Neptune Petrochemicals Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Neptune Petrochemicals Ltd trades at ₹187, in a confirmed uptrend and 39 weeks into that stage. That is +2.4% against its own 200-day average. It sits at 50% of a 52-week range of ₹132 to ₹241. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 39 of stage 2, confirmed. At ₹187 it trades +2.4% versus its 200-day average and sits at 50% of its 52-week range (₹132–₹241).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +42% while the NIFTY 500 moved −10% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-03-20) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Neptune Petrochemicals Ltd trades at 15.8× P/E, at the pricey end of its own range (81st percentile). Its long-run median P/E is 13.7×, measured across 0.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.8× is at the pricey end of its own range (81st percentile), against a long-run median of 13.7× measured over 0.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Neptune Petrochemicals Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

51.5/100 — rank 1 of 1 in Petrochemicals - Others · 31% evidence confidence · provisional, ranked below fully-evidenced peers

Neptune Petrochemicals Ltd scores 51.5 out of 100 against the 1 companies it is compared with in Petrochemicals - Others, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 15.7 + 15.8 + 10 + 10 = 51.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Neptune Petrochemicals Ltd reported ₹407 Cr of revenue in the Sep 25 quarter, +19.4% year on year. Over 3 years it has compounded at 127.0% a year. The last full year, FY25, came in at ₹948 Cr.

FY25 revenue came in at ₹948 Cr (+41.9% on the year), capping 3 years at 127.0% compound. The latest quarter (Sep 25) printed ₹407 Cr, +19.4% year on year.

Pace check: the last four quarters averaged +19.4% growth against the decade's 127.0% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Neptune Petrochemicals Ltd's operating margin is 3.0% in the Sep 25 quarter, −1.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 0.0% to 3.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 3.0%, −1.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 0.0%–3.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Neptune Petrochemicals Ltd earned ₹15.0 Cr of net profit in the Sep 25 quarter, +15.4% year on year. Full-year FY25 profit was ₹25.0 Cr. The 3-year compound rate is 192.4%. That is 3.7% of the quarter's revenue.

Sep 25 profit was ₹15.0 Cr, +15.4% year on year. On the full year, FY25 printed ₹25.0 Cr (+19.0%), and the 3-year compound rate is 192.4%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 118% of Neptune Petrochemicals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹56.0 Cr of operating cash against ₹25.0 Cr of profit. After ₹2.0 Cr of capital spending, ₹54.0 Cr was left as free cash.

FY25: operating cash of ₹56.0 Cr against reported profit of ₹25.0 Cr, leaving free cash of ₹54.0 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 118% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 118%: the cash cycle stretched 76 days between FY22 and FY25 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 5.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Neptune Petrochemicals Ltd's cash conversion cycle runs 6 days in FY25, up from −70 days in FY22. Capital spending ran ₹5.0 Cr over the last 3 years. At FY25 sales of ₹948 Cr each day of that cycle holds about ₹2.6 Cr, so roughly ₹16.0 Cr sits inside the business at any moment.

FY25: debtors at 26 days, inventory at 14 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 6 days, looser than FY22's −70.

The full loop: cash goes out to suppliers and production on day 0; stock waits 14 days to sell; customers pay about 26 days after that; and suppliers themselves are paid at 35 days — netting out to the 6-day cycle.

In money terms: at FY25 sales of ₹948 Cr, each day of the cycle holds about ₹2.6 Cr — so the 6-day loop keeps roughly ₹16.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹5.0 Cr over the last 3 fiscal years against ₹1.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Neptune Petrochemicals Ltd earns a ROCE of 62% in FY25. Return on invested capital clears the cost of that capital by +1.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 2.6% net margin on 4.67× asset turns.

FY25 ROCE is 62%.

Why the return is what it is — the wiring (FY25): 2.6% net margin × 4.67× asset turns × 3.03× balance-sheet leverage ≈ 36.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.0% − 12.0% = a +1.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Neptune Petrochemicals Ltd carries ₹11.0 Cr of borrowings against ₹67.0 Cr of equity in FY25, a debt-to-equity of 0.16. Over 3 years borrowings went from ₹0.0 Cr to ₹11.0 Cr. Capital spending ran ₹5.0 Cr across the last 3 of those years.

FY25: borrowings of ₹11.0 Cr against equity of ₹67.0 Cr — a debt-to-equity of 0.16. Over 3 years borrowings went from ₹0.0 Cr to ₹11.0 Cr while capital spending ran ₹5.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Neptune Petrochemicals Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Neptune Petrochemicals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions