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CRISIL Ratings has downgraded Neogen Chemicals and Neogen Ionics Ratings

ICICIdirect Research 20 Jul 2026 DISCLAIMER

News: CRISIL Ratings has downgraded Neogen Chemicals and Neogen Ionics Ratings. The rating agency attributed the action primarily to delays in the company’s battery chemicals project and the slower-than-expected receipt of insurance claims and the concerns surrounding parent company’s execution timelines and financial profile. The ratings cover total bank facilities of ₹680 crore for Neogen Chemicals and ₹1,150 crore for Neogen Ionics.

View: In Q4FY26 Concall, the management has guided for Rs 300 crore of revenues from the battery chemicals (Neogen Ionics) business with major traction expectation in H2. We will get more insights from the management in Q1FY27 earnings call with a focus on FY27 and FY28 revenues guidance from the battery chemicals space.

Impact: Neutral

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