Interim report
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){ .~. NEOGEN ~ ~~ CHEMICALS LTD . 7' 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 October 31, 2026 BSE Limited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip Code No: 542665 Debt Segment Code: 977028 National Stock Exchange of India Limited Listing Department, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Company Symbol: NEOGEN Sub: Outcome of Board Meeting held on Saturday October 31, 2026. Ref.: Regulation 30 33, 51 and 52 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“Listing Regulations”). Dear Sir/Madam, With reference to the captioned subject and pursuant to Regulation 30, 33, 51 and 52 read with Schedule III, we wish to inform you that the Board of Directors of Neogen Chemicals Limited (“the Company”) had at its meeting held today i.e., Saturday, October 31, 2026, at 2:31 p.m. and concluded at 7.00 p.m., inter alia considered and approved the following: 1. The Un-audited (Standalone & Consolidated) Financial Results of the Company for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the Listing Regulations along with the “Limited Review Report” thereon as provided by the Statutory Auditors of the Company, which has been duly reviewed and recommended by the Audit Committee and the same is enclosed herewith as Annexure I; A copy of the said Financial Results containing disclosures required under Regulations 33, 52, 54 and other provisions of the Listing Regulations, as applicable, together with the Limited Review Reports by M/s. Chandabhoy Jassoobhoy, Chartered Accountants and security cover certificate under Regulation 54(3) and 56(1)(d) of the Listing Regulations is enclosed herewith as Annexure II. 2. Pursuant to Regulation 32 of Listing Regulations, as amended from time to time, Statement of Deviation/ Variation in utilization of funds (“Statement”) for the quarter ended September 30, 2026, which has been duly reviewed by the Audit Committee is enclosed herewith as Annexure III. 3. Increase in threshold for granting loans/ICDs, providing of corporate guarantees/ securities, and making of investments in securities upto Rs. 500 crore under section 186 of the Companies Act, 2013. 4. Material Related Party Transaction(s) (“RPTs”) as mentioned hereunder which may be entered into by and between the Company and Neogen Morita New Materials Limited (“NML”) – a step-down subsidiary of the Company during the period commencing from December 8, 2026 till December 7, 2027, subject to approval of the Members. In terms of Listing Regulations, prior approval of Members by way of an ordinary resolution is required for all material related party transactions and material modifications thereto. The proposed transaction(s) are expected to exceed the prescribed materiality thresholds and accordingly require such approval. All such transaction(s) shall be undertaken in the ordinary course of business and on an arm’s length basis, as reviewed and recommended by the Audit Committee of the Company: Sr. no. Transaction Proposed between the Company and NML: upto Rs. in Crore 1 Granting Corporate Guarantee, Securities or indemnities 500
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){ .~. NEOGEN ~ ~~ CHEMICALS LTD . 7' 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 5. Material Related Party Transaction(s) (“RPTs”) as mentioned hereunder which may be entered into by and between Neogen Ionics Limited (“NIL”) - a wholly owned subsidiary of the Company and NML during the period commencing from December 8, 2026 till December 7, 2027, subject to approval of the Members. In terms of Listing Regulations, prior approval of Members by way of an ordinary resolution is required for all material related party transactions and material modifications thereto to be executed between the subsidiary Companies of a Listed entity. The proposed transaction(s) are expected to exceed the prescribed materiality thresholds and accordingly require such approval. All such transaction(s) shall be undertaken in the ordinary course of business and on an arm’s length basis, as reviewed and recommended by the Audit Committee of the Company: Sr. No. Transaction Proposed between NIL and NML: Upto Rs. in Crore 1 Granting of Unsecured Loans and advances including inter-corporate deposit(s)/ Credit Facilities. 200 2 Interest on Inter-corporate deposit(s) /Borrowing of Unsecured Loan(s)/Credit Facilities 24 3 Granting Corporate Guarantee, Securities or indemnities 500 4 Sale of goods including manufactured and traded products, directly or through agent 500 5 Purchase or supply of any goods or materials like raw materials, WIP and finished goods, directly or through agent 500 6 Leasing of property of any kind & Renting of Factory, Office, Land & Building, Plant and Machinery or any other assets 50 7 Availing or rendering of any services (including all technical, professional, corporate, advisory, R&D services, administrative or support services etc.) 50 8 Infrastructure and resource sharing Arrangements, including cost allocation, recovery and reimbursement of shared expenses 100 9 Purchase, Sale or Transfer of Assets, including Tangible and Intangible Assets 100 6. The pre-mature (Voluntary) early redemption, in full of outstanding 20,000 (Twenty Thousand) fully paid, secured, listed, rated, redeemable, rupee denominated, non-cumulative, non-convertible debentures having a face value of Rs. 1,00,000 each aggregating to INR 200,00,00,000 (Indian Rupees Two Hundred Crores only) (“NCDs”), issued and allotted by the Company on private placement basis on August 12, 2025, bearing ISIN INE136S07013, as per the terms and conditions stated in the General Information Document dated July 28, 2025 read with Key Information Document dated August 11, 2025, the Debenture Trust Deed dated August 06, 2025 and all other Transaction Document(s), inter-alia, between the Company and its Debenture Trustee and subject to receipt of necessary approvals, on such date as may be determined by the Company. A detailed disclosure pursuant to regulation 51(2) of Listing Regulations in this respect alongwith its annexures shall be submitted to the exchanges through a separate intimation. 7. Approved the Postal Ballot Notice to seek approval of the shareholders for the following: Sr. no. Description of resolution Type of Resolution 1. Approval for Material Related Party Transaction(s) proposed to be entered into by and between the Company and Neogen Morita New Materials Limited, a step-down subsidiary of the Company. Ordinary Resolution
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){ .~. NEOGEN ~ ~~ CHEMICALS LTD . 7' 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 2. Approval for Material Related Party Transaction(s) proposed to be entered into by and between Neogen Ionics Limited- a wholly owned subsidiary of the Company and Neogen Morita New Materials Limited- a step-down subsidiary of the Company. Ordinary Resolution Mr. Devendra Deshpande- Proprietor of M/s. DVD & Associates, Practicing Company Secretaries, Pune, having consented, is appointed to act as Scrutinizer for the purpose of conducting e-voting process in a fair and transparent manner. CALENDAR OF EVENTS FOR THE POSTAL BALLOT PROCESS: Event Date of Events Record date/Cut off Date for identification of voting rights of the members Thursday, 5 November, 2026 Proposed Date for Completion of dispatch of Postal Ballot Notice (only through electronic mode) Friday, 6 November, 2026 Date and time of commencement of remote e-voting Saturday, 7 November, 2026 at 9:00 a.m. IST Date and time of end of remote e-voting Sunday, 6 December, 2026 till 5:00 p.m. IST Last date of Receiving Query Sunday, 6 December, 2026 Submission of report by the Scrutinizer On or before Tuesday, 8 December, 2026 Date of declaration of results of voting On or before Tuesday, 8 December, 2026 Deemed Date of passing of Resolution with requisite Majority Sunday, 6 December, 2026 In accordance with the provisions of the Section 108, 110 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 (“the Act”) read with Rule 20 and 22 of the Companies (Management and Administration) Rules, 2014, ("the Rules”) including any statutory modifications or reenactments thereof for the time being in force as amended from time to time, and Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India (“SS-2”), Regulation 44 of the Listing Regulations, and in accordance with the requirements prescribed by the Ministry of Corporate Affairs (“MCA”) for holding general meetings/ conducting postal ballot process through electronic voting (remote e- voting) vide General Circular Nos. 14/2020 dated April 8, 2020, 17/2020 dated April 13, 2020, and subsequent circulars issued in this regard, the latest being 3/2025 dated September 22, 2025 (“MCA Circulars”) and the requirements prescribed by Securities and Exchange Board of India vide its circulars and latest being Circular No. SEBI/HO/ CFD/CFD-PoD2/P/CIR/2024/133 dated October 3, 2024 (collectively referred to as SEBI Circulars), and other applicable laws and regulations, as amended from time to time (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), the voting by members through postal ballot shall take place only through remote e-voting and no physical ballot form will be dispatched by the Company. Postal Ballot Notice shall be sent to the shareholders in due course and the same shall be filed with the exchanges. 8. Expanding the existing Organo-Lithium chemicals manufacturing facility from 300 MT/PA of active to 600 MT/PA of active at Patancheru, Telangana, with the proposed estimated investment of upto Rs. 45 crore to be funded from internal accruals/ Debt. This will have an additional revenue potential of Rs. 150 crore to Rs. 200 crore depending on Lithium prices. The Capacity shall be added by end of next financial year. This expansion is aligned with the Company’s strategic objective to meet the growing market demand.
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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 Ionics Limited- a wholly owned subsidiary (NIL- WOS): Further the Board of NIL-WOS of the Company had at its meeting held today approved the following transactions: 1. Increase in threshold for granting loans/ICDs, corporate guarantees/ securities, and making of investments in securities upto Rs. 700 crore under section 186 of the Companies Act, 2013, subject to approval of the Members and such other approvals as may be required from time to time 2. Advancing loans/ICDs upto Rs. 200 crore under section 185 of the Companies Act, 2013, subject to approval of the Members and such other approvals as may be required from time to time. 3. Material Related Party Transaction(s) (“RPTs”) as mentioned hereunder which may be entered into by and between NIL - WOS and Neogen Morita New Materials Limited – a Step-Down Subsidiary of the Company (“NML-SDS”) during the period commencing from December 8, 2026 till December 7, 2027, subject to approval of the members of NIL- WOS and the Company. Approval of Members of NIL- WOS and the Company by way of an ordinary resolution is required for all material related party transactions and material modifications thereto to be executed. The proposed transaction(s) are expected to exceed the prescribed materiality thresholds of Listing Regulations and the Companies Act, 2013 and accordingly require such approval. All such transaction(s) shall be undertaken in the ordinary course of business and on an arm’s length basis, as reviewed and recommended by the Board of NIL WOS: Sr. No. Transaction Proposed between NIL and NML: Upto Rs. in Crore 1 Granting of Unsecured Loans and advances including inter-corporate deposit(s)/ Credit Facilities 200 2 Interest on Inter-corporate deposit(s) /Borrowing of Unsecured Loan(s)/Credit Facilities 24 3 Granting Corporate Guarantee, Securities or indemnities 500 4 Sale of goods including manufactured and traded products, directly or through agent 500 5 Purchase or supply of any goods or materials like raw materials, WIP and finished goods, directly or through agent 500 6 Leasing of property of any kind & Renting of Factory, Office, Land & Building, Plant and Machinery or any other assets 50 7 Availing or rendering of any services (including all technical, professional, corporate, advisory, R&D services, administrative or support services etc.) 50 8 Infrastructure and resource sharing Arrangements, including cost allocation, recovery and reimbursement of shared expenses 100 9 Purchase, Sale or Transfer of Assets, including Tangible and Intangible Assets 100 Neogen Morita New Materials Limited – a Step-Down Subsidiary (“NML-SDS”) Further the Board of NML- SDS of the Company had at its meeting held today approved the following transactions: 1. Material Related Party Transaction(s) (“RPTs”) as mentioned hereunder which may be entered into by and between NML- SDS and Neogen Ionics Limited – holding company of NML-SDS during the period
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){ .~. NEOGEN ~ ~~ CHEMICALS LTD . 7' 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 commencing from December 8, 2026 till December 7, 2027, subject to approval of the Members of NML-SDS, NIL- WOS and the Company. Approval of Members of NML- SDS, NIL- WOS and the Company by way of an ordinary resolution is required for all material related party transactions and material modifications thereto to be executed. The proposed transaction(s) are expected to exceed the prescribed materiality thresholds of Listing Regulations and the Companies Act, 2013 and accordingly require such approval. All such transaction(s) shall be undertaken in the ordinary course of business and on an arm’s length basis, as reviewed and recommended by the Board of NIL WOS: Sr. No. Transaction Proposed between NIL and NML: Upto Rs. in Crore 1 Granting of Unsecured Loans and advances including inter-corporate deposit(s)/ Credit Facilities 200 2 Interest on Inter-corporate deposit(s) /Borrowing of Unsecured Loan(s)/Credit Facilities 24 3 Granting Corporate Guarantee, Securities or indemnities 500 4 Sale of goods including manufactured and traded products, directly or through agent 500 5 Purchase or supply of any goods or materials like raw materials, WIP and finished goods, directly or through agent 500 6 Leasing of property of any kind & Renting of Factory, Office, Land & Building, Plant and Machinery or any other assets 50 7 Availing or rendering of any services (including all technical, professional, corporate, advisory, R&D services, administrative or support services etc.) 50 8 Infrastructure and resource sharing Arrangements, including cost allocation, recovery and reimbursement of shared expenses 100 9 Purchase, Sale or Transfer of Assets, including Tangible and Intangible Assets 100 2. Material Related Party Transaction(s) (“RPTs”) as mentioned hereunder which may be entered into by and between NML- SDS and Neogen Chemicals Limited – the ultimate holding company of NML-SDS during the period commencing from December 8, 2026 till December 7, 2027, subject to approval of the Members of NML-SDS, NIL- WOS and the Company. Approval of Members of NML-SDS, NIL- WOS and the Company by way of an ordinary resolution is required for all material related party transactions and material modifications thereto to be executed. The proposed transaction(s) are expected to exceed the prescribed materiality thresholds of Listing Regulations and the Companies Act, 2013 and accordingly require such approval. All such transaction(s) shall be undertaken in the ordinary course of business and on an arm’s length basis, as reviewed and recommended by the Board of NML- SDS: Sr. no. Transaction Proposed between the Company and NML: Upto Rs. in Crore 1 Granting Corporate Guarantee, Securities or indemnities. 500 3. Alteration of Articles of Association of NML - SDS, subject to approval of the members of the NML- SDS.
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){ .~. NEOGEN ~ ~~ CHEMICALS LTD . 7' 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 The above information is also being uploaded on the Company’s website at https://neogenchem.com/financial-performance/ , https://neogenchem.com/announcements/ and at the website of the NSE (www.nseindia.com) and BSE (www.bseindia.com). Kindly take the above information on your records. Yours faithfully, For Neogen Chemicals Limited ___________________ Unnati Kanani Company Secretary & Compliance Officer Mem. No: A35131 Place: Thane Encl.: As above
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3. We conducted our review of the Statement in accordance with the Standards on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulat ions. Our responsibility is to express a conclusion on the Statement based on our review. 1. We have reviewed the accompany ing statement of unaudited standalone financ ial results of Neogen Chemicals Limited ("the Company") for the quarter and half year ended September 30, 2026 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). To The Board of Directors of Neogen Chemicals Limited Independent Auditors' Limited Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Phone : +91 22 4619 7023 /24 I 25 : +91 22 4606 7023 Email : mail@cnj.in Web : www.cnj.in 215-216, A To Z Industrial Estate, Gate no. 3, 2nd floor , GK Marg, Lower Parel, Mumbai -400 013. India Chandabhoy & Jassoobhoy Chartered Accountants
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Mumbai: October 31, 2026 Bhupendra T. Nagda Partner Membership No.: 102580 UDIN: 26102580TIBLFF5720 For Chandabhoy & Jassoobhoy Chartered Accountants Firm Registration No. 101647W ~ The assessment of the loss claim submitted to the insurance company is in process. However, the Company has received Rs.155.00 crores as on account payment from the insurance company and realized Rs. 9.49 crores from sale of scrap till September 30, 2026. Further, the Company has also incurred and claimed additional expenses of Rs.1.41 crores till date towards the said incident. After considering the above, the balance insurance claim receivable outstanding as on September 30, 2026 is Rs.171.52 crores. Further, subsequent to the quarter ended September 30, 2026, the insurance company has approved for an additional claim amount of Rs.152.00 crores to be released in due course of time, as part payment out of the entire claim receivable. In the opinion of the management, the balance of claim is fully recoverable. Our conclusion is not modified in respect of this matter. (ii) the aforementioned losses of Rs.348.16 crores and corresponding insurance claim credit of Rs 334.60 crores has been presented on a net basis of Rs 13.56 crores under "Exceptional Items" in the standalone financial results for the quarter and year ended March 31, 2025. (i) the Company had recognised Loss caused by fire as Rs 348.16 crores and Insurance Claim receivable from Insurance Company as Rs. 334.60 crores during the year ended March 31, 2025; and We draw attention to Note 4 of the Standalone Financial Statements with regard to incident of Fire at Dahej SEZ Plant of the Company on March 5, 2025. This incident led to damage of certain property, plant and equipment, inventory and it also interrupted business. The Company intimated the insurance company about the fire incident and submitted loss estimate to the Insurance Company in terms of its insurance policy. The Company had appointed Independent Surveyor for ascertaining the Loss caused by Fire and the claim that the Company is entitled from the Insurance Company vis-a-vis its insurance policy. The company simultaneously appointed Independent Chartered Accountant Firm seeking opinion on accounting treatment for the Loss caused and the Claim made to the Insurance Company. Based on the Independent Surveyor's Report and Independent Chartered Accountant Firm's opinion: 5. Emphasis of Matter Chandabhoy & Jassoobhoy Chartered Accountants
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-c NEOGEN® NEOGEN CHEMICALS LIMITED ~ ........ ~ ....... (CIN : L24200MH1989PLCOS0919) ..... .,. CHEMICALS LTD . ......... r A Statement of Unaudited Standalone Financial Results for the Quarter and Half year ended September 30, 2026 ('{ in Crore) Sr. Particulars Standalone No. For the Quarter Ended For the Half year Ended For the Year Ended September June 30, September September September March 31, 30,2026 2026 30,2025 30,2026 30,2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Income (a) Revenue from operations 288.00 252.28 206.68 540.28 391.26 855.49 (b) Other income 8.28 7.90 4.37 16.18 7.68 15.82 Total Income (net) 296.28 260.18 211.05 556.46 398.94 871.31 II Expenses (a) Cost of materials consumed 221.01 176.53 154.49 397.54 281.89 641.37 (b) Purchase of traded goods 16.84 7.49 - 24.34 - 1.59 (c) Changes in inventories of finished goods, (70.76) (40.78) (42.71) (111.54) (68.82) (168.97) work-in progress and stock-in-trade (d) Employee benefits expenses 22.98 21.40 20.12 44.39 37.35 74.40 (e) Finance costs 26.55 23.10 20.60 49.65 34.63 80.42 (f) Depreciation and amortization expenses 7.01 6.83 6.39 13.83 11.27 23.53 (g) Other expenses 44.22 39.48 39.83 83.70 71.21 155.84 Total Expenses 267.85 234.05 198.72 501.91 367.53 808.18 Ill Profit/(Loss) before exceptional item and 28.43 26.13 12.33 54.55 31.41 63.13 taxes (I - II) IV Exceptional items gain I (loss) - - - - - - v Profit/(loss) before tax (Ill + IV) 28.43 26.13 12.33 54.55 31.41 63.13 VI Tax Expenses 1. Current Tax 6.28 6.03 3.77 12.30 8.62 17.86 2. Deferred Tax 1.01 0.66 (0.67) 1.67 (0.68) (1.57) 3. Prior year tax adjustment - - (0.08) - (0.08) (0.12) VII Profit for the period (V - VI) 21.14 19.44 9.31 40.58 23.55 46.96 VIII Other comprehensive income (i) Items that will not be reclassified to profit (1.07) 0.19 (0.12) (0.88) (0.24) 0.74 or loss (ii) Income tax related to items that will not 0.27 (0.05) 0.03 0.22 0.06 (0.19) be reclassified to profit or loss Total Other comprehensive (expense)/ (0.80) 0.14 (0.09) (0.66) (0.18) 0.55 income, net of tax IX Total Comprehensive income for the period 20.34 19.58 9.22 39.92 23.37 47.51 (VII+ VIII) x Paid up equity Share Capital 30.02 27.38 26.38 30.02 26.38 26.38 (Face Value per share of" 10 each) XI Other Equity . - 827.42 XII Earning Per Equity Share of a Face Value of" 7.60* 7.15* 3.53* 14.75* 8.93* 17.81 10 per share (a) Basic & Diluted (*Not Annualized) For and on behalf of the Board of Directors of . ~4i. Neogen Chemicals Limited ~· 'S ~ ~~ (Qi )7 ~~ \ .7<, £ (9 T.t-iAN;:; r- ) Place : Thane, India 11,=~i) ~ u: ---- Dr. Harin Kanani Date : October 31, 2026 i ~~~i·~~~ m t Iv* . O.>' Managing Director ~i //~ ~'.1~ <! ~... - n1N • n5135947 ~ .... %):_ e :··- ....,...'\,0-: ,t1:'~ ~07£~-V - -
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){ NEOGEN CHEMICALS LIMITED ~~ ... ... (CIN: L24200MH1989PLC050919) .... ,.a NEOGEN ..... ~ .. CHEMICALS LTD . ,.~ ,. x: Statement of Unaudited Standalone Balance Sheet as at September 30, 2026 ('( in Crore) Particulars Standalone Unaudited Audited As at September 30, 2026 As at March 31, 2026 ASSETS (1) Non-current assets (a) Prope.rty, plant and equipment 233.40 230.76 (b) Rightt o use assets 70.02 63.11 {cl Capital work-in-progress 231.18 160.94 (d) Intangible assets 0.49 0.62 (e) Financial assets (i) Investments 467.79 306.96 (ii) Loans 240.81 110.27 (Iii) Other non-current financial assets 17.34 29.23 (f) Other non-current assets 10.38 2.81 Total Non-current assets (I} 1,271.41 904.70 (2) Current assets (a) Inventories 712.83 551.65 [bl Financial assets (I) Trade receivables 268.68 356.74 (Ii) Cash and cash equivalents 353.97 3.04 (iii) Bank balances other than (ii) above 0.01 0.01 (iv) Loans 0.34 0.35 (v) Other current financial assets (Refer note 4) 265.16 276.65 (c) Other current assets 107.35 82.71 Total Current assets (II) 1,708.34 1,271.lS TOTAL ASSETS (I+ II) 2,979.75 2,175.85 EQUITY AND LIABILITIES (1) Equity (a) Equity share capital 30.02 26.38 (bl Other equity 1,600.11 827.42 Total Equi1y (I) 1,630.13 853.80 (2) Non-current liabilities (al Financial liabilities (I) Borrowings 65.08 228.98 (Ii) Lease liabilities 59.62 48.25 (Ill) Other non-current financial liabilities 2.42 2.37 (b) Provisions 12.69 11.57 (c) Deferred tax liabilities (net) 21.25 19.79 Total Non-current liabilities (II} 161.06 310.96 (3) Current liabilities (a) Financial liabilit ies (i) Borrowings 685.40 442.47 (Ii) Lease liabilities 20.77 16.01 (Iii) Trade pa\Jables [a! Total outsrandlna dues of micro-enter prises and small ente rprises 14.19 10.68 (b) Total outstanding dues of other than micro-enterprises and small enterprises 382.67 411.82 (iv) Other current financial liabili ties 64.01 91.98 (b) Other current liabilities 11.51 28.51 (c) Provisions 4.95 4.09 (d) Current tax liabilities (net) 5.06 5.53 Total Current liabilities (Ill) 1,188.56 1,011.09 Total Liabilities (II + Ill} 1,349.62 1,322.05 TOTAL EQUITY AND LIABILITIES (I+ II+ Ill) 2,979.75 2,175.85 - For and on behalf of the Board of Directors of ·-~ c}~E/1111. Neogen Chemicals limited ' I ~r.~ -c ,-. ~p·-;/ . I:_, ~ ~ ll:JI ...... ~" , {1:< ~ p..1ANr-: li I _, &/ ,r ~" --- :?, • ·~ .. ,., ~\- ... ___./ ..-,, v Place : Thane, India • ~'Cl .. ;;cd-1' ~A; * ·v- Dr. Harin Kanani Date : October 31, 2026 ~ Manag ing Director DIN . nc12<:047
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)( NEOGEN CHEMICALS LIMITED .i-..ri.. NEOGEN ., (CIN: L24200MH1989PLC050919) .~ .... .... ~ ... CHEMIC ALS LTD . .. ~,. 7' Statement of Unaudited Standalone Cash Flow for the Half Year ended September 30, 2026 (" in Crore) Particulars Unaudited Unaudited For the Half Year Ended For the Half Year Ended September 30, 2026 September 30, 2025 A) CASH FLOW FROM OPERATING ACTIVITIES Net Profit I (Loss) before tax 54.55 31.41 Adjustments for : Depreciation and amortization of non-current assets 13.83 11.27 Allowance for doubtful debts and advances (1.09) 3.34 Finance costs 49.65 34.63 Net Unrealized exchange (gain)/ loss (1.16) 0.23 Interest income (12.73) (6.59) Non-cash items 0.37 0.69 Operating profit before working capital changes 103.42 74.98 (Increase) I Decrease in Inventories (161.19) (121.33) (Increase) I Decrease in Trade and other receivables 86.37 (75.72) (Increase)/ Decrease in Current loans and advances and other current financial 10.19 20.88 assets (Increase) I Decrease in Non-current loans and advances and other non-current (0.57) 5.12 financial assets (Increase) I Decrease in Other current assets (24.64) (41.74) (Increase) I Decrease in Other non-current assets (6.28) (13.53) Increase/ (Decrease) in Trade and other payables (24.86) 13.45 Increase I (Decrease) in Other non-current financial liabilities 0.05 0.20 Increase I (Decrease) in Other non-current liabilities 1.12 0.77 Increase I (Decrease) in Other current financial liabilities 0.08 7.65 Increase/ (Decrease) in Other current liabilities (17.22) (20.22) Cash flow from/ (utilized in) operating activities post working capital changes (33.53) (149.49) Income tax (paid)/ refund (net) (12.58) (6.00) Net cash flow from/ (utilized in) operating activities (A) (46.11) (155.49) CASH FLOWS FROM INVESTING ACTIVITIES B) Payments for acquisition of Property, plant and equipment (109.01) (33.90) Proceeds from sale of Property, plant and equipment - 86.10 Loans and Inter-corporate deposit given (160.60) (37.17) Loans and Inter-corporate deposit received back 30.00 45.42 Investment in Subsidiaries/ Joint Ventures (159.00) (106.63) Investment in Fixed deposit (net) 9.27 (22.26) Insurance claim received against loss of Property, plant and equipment including 17.44 80.91 scrap sales Interest received 9.98 6.02 Net cash flow from/ (utilized) in investing activities (B) (361.92) 18.49 CASH FLOWS FROM FINANCING ACTIVITIES C) Proceeds from Borrowings 137.21 310.76 Repayment of Borrowings (60.66) (33.21) Payment for Lease liabilities (10.32) (5.50) Finance Cost (42.96) (33.26) Dividends paid to the shareholders of the Company (2.74) - Purchase of treasury shares of Neogen Chemicals Limited from Secondary market (3.02) (0.79) for ESOP purpose Issue of shares (net of expenses)* 741.45 . Net cash flow from I (utilized in) financing activities (C) 758.96 238.00 ~ ,;:.A,11 ;:,,.. Net Increase I (decrease) in cash and'c~sn e'qµ"J.valents (A+B+C) 1·0~ ~'-9~ 350.93 101.00 ··,;.~ 1 r: I '/~{ __ ,,..,._,r. 1\,--\ \ ~··El ~ ,0 ····· lr ... v 11':, , .. , . ·~/':~ 1 \ \ 0 ---!- '>'); •... ,.., ... ~ ,, Y ·v ~ /,:·-J ~-~?-:~ .~'<e' ~ - -==---.,,.
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Cash and cash equivalents at the beginning of the year 3.04 0.48 Cash and cash equivalents at the end of the period 353.97 101.48 Cash and Cash Equivalents comprise of: Cash at Bank 73.95 0.79 a) b) Cash on hand 0.21 0.24 c) Investment in liquid mutual fund - 100.45 d) Investment in fixed deposit with matur ity less than three months 279.81 - Total 353.97 101.48 Movement in Borrowings: Balance at the beginning of the year 671.45 443.71 Cash Flow 76.55 277.55 Non Cash Changes 2.48 0.63 Balance at the end of the period 750.48 721.89 Note: The above Cash Flow Statement has been prepared under the "Indirect Method " as set out in Indian Accounting Standard (Ind AS - 7) on Statement of Cash Flows notified u/s 133 of Companies Act, 2013 ("Act") read with Rule 4 of the Companies (Indian Accounting Standards) Rules 2015, as amended and the relevant provisions of the Act. * Includes ~ 161 Crore received towards Preferential Issue and ~ 580.45 towards Qualified Institutions Placement ("QIP") (net of share issue expenses).
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.... ~ Sr No Particulars For the quarter ended For the Half Year ended For the Year ended September 30, June 30, 2026 September 30, September 30, September 30, March 31, 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audi ted I Current Ratio (in times) 185 1.27 1.70 185 1.70 1.38 "Current assets/ Current liabilitie s (Excluding current maturity of long term loan) II Net Worth (~ in Crore] 1,600.15 1,000.96 794.35 1,600 15 794.35 820.19 •Aspe r section 2(57) of the Companies Act, 2013, as amended. Ill Outstanding redeemable preference . . . . shares (quantity and value] IV Net profit I (loss] after tax(~ In Crore) 21.14 19.44 9 31 40 58 23.55 46.96 v Basic Earnings per share (*not annualized) *7.60 *7.15 *3 .53 *14.75 *8.93 17.81 VI Diluted Earnings per share (*not *7.60 *7,15 *3.53 *14.75 *8.93 17.81 annualized) VII Capital Redemption Reserve (~ in Crore) . . . . . VIII Debt Equity ratio (in times) 0.46 0.68 0.87 0.46 0.87 0.79 • Total Debt I Shareholder's Equity (debt excludes lease liabilities) IX D ebt Service Coverage Ratio (DSCR) (in 2.00 1.61 1.30 1.79 1.81 1.41 times) *(Profit before tax+ exceptional items+ Depreciation and amortisation expenses+ interest on term loans and debenture)/ {Interest on term loans and debenture + Scheduled principal repayments of term loans and debentures (i.e. excluding prepayments/ refinancing of debts) during the period} Debt Service Coverage Ratio (DSCR) (in 1.49 1 33 2.38 1.49 2.38 1.41 times) (Trailing twelv e months) x Interest Service Coverage Ratio (ISCR) (in 2.33 2.43 1.91 2 38 2.23 2.08 times) *(Net Profit before taxes+ Non-cash operating expenses like depreciation and other amortizations+ Finance cost+ Exceptional items) I (Finance cost as per profit and loss) Interest Service Coverage Ratio (ISCR) (in 2.18 2.07 2.51 2.18 2.51 2.08 times) {Trailing twelve months) XI Long term debt to working capital (in 0.42 1.07 0.66 0.42 0.66 0.91 times) *(Non-current borrowings+ Current maturities of long term debt)/ (Current Assets· (Current liabilities· Current maturities of long term debt)) XII Bad debts to Account receivable ratio (in . . . . times) • Bad debts I Average Trade receivable XIII Current liability ratio (in times) 0.68 0.72 0.64 0.68 0.64 0.70 "(Current liabilities· Current maturities of Long term Debt) I Total liabilities XIV Total debts to total assets (in times) 0.25 0.29 0.37 0.25 0.37 0 31 '''Tmal borrowings/ Tora I assets xv Debtors turnover (in Days) 92 121 104 106 llO ll 9 Average Trade Receivable " 365 I Revenue from operations [annualised) XVI Inventory turnover (in Days] 214 215 162 214 171 183 Average inventory • 365/ Revenue from operations (annualised) XVII Operating margin (%) 18.65% 19.09% 16.91% 18.85% 17.79% 17.68% • Profit before tax, exceptional, Interest, Depreciation & Amortisation less Other Income/ Revenue from Operations XVIII Net profit/(lo ss) margin{ %) 7.34% 770 % 4.50% 7.51% 6.02% 5.49% • Profit/ Loss after Tax(after exceptional items)/Revenue from Operatio ns ~ .. (X~ ;/{; '0.<:c- MI c t···". ·o $ 8 f <~., ,.\~ (~ ~} ~Q. ..... •( :.9 "I ~ i'. * •, ,· fP Os O <-, ..:.._;: .. ~o" (\~ ' (\) -j( 1. Additional disclosures pursuant to regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement s) Regulations, 2015, as amended: Notes:
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The Company has received < 164.49 Crore (< 155.00 Crore as on account payment from insurance company and balance < 9.49 Crore pertains to sale of scrap) and incurred further incidental charges of< 1.41 Crore which is also claimed as per insurance policy upto September 30,2026. Accordingly, net claim receivable as on September :lO. 20/fi is< 171 .. 'i7 Crore During the financial year ended March 31, 2025, the Company has recognised loss of< 348.16 Crore on account of damage to certain property, plant & equipment, inventory and estimated cost of incidental charges. The Company has recognised insurance claim receivable of < 334.60 Crore to the extent of recovery of loss after adjusting applicable deductibility considering its assessment of loss and admissibility of claims as per the policy, adequacy of coverage and nature of loss and based upon the independent opinion obtained by the company from Independent Surveyor and Independent Expert Practitioner . The Company has not accounted claim for loss of profit due to business interruption and excess value of reinstatement of assets over written down value as per accounting conservatism. The aforementioned losses and corresponding insurance claim has been presented on a net basis of< 13.56 Crore under exceptional item and claim receivable in other current financial assets in these standalone financial results for the financial year ended March 31, 2025. 4. On March 05, 2025, there was fire at Multi-Purpose Plant (MPP3) Facility, Tank Farms and warehouse at Dahej SEZ Plant of the Company. This incident led to damage of certain property, plant and equipment, inventory and interrupted business. The Company is adequately insured for reinstatement value of damaged fixed assets, inventory and loss of profits due to business interruption. The Company has intimated the fire incident with the insurance company and submitted loss estimate pertaining to replacement value of the damaged property, plant and equipment, loss of damaged inventory and incidental expenses incurred on account of fire. The Claim is admitted by the insurance company. 3. During the quarter and half year ended September 30, 2026, the Company completed a Qualified Institutions Placement ("QIP") in accordance with Chapter VI of the SEBI ( Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable provisions. Pursuant to the QIP, the Company allotted 26,60, 753 equity shares of face value UO each at an issue price of< 2255 per equity share, including a securities premium of < 2245 per share, to eligible qualified institutional buyers. The issue was completed on September 16,2026, aggregating to gross proceeds of< 600 Crore. After deducting issue-related expenses of< 20 Crore, the net proceeds amounted to e 580 Crore. The proceeds are proposed to be utilised towards Repayment/ pre-payment, in full or part, of certain borrowings; Funding our long-term working capital requirements and General corporate purposes, in accordance with the placement document. During the quarter, an amount of <230.35 was utilised towards the aforesaid objects, and the balance unutilised proceeds as at 30 September,2026 amounted to <349.65. Consequent to the allotment, the paid-up equity share capital of the Company increased by< 2.66 Crore, and the securities premium account increased by <597 .34, before considering any applicable adjustments for issue expenses. 2. The above unaudited financial results of the Company for the quarter and half year ended September 30, 2026 have been prepared in accordance with the IND AS, as prescribed under section 133 of the Companies Act, 2013 read with the Companies {Indian Accounting Standards) Rules, 2015 as amended and the other accounting principles generally accepted in India and are in compliance with the disclosure requirement of Regulations 33 and Regulations 52 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended and were reviewed by the Statutory Auditor and recommended by the Audit Committee in its meeting held on October 31, 2026, to the Board for approval and was approved by the Board of Directors at their meeting held on October 31, 2026. The Company is rated by leading credit rating agency Crisil Ratings Limited ("Crisil"). Crisil has downgraded the rating on July 17,2026 to "Crisil A2+" from "Crisil Al"and "Crisil A-/Negative" from "Crisil A/Negative" for its short-term facilities and long-term facilities (including NCDs) respectively. Pursuant to the rating downgrade the coupon rate of the said NCDs of< 200 crore has increased from 10.50% p.a. to 11.00% p.a. effective from July 17, 2026. Crisil has revised Outlook from negative to stable as on September 25,2026 for its long-term facilities. Pursuant to SEBI Operational Circular for Issue and Listing of Non-Convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper dated May 22, 2024, as amended from time to time, the Company has listed Non convertible Debentures (NCDs) on BSE Limited (BSE). Security coverage ratio has been determined at company level considering total loan availed by the company over total identified movable and immovable assets of the company on which charge is created. NCD of< 200.00 Crore and term loan of< 20.00 Crore raised from another lender are having Subservient charge over immovable assets at Karakhadi and Dahej and all the movable assets of the company. Particulars Outstanding as on SCR as at Outstanding as on SCR as at September 30, 2026 September 30, 2026 March 31, 2026 March 31, 2026 10.50 % Fully paid, secured, listed, < 200 Crore 2.63 < 200 Crore 2.26 rated, redeemable, rupee denominated, non-cumulative, non-convertible debentures (NCDs) of< 200 Crore Security Coverage Ratio ("SCR") (in times): Specific assets given as security for NCDs/ Secured borrowings far those specific assets)
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Dr. Harin Kanani Managing Director DIN : 05136947 For and on behalf of the Board of Directors of Neogen Chemicals Limited Place : Thane, India Date : October 31, 2026 9. The above unaudited standalone financial results under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and half year ended September 30, 2026 are available at the Company's website at https:ljne cgenche.m.com/financia l· performance/. https:ljneogen chem.com/annual-reports-2/and Stock Exchange's website at www .nseindia.comand www.bseindia.com 8. The Company deals in Specialty Chemicals and considering that the nature of products and the predominant risk and returns of the products are similar, the Company considers it as one operating segment in accordance with Ind AS 108. 7. Previous period I year's figures have been regrouped I rearranged wherever necessary to make them comparable with the current period's classification. 6. During the quarter and half year ended September 30, 2026, the Company has subscribed and been allotted Unsecured Compulsorily Convertible Debentures ("CCDs") amounting to ~ 45 Crore and ~ 159 Crore of Neogen Ionics Limited ("wholly owned subsidiary") respectively. Further we hereby confirm that there have been no deviations in the use of proceeds of issue of equity shares on preferential basis from the objects stated in the Notice dated March 7, 2026 for EGM held on March 29,2026 read with corrigendum to the said notice of EGM dated March 17, 2026 , for the quarter ended June 30,2026 and the intimation in this regard is being made available at https:ljneog enchem.com/announ cements/ under the tab issue of securities and at the website of BSE Limited at https:lj www.bseindia.com/stock-share-price/neogen-chemicals-ltd/ neogen/542665 and of National Stock exchange of India Limited at https://www .. nseindia.corn/get-guote/eg uity/NEOGEN/Neogen-Chemicals-Limited. 5. The Board of Directors of the Company, at its meeting held on March 7, 2026, inter alia approved the issue and offer of 10,00,000 equity shares of face value of~ 10 each at a price of~ 1,610 per Equity Share including a premium of~ 1,600 per Equity Share, aggregating to e l,61,00,00 ,000 (Rupees One Hundred and Sixty One Crore only) on preferent ial basis for cash consideration. Subsequently, the shareholders of the Company at its Extra Ordinary General meeting (EGM) held on March 29, 2026, has approved issue, offer and allotment of the said 10,00,000 equity shares to Cadamba Solutions Private Limited, a Promoter Group member of the Company. The allotment of the said equity shares of the Company on a preferential basis was done on April 18, 2026. The Equity Shares were listed on BSE Limited and National Stock Exchange of India Limited.
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3. We conducted our review of the Statement in accordance with the Standards on Review Engagements (SRE) 2410 "Review of Interfm Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement . A review of interim financial informat ion consists of 111dki11y i114ui1 ies, ur i111dr ily uf persons responsible for flnanclal and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 1. We have reviewed the accompanying statement of Unaudited Consolidated Financial Results of Neogen Chemicals Limited ("the Parent") and its ") and its three subsidiaries and one joint venture (the Parent and its subsidiaries and joint venture together referred to as "the Group") for the quarter and half year ended September 30, 2026 ("the Statement") attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). To The Board of Directors of Neogen Chemicals Limited Independent Auditors' Limited Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Phone : +91 22 4619 7023 /24 / 25 : +91 22 4606 7023 Email : mail@cnj.in Web : www.cnj.in 215-216, A To Z Industrial Estate, Gate no. 3, 2nd floor, GK Marg, Lower Parel, Mumbai-400 013. India [ (A J Chandabhoy & Jassoobhoy 1No1A Chartered Accountants
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Sr. no. Name of the Entity Relationship 1. Neoqen Chemicals Limited Parent 2. Neoqen Ionics Limited Subsidiary 3. Neogen Chemicals Japan Corporation Subsidiary Limited 4. Neogen Morita New Materials Limited Step down Subsidiary 5. Dhara Fine Chem Industries(Registered Joint Venture Partnership Firm) 6. The Statement includes the results of the following entities : The assessment of the loss claim submitted to the insurance company is in process. However, the Company has received Rs. 155.00 crores as on account payment from the insurance company and realized Rs. 9.49 crores from sale of scrap till September 30, 2026. Further, the Company has also incurred and claimed additional expenses of Rs.1.41 crores till date towards the said incident. After considering the above, the balance insurance claim receivable outstanding as on September 30, 2026 is Rs.185. 74 crores. Further, subsequent to the quarter ended September 30, 2026, the insurance company has approved for an additional claim amount of Rs.152.00 crores to be released in due course of time, as part payment out of the entire claim receivable. In the opinion of the management, the balance of claim is fully recoverable. Our conclusion is not modified in respect of this matter. (ii) the aforementioned losses of Rs.362.90 crores and corresponding insurance claim credit of Rs 348.82 crores has been presented on a net basis of Rs 14.08 crores under "Exceptional Items" in the consoldiated financial results for the quarter and year ended March 31, 2025. (i) the Group had recognised Loss caused by fire as Rs 362.90 crores and Insurance Claim receivable from Insurance Company as Rs. 348.82 crores during the year ended March 31, 2025; and We draw attention to Note 5 of the Consolidated Financial Statements with regard to incident of Fire at Dahej SEZ Plant of the Company on March 5, 2025. This incident led to damage of certain property, plant and equipment, inventory and it also interrupted business. The Company intimated the insurance company about the fire incident and submitted loss estimate to the Insurance Company in terms of its insurance policy. The Company had appointed Independent Surveyor for ascertaining the Loss caused by Fire and the claim that the Company is entitled from the Insurance Company vis-a-vis its insurance policy. The company simultaneously appointed Independent Chartered Accountant Firm seeking opinion on accounting treatment for the Loss caused and the Claim made to the Insurance Company. Based on the Independent Surveyor's Report and Independent Chartered Accountant Firm's opinion: 5. Emphasis of Matter 4. Based on our review conducted and procedures performed as stated in Paragraph 3 above and based on the consideration of the review reports of the other auditor referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ("Ind AS") specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Chandabhoy & Jassoobhoy Chartered Accountants
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Mumbai: October 31, 2026 Bhupendra T. Nagda Partner Membership No.: 102580 UDIN:26102580NLKGV03059 For Chandabhoy & Jassoobhoy Chartered Accountants Firm Registration No. 101647W ~ b. The Statement includes the interim financial information/ financial results of one subsidiary which have not been reviewed, whose interim financial information/ financial results reflects total assets of Rs. 1. 78 crores as at 30 September 2026 and total revenues of Rs. 0.56 crore and Rs. 1.13 crore, total net profit after tax of Rs. 0.04 crore and Rs.O. 10 crore and total comprehensive income of Rs. 0.03 crore and Rs. 0.06 crore, for the quarter and half year ended September 30, 2026 respectively, and net cash outflows of Rs.0.24 crore for the six months ended September 30, 2026, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 0.01 crore and Rs. 0.21 crore and total comprehensive income of Rs 0.01 crore and Rs. 0.21 crore, for the quarter and half year ended September 30, 2026 respectively, as considered in the Statement, in respect of one associate, based on their interim financial information/ financial results which have not been reviewed. According to the information and explanations given to us by the management, these interim financial information/ financial results are not material to the Group. Our conclusion is not modified in respect of this matter. a. We did not review the financial results of the one subsidiary and one step down subsidiary included in the statement whose financial information reflects total assets of Rs. 1,768.05 crores as at 3Qth September 2026, and total revenues of Rs.37.74 crores and Rs. 57.08 crores, total net Profit/(loss) after tax of Rs. (13.07) crore and Rs. (15.47) crores and total comprehensive income of Rs.(13.20) crore and Rs.(15.54) crores for the quarter and half year ended on September 30, 2026 respectively, and total cash inflows (net) of Rs .88.83.crores for the six months ended September 30, 2026, as considered in the statement. These financial results have been reviewed by other auditor whose review reports have been furnished to us by the management and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the review reports of such other auditor and the procedures performed by us as stated in paragraph 3 above. 7. Other Matters Chandabhoy & Jassoobhoy Chartered Accountants
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-c EOG EN® NEOGEN CHEMICALS LIMITED .... ~~ N (CIN: L24200MH1989PLC050919) ·~·· .... ~., CHEMICALS LTD. ~ ..... ~ A Statement of Unaudited Consolidated Financial Results for the Quarter and Half year ended September 30, 2026 (" in Crore) Sr. No. Particulars Consolidated For the Quarter Ended For the Half year Ended For the Year Ended September 30, June 30, September September September March 31, 2026 2026 30, 2025 30, 2026 30,2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Income (a) Revenue from operations 295.96 250.29 208.66 546.25 395.38 861.96 (b) Other income 3.96 3.86 1.89 7.82 3.07 6.14 Total Income (net) 299.92 254.15 210.55 554.07 398.45 868.10 II Expenses (a) Cost of materials consumed 234.88 180.03 152.98 414.90 281.35 638.09 (b) Purchase of traded goods . 0.74 . 0.74 . . (c) Changes in inventories of finished goods, (71.43) (47.00) (41.43) (118.43) (68.06) (171.64) work-in progress and stock-in-trade (d) Employee benefits expenses 30.96 25.30 24.29 56.26 43.86 90.08 (e) Finance costs 27.78 20.81 19.48 48.60 32.14 75.11 (f) Depreciation and amortization expenses 8.79 8.20 7.31 16.99 13.09 27.52 (g) Other expenses 56.23 42.99 42.86 99.22 76.76 168.14 Total Expenses 287.21 231.07 205.49 518.28 379.14 827.30 Ill Share of profit of associates 0.01 0.20 0.09 0.21 0.14 0.28 IV Profit/(Loss) before exceptional item and 12.72 23.28 5.15 36.00 19.45 41.08 taxes (1-11 +Ill) v Exceptional items gain I (loss) . - . . . VI Profit/I loss) before tax {IV+ V) 12.72 23.28 5.15 36.00 19.45 41.08 VII Tax Expenses 1. Current Tax 6.29 6.03 3.76 12.32 8.62 17.86 2. Deferred Tax (1.80) 0.14 (1.90) (1.66) {2.74) (5.41) 3. Prior year tax adjustment - . (0.08) (0.08) (0.12) VIII Profit for the period (VI - VII) 8.23 17.11 3.37 25.34 13.65 28.75 IX Other comprehensive income (i) Items that will not be reclassified to profit (1.22) 0.26 (0.14) (0.96) (0.27) 1.00 or loss (ii) Income tax related to items that will not 0.29 (0.06) 0.03 0.23 0.07 (0.23) be reclassified to profit or loss (iii) Items that will be reclassified to profit or (0.01) (0.03) . (0.04) - . loss Total Other comprehensive (expense) I (0.94) 0.17 {0.11) (0.77) (0.20) 0.77 income, net oftax x Total Comprehensive income for the period 7.29 17.28 3.26 24.57 13.45 29.52 (Vlll+IX) XI Paid up equity Share Capital 30.02 27.38 26.38 30.02 26.38 26.38 (Face Value per share of" 10 each) XII Other Equity 789.87 XIII Earning Per Equity Share of a Face Value of" 2.96* 6.29* 1.28* 9.21* 5.18* 10.90 10 per share (a) Basic & Diluted (*Not Annualized) For and on behalf of the Board of Directors of a Neogen Chemicals Limited ·- ~ ~ · ·-ov ~ {II l!i ••. ~ :7 ._,,._,.,~ "~~ r) ~ ~ ~ :., , (f) -~ ~ ' u ,.. LO','IER F,lJ!a O Place : Thane, India le ~,,>, .e;Y/J Dr. Harin Kanani Date : October 31, 2026 s ~1> &,;-~ ~ ~ Managing Director -~t-~ • .....,.o•.,;;.. ~- :;;...,- DIN : 05136947 ~ c;···
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NEOGEN CHEMICALS LIMITED ){ {CIN : L24200MH1989PLC050919) ~~ .. NEOGEN-~ ·~·- ........ CHEMICALS LTD. ~ ,. Statement of Unaudited Consolidated Balance Sheet as at September 30, 2026 7' ("!. in Crore) Particulars Consolidated Unaudited Audited As at September 30, 2026 As at March 31, 2026 ASSETS {1) Non-current assets (a) Property, plant and equipment 546.16 410.14 (b) Right to use assets 79.47 64.02 (c) Capital work-in-progress 1,187.12 857.12 (d) Intangible assets 0.51 0.64 (e) Financial assets (i) Investments 0.45 0.45 (ii) Loans 0.23 0.29 (ii) Other non-current financials assets 17.75 34.26 (f) Other non-current assets 172.54 142.44 Total Non-current assets {I) 2,004.23 1,509.36 (2) Current assets (a) Inventories 752.60 568.23 (b) Financial assets (i) Trade receivables 304.47 380.36 (ii) Cash and cash equivalents 444.46 4.94 (iii) Bank balances other than (ii) above 0.01 0.01 (iv) Loans 0.34 0.35 (v) Other current financial assets (Refer note 5) 269.59 286.24 (c) Other Current assets 229.47 152.38 Total Current assets {II) 2,000.94 1,392.51 TOTAL ASSETS {I+ II) 4,005.17 2,901.87 EQUITY AND LIABILITIES (1) Equity (a) Equity share capital 30.02 26.38 (b) Other equity 1,547.49 789.87 Total Equity {I) 1,577.51 816.25 (2) Non-current liabilities (a) Financial liabilities (i) Borrowings 859.32 819.15 (ii) Lease Liabilities 57.99 48.93 (iii) Other non-current financial liabilities 2.50 5.23 (b) Long term provisions 13.74 12.62 (c) Deferred tax liabilities (net) 10.00 12.02 Total Non-current Liabilities {II) 943.55 897.95 (3) Current liabilities (a) Financial liabilities (i) Borrowings 700.33 510.74 (ii) Lease Liabilities 23.25 16.27 (iii) Trade payables (a) Total outstanding dues of micro-enterprises and small enterprises 17.28 13.79 (b) Total outstanding dues of other than micro-enterprises and small enterprises 413.27 428.35 (iv) Other current financial liabilities 304.35 178.09 (b) Other current liabilities 14.32 30.46 (c) Short term provisions 6.37 4.41 (d) Current tax liabilities (net) 4.94 5.56 Total Current liabilities {Ill) 1,484.11 1,187.67 Total Liabilities {II+ Ill) 2,427.66 2,085.62 TOTAL EQUITY AND LIABILITIES {I+ II+ Ill) 4,005.17 2,901.87 For and on behalf of the Board of Directors - Neogen Chemicals Limited ~ .~· (;'r;\i:::.IV// (' ~ r ·9 .;;;:, r- \"";:~011 ,;,'.) :--.. . ""' ....:.. Dr. Harin Kanani ~ v ,, y Place: Thane, India ~ ~ ' Managing Director ·~. ....~ ~IV 1', 0- Date : October 31, 2026 ~ft! A.CC~ ,__ DIN: 05136947
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)( NEOGEN CHEMICALS LIMITED ,II' (CIN: L24200MH1989PLCOS0919) .... ..._. .... NEOGEN ........ ..... .,. CHEMICALS LTD . ""...-._,. x: Statement of Unaudited Consolidated Cash Flow for the Half Year ended September 30, 2026 (;i: In Crore) Particulars Unaudited Unaudited For the Half Year Ended For the Half Year Ended September 30, 2026 September 30, 2025 A) CASH FLOW FROM OPERATING ACTIVITIES Net Profit/ (loss) before tax 36.00 19.44 Adjustments for : Depreciation and amortization of non-current assets 16.99 13.09 Allowance for doubtful debts and advances (1.09) 3.36 Finance Cost 48.60 32.14 Net Unrealized exchange (gain) I loss (0.49) 0.23 Interest income (4.05) (1.75) Non-Cash items 0.67 0.66 Operating profit before working capital changes 96.63 67.17 (Increase)/ Decrease in inventories (184.38) (128.04) (Increase) I Decrease in trade and other receivables 74.55 (80.24) (increase)/ Decrease in Current loans and advances and other current financial assets 12.53 (17.20) (Increase) I Decrease in Non-current loans and advances and other non-current financial assets (2.24) (7.75) (Increase) I Decrease in Other current assets (54.19) (59.48) (Increase)/ Decrease in Other non-current assets (30.10) (20.08) Increase I (Decrease) in Trade and other payables (11.83) 14.48 Increase I (Decrease) in Other non -current financial liabilities (2.74) 0.20 Increase I (Decrease) in Other non-curr ent liabilit ies 1.26 7.08 Increase I (Decrease) in Other current financial liabilitie s 78.51 4.16 Increase I (Decrease) in Other current liabilities (92.10) (20.41) Cash flow from / (utilized in) operating activities post working capital changes (114.10) (240.11) Income tax (paid) I refunds (net) (12.74) (6.00) Net cash flow from/ (utilized in) operating activities (A) (126.84) {246.11) BJ CASH FLOWS FROM INVESTING ACTIVITIES Payments for acquisition of Property , plant and equipment (419.64) (170.84) Insurance Claim received against loss of Property , plant and equipment including scrap sales 17.44 80.92 Investments in Fixed deposits (net) 9.27 (24.58) Interest received 3.43 1.15 Net cash flow from I (utilized) in investing activities (B) (389.50) (113.35)
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'.;( NEOGEN CHEMICALS LIMITED ,ii: (CIN: L24200MH1989PLC050919) ... ~ .. NEOGEN ........ a ··~· CHEMICALS LTD. "' ...... ., x. Statement of Unaudited Consolidated Cash Flow for the Half Year ended September 30, 2026 (" In Crore) Particulars Unaudited Unaudited For the Half Year Ended For the Half Year Ended September 30, 2026 September 30, 2025 C) CASH FLOWS FROM FINANCING ACTIVITIES Purchase oftreasury shares of Neogen Chemicals Limited from Secondary market for ESOP purpose (3.02) (0.79) Proceeds from Borrowings 351.77 544.30 Repayment of Borrowings (119.86) (33.21) Payment for Lease liabilities (10.46) (5.50) Finance Cost (78.08) (38.52) Advance against share issuance in Step down Subsidiary Company 76.80 Dividends paid to the shareholders of the Company (2.74) . Issue of Shares (net of expenses)** 741.45 - Net cash flow from/ (utilized in) financing activities (C) 955.86 466.28 Net Increase I (Decrease) in cash and Cash equivalents (A+B+C) 439.52 106.82 Cash and cash equivalents at the beginning of the year 4.94 4.96 Cash and cash equivalents at the end ofthe year 444.46 111.78 Cash and Cash Equivalents comprise of: a) Cash at Bank 164.44 11.07 b) Cash on hand 0.21 0.26 c) Investment in liquid mutual fund 100.45 d) Investment in fixed deposit with maturity less than three months 279.81 - Total 444.46 111.78 Movement in Borrowings: Balance at the beginning of the year 1,329.89 566.05 Cash Flow 231.92 511.02 Non Cash Changes (2.15) 0.63 Balance at the end of the Year 1,559.66 1,077.70 Note: The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS- 7) on Statement of Cash Flows notified u/s 133 of Companies Act, 2013 ("Act") read with Rule 4 of the Companies (Indian Accounting Standards) Rules 2015, as amended and the relevant provisions of the Act. ** Includes" 161 Crore received towards Preferential Issue and" 580.45 towards Qualified Institutions Placement ("QIP") (net of share issue expenses). , ~ '~· ~~, For and on behalf of the Board of Directors of ~ ··<) Neogen Chemicals Limited ~ /' ',- 0 'q ~ · :,.i.~ .... J~ I Wiil?~ '(l!L. <.·., tCO Di: .a -·~ • "' ~ ~. +-V'. 0 ,,. .i ? ~ - 11,r:1, ,,0--f.,, .;y(',--: --~ 0' Dr. Harin Kanani i OACcO'S ,f~ Place : Thane , India ::-....._ Managing Director Date : October 31 , 2026 ' DIN: 05136947
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Sr No Pa rticu la rs For the quarter ended For the Half Year ended For the Year ended September 30, June 30, 2026 September September 30, September 30, March 31, 2026 30,2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Current Ratio (in times) 1.64 1.26 1.77 1.64 1.77 1.27 *Current assets/ Current liabilities (Excluding current maturity of long term loan) II Net Worth (~ in Crore) 1,571.43 984.4 7 789.17 1,571.43 789.17 805.90 *Asper section 2(57) of the Companies Act. 2013, as amended. IIJ Outstanding redeemable preference - - . - - shares (quantity and value) IV Net profit I (loss) after tax(~ In Crore] 8.23 17.11 3.37 25.34 13.63 28.75 v Basic Earnings per share (*not *2.96 *6.29 *1.28 *9.21 *5.18 10.90 annualized) VI Diluted Earnings per share (*not *2.96 *6.29 *1.28 *9.21 *5.18 10.90 annualized) VII Capital Redemption Reserve R in . - - - - - Crore) VIII Debt Equity ratio (in times) 0.99 1.40 1.35 0.99 1.35 1.63 • Total Debt/ Shareholder's Equity (debt excludes lease liabilities) IX Debt Service Coverage Ratio (DSCR) (in 1.40 1.55 0.97 1.48 1.44 1.18 times) *(Profit before tax+ exceptional items+ Depreciation and amortisation expenses+ interest on term loans and debenture)/ {Interest on term loans and debenture + Scheduled principal repayments of term loans and debentures (i.e. excluding prepayments / refinancing of debts) during the period) Debt Service Coverage Ratio (DSCR) (in 1.26 1.17 1.99 1.26 1.99 1.18 times) (Trailing twelve months ) x Interest Service Coverage Ratio {ISCR) 1.77 2.51 1.64 2.09 2.01 1.91 (in times) *(Net Profit before taxes+ Non-cash operating expenses like depreciation and other amortizations+ Finance cost + Exceptional items)/ (Finance cost as per profit and loss) Interest Service Coverage Ratio {ISCR) 1.97 1.96 2.37 1.97 2.37 1.91 (in times) (Trailing twelve months) XI Long term debt to working capital (in 1.44 3.19 1.18 1.44 1.18 3.07 times) *(Non-current borrowings+ Current maturities of long term debt)/ (Current Assets - (Current liabilities - Current maturities of long term debt)) XII Bad debts to Account receivable ratio . . . . - - (in times) • Bad debts I Average Trade receivable XIII Current liability ratio (in times) 0.50 0.52 0.50 0.50 0.50 0.53 *(Current liabilities - Current maturities of Long term Debt ) I Total liabilities XIV Total debts to total assets (in times) 0.39 0.43 0.47 0.39 0.47 0.46 *Total borrowin gs I Total assets xv Debtors turnover (in Days) 98 130 104 114 110 123 Average Trade Receivable * 365 / Revenue from operations (annualised) XVI Inventory turnover (in Days) 220 226 163 221 172 186 Average inventory * 365/ Revenue from operations (annualised) XVII Operating margin (%) 15.32% 19.35% 14.40% 17.16% 15.58% 15.96% • Profit before tax, exceptional, Interest, Depreciation & Amortisation less Other Income/Revenue from - Operations ~ 'rHEA~ XVIII Net prof1t/ (loss) margin (%) , -~ ,,;~ p 8% 6.83% l.E ¥,"-'2 v ~ ~~~ 3.45% 3.33% * Profi,/Loss a her Tax(after except,06% ,i ~ I.JJ 1HAl\/t: t . , 0 ~ 1(9 items)/Revenue from Operations , -.:, -: (~ <t ~- W'h.;il F.';.e_ j. ~ '_J-.1.,t'V~ ~- ~ !UJ.I '~'403013 ~ ,~ \\~ --_s~ ~~ -, A<•. ~t,-,~'i''(!. 1. Additional disclosures pursuant to regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended: Notes:
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8. Further we hereby confirm that there have been no deviations in the use of proceeds of issue of equity shares on preferential basis from the objects stated in the Notice dated March 7, 2026 for EGM held on March 29,2026 read with corrigendum to the said notice of EGM dated March 17, 2026, for the quarter ended June 30,20 26 and the intimation in this regard is being made available at https:// neogenchem.com/announcements/ under the tab issue of securities and at the website of BSE Limited at htt ps://w ww.bseindia.com/ stock-share-pnce/neogen-chemicals-ltd/ neogen/54,2665 and of National Stock exchange of India Limited at https:// www.nse'india.com/get -guote/e quity/NEO GEN/Neogen·Chemicals-Umlted. 7. The Board of Directors of the Company, at its meeting held on March 7, 2026, inter alia approved the issue and offer of 10,00,000 equity shares of face value of { 10 each at a price of { 1,610 per Equity Share including a premium of { 1,600 per Equity Share, aggregating to { 1,61,00,00,000 (Rupees One Hundred and Sixty One Crore only) on preferential basis for cash consideration. Subsequently, the shareholders of the Company at its Extra Ordinary General meeting (EGM) held on March 29, 2026, has approved issue, offer and allotment of the said 10,00,000 equity shares to Cadamba Solutions Private Limited, a Promoter Group member of the Company. The allotment of the said equity shares of the Company on a preferential basis was done on April 18, 2026. The Equity Shares were listed on BSE Limited and National Stock Exchange of India Limited. 6. The Board of Directors of the Neogen Morita New Materials Limited ("NML") had at its meeting held on September 26, 2026, inter alia considered and approved the issuance of 7,20,000 Equity Shares of the NML of a face value of { 10/- each ("Equity Shares") at a price of { 1,066.66 per Equity Share including a premium of { 1,056.66 per Equity Share, rounded off to an aggregate amount of { 76,80,00,000 (Rupees Seventy Six Crore Eighty Lakh only), on a preferential basis to Morita Investment Limited ("MIL") a wholly owned subsidiary of Morita Chemicals Industries Co. Limited in accordance with the Agreement entered into by the Neogen Ionics Limited and MIL on August 31, 2025 and applicable provisions of the Companies Act, 2013 and other applicable laws, as amended,. The said Preferent ial Issue was also duly approved with requisite majority by the shareho lders of the NML at its Extra-Ordinary General Meeting held on September 26, 2026.Allotment of the shares was completed on October 2, 2026, and since then the NML ceases to be the wholly owned subsidiary of the Neogen Ionics Limited. Subsequent to the quarter ended September 30,2026, The Insurance company has approved for an additional claim amount of{. 152.00 crore to be released in due course of time, as part payment out of the entire claim receivable. The Group has received { 164.49 Crore ({ 155.00 Crore as on account payment from insurance company and balance { 9.49 Crore pertains to sale of scrap) and incurred further incidental charges of { 1.41 Crore which is also claimed as per insurance policy upto September 30,2026. Accordingly, net claim receivable as on September 30, 2026 is { 185. 74 Crore During the quarter and financial year ended March 31, 2025, the Group has recognised loss oft 362.90 Crore on account of damage to certain property, plant & equipment, inventory and estimated cost of incidental charges. The Group has recognised insurance claim receivable of { 348.82 Crore to the extent of recovery of loss after adjusting applicable deductibility considering its assessment of loss and admissibility of claims as per the policy, adequacy of coverage and nature of loss and based upon the independent opinion obtained by the Group from Independent Surveyor and Independent Expert Practitioner . The Group has not accounted claim for loss of profit due to business interruption and excess value of reinstatement of assets over written down value as per accounting conservatism. The aforementioned losses and corresponding insurance claim has been presented on a net basis of { 14.08 Crore under exceptional item and claim receivable in other current financial assets in these consolidated financial results for the quarter and financial year ended March 31, 2025. S. On March 05, 2025, there was fire at Multi -Purpose Plant (MPP3) Facility, Tank Farms and warehouse at Dahej SEZ Plant of the Group. This incident led to damage of certain property, plant and equipment , inventory and interrupted business. The Group is adequately insured for reinstatement value of damaged fixed assets, inventory and loss of prof its due to business interruption. The Group has intimated the fire incident with the insurance company and submitted loss estimate pertaining to replacement value of the damaged property , plant and equipment , loss of damaged inventory and incidental expenses incurred on account of fire. The Claim is admitted by the insurance company. 4. During the quarter and half year ended September 30, 2026, the Company completed a Qualified Institutions Placement ("QIP") in accordance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable provisions. Pursuant to the QIP, the Company allotted 26,60,753 equity shares of face value UO each at an issue price of { 2255 per equity share, including a securities premium oft 2245 per share, to eligible qualified institutional buyers. The issue was completed on September 16,2026, aggregating to gross proceeds oft 600 Crore. After deducting issue-related expenses oft 20 Crore, the net proceeds amounted to { 580 Crore. The proceeds are proposed to be utilised towards Repayment/ pre payment, in full or part, of certain borrowings; Funding our long-term working capital requirements and General corporate purposes , in accordance with the placement document. During the quarter, an amount of {230 .35 was utilised towards the aforesaid objects, and the balance unutilised proceeds as at 30 Septemb er,2026 amounted to t349.65 . Consequent to the allotment , the paid-up equity share capital of the Company increased by t 2.66 Crore, and the securities premium account increased by {597.34, before considering any applicable adjustments for issue expenses. 3. Consolidated financial results comprises the audited financ ial results of Neogen Chemicals Limited ("Holding Company"), Ohara Fine chem Industries (a joint venture where the Holding Company is holding 90% of the capital contrib ution), the wholly owned subsidiaries of the Company namely Neogen Ionics Limited and Neogen Chemicals Japan Corporation Limited and the step down subsidiary of the Company Neogen Morita New Materials Limited(ceases from wholly owned subsidiary w.e.f October 02, 2026) which was incorporated on July 30, 2025, together known as the "Group". 2. The above unaudited Consolidated financial results of the Company for the quarter and half year ended September 30, 2026 have been prepared in accordance with the IND AS, as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 as amended and the other accounting principles generally accepted in India and are in compliance with the disclosure requirement of Regulations 33 and Regulations 52 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended and were reviewed by the Statutory Auditor and recommended by the Audit Committee in its meeting held on October 31, 2026, to the Board for approval and was approved by the Board of Directors at their meeting held on October 31, 2026. 1. The Company is rated by leading cred it rating agency Crisil Ratings Limited ("Crisil"). Crisil has downgraded the rating on July 17 ,2026 to "Crisil A2+" from "Crisil Al "and "Crisil A-/Negative" from "Crisil A/Negative" for its short-term facilities and long-term facilities (including NCDs) respectively, Pursuant to the rating downgrade the coupon rate of the said NCDs of { 200 crore has increased from 10.50% p.a. to 11.00% p.a, effective from July 17, 2026. Crisil has revised Outlook from negative to stable as on September 25,2026 for its long-term facilities. Persuant to SEBI Operational Circular for Issue and Listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper dated May 22, 2024 as amended from time to time, the Neogen Chemicals Limited ("Holding Company") has listed Non-Convertible Debentures (NCDs) on Bombay Stock Exchange (BSE).
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Dr. Harin Kanani Managing Director DIN : 05136947 For and on behalf of the Board of Directors Neogen Chemicals Limited Place : Thane, India Date : October 31, 2026 10. The above unaudited consolidated fin ancial results under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and half year ended September 30, 2026 are available at the Company's website at J:llip.fll.necgenchem .com/finan clal-performance/ , hup s://neogen chem.com/anm 1al-reports-2/ and Stock Exchange's website atwww .nseindia.com and www.bseindia.com. 9. The Group is primarily engaged in the business of manufacturing and sale of Specialty chemicals and ba ttery chemicals and considering that the nature of products and the predominant risk and returns of the products are similar, the Group considers it as single operating/ reportable segment in accordance with Ind AS 108.
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2. Management's Responsibility The Management of the Company is responsible for ensuring the compliance with the terms of the issue of listed non-convertible debt securities and guidelines mentioned in the 1. Introduction This certificate is issued in terms of our audit engagement with Neogen Chemicals Limited ("the Company") as statutory auditors and as required by Regulation 54 read with Regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (together referred to as "the Regulations") in respect of its 20,000 Non-Convertible Debentures (NCD's) having face value of Rs. 100,000 each aggregating to Rs. 200 crores. The Report is required by the Company for the purpose of its onward submission to Axis Trustee Services Limited "(The Debenture Trustee") to ensure compliance with SEBI Regulations. The annexed Statement of information comprising of Security Cover for Listed Non-Convertible Debentures and Compliance with applicable covenants as on September 30, 2026 (Annexure 'A') has been prepared by the Company on the basis of the unaudited standalone financial results, underlying books of accounts and other relevant records and documents maintained by the Company as at September 30, 2026, in respect of its NCDs stated above, in compliance with the Regulation 54 read with Regulation 56(1)(d) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and SEBI vide Master circular no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025 (hereinafter together referred to as "the SEBI Regulations and SEBI Master Circular"). The Statement has been initialled by us for identification purposes only. To, The Board of Directors Neogen Chemicals Limited. Certificate on maintenance of security cover and compliance with the covenants as per the Offer Documents/ Information Memorandum / Debenture Trust Deed I pursuant to Regulation 54 read with Regulation 56(1}(d} of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015. Phone : +91 22 4619 7023 /24 I 25 : +91 22 4606 7023 Email : mail@cnj.in Web : www .cnj.in 215-216, A To Z Industr ial Estate, Gate no. 3, 2nd floor, GK Marg, Lower Pare!, Mumbai-400 013. India (7ii;l Chandabhoy & Jassoobhoy ~ Chartered Accountants
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Our responsibility is also to provide limited assurance that prima facie the company has complied with all covenants mentioned in the Offer Document/ Information Memorandum I Debenture Trust Deed in respect of listed debt securities. Our responsibility is to provide limited assurance in form of conclusion based on the examination of unaudited financial statements for the period ended September 30, 2026 and other relevant records maintained by the Company as to whether anything has come to our attention that causes us to believe that the book value of assets as appearing in the Annexure 'A' are incorrectly extracted from unaudited Financial Statements for the period ended September 30, 2026 and other records maintained by the Company and whether security cover available for debenture holders has been maintained in accordance with Offer Document I Information Memorandum / Debenture Trust Deed in respect of listed debt securities. 3. Auditor's Responsibility g. Ensuring that the relevant records and Statement provided to us for our examination are complete and accurate. f. Accurate computation of security cover available for debenture holders based on unaudited financial statements of the Company as at September 30, 2026; e. The preparation of the accompanying Annexure 'A' from unaudited Financial Statements of the Company as at September 30, 2026 and other records maintained by the Company; d. Compliance with all the covenants of the offer document I information Memorandum and I or Debenture Trust Deed for all listed Non-Convertible Debt securities outstanding as on September 30, 2026; c. Providing all relevant and accurate information to SEBI, Debenture Trustee and Stock Exchanges; b. Design, implementation and maintenance of adequate internal procedures / systems I processes I controls relevant to the creation and maintenance of the aforesaid records; a. Preparation and maintenance of proper accounting and other records as per the external and internal requirements; The Management of the Company is also responsible for ensuring maintenance of adequate security cover in respect of all listed non-convertible debt securities. This responsibility also includes: Chandabhoy & Jassoobhoy Chartered Accountants
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6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC)-1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial information, and Other Assurance and Related Service Engagements. 5. We conducted our examination in accordance with the 'Guidance Note on Reports or Certificates for Special Purposes' ("the Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. g. Checked the compliance ofthe applicable covenants. f. Obtained the workings of assets and liabilities presented in the columns 'C' and 'F' in the Statement and verified the same from the unaudited standalone financial statements of the Company and other relevant records and documents maintained by the Company as at September 30, 2026; e. Verified the details of the outstanding amounts of Listed NCDs and assets required to be maintained as a collateral for listed NCDs from the underlying books of accounts and other relevant records and documents maintained by the Company for the period ended September 30, 2026; d. Traced the amounts forming part of the Statement with the underlying unaudited financial statement and books of account and other relevant records and documents maintained by the company and verified the arithmetical accuracy of the Statement; c. Verified the computation of security cover as at September 30, 2026 prepared by the management, as specified in the format given under SEBI circular SEBI/HO/MIRSD/MIRSD CRADT/CIR/P/2022/67 dated 19 May 2022; b. Obtained list of securities I collateral/ properties/ assets pledged as a security against the outstanding listed non-convertible debt securities as at September 30, 2026, which comprise only of listed non-convertible debentures ("NCDs"); a. Obtained and read the Debenture Trust Deed and Information memorandum in respect of the NCDs and noted the security cover percentage required to be maintained by the Company in respect of such NCDs; 4. For the purpose of this certificate, we have planned and performed the following procedures to determine whether anything has come to our attention that causes us to believe that the Company has not complied with the covenants of the Debenture Trust Deed and/or with the requirements of the Regulations or that the book values of assets included in Annexure 'A' have not been accurately extracted or the security cover is not maintained : Chandabhoy & Jassoobhoy Chartered Accountants
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Mumbai: October 31, 2026 For Chandabhoy & Jassoobhoy Chartered Accountants ~ No.101647W Bhupendra Nagda Partner Membership no.: 102580 UDIN: 26102580JSJJXK5764 The Report is addressed to the Board of Directors of the Company solely for the purpose of onward submission to the Company's debenture trustee / Stock Exchange pursuant to the requirements of the Regulations. It should not be used by any other person or for any other purpose. This report relates only to the Statement specified above and does not extend to any financial or other information of the Company. We shall not be liable to the Company or to any other concerned for any claims, liabilities or expenses relating to this assignment. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing. We have no responsibility to update this report for events and circumstances occurring after the date of this report. 8. Restriction on use c. The Company has not complied with the All Covenants of the Offer Document / Information Memorandum I Debenture Trust Deed in respect of listed debt securities. b. The security cover available for debenture holders is not maintained as per the cover required in the Offer Document I Information Memorandum/ Debenture Trust Deed in respect of listed debt securities; and a. The Book value of assets as included in Annexure 'A' have not been accurately extracted from the unaudited books of accounts as on September 30, 2026; Based on the procedures performed by us as referred in Paragraph 4 above and according to the information, explanations and representations provided to us by the management of the Company, nothing has come to our attention that causes us to believe that: 7. Conclusion Chandabhoy & Jassoobhoy Chartered Accountants
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){ .~. NEOGEN ~ ~~ CHEMICALS LTD . 7' 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 ANNEXURE III October 31, 2026 BSE Limited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip Code No: 542665 Debt Segment Code: 977028 National Stock Exchange of India Limited Listing Department, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Company Symbol: NEOGEN Sub: Statement of deviation or variation in utilisation of funds raised through Qualified Institutional Placement Issue (QIP) for the quarter ended September 30, 2026 under regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 (“Listing Regulations”), as amended from time to time. Dear Sir/Madam, Pursuant to Regulation 32 of Listing Regulations, we enclose herewith Statement of Deviation / Variation (“Statement”) regarding the utilization of funds raised through QIP for the quarter ended September 30, 2026. The Statement has been duly reviewed by the Audit Committee at its meeting held on October 31, 2026. Furthermore, we hereby confirm that there has been no deviation or variation in the utilization of proceeds of funds raised through issue of Equity Shares on QIP basis. This intimation is also being uploaded on the Company’s website at https://neogenchem.com/wp- content/uploads/outcome-bm-q2-26-27.pdf and https://neogenchem.com/announcements/ under issued of securities tab > QIP FY 2026-27 and at the website of the National Stock Exchange of India Limited (www.nseindia.com) and BSE Limited (www.bseindia.com) . Kindly take the above on your record and disseminate the same for the information of investors. Thanking you, For Neogen Chemicals Limited ___________________ Unnati Kanani Company Secretary & Compliance Officer Mem. No: A35131 Encl: A/a
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T : +91 22 2549 7300 F : +91 22 2549 7399 E : sales@neogenchem.com W: www.neogenchem .com Registered Office: 1002, Dev Corpora, Opp.Cadbury Junction. Khopat, Eastern Express Highway, Thane (W) 400 601, India CIN No. L24200MH1989PLC050919 Quarterly Report ing for Qualified Institutional Placement Issue of Equity Shares under Regulation 32 of Listing Regulation. Statement of Deviation L Variation in utilisation of fun ds raised Name of listed entity Neogen Chemicals Limited SCRIP Code 542665 NSE Symbol NEOGEN MSEI Symbol NOTLISTED ISIN INE136S01016 No. of times funds raised 1 Mode of Fund Raising Qualified Institutional Placement of Equity Shares Date of Raising Funds 16-09-2026 Amoun t Raised (Rs. In crores) 600 Report filed for Quarter ended 30-09-2026 Monit oring Agency Applicable Monitoring Agency Name, if applicable CRISIL Ratings Limited Is there a Deviation I Variation in use of funds raised NO If yes, whether the same is pursuant to change in terms of a contract or Not Applicable objects, which was approved by the shareholders . If Yes, Date of shareholder Approval Not Applicable Explanation for the Deviation I Variation Not Applicable Comments of the Audit Commi ttee after review No Comments of the auditors, if any No Objects for which fund s have been raised and where the re has been a See table below deviation , in the follo wing table (Amount in Crores) Original Object Mod ified Original Modifi ed Funds Amount of Remarks if any Object, if Allocation allocation, if Utilised Deviation/Var iation for any any during the the quarter according to quarter applicable object Repayment/ pre-payment, in full or part, of NO 265 Not 3.57 0 certain borrowings availed by our Applicable Company Funding our long-term working capital NO 175 163.07 0 requirements General corporat e purposes" NO 140 63.71 0 *The amount utilized for general corporate purpose did not exceed 25% of the Gross proceeds. 580 230.35 0 Note: Out of the total gross proceeds of Rs. 600 crore, estimated funds to be utilised towards issue related expenses (includes fees, commission and expenses of the Issue) is Rs. 20 crore of which Rs.18.52 crore was utilised towards issue related expenses during the quarter ended September 30, 2026. Deviation or variation could mean: (a) Deviation in the objects or purpo ses fo r which the fu nds have been raised or (b) Deviation in the amount of f unds actually utilized as against what was originally disclosed or (c) Chonge in terms of a contra ct referred to in the f und raising do cument i.e. prospectus, lette r of off er, etc ~ - ~E.M1~ Name of Signatory Gopikrishnan Sarathy 'f'V/ ' ~, Designation Chief Financial Officer j ~I ... u/\~E ~ I Date 3 1-10-2026 1 '';c\\ ,- J ~¥(> ' -- NEOGEN ® CHEMICALS LTD.