# Neogen Chemicals Up 64% in 6 Months

> Antique Stock Broking targets ₹3,050 for Neogen Chemicals with 23% upside potential.
- Title: Neogen Chemicals Up 64% in 6 Months · mint | Shortify
- Summary: Antique Stock Broking targets ₹3,050 for Neogen Chemicals with 23% upside potential. Antique Stock Broking recommends buying Neogen Chemicals at ₹2,482 with…
- Keywords: neogen chemicals, antique stock broking, buy rating, target price, battery chemicals, revenue growth, ebitda margin, fiscal year 2026, fiscal year 2030, lithium hexafluorophosphate, moralita, japan
- Source: mint — https://livemint.com/market/up-64-in-6-months-already-should-you-still-buy-neogen-chemicals-antique-sees-23-upside-potential-check-target-11792425758466.html
- Author: Pranati Deva
- Published: 2026-10-20T04:05:19+00:00
- Read time: 1 min
- Topics: neogen chemicals, antique stock broking, buy rating, target price, battery chemicals, revenue growth, ebitda margin, fiscal year 2026, fiscal year 2030, lithium hexafluorophosphate, moralita, japan
## Antique Stock Broking Initiates Coverage
Antique Stock Broking initiated coverage on Neogen Chemicals with a Buy rating and a ₹ 3,050 target price.

> Antique Stock Broking initiated coverage on Neogen Chemicals with a Buy rating and a target price of ₹ 3,050
## Current Share Price Performance
Neogen shares surged 64% in 6 months but declined 2% in 1 week and 0.3% in last 1 month.

> Neogen shares surged 64% in 6 months but declined 2% in 1 week and 0.3% in last 1 month
## Battery Chemicals Growth Potential
Antique forecasts battery chemicals revenue to grow from 4% to 62% of Neogen's total revenue by FY30.

> Antique expects battery chemicals to increase their share of Neogen's revenue from 4% in FY26 to 62% by FY30
## Key Growth Drivers
Domestic battery manufacturing, customer approvals, and non-Chinese supply chains support Neogen's growth.

> The brokerage expects the specialty chemicals maker to enter a strong earnings growth phase as its battery chemicals business scales up, supported by domestic battery manufacturing, customer approvals and opportunities in non-Chinese supply chains
## Neogen's Battery Business Strategy
Neogen's subsidiary Neogen Ionics manufactures battery electrolyte and lithium hexafluorophosphate for lithium-ion batteries.

> Its subsidiary, Neogen Ionics, manufactures battery electrolyte and lithium hexafluorophosphate (LiPF6), a key salt used in lithium-ion batteries
## US Tax Credit Opportunity
Neogen positions itself to benefit from US tax-credit rules restricting Chinese material from 2027.

> Neogen has cleared final plant audits with three US electrolyte manufacturers, positioning it to pursue demand linked to US tax-credit rules that restrict sourcing from certain Chinese suppliers from 2027
## Revenue and Profit Projections
Antique forecasts Neogen's revenue to grow from ₹8.62 billion in FY26 to ₹37.59 billion in FY30.

> Antique forecasts Neogen's revenue to increase from ₹ 8.62 billion in FY26 to ₹ 37.59 billion in FY30
## EBITDA and Profit Growth
Antique expects EBITDA to grow from ₹1.37 billion to ₹6.75 billion by FY30 with improved margins.

> Antique forecasts Neogen's EBITDA to rise from ₹ 1.37 billion to ₹ 6.75 billion
## Execution Risks
Delays in domestic cell manufacturing, slower customer offtake, and US regulatory changes could delay growth.

> Delays in domestic cell manufacturing, slower customer offtake, changes to US regulations, competition and higher-than-expected leverage could postpone the anticipated improvement
## Valuation and Target Price
Antique values Neogen at 40 times FY29 earnings to arrive at a ₹3,050 target price.

> For valuation, Antique has valued Neogen at 40 times its estimated FY29 earnings per share to arrive at a target price of ₹ 3,050
## Investment Case
Antique expects Neogen to achieve EBITDA break-even in FY27 with strong growth through FY30.

> The brokerage expects the business to achieve ebitda break even in fy27
## Key takeaway

Antique Stock Broking recommends buying Neogen Chemicals at ₹2,482 with a ₹3,050 target price, implying 23% upside potential from battery chemicals growth.