{"id":183375,"date":"2026-05-18T08:23:47","date_gmt":"2026-05-18T12:23:47","guid":{"rendered":"https:\/\/alphastreet.com\/india\/neogen-chemicals-ltd-neogen-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-18T10:37:26","modified_gmt":"2026-05-18T14:37:26","slug":"neogen-chemicals-ltd-neogen-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/neogen-chemicals-ltd-neogen-q4-2026-earnings-call-transcript\/","title":{"rendered":"Neogen Chemicals Ltd (NEOGEN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Neogen Chemicals Ltd (NSE: NEOGEN) Q4 2026 Earnings Call dated May. 18, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Nishit Solanki<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Harin Kanani<\/strong> \u2014 Managing Director<\/em><\/p>\n

Gopikrishnan Sarathy<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Nilesh Ghuge<\/strong> \u2014 Analyst<\/em><\/p>\n

Arun Prasath<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankur<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohit Nagraj<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijit Akella<\/strong> \u2014 Analyst<\/em><\/p>\n

Jason Soans<\/strong> \u2014 Analyst<\/em><\/p>\n

Meet Kataria<\/strong> \u2014 Analyst<\/em><\/p>\n

Archit Joshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Tejas Sonawane<\/strong> \u2014 Analyst<\/em><\/p>\n

Pratham Kankaria<\/strong> \u2014 Analyst<\/em><\/p>\n

Akshay Satija<\/strong> \u2014 Analyst<\/em><\/p>\n

Vedant Sarda<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Neogen Chemicals Ltd. 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 this conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nishit Solanki from CDR India.<\/p>\n

Thank you. And over to you, sir. Participants, please stay connected. Ladies and gentlemen, thank you for your patience. We have lined for Nishit Solanki reconnected so please go ahead.<\/p>\n

Nishit Solanki<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you. Good afternoon everyone and welcome to Neogen Chemicals Q4 FY26 earnings conference call for analysts and investors. Today we are joined by senior members of the management team including Mr. Tanurak Surana, Non Executive Chairman, Dr. Harin Kanani, Managing Director and Mr. Gopi Krishnan Sarathi, Chief Financial Officer. We will commence the call with opening thoughts from the management team after which we’ll open the floor for your questions. Before we begin a standard disclaimer. Certain statements made or discussed today may be forward looking.<\/p>\n

Actual results could vary and a detailed disclaimer is available in Q4FY26 earnings presentation which has been shared and uploaded on stock exchange websites. With that, I would now like to invite Dr. Harinkanani to share his perspectives. Thank you. And over to you sir.<\/p>\n

Harin Kanani<\/strong> \u2014 Managing Director<\/em><\/p>\n

Good afternoon everyone and thank you for joining us to discuss our fourth quarter and full year FY26 financial results. I trust you had an opportunity to review our investor presentation. I will begin with an overview of our operational performance and key strategic developments during the quarter followed by an update on our long term growth initiatives. The global chemical industry continues to operate in a challenging environment marked by persistent overcapacity, rising volatility and subdued demand across several end use sectors.<\/p>\n

In addition, the industry has witnessed elevated supply chain disruptions and input cost pressure arising from geopolitical development in the Middle East. Despite this headwinds differentiated specialty chemical players with strong customer relationship, technological capabilities and niche product offering continue to demonstrate resilience. Against this backdrop, Neogen Chemicals delivered a strong financial performance during Q4FY26 supported by sustained demand visibility across our core products and high plant utilization levels.<\/p>\n

Our growth momentum was steered by rising volumes across key end user applications including pharma, flavors and fragrance and other specialty applications. While input costs including packaging, material and logistics related expenses remained elevated during the quarter. Our strategic pass through mechanism helped protect core profitability Importantly, FY26 was also a defining year for Neogen as we continued our transition towards a future ready portfolio led by battery Materials. This strategic shift was further reinforced by the Promoter Group’s capital infusion of INR161 crore through preferential allotment at a premium to the Sebi 4 price, reflecting strong confidence in Neogen’s long term growth trajectory and significant opportunities emerging within the lithium ion battery materials ecosystem.<\/p>\n

The procedure supports the expansion of Neogen Ionics working capital requirement and other strategic initiatives. As our CFO will shortly take you through the detailed financial performance, let me briefly highlight the quarterly performance on a console basis. Revenue for Q4FY26 stood at INR247 crore resisting a strong growth of 22% year on year while EBITDA increased by 21% year on year to INR44 crore. EBITDA margin sustained at 17.8% despite expansion related overheads, geopolitical led supply chain disruptions and temporary costs associated with the DAHED replacement facility and toll manufacturing arrangements.<\/p>\n

Profit after tax for the quarter stood at INR11 crore on dahed replacement facility. Construction of the plant is progressing rapidly and commissioning remains on track on June 2026. On the insurance front, we received a recent tranche of INR60 crore in February 26 which provides additional liquidity comfort during our ongoing transition. This brings our total cumulative on account insurance claims received through INR140 crore plus a salvage realization of INR7 crore. Our net lien receivable stands at INR203 crore and we are working closely with insurers towards expediting the final settlement process.<\/p>\n

Let me now turn to our battery chemicals business which remains the most important strategic pillar for Neogen’s current future growth. Our Pakhajan Greenfield site continues to progress in line with planned activities. Commercial manufacturing for electrolyte remains targeted for H1FY27 while electrolyte salts are expected in H2FY27. During the quarter the project achieved a significant operational milestone with completion of mechanical assembly and successful transition into the trial run phase for the specialized electrolyte plant.<\/p>\n

Our immediate priorities are process stabilization phase capacity ramp up and customer qualification. We continue to witness improving demand visibility for India’s GIGA scale ACC battery manufacturing ecosystem alongside strong international interest for non SEOC compliant supply chain. Encouragingly, we have received provisional approval from additional global customers for lithium electrolyte salts while final site audits for multiple US based electrolyte makers have also been completed and are currently awaiting final commercial clearances.<\/p>\n

These developments position us well to transition from pilot and qualification volume towards regular commercial supplies over the coming quarters. During the period under review, we calibrated our execution strategy which led to a revision in the project timelines and capital outlays for our battery materials projects. Please note that the updated project timelines remain fully aligned with our earlier guidance. We are on track to commission both the Dahej and Pakhajan plants within the current financial year FY27.<\/p>\n

Under this updated schedule, the Dahej Phase 1 project is budgeted at INR428 crore and is formally on track for completion by February 2027. Concurrently, the revised clause for Pakhajan Phase 2 stands at INR13.67 crore and expected completion by March 2027. These revisions primarily reflect design led optimization following the integration of advanced Japanese technologies along with higher localization of critical subcomponents aimed at improving long term operational reliability and reducing import dependence.<\/p>\n

Importantly, this investment significantly strengthen the competitiveness and technological robustness of our battery material platform over the long run. Our strategic partnership with Japan’s Morita continues to progress well and their planned equity contribution of 20 million towards the joint venture is expected by the end of H1FY during the H1FY27. Through this partnership, Neogen is building India’s first non FEOC compliant electrolyte salt manufacturing platform backed by proven Japanese technology creating a differentiated and globally relevant supply chain alternatives.<\/p>\n

Neogen is at a pivotal inflection point as we enter FY27 a year that will fundamentally transform our business scale. The commissioning and ramp up of one of India’s largest dedicated battery materials facilities at Pakhajan, combined with normalization of our standalone operations following DAHED replacement plant commissioning will significantly strengthen our growth trajectory. We believe Neogen Ionics is well positioned to emerge as a globally competitive and reliable partner within the battery chemicals value chain supported by improving customer visibility, technology partnership and India’s rapidly evolving energy transition ecosystem.<\/p>\n

We remain confident of achieving revenues in the range of INR875 to 950 crore in FY27 on a standalone basis considering full production from MPP5 from Q2FY26 onwards. With that, I would like to hand over the call to our CFO Mr. Gopi Krishnan Sarthi who will take you through the financial performance for the quarter and the year in greater detail.<\/p>\n

Gopikrishnan Sarathy<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Dr. Kannani. Good afternoon everyone and welcome to Neogen Chemicals Q4 and FY26 earnings call. I will take you through the financial highlights for the quarter and the year, please note all the numbers are on consolidated basis. Revenue for Q4FY26 stood at rupees 247 crores registering a strong growth of 22% year on year. Performance was driven by improved volumes, sustained high plant utilization across our core businesses despite ongoing supply chain disruptions, elevated input costs arising from geopolitical developments in Middle East.<\/p>\n

Neogen Ionics also maintained steady momentum during the quarter contributing 13 crores to Q4 revenue and 36 crore for the full year. Looking at our operational verticals, Organic Chemicals recorded a revenue of 194 crores up 7% year on year while Inorganic Chemicals segment delivered a standout performance with Rs. 53 crore in revenue marking a an impressive 145% expansion over the previous year. Base EBITDA for The quarter stood at 44 crore up 21% year on year with consolidated EBITDA margin maintained at 17.8% as indicated by Dr.<\/p>\n

Kanani, the performance remained resilient despite expansion related overheads at Neogen Ionics, temporary supply chain disruptions and one off cost associated with Dahej replacement facility and interim tool manufacturing arrangement. As the upcoming Pakajan and Dahej facility progressively scale up, we expect stronger operating leverage and improved fixed cost absorption. Further, this would also be supported by insurance recoveries. Profit after tax for Q4FY26 stood at 11 crore reflecting robust profitability.<\/p>\n

Finance costs remained elevated on account of ongoing capital deployment towards Neogen Ionics and the reconstruction of the dahesh facility. For FY26, revenue stood at rupees 862 crores registering a growth of 11% year on year while EBITDA increased to rupees 137 crores on PAT stood at 29 crores. H2FY26 reflected a significantly stronger cash flow performance compared to H1FY26 supported by improved operating efficiency, better working capital management. Net cash from operating activities turned positive 14.6 crore in H2FY26 versus an outflow of 246.1 crore in H1FY26 driven by healthy cash generation from operations.<\/p>\n

Turning to our balance sheet, consolidated total debt reached 1,330 crore in FY26 and bringing the net debt to 1295 crore. Increase in debt was driven by targeted funding for the Dahesh facility rebuild and ongoing capital deployment at Neogen Ionix. We remain focused on optimizing our balance sheet, driving working capital efficiency and maintaining high prudent capital allocation strategy to maximize sustainable returns on our investments reflecting our strong performance on long term growth. Confidence board has recommended a final dividend of 1 rupee per equity share for FY26.<\/p>\n

This underlines our commitment to delivering consistent value to our shareholders. That concludes my remarks. I will now request the moderator to open the floor for Q&A.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We’ll now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on the Touchstone telephone. If you wish to remove yourself from the question queue you may press Star and two participants are requested to use handsets while asking a question. Participants, you may press star N1 to ask a question. The first question is from line of Nilesh from HDFC Securities. Please go ahead.<\/p>\n

Nilesh Ghuge<\/strong><\/p>\n

Yeah, hi, good afternoon. Good afternoon. Yeah, so my first question on this revision in your cost for the battery chemical projects. So you mentioned that there will be import distribution and there will be a long term operating reliability but our cost as far as this project is concerned has gone up more than 250 crore. But can you, can you tell us how much saving we can do or the returns that you expect? Are you increasing your return? As you mentioned an earlier discussion that 18% kind of returns you expect from this project.<\/p>\n

But if you are investing this much to get more than 250 crore of capex. So any improvement in that?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Sure. So thank you for a question. So like you know, as you can see we have basically, we are basically aligning our technology to Morita technology. So that has been one reason and the second reason if you would have seen that in the investor presentation we added additional 500 metric ton intermediate facility of a simple lithium compound for which we have an opportunity to sell to our international customers including our partners. So this is the total of that and with the savings that we have in raw material and other operational efficiencies even today when we look at our return on Capital employed ROCE numbers they are like at 20% so around 18 to 20%.<\/p>\n

So when we put together the revised model also the return remains at 18 to 20% 20% being the base target on the salt side and with electrolyte like as I said we are finalizing it but effectively we should be targeting 18 to 20% ROC like you know, even after the revised CapEx.<\/p>\n

Nilesh Ghuge<\/strong><\/p>\n

Okay, Okay. And secondly sir, how much was the revenue from electrolyte business in FY26?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So in the total 36 crore kind of revenue numbers it was below 10 crores. But I don’t have the exact number for you right now, the majority of it is from the salt.<\/p>\n

Nilesh Ghuge<\/strong><\/p>\n

Okay. But when you are guiding 875, 950 crore kind of revenue in FY27 for our standalone business, how much revenue you are Factoring in from Salt plus electrolyte in this?<\/p>\n

Harin Kanani<\/strong><\/p>\n

No, 875 to 950 is non battery business. Right. So there is no salt or electrolyte sales in the 875 to 950 crore revenue.<\/p>\n

Nilesh Ghuge<\/strong><\/p>\n

And this is after factoring in the Dahed replacement plant.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah. Yes, yes. So if you remember our original was like around 952,000 crore on full utilization level. You know. So the Hays plant is starting a little bit later. So it we are targeted to start in Q1 instead of that there were some delays to start to complete the project because little bit of there were labor shortages related to constructions over last two, three months. So it got slightly delayed. So that’s why we are seeing 875 to 950. But we are seeing very positive signs for organolithium sales as well as lithium sales, which is not impacted by Dahij.<\/p>\n

So if we are able to outperform in that, then we would be able to even achieve the original 952,000. But because there was a slight delay in starting the Hays plant, that’s why we said 875 to 950 crore. We hope we are trying our best with organolithium and lithium compounds to achieve the original target of minimum 950 and then 950 plus kind of revenue from the standalone. And this doesn’t include any electrolyte salt or electrolyte. The electrolyte salt and electro like the neogen ionics revenue potential we had mentioned last year to be 300 crore plus.<\/p>\n

So the same remains like you know remains the current guidance. Also, we expect to have a 300 crore plus kind of revenue from our nil business. However like you know this will be mostly in the second half. We will see some improvement from Q1 Q2 as compared to. So we’ll see quarter-on-quarter improvement but majority of the sales will be the second half as more gigafactories like you know come online for electrolyte as well as you know our Pakhajan site is also expected to come online in the second half and the final capacity in the hedge is also expected to come by Q3.<\/p>\n

So I think all of this will give a higher boost in Q3 and Q4 and that is where you will see majority of the revenue coming.<\/p>\n

Nilesh Ghuge<\/strong><\/p>\n

Okay. Okay. And then lastly on the quarterly number, our revenue grew by about 12% QoQ and around 22% YoY. Can you split that in volumes and values?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So most of this is basically by volume. There was hardly impact of maybe 2% or 3% which was because of value. Rest of it was completely through volumes.<\/p>\n

Nilesh Ghuge<\/strong><\/p>\n

Thanks. Thanks and all the best.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. I request to all the participants, kindly limit yourself to two questions per participant and rejoin for a follow-up. Next question is from the line of Arun from Avendus Path. Please go ahead.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Yeah, good evening Dr. Hareem. My first question is how is the lithium price and bromine price currently as compared to the previous quarter? Have you seen this stabilizing and how will this reflect on our top line in our legacy businesses?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah, so when it comes to. Thank you for your question. So I think bromine prices have stabilized a bit because we saw that like you know, after there was a pause in the war. So there were shipments which Dead Sea bromine was able to arrange to China market which over a period of time started stabilizing the bromine prices. And bromine prices have remained stabilized. We’ll see if there is no further disruption. You know, they may reduce also because they remain kind of little bit on an elevated level when it comes to the lithium prices.<\/p>\n

Lithium prices continuously there was a one large jump but after that like you know, it is slowly increasing. So we have not yet seen a stable lithium price. It’s very difficult to predict how it works. But we feel this is driven by higher demand for ESS and even some areas we are seeing little bit more push towards EV with the current gasoline prices and higher petrol and crude oil prices. So if the trend continues, we may see lithium prices increase further beyond levels. But it is very difficult to predict at this point in time.<\/p>\n

Arun Prasath<\/strong><\/p>\n

And if these kind of prices sustain our potential from the standalone business, how much it will increase because we are currently still sitting the close to 900 crore stock lines. Any early indication how we can expect kind of increase in this potential?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So you know I normally don’t factor in like commodity price increase, how it will change our top line significantly because most of it is like a pass through and it’s anyway something which is difficult to predict. So for us, you know, more focus is on what we consider as a normal price revenue potential. What we have given you right now which is basically you know 875 to 950. So any this sustained lithium price. So even now lithium prices are around 24 $25 lithium carbonate prices which as per me is the kind of a normal price like you know, because 15 to $20 is what I consider as a long term stable lithium price.<\/p>\n

So it’s only slightly above. So the abnormally low prices are gone. Now it’s more closer I would say $20 plus minus $5 as a long term stable price. So we are kind of in that range. So if it goes beyond that then you know, you may have some additional revenue but you know there’s no point to factor in. It basically will be a pass through my top line to that extent will be higher but doesn’t mean that it will have any impact on the EBITDA on that higher price. So therefore I don’t tend to consider similarly bromine price also ideally should be between 300 plus minus 50 rupees.<\/p>\n

Today they are little bit higher. Although because of our contracts we didn’t see a very significant impact in the last quarter. But yes, if they remain at this elevated level there will be some increase on the bromine prices as well which will impact the top line. But currently we are not factoring that top line when we are doing our budgeting, whatever. If they remain at an elevated level to that extent, you know, our revenues will be slightly higher.<\/p>\n

Arun Prasath<\/strong><\/p>\n

But sir, what explains inventory? Absolute increase in the inventory receivables and.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Okay, yeah, yeah, sorry. So absolute increase in inventory was mainly driven because you know, we had taken some of the outside locations on kind of rent basis to basically get capacities. So these contracts were getting over by month of March and since the hedge was not fully yet online, we kind of built up some inventories to take care of our sales like in Q1 and Q2 level. We are also, we also decided to ultimately decide to extend it slightly by another month, month and a half to take care of the sales.<\/p>\n

But we wanted to wind down those operations with Dahesh plant coming online. So it was mostly driven by that and like you know, some product mix related requirements that we had where we had to create some inventory.<\/p>\n

Operator<\/strong><\/p>\n

Thank you Arun. I’ll request to come back for a follow up question. I request to all the participants, kindly limit yourself to two questions per participant and rejoin for a follow up. Next question is from the line of Ankur from Axis Capital. Please go ahead.<\/p>\n

Ankur<\/strong><\/p>\n

Hi sir, thanks for the opportunity. First question on you know, the salt pricing, how is the price gap now, you know, with China versus our pricing?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah. So you know when you compare with China, if you see majority of the beginning of the last year, the prices were actually almost 40, 30, 40 50% lower or even sometimes higher lower as compared to what our let’s say long term formula prices were. However, after December January we saw, we saw like when the lithium prices increased again we saw increase in the salt prices as well. And then afterwards it’s kind of reduced a little bit. So we still have like a 20, 30% decrease but it’s lower as compared to earlier.<\/p>\n

But it is still a bit lower as compared to our prices. But in December January we saw an increase but then it didn’t sustain for too long. So there was a period in time where they were even more expensive than us and then again they cooled off a little bit but still not to the same levels earlier. So this is more like, you know, more reasonable price as compared to it was, but still like little bit lower as compared to what ideally it should be.<\/p>\n

Ankur<\/strong><\/p>\n

So what is the gap now? You said they went up, they came down. But what’s the differential now?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Now the differential would be like around like if we look at our formula long term price. So it would be between around 20 to 25%.<\/p>\n

Ankur<\/strong><\/p>\n

Okay, fair enough. And just you know, two clarifications. One, the interest of mention that we have. Right. So when does it start from what date one should build that in and it will be a cash flow relief. Right. The PL provision, etc. Will still continue. And the second question is on the standalone manpower cost. We see we saw a sharp jump there on a, you know, Y and Y basis full year. So what is driving that?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So sorry, I’m not very clear on what do you mean by interest? Subvention.<\/p>\n

Ankur<\/strong><\/p>\n

So, so there is a, there is a deferment that we, there is a. Sorry, not subvention, moratorium. The. The mora that we got from banks. Right. So from that.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yes, yes. So I think all the moratorium is for the period of one year from the revised start of commercial operations. So whenever we have the first start of stable commercial operations there will be one year more at from that. So as we announced, I think last call itself that for Pakhaj and like you know there was an extension of one year for the electrolyte as well as the soil and like you know, so assuming like from our side, I think most of the work on the electrolyte should we are like targeting to be ready by H1.<\/p>\n

So if we start commercial production and all the qualifications are completed in the H1 then like you know, one year from that and in case of the salt in H2 from the time we have the commercial production, one year from that and in case of our dahed side we will be like we requested again an extension for one subsection of 1000 ton capacity which again got delayed and instead of Q1 we are expecting it to start in early Q3. So I think wherever that SEOD happens from that there will be a one year morad<\/p>\n

Ankur<\/strong><\/p>\n

Sure. And this is a cash flow relief. The P and L provisioning will still continue.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yes. Sorry, I’ll just ask Gopi to answer that.<\/p>\n

Gopikrishnan Sarathy<\/strong><\/p>\n

Yes, it’s an cash flow relief only for the principal repayment. Interest will have will start immediately after the COD is achieved.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, Ankur I would request to come back for a follow up question<\/p>\n

Harin Kanani<\/strong><\/p>\n

And just for clarification like you know whatever interest is during the project is already considered in the revised revised cost of the project. So till the time it is capitalized, the interest is already included in the revised cost.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Rohit Nagaraj from 361 Capital. Please go ahead.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Yeah, thanks for the opportunity and congrats on one good Q4. So first question is in terms of the battery manufacturers plant in the market. So. So individually what is the status? And just a light question to that. On slide number 12 we have given current project updates where we have mentioned that the first approval material is shipped to the customer and for remaining 1300 MTPA the trial production is ongoing. So will we have to validate the entire 1500 metric ton capacity as and when it gets commissioned from a trial production perspective?<\/p>\n

And what could be the timelines for the same.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Sure. So let me answer the second question first. It was. So basically the samples that we have given is representative for the entire 1500 metric ton and even the thousand metric ton which is remaining is going to come from the same site. So basically now you know, with whatever samples that we have submitted and like you know we also announced that we also intimated that three customers, three electrolyte makers in the US have now just completed the audit trial. So I think with those for the three customers who have already audited and for the others you submitted samples for Dahej, we don’t need to submit any fresh samples unless there is a customer request.<\/p>\n

Because sometimes the customer for each electrolyte maker, for each battery maker, they may request sample separate samples. But for the majority of our customer requirements, most of the sampling work is done. The audits are also completed post audit. They have given us some corrections which we expect to complete within one month or two months. And then once we demonstrate that gradually the commercial supplies can start. So we expect by July Or August we will have commercial supply start and we don’t have to wait for additional approvals from Dahe site.<\/p>\n

Also, like all the customers who visited, they also visited Pakharajan site like you know, which is under commissioning and they were all very appreciative of the way the site is shaping up and the systems which we have put in the site, especially because it is designed from scratch with the Japanese technology. And most of them were of the opinion that the approval cycle in Pakhajan also will be shorter because our testing method, raw material supply, manufacturing, all of this is already aligned.<\/p>\n

Only just the site is changing so it Pakarjan will have a relatively shorter approval cycle. So this was the feedback from the customers who audited and approved us during the last quarter.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Right. And just one clarification on the question. In terms of the domestic battery manufacturers, where are they in terms of putting their plants and probably providing us the commercial orders?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Sure. So I think you know, one of. So one of the customers have been already buying from a small volume for last one year and they have now also increased their capacity which is coming online. So within the first half their capacity is also increasing from 1 giga to 5 giga. The estimation that we have received from them will increase for the current year. We expect a much significantly higher volume as compared to last year. There all the approvals are in place and we are on track. It’s just a question of their actual consumption and Niogen right now is the only source for them and we have excellent relationship with them.<\/p>\n

So that business is certain and the only volume depends on their actual production and actual consumption. When it comes to a second customer, the second customer has like also visited and done an audit and in principle approved Neogen as a site. There’ll be still more detailed qualification. And this customer, so this is also Giga customer who is starting a pilot line sometime in the second quarter and they will start commercial production in 2027. So right now the way it stands, we are still discussing some commercials.<\/p>\n

But technically they’ve qualified the site to use the material in their trial production line, the pilot line, the volume will be much smaller. It will not be a GIGA scale, it will be mega scale. But the important thing is that since they will use it in the pilot line, you know, they are likely to like they’ll have the customer approval. So the shift to the gigafactory will be more smooth. On top of that, two of the GIGA customers who have started production or are expected to start, you know, later on in calendar year 26 both of them have like you know given us, both of them have given us their recipes and we already submitted our samples and right now they are testing our versus China performance of the cell using Neogen electrolyte versus China electrolyte.<\/p>\n

So you know once they do the performance well and they have sufficient data then they will start the process of moving Neogen as a qualified supplier for them. So we already have two customers, one giga scale, one mega whatever scale who have qualified Neogen. Two more are in the process of like who are starting in 26. They are in the process of like validating neogens electrolyte versus Chinese electrolyte and two other customers who are likely to start in 2027. So we had good commercial and technical discussion site visits.<\/p>\n

So like we remain engaged with them for the final approval and qualification. Again the question is they both had a original intention to switch from China but how to switch from China to Neogen is what is currently being worked out.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Sure. The second question in terms of the funds for our expansion. So given that we’ll be receiving 200 crores from the insurance claim and $20 million from Morita JV, do we need any additional funding during FY27 and after the current project commissioning what is the gross block at the end of FY27? Thank you.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So you know both the Morita money coming in insurance is expected and as you know 160 crore equity has gone, has been taken care of. So this money is sufficient to take care of completion of the project and you know to take care of the initial requirements. So we are on track for that. And I think the total gross block of Neogen Ionics would be around 1700 crores. 1700 to 1800 crores at the end of FY27 as most of the capex will be completed.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

And for standalone on a consolidated basis?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Gobi standalone is would be like somewhere around 450 to 550 crore.<\/p>\n

Gopikrishnan Sarathy<\/strong><\/p>\n

That’s right.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Like once MPP3, MPP5 or DAHIT site expansion is completed we expect to be in the range of 450 to 550. You can say basically whatever was a standalone gross block before Fhiya plus maybe 4050 crore more which would have gone towards higher cost of the rebuilding. Again hopefully that will also be majority be covered by the insurance proceeds.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Sure. Thanks and all the best sir.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A kind request to all the participants. Please limit yourself to two questions per participant and rejoin for a follow up. Next question is from the line of Abhijit Akela from Kotak. Please go ahead.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Yeah, good evening. Thank you so much. First one, will it be possible to just share a breakdown of the organic chemicals business line between the three lines that we mentioned, you know, bromine derivatives and the other two?<\/p>\n

Harin Kanani<\/strong><\/p>\n

I think bromine derivative was about 44, 45, 40, 45% of the revenue. The advanced intermediate swork work was about 30% of the revenue. The organolithium and lithium together were the balance.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Okay, and when you mentioned that most of the revenue growth was volume driven, does that apply even to the inorganic business? Because inorganic we’ve seen 140% growth. Is that largely volumes?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yes, it’s mostly volume because I think people knew that the lithium prices were kind of going up and we still had some inventory, so there was a good demand. So we were able to capture that. We’ve seen that when the lithium prices are on upward trend, volumes increase first. We’ll have to see whether that will be sustained because sometimes people are expecting higher lithium prices coming down the line. So they are covering up. Anyway if you know, like Q4 is usually our strongest quarter for lithium most of the years.<\/p>\n

So we feel. So we’ll have to see how the next year goes. But we have also added few new customers and we are now able to recycle the lithium which is coming out of the organolithium plant. So all these also has made our lithium business a little bit more stronger. So we’ll see if that will allow us to still continue the growth as well as whatever is the growth because of the higher price of lithium in terms of the overall top line we expect in the coming year.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Okay, thank you. And just the other second one I had just, you know, two, three small parts within this some accounting implications. One is in the standalone cash flow statement there is a under investing we see an 86 crore proceeds from sale of assets. So is this by the parent to Neogen Ionics? Just wanted to clarify that because it doesn’t show up in the console books. Second thing is the capital work in progress. If I look at console standalone, the difference is about 700 odd crores, which implies that maybe we still have another 1000 crores to go given that the total project cost is now 1795 crores or so.<\/p>\n

So this entire 1000 crores we expect to complete by 3, 2 or could that be a. I mean sounds a little bit realistic there. Last one was just the employee costs sequentially it seems to be down about 22%. So just wanted to get your Perspective on that. Thank you.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So I’ll answer just the like in the calculation that you did for CWIP 700 crore plus I wanted you to just keep in mind that some of the capex for our inorganic for the battery business has already taken place. Right. So it’s not 700 plus. What is capitalized is what we have spent. So that will be roughly at around 950 to 1050 crore is what we have spent and the remaining 600. 700 crore will be spent in the current and<\/p>\n

Gopikrishnan Sarathy<\/strong><\/p>\n

Also some part lies in the capital advance.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Okay. And some of it is also part of the capital advances which has been there. For the specific query about your 86 crore I’ll ask Gopi to Viktor<\/p>\n

Gopikrishnan Sarathy<\/strong><\/p>\n

This you are right. The sale proceeds is relates to the sales transfer of assets from NCL to Nil which was done two years back. The pain the money was not received while the transfer had happened earlier. Now that the CCD is in place, NIL has paid off that money. So that’s why it has been recorded in the cash flow as sale of property, plant and equipment. And the other question on the employment cost, sequentially it has come down mainly because of the actuarial. There was some change in the actuarial assumption that has resulted in some credit.<\/p>\n

That’s the reason between on a sequential basis the numbers have employment cost is showing a reduction.<\/p>\n

Abhijit Akella<\/strong><\/p>\n

Great. Thank you so much for the clarification sir. All the best.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Jason from IDVI Capital. Please go ahead.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yes sir. Thank you for taking my questions. So just I wanted to understand you did speak about lithium pricing being on a normalized level right now. So just with regards to that, just wanted to know what could steady state realizations be in dollar terms for soils and electrolytes both?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So you know for me the more stable lithium price would be 15 to $20. $20 kind of being like a base price. So I feel ideally speaking on a long term basis when supply and supply and demand are kind of balanced. $20 of lithium carbonate is a reasonable price considering the cost of the lithium, the spodumene like mining cost and some royalties which are paid to the governments that. So plus minus $5 would be the kind of fluctuation. So 15 to 25 would be like a ideal speaking range of lithium which should be.<\/p>\n

So right now they are little bit on the higher side. They are around 24, 25 so higher end of it. And at $20, you know we have given salt around $20 odd dollars and 20, 21 dollars and our additive around 25 to 30 dollars in that range. And so right now it would be a little bit higher as compared to that.<\/p>\n

Jason Soans<\/strong><\/p>\n

Okay, and so you said solids 20, 21, additives around 25, 30. And what about electrolytes?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So electrolyte also depending on the volume and the scale we had as you remember in the beginning we had said around 8 to $10 and later on we had said around $6 to $8 per kg. So we expect that you know currently it should be with the current lithium price somewhere around 7 to $9 per kg otherwise 6 to $8. This also depends on other raw material inputs. So we’ve seen like they are still the lithium prices have corrected but some of the other inputs like solvents etc have not yet fully corrected. In this I’m not taking the war related because if I consider today’s prices with impact of war then it can be even above $8 like more closer to $10 plus kind of a price. This is at like a 5,000, 10,000 ton level and in the beginning you know customer demand would be thousand ton, two thousand ton at which it should be a little bit higher because the raw material cost and conversion cost is higher at that point in time.<\/p>\n

Jason Soans<\/strong><\/p>\n

Sure. So six to seven, seven to eight dollar would be a decent range for electrolytes<\/p>\n

Harin Kanani<\/strong><\/p>\n

If you are thinking of $20 with the other raw materials. Yes, six to eight dollars would be the range. So, so seven dollar as an average price. Yes,<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah, yeah, sure, sure. And so I just wanted to know, I mean when you look at the console cash flow CAPEX is basically amounted to 555 crores in 26 now and of course our CAPEX also has been revised upwards the which was around 15 billion now, it’s basically gone to around 18 billion so it’s a extra 300 crores which is for the revised capex. Now just aligning all these things, just wanted to know what could be the CAPEX outflow or a like to like basis in 27 and 28 going ahead.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Oh okay, So see 27 and 28, you mean calendar year 2728, right?<\/p>\n

Jason Soans<\/strong><\/p>\n

No, no, when I look at 26, 26 are the, I mean when you look at the cash flow statement 556, 26.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah, so 26 is 556<\/p>\n

Jason Soans<\/strong><\/p>\n

So 27, 28 just wanted to know how that would look like. Yeah,<\/p>\n

Harin Kanani<\/strong><\/p>\n

So FY27 we would complete with the balance capex right. Which would be go be Gopi around the 760, 700 crore. Right.<\/p>\n

Gopikrishnan Sarathy<\/strong><\/p>\n

That’s right.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Plus maybe about 100 odd crores in Neogen. So total together at around 800 crore. So that’s what FY27 and FY28 we don’t have. Unless something changes dramatically, we don’t have at present any fixed plans for increase in capex for Neogen because we want to fully stabilize the plant, achieve full utilization. And similarly, we have not yet planned any major capex for FY28 at present. Although, as we have said in the past that if both international demand and India demand comes up we will have to increase our salt and additive capacity but to what extent we are not yet decided, so I’m not able to give a number at present.<\/p>\n

Jason Soans<\/strong><\/p>\n

Sure. And just one final clarification. I believe you said 27. You said 36 crores was battery chemicals revenue for ’26 and 27 you expect 300 crores but it will be more towards the H2 FY27. That’s the second half. Now am I correct?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Revenue you mean. Right? Revenue.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yes, revenue. Revenue. Revenue.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Revenue as you said.<\/p>\n

Jason Soans<\/strong><\/p>\n

For battery<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah. For the non battery it is 870 to 950.<\/p>\n

Jason Soans<\/strong><\/p>\n

Correct. I have got that. Yeah. Battery use at 300 crores. Entire battery chemicals 300 crores for 27. Right. For mostly towards.<\/p>\n

Harin Kanani<\/strong><\/p>\n

More than 300 crores for FY27. Larger portion in the second half every quarter sequentially, you should see an increase.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yes. And 28 with everything going on stream. Finally what do you. I mean you know the, the entire capex. Any, any ballpark numbers for 28?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah, we had in the past calculated that you know, just the Salt capacity at 80% utilization. And we expect a very healthy salt demand like electrolyte salt and additive demand. So that itself is like you know, revenue of thousand crore plus. Right. So depending on how the electrolyte demand shapes up it will be something more than thousand crore as we said, you know on FY29 it’s like 2400 to 2900 crore. So we feel in FY28 it will be you know, something more than thousand crore. Let’s say 1200, 1400, some kind of a number like that.<\/p>\n

But we’ll be able to give you more clarity like you know, in the second half of the current year.<\/p>\n

Jason Soans<\/strong><\/p>\n

Sure. Thank you so much for. Thank you so much.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Thank you. Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Meet from Niveshaay. Please go ahead.<\/p>\n

Meet Kataria<\/strong><\/p>\n

Yeah. Hi. Thank you so much for the opportunity. Am I audible?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yes.<\/p>\n

Meet Kataria<\/strong><\/p>\n

Yeah. First, domestic customer is highly satisfied with Neogen compared to our competitors. So main mainly because of our quick response time and our ability to modify the electronic solution as per their requirement. Right. So this help us to secure a SOL supplier position with them. So just want to share how the negotiations are progressing with other cell manufacturers who are not using the standard, who are not using the big dry coating.<\/p>\n

Right. So are you also achieving a dominant position there?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So I think as I explained earlier in my call that you know, second customer also visited our facility, had a pre round and qualified to use our electrolyte for their second line. And then there are two more who are now evaluating, you know, our electrolyte performance versus China electrolyte performance and two more are discussing with us. I think the factors are Neogen existing experience and like you know, the bigger plant capacity which is available because you need a higher capacity to take care of all the customers.<\/p>\n

So we have a 30,000 ton plant which is under trial production and that too which is built with Mitsubishi technology. So I think all of this is like a positive for the customer. And now the customers with their experience in China last one year are also looking at localization. So so the fact that Neogen has electrolyte, salt and additive backward integrated, even electrolyte solvent purification is backward integrated. So some of these features are very attractive for the customer. And with all the six gigafactories under construction, we are having very positive discussions ongoing currently.<\/p>\n

Meet Kataria<\/strong><\/p>\n

And secondly on the several South Korean electrolyte players already have their plans in us, right. For electrolyte. Now they are and they have also already announced capex in Korea itself for salt manufacturing. Right. Either JV or mou. So, so in that concept, in that context, are you are your US Salt customer looking at Neogen mainly as a second source or as a maybe backup supplier? Or do you see clearly visibility, visibility for Neogen to become a meaningful supplier for the year for the US facility?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah. So you know, at present, if you look there are already existing established, we have discussed in the past calls that there’s one Japanese company and there’s a Korean company with a limited experience and there are two manufacturing plants which are coming up in, in India and in Korea. While there were many announcements, but of the announcement today actively being pursued is only one company which is still working on. They are working with a technology. So you have two existing, one Japanese and one Korean and three new, two Indians and one more Korean who’s trying to start up.<\/p>\n

So in this, you know, Neogen is the only one which has a technology partnership with Morita which is very seen as an established kind of a technology because it has been in use. So between the three new we see some advantage of customer looking at us as a. As a stabilized or more reliable supplier. And hence like you know, they look at Neogen a bit more preferentially as compared to the others. This is our kind of view for lips elect light sort.<\/p>\n

Meet Kataria<\/strong><\/p>\n

Thank you so much.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. I request to all the participants, please limit yourself to two questions per participant and rejoin for a follow up. Next question is from the line of Archit Joshi from Nuama. Please go ahead.<\/p>\n

Archit Joshi<\/strong><\/p>\n

Hi, good evening, sir. Thanks for the opportunity. Two short questions, squeezing them into one. What would be the contribution of July Chem in Q4 and FY26? And number two, what explains the sharp increase in trade tables? You know, almost as good as the cogs for the whole year. If you can explain these two things. So thank you.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So then it gives the exact volume to the competition.<\/p>\n

Operator<\/strong><\/p>\n

We were not able to hear the beginning of the answer. May I request to repeat from the beginning please?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Sure. So we are not giving, you know, our sale of organolithium plant individually because it’s a single molecule. But as compared to last year we have seen an increase in our revenue and we have seen approvals in the international market in the semiconductor applications. And we are expecting few more approvals in the international market. So for us, current year in organolithium is. Organolithium business has been. We are looking really forward to this year where we expect a sharp increase in the business contribution from the organolithium side.<\/p>\n

We achieved one of our highest production. Like as some of you may know, in the past we had announced we had increased capacity two and a half times. So we reached the full monthly volume, the highest peak volume ever in the month of March. And we continue to see that in the current quarter as well. So as compared to the installed capacity which was around 120 metric tons, we had increased two and a half times to 300 metric tons per year. So this year we are. And last year was somewhere in between.<\/p>\n

So this year we are like, you know, very strongly looking at a potential to achieve almost 80, 90% of our increased capacity. And then if everything goes well, we may do a small capex to further increase this capacity in the coming year. But we are seeing a very strong response to our organolithium business.<\/p>\n

Archit Joshi<\/strong><\/p>\n

Second bit was on the trade payable, the very sharp spike that we have seen, like I said, almost like 365 days outstanding of trade fables what, what would explain that?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So I think you know, as you know that we have like last year we had already lot of financing to do. So like there were a lot of funds which were required. So we also and we were awaiting some insurance payments. So we kind of discussed with our suppliers and we were able to negotiate like longer credit terms with them and some of them were also able to get factoring against Neogens payment lines. So we were able to get longer credit terms. So we basically use longer credit terms with them and our target is like yeah, our long term target as we said is to balance our debtors with our creditors.<\/p>\n

This time the creditors were still little bit on a higher side than that which was like, you know, some kind of a special support because of fire related situation from our suppliers.<\/p>\n

Archit Joshi<\/strong><\/p>\n

Got it. So going into F27 we should start seeing the payments to come down as we get insurance part of the money and stuff like that.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yes, yes. And hopefully like I said, our debtors and creditors will stabilize each other and our stock will keep improving as we use full utilization level. So we’ll achieve the long term working capital cycles gradually over next two to three years as we had informed earlier.<\/p>\n

Archit Joshi<\/strong><\/p>\n

Right, sure. So thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. I request all the participants please limit yourself to two questions per participant. Next question is from line of Tejas from Asian Market Securities. Please go ahead.<\/p>\n

Tejas Sonawane<\/strong><\/p>\n

Yeah, thank you for the opportunity. I just have one question. In the result document you have mentioned the revised products timeline for Pakajan Phase 2 as March 2020 27. Just wanted to understand this is the timeline which has been provided is more for the electrolyte formulation part and also the H Phase 1 as your earlier highlighted the capacity which we are setting up at the hedge would be largely based on our own technology. While in the remarks you also said that we are transitioning from in house to the Moritar technology.<\/p>\n

That will be more towards the Pakajan part or are we also will be shifting our 1121 incremental sales capacity to the Morita technology? That’s it from my slide.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah, so I think most of the dahe’s capacity remain our capacity. We’ve done some adjustments through the technology but majority remain. And also the salt capacity in the hedge also includes additive where you know we don’t have the collaboration with Morita that remains completely Neogen’s own technology. So large part of that 2500 is related to our own and majority of the Morita related technology adjustments were in our Pakhajan facility as well as but one change. If you look at Our investor presentation is we’ve added 500 metric tons of additional intermediate salt capacity which is required or which is the starting material for our electrolyte.<\/p>\n

Raw material for electrolyte salt which we are in discussion where this is consumed by our partner Morita in China as well as few other customers who are making lips and they all and Morita being our like you know partner, they are positively considering to purchase this from us and other lips. Six established lips, six producers are considering to buy this intermediate from us to achieve the China free requirement. So I think that is the additional capex required for in our DAHIT site which has been updated in our presentation.<\/p>\n

Tejas Sonawane<\/strong><\/p>\n

Okay, got it. And on the revised project timeline which we have given in the result document as March 27, that is for our electrolyte 30,000 ton capacity which is coming up,<\/p>\n

Harin Kanani<\/strong><\/p>\n

No? So that is for the entire project because till now like you know the bank is in the process of dividing it. So this is the SEOd which we have taken approval from lenders. In terms of our timelines we expect H1 we should have completed majority of the electrolyte work and H2 for the salt so that remains unchanged. And similarly in case of the hedge phase 1 also by Q3 we feel we should like already 1500 tons is completed and only the last bit of thousand and the 500 ton addition that we have planned should be completed by Q3 and maybe a little bit some capacity by Q4.<\/p>\n

So again this is the approval which we have taken from the bank. We remain committed to complete majority of the dahed. The balance the thousand plus the new 500 intermediate by Q3. And as I, as we explained for the Pakhajan, H1 for electrolyte and H2 for the salt. And in H2 also mostly by end of Q3 it should be ready Q4 we should be able to do additional revenue. Revenue can start getting generated but since sometimes approval take longer so we’ve not factored in any revenue from this, we kept it as a backup in case if electrolyte revenue is reduced because of lower demand in India then whatever revenue we get from Pakhajan in Q4 will be used as a backup or otherwise it will be additional revenue which is the 300 crore plus part depends on Q4 from Pakhajan minus any reduction in electrolyte.<\/p>\n

So that would be the balancing.<\/p>\n

Tejas Sonawane<\/strong><\/p>\n

Okay, just a small follow up sir. So, so 5,500 would be our total salts plus additives capacity and the S500 intermediate, which you are setting up would be over and above that 5,500 tons.<\/p>\n

Harin Kanani<\/strong><\/p>\n

That’s right. Yes. Yes.<\/p>\n

Tejas Sonawane<\/strong><\/p>\n

And out of that 5,500 tons what would be the split between salts and additives?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So salts would be approximately around 4000. Around. Around 4000 odd crore. And 1500 to 750 would be the additive.<\/p>\n

Tejas Sonawane<\/strong><\/p>\n

Okay, got it. Thank you so much, sir. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, kindly limit yourself to two questions per participant. Next question is from the line of Pratham from Quantum Asset Management. Please go ahead.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Hi sir, just one thing. Since we have increased the capex, what would be the peak debt that you would be seeing? Previously we have alluded to 1700 crores I guess at the peak debt. And what would be now?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So as we explained, you know in our presentation since we have already 160 crore equity which has come in from the promoter as well as the 20 million from our JV partner which was not factored in during the initial discussion. So the peak debt will not change, will remain the same as earlier.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Okay. And just one thing since you mentioned.<\/p>\n

Operator<\/strong><\/p>\n

So sorry to interrupt you, we are losing your audio. Pratham. Pratham can you please come in a better reception area?<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Oh yeah, hi. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yeah, go ahead.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Yeah, just one thing mentioned that 36 countries from Neogen Ionics. So if I just deduct that from inorganic. So what is the result? Degrowth.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Sorry, I couldn’t get your question. You are saying was there a degrowth.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Inorganic chemical business if I just deduct the 36 crores revenue from the which we received from Neogen Ionics then there is just a 10% drag in the inorganic chemical business. So. And it has been dragging us continuously. So what is the reason that we can attribute it to?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So I think it was. I mean during majority of the year the lithium prices on an average was lower. So I can see one of the reasons. But I would need to take a little bit more closer look before I can answer.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

And in volume terms have you been growing on there on that front?<\/p>\n

Harin Kanani<\/strong><\/p>\n

I have seen no significant increase or decrease have been more or less overall stable.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Got it.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Yeah, a slight increase also. But year.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Yeah, just. Just one more thing. So if. Suppose you know there is a delay in ramp up in capacity. Given what I am trying to factor in, I foresee a liquidity issue in the company. So if you can just help me, you know, if you can just clarify on this part key how is the ramp up happening?<\/p>\n

Harin Kanani<\/strong><\/p>\n

So you know as you see whatever has been the delay in our project startup has been like. So the repayment schedule has been already been delayed to the same extent. So broadly speaking, let’s say whatever was supposed to get completed in March is getting March 26. So everything is getting completed by March 27. But now that we got the extra time, most of the approvals, everything will be in place. So the revenues also will ramp up. And you know, so we feel overall I don’t see a big change as compared to that.<\/p>\n

And the additional capex which was required was already funded through additional equity, both from promoter side as well as JV partners. So for us there’s not too much of a difference. Whatever insurance proceeds we are receiving on a regular basis and whatever balance also we expect to receive in a relatively shorter period of time. So therefore, you know, we are not concerned. But if there is any need, you know, we will always keep a watch. And if required, we would raise money if needed or if required.<\/p>\n

Pratham Kankaria<\/strong><\/p>\n

Sure, sure. No concerns. Thanks, thanks.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from line of Akshay from Alpha and vsco. Please go ahead.<\/p>\n

Akshay Satija<\/strong><\/p>\n

Thank you for the opportunity. So the question was regarding our domestic gigafactory customer who’s utilizing dry battery electrodes. Sir, how does the architectural shift impact the technical specifications of the electrolyte? Considering it’s a dry battery electrode, it will be a little more sensitive to moisture and all. So I wanted to understand that.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So, you know, basically when it comes to electrolyte, any component you change in your manufacturing changes the electrolyte composition. So when you go from LFP to NNC or within LFP for the application, I mean, different kind of like cylindrical versus prismatic type or even depending on the application, whether it is for energy storage or like energy storage or whether it is for EV applications. Each one has a unique electrolyte design depending on the size, shape and the type of technology used in the battery.<\/p>\n

So as you know, on the anode also you have carbon only or carbon silicon. So all these fermentation combinations require a separate individual electrolyte design and optimization. Yes, dry cathode is a relatively challenging technology. So it required more trials to begin with. But in my view, it’s one of the strangest requirements. You know, when you go for NMC dry cathode, that too with a like, you know, no secondary cooling. So I think we’ve already kind of achieved electrolyte, which is performing really well in this condition.<\/p>\n

So yes, each electrolyte, each cell design, we have to optimize the electrolyte.<\/p>\n

Akshay Satija<\/strong><\/p>\n

Okay, got it. And so questions for the same customer. They have been scaling up the capacity to 2 1\/2 gigawatt. So that would like create a demand for 250 to 400 tons of lips 6. I wanted to understand what portion can we cater to from this demand.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So normal rule is, you know, one gigawatt hour requires. One gigawatt hour requires 1000 ton for LFP. I mean actually 1200 to 1400 ton for LFP and in case of NMP, between 400 to 600 metric ton per gigawatt hour. So again, I won’t be able to commit commit specifically. But as I explained to explained earlier in my call that you know, the scale up which has been done by the customer, we expect a higher electrolyte demand from them as compared to last year, significantly higher. However, actual consumption1 is the capacity.<\/p>\n

But you run the plant at what capacity depends on the customer’s production and sales plan. So depending on that, we will see how much actual electrolyte gets bought. But yes, the demand will be significantly higher as compared to last year.<\/p>\n

Akshay Satija<\/strong><\/p>\n

Okay, so based on what’s going on, the current demand that’s been going to the customer, can we say we could do 50, 60% of the requirement?<\/p>\n

Harin Kanani<\/strong><\/p>\n

Oh, from our side we can meet 100% of the customer requirement and more because we have a capacity of 2,000 metric ton is already in place and another 30,000 will be ready by H1. So we have, we can take care of the entire customer requirement.<\/p>\n

Akshay Satija<\/strong><\/p>\n

We can take care of the customer. But is it a requirement? But is it feasible or even wise enough? So I’m just trying to understand what is the probable scenario here.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So there is a very high probability that Last year also 100% was met by us. And unless there are commercial differences next year also 100% can be met by us. It’s very common for a battery company to work with only one electrolyte company. I mean historically, for decades, you know, companies have worked in this way or at the most when they go to like a 500 giga kind of a volume or very large volume, they may have two suppliers. But there are very many examples where like for decades, you know, one entire battery company consume electrolyte from only one company.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Akshay, may I request please come back in the queue.<\/p>\n

Akshay Satija<\/strong><\/p>\n

Yeah. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen we’ll take, we’ll take the last question from the line of vedant from NAL B. Please go ahead.<\/p>\n

Vedant Sarda<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir, go ahead.<\/p>\n

Vedant Sarda<\/strong><\/p>\n

Thank you for the opportunity, sir. So I want to understand like we wrote in our press release, that we are confident of achieving a revenue in the range of 875 to 950 crore in FY27. So we consider 875 it’s kind of 2.33 growth for a full year basis. So can I get some understanding of in three to four five years of the timeline. If we get all the approvals, our all capex and capacities come into picture what kind of revenue we can make at Neogen on a consolidated basis<\/p>\n

Harin Kanani<\/strong><\/p>\n

For the financial year next year?<\/p>\n

Vedant Sarda<\/strong><\/p>\n

Three to five years time frame. I’m asking sir.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Three to five years. Okay.<\/p>\n

Vedant Sarda<\/strong><\/p>\n

Yeah.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So our FY29 full utilization level. So let’s say we have already stated that this year was 952,000. We have been little conservative saying 875 to 950. As I explained earlier we will try our best to achieve the higher end of the spectrum which was the lower end earlier. So this is on the Neogen level and our guidance was that for FY28 we would like to have a full utilization with optimization which can produce us 1100 crore plus kind of revenue. So our FY27 target tentative target. Sorry FY28 tentative target is around 1100 odd crores.<\/p>\n

And if we maintain the same growth rate like by FY29 we should be 1200 crore plus. Between 1200 to 1400 crore plus revenue just based on the regular demand in the existing business. If we make a significant further investment in battery material in sorry organolithium or some semiconductor related or flavor fragrance or to take care of higher CSM needs, you know that would be additional. But with investments, investments which we have done today we would expect somewhere around 1200 to 1250 crore by FY29.<\/p>\n

And on the battery side we already guided to 2500 to 2900. So somewhere around 3700 to 4200 is the expected revenue by FY29 on a console basis. Again like I told you, I see a need that we would have to add some additional salt capacity because we are like in FY28 because we are seeing increase. We are seeing increase both local demand of electrolyte as well as international demand for a live PF6 oil as well. As you know we see increase. We would also expect the CSM demand to start coming in from FY29 onwards.<\/p>\n

So there will be some additional investment which we may have to make in FY28 which will give higher revenue in FY29. But this is something we don’t know yet. With the existing capacity we can have we can have revenue of around 3,700 to 4,000 crore plus based on the projections which you made till now. In terms of capacity, you know currently our Pakhajan site can take care of around approximately 30 gigawatt hour of electrolyte and electrolyte salt there is a space to go three times higher like you know, in Pakhajan.<\/p>\n

So depending on, if you’re talking of five years, so depending on how the demand in India shapes up and in the international market we would, we can basically increase capacities for that. And similarly across our Organo lithium site and our Dahit side as well as our, as well as our Baroda site we have a ability to go up to 4,000, 5,000 crore of revenue through brownfield expansions. So we’ll see like you know, depending on how the demand shapes us on a 3 year FY29 with whatever guidelines we have given or whatever projections we have given we project somewhere between 3700 to 4200 kind of revenue by FY29 and then say if we are thinking of FY31, whatever we decide in the future capex to increase on electrolyte, electrolyte salt as well as in the base business for more csm, more semiconductor, more organo lithium as well as the inorganic lithium demand to kind of go further ahead.<\/p>\n

Vedant Sarda<\/strong><\/p>\n

That was very helpful. Thank you so much.<\/p>\n

Harin Kanani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. And now hand the conference over to the management for closing comments.<\/p>\n

Harin Kanani<\/strong><\/p>\n

So thank you for your time and engaging discussions. For any remaining questions our investor relations team is available to assist you. We value your continued partnership and look forward to sharing our next quarterly update with you. Thank you again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much on behalf of Neogen Chemicals Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Neogen Chemicals Ltd (NSE: NEOGEN) Q4 2026 Earnings Call dated May. 18, 2026 Corporate Participants: Nishit Solanki \u2014 Investor Relations Harin Kanani \u2014 Managing Director Gopikrishnan Sarathy \u2014 Chief Financial Officer Analysts: Nilesh Ghuge \u2014 Analyst Arun Prasath \u2014 Analyst Ankur \u2014 Analyst Rohit Nagraj \u2014 Analyst Abhijit Akella \u2014 Analyst Jason Soans \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":129597,"url":"https:\/\/alphastreet.com\/india\/neogen-chemicals-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":183375,"position":0},"title":"Neogen Chemicals Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 18, 2022","format":false,"excerpt":"https:\/\/youtu.be\/AmhcSh1aGlQ Key highlights from Neogen Chemicals Ltd (NEOGEN) Q4 FY22 Earnings Concall Management Update: NEOGEN said FY22 has been the best year in its history with highest level of growth in revenues at 69% in 4Q22 and 45% in FY22. Q&A Highlights: Anshul Verdia from Edelweiss asked that on the\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":146185,"url":"https:\/\/alphastreet.com\/india\/neogen-chemicals-q4fy23-earnings-story\/","url_meta":{"origin":183375,"position":1},"title":"Neogen Chemicals Q4FY23 Earnings Story","author":"Karan_Singh","date":"May 15, 2023","format":false,"excerpt":"Neogen Chemicals Ltd., founded in 1991, produces organic and organometallic compounds based on bromine and lithium that are utilised in the engineering, agricultural chemicals, and pharmaceutical sectors. Financial Results: Neogen Chemicals Limited reported Total Income for Q4FY23 of \u20b9 204 Crores up from \u20b9 157 Crore year on year, a\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/Galaxy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/Galaxy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/Galaxy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/Galaxy.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":172270,"url":"https:\/\/alphastreet.com\/india\/neogen-chemicals-q2-fy26-earnings-results\/","url_meta":{"origin":183375,"position":2},"title":"Neogen Chemicals Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 10, 2025","format":false,"excerpt":"Neogen Chemicals Ltd, incorporated in 1991, manufactures bromine and lithium-based organic and organo-metallic compounds, used in the pharmaceutical, agricultural chemicals, and engineering industries. \u00a0 Q2 FY26 Earnings Results Revenue from Operations: \u20b9209 crore, up 8% YoY from \u20b9194.91 crore in Q2 FY25 EBITDA: \u20b930 crore, down from previous quarters due\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Neogen Chemicals Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Neogen-Chemicals-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Neogen-Chemicals-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Neogen-Chemicals-Q2-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Neogen-Chemicals-Q2-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Neogen-Chemicals-Q2-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Neogen-Chemicals-Q2-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":151564,"url":"https:\/\/alphastreet.com\/india\/neogen-chemicals-ltd-q1fy24-15-rise-in-revenue\/","url_meta":{"origin":183375,"position":3},"title":"Neogen Chemicals Ltd Q1FY24; 15% rise in Revenue","author":"Karan_Singh","date":"August 7, 2023","format":false,"excerpt":"Neogen Chemicals Ltd, incorporated in 1991, manufactures bromine and lithium-based organic and organo-metallic compounds, used in the pharmaceutical, agricultural chemicals, and engineering industries. Financial Results: Neogen Chemicals Ltd reported Revenues for Q1FY24 of \u20b9170.00 Crores up from \u20b9148.00 Crore year on year, a rise of 14.86%. Total Expenses for Q1FY24\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-297.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-297.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-297.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-297.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-297.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-297.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":148274,"url":"https:\/\/alphastreet.com\/india\/neogen-chemicals-fueling-growth-and-innovation-in-the-chemical-industry\/","url_meta":{"origin":183375,"position":4},"title":"Neogen Chemicals: Fueling Growth and Innovation in the Chemical Industry.","author":"Divyansh_Kasana","date":"June 2, 2023","format":false,"excerpt":"Stock Data: TickerNSE: NEOGEN & BSE:\u00a0542665ExchangeNSE & BSEIndustryCHEMICALS Price Performance: Last 5 Days+2.42%YTD+26.82%Last 12 Months+7.68% Company Description: Neogen Chemical Ltd, established in 1991, is a prominent manufacturer of Bromine and Lithium-based specialty chemicals. With a remarkable 32-year history, the company has built a strong reputation in the industry. Neogen Chemical\u2026","rel":"","context":"In "Research Summary"","block_context":{"text":"Research Summary","link":"https:\/\/alphastreet.com\/india\/category\/research-summary\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/b1429f85-c493-4723-bb66-76894120bc06.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/b1429f85-c493-4723-bb66-76894120bc06.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/b1429f85-c493-4723-bb66-76894120bc06.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/b1429f85-c493-4723-bb66-76894120bc06.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/b1429f85-c493-4723-bb66-76894120bc06.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/b1429f85-c493-4723-bb66-76894120bc06.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":180490,"url":"https:\/\/alphastreet.com\/india\/neogen-chemicals-reports-9-revenue-growth-in-q3-fy26-amid-transitory-operational-headwinds\/","url_meta":{"origin":183375,"position":5},"title":"Neogen Chemicals Reports 9% Revenue Growth in Q3 FY26 Amid Transitory Operational Headwinds","author":"Staff Correspondent","date":"February 12, 2026","format":false,"excerpt":"Neogen Chemicals Limited (NSE: NEOGEN) the specialty chemical manufacturer navigates post-fire operational challenges while advancing battery materials expansion. Performance impacted by higher finance costs and increased insurance premiums following the Dahej facility incident. The company reported consolidated revenue of \u20b9220 crore for the third quarter ended December 31, 2025, representing\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183375"}],"version-history":[{"count":2,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183375\/revisions"}],"predecessor-version":[{"id":183409,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183375\/revisions\/183409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}