What is the revenue potential of the new Tarapur capacity?

The Phase 2 expansion at Tarapur is expected to generate peak revenue of ₹350-400 crore over a 3-4 year ramp period.

When will the company enter regulated markets?

European market revenue is expected to begin in the second half of FY27. US market entry depends on FDA audit timing, which is likely to occur in FY28.

How is the company managing cost inflation?

NGL Fine-Chem secured partial price increases during the first quarter of the new fiscal year to offset rising costs.

What was the EBITDA margin performance in FY26?

The company reported an EBITDA margin of 14.5%, which is 147 bps higher than the previous period.

Specialty Chemicals

NGL Fine-Chem revenue hits ₹500.95 cr as plant expansion slips

The company grew revenue 36% in FY26. Management pushed the Tarapur Phase 2 launch to early Q2 FY27.

NGLFINE BSE 524774 25 May 2026 · 1:14 PM IST Verify on BSE · NSE

Mkt cap₹1,782 cr

P/E42.82×

ROE7.39%

Debt / eq.0.27

₹500.95 cr Consolidated revenue for the year ended March 31, 2026.

What's new

Consolidated revenue rose 36% to ₹500.95 crore in FY26.
EBITDA margins grew 147 bps to 14.5%.
Tarapur Phase 2 expansion is delayed until early Q2 FY27.

Why this matters

Management is balancing price hikes with a delayed capacity rollout. The Tarapur facility is the primary engine for future growth. Investors must weigh this delay against the slow entry into regulated markets.

What we're watching

Actual commissioning date of the Tarapur Phase 2 facility.
Revenue contribution from European markets starting in H2 FY27.
Updates on the FDA audit timeline for the US market.

The full read

NGL Fine-Chem posted a 36% increase in consolidated revenue to ₹500.95 crore for FY26. EBITDA margins rose 147 bps to 14.5%. To offset cost inflation, the company implemented partial price hikes in the first quarter of the current fiscal year.

Growth plans face a setback. The Phase 2 capacity expansion at Tarapur has been pushed from Q1 to early Q2 FY27. This facility should add ₹350-400 crore in peak revenue over the next 3-4 years.

Looking abroad, the company targets the second half of FY27 for initial revenue from European regulated markets. Access to the US market remains further out, with progress contingent on FDA audit timelines that are not expected until FY28. The company is currently in a transition phase where margin gains meet a delayed infrastructure rollout. It is a long wait.

Questions answered

What is the revenue potential of the new Tarapur capacity?: The Phase 2 expansion at Tarapur is expected to generate peak revenue of ₹350-400 crore over a 3-4 year ramp period.
When will the company enter regulated markets?: European market revenue is expected to begin in the second half of FY27. US market entry depends on FDA audit timing, which is likely to occur in FY28.
How is the company managing cost inflation?: NGL Fine-Chem secured partial price increases during the first quarter of the new fiscal year to offset rising costs.
What was the EBITDA margin performance in FY26?: The company reported an EBITDA margin of 14.5%, which is 147 bps higher than the previous period.

Mentioned: NGL Fine-Chem · Tarapur Phase 2 · FY26

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.