LiveNSE delayed · 128/128 · 19 Aug 2026, 03:15 pm
Scores stay the 15 Aug 2026 desk snapshot. Not advice.
NEOGEN · Chemicals · Small Cap · Live 19 Aug 2026, 03:29 pm · Discovery

Neogen Chemicals Ltd

Bromine specialties plus a lithium-battery-chemicals option. The option is exciting; the working capital and execution are the adult conversation.

10X Low
High Risk
Attractive Entry
Emerging Multibagger
Multibagger score
35.4/100
Market cap
₹7,450 Cr
Last price · live
₹2,328.8
+0.30 (+0.01%)
52W
₹967–₹2,484

Implied P/E 103.5x · NEOGEN.NS · delayed NSE

10X potential (scenario)
LOW
Base multiple
1.4x
Bull multiple
5.5x
Classification
Potential 5X Candidate

Bull case can quintuple if the industry runway and margins hold. Not a prediction.

Final investment scorecard

Multibagger35.4 / 100
10X potentiallow
Business quality0.6 / 10
Growth runway7.6 / 10
Competitive advantage5.0 / 10
Management4.8 / 10
Balance sheet1.8 / 10
Valuation2.3 / 10
Technical setup8.2 / 10
Riskhigh

Why it could become a multibagger

  • If lithium salts work, the earning power is several times today's PAT.
  • Bromine specialties still exist as a floor business.

What needs to go right

  • Lithium utilisation
  • ROCE back above 14%
  • No further large equity raise

What could destroy the thesis

  • Another two years of lithium under-utilisation
  • A lithium price crash
  • More dilution

What would make me sell

  • Another primary raise
  • ROCE < 7% in FY27
  • Interest cover < 2.5x

Key metrics to monitor

Lithium utilisation
Net debt/EBITDA
ROCE
OCF
Promoter holding
Inventory days

Illustrative FY25 / TTM desk snapshot compiled for this terminal. Not a live NSE/BSE feed. Cross-check annual reports, exchange filings and investor presentations before use.