NGL Fine-Chem Limited — Investor Meet, 20-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

NGL Fine-Chem reported Q2 FY'26 revenue of INR120.26 Cr (+28.64% YoY) and EBITDA of INR17.16 Cr (+48.43% YoY), with margin expanding to 14.27%. H1 FY'26 revenue grew 21.82% to INR224.44 Cr. Management noted a broad-based demand recovery after 10 flat quarters, showing continued strength in Oct/Nov. Capacity expansion projects are on track for Q1 FY'27 commissioning. The first U.S. FDA API registration was filed in Sept 2025, with audits expected mid-2026, targeting commercial production H2 FY'27. Higher-margin regulated markets are key for future growth, with gross margins of 55-60% anticipated. Outsourcing continues (15-20%) to meet strong demand. New plant breakeven is expected by FY'28. Management is cautiously optimistic on sustained recovery and strategic market entry.