you, and over to you. Nishid Solanki: Thank you. Good evening, everyone, and a warm welcome to Neogen Chemicals’ Q2 FY27 Earnings Conference Call. Joining us today from the senior management team are: • Mr. Anurag Surana, Non-Executive Chairman • Dr. Harin Kanani, Managing Director and • Mr. Gopikrishnan Sarathy, Chief Financial Officer We will begin the call with opening remarks from the management team followed by an interactive question-and-answer session. Before we begin, a standard disclaimer. Certain statements made during today's call may be forward-looking in nature. Actual results may vary from these forward- looking statements. A detailed disclaimer is available in our Q2 FY27 earnings presentation, which has been uploaded on the stock exchange website. With that, I would now like to invite Dr. Harin Kanani to share his opening remarks. Thank you, and over to you, sir. Dr. Harin Kanani: Good evening, everyone, and thank you for joining us to discuss our Q2 & H1 FY27 financial performance and business outlook. I hope you have had an opportunity to review our investor presentation. I will begin with key Page 1 of 23 performance highlights and strategic developments during the quarter, along with progress on our growth initiatives. Following this, our CFO, Mr. Gopikrishnan Sarathy, will cover the financial highlights. To commence, I am pleased to report that we delivered a robust all-round performance during the quarter, with consolidated revenue increasing by 42% year-on-year to INR 296 crore and EBITDA improving by 51% year-on- year to INR 45 crore. Our standalone profitability is even better as consolidated performance reflects initial fixed cost absorption at Neogen Ionic where the revenues scale up and capacity utilisation continue to ramp Our overall performance highlights the operational agility, inherent strength and flexibility of business model, as we swiftly pivoted towards applications with better demand visibility and higher volumes. This momentum was further reinforced by an accelerated ramp-up in our battery chemicals business, with Q2 FY27 revenue reaching INR 37 crore compared to INR 5 crore in the same quarter in FY26. This was in line with our business plan, and we expect substantial scale up in Q3 & Q4 FY27 and beyond, supported by the upcoming ACC battery manufacturing ecosystem built in India, along with the rapid shift by U.S. electrolyte manufacturers towards sourcing from non-FEOC suppliers in India. Importantly, this performance came on the back of a complex macro environment marked by Middle East geopolitical conflicts, supply chain friction, feedstock cost inflation and temporary overheads from our Dahej facility rebuild. I will move to highlights and progress across our strategic growth initiatives. 1. Expansion of Organolithium Capacity at Patancheru Anchored by sustained volume improvement and expanding footprint of Organolithium into high-growth emerging applications, our Board has approved the expansion of manufacturing facility at Patancheru, Telangana. Under this, we will be doubling our Organolithium capacity from 300 metric tonnes per annum to 600 metric tonnes per annum with an estimated capital outlay of upto INR 45 crore. This strategic expansion is expected to unlock an additional revenue potential of INR 150 crore to INR 200 crore, depending on prevailing lithium prices, further strengthening our leadership position in specialised lithium chemistries. Page 2 of 23 2. Successful Fund Raise via Maiden QIP A major strategic landmark during the quarter was the successful completion of our maiden Qualified Institutional Placement (QIP) raising INR 600 crore. Demonstrating strong institutional faith in our business, the QIP was oversubscribed 6.5x with broad-based participation from leading global and domestic investors. The resounding vote of confidence significantly strengthens our capital structure. We are deploying these proceeds strategically to deleverage our balance sheet as we prepare to fund our next phase of growth in the future. 3. Insurance Claims Status Regarding the insurance claims, cumulative recoveries to date stands at INR 164 crore, comprising INR 155 crore on account payment (including a recent tranche of INR 15 crore received in July 2026) and INR 9 crore from salvage realisation. Further, on October 29, 2026, the company accepted an additional claim amount of INR 152 crore from the insurance, which will be released in due course. With this, our total on account claims received and receivable now stands at INR 316 crore inclusive of accepted claims and scrap sales to date. Consequently, most of our recognised claim amount has now been secured and discussion with insurance for the remaining balance is progressing constructively and we expect further settlements as the final assessments conclude. On the operational front, I am pleased to update that the trial runs of the rebuilt Dahej plant are currently underway, and we expect to commence commercial production shortly within this current financial year so that next quarter, we will be able to fully utilise these facilities. 4. Credit Rating Upgrade, Our credit rating was upgraded reflecting our strengthening balance sheet and improved financial flexibility, CRISIL rating has revised the outlook of Neogen's long-term bank facility to CRISIL A- stable from negative while reaffirming the short-term rating at CRISIL A2+. This positive rating action underscores the enhanced capital structure resulting from our successful fundraise, ongoing operational ramp-up and strong balance sheet discipline. Page 3 of 23 Moving to battery chemicals, we are transitioning from capital investment to execution and scale up phase. Our project mechanical completion timelines remain on track for both, electrolyte and electrolyte salts. For electrolytes, mechanical assembly is complete and trial runs have begun alongside facility validation and active joint trials of recipes with multiple Giga factories. Simultaneously, for lithium electrolytes salts, we have secured provisional approvals at our Dahej facility from five major international customers, completed final site audits for three US based manufacturers and already commen [Showing first 8,000 characters — download PDF for full document]