NGL Fine Chem Ltd (NGLFINE) — share price & stock analysis

Market cap

₹1,856 Cr

P/E

38.6×

ROE

15.7%

vs own 10-yr valuation

77th pctile

Book value / share

₹533

EPS (TTM)

₹77.9

10-yr median P/E

30.3×

Revenue (FY26)

₹501 Cr

Profit after tax (FY26)

₹48 Cr

Weinstein stage

Stage 2 (22 weeks)

Data as of

1 July 2026

4 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 17% — decent; debt moderate (0.33× equity); margins near the bottom of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

The market has pre-paid for growth that hasn’t arrived yet

Since Mar 2016, the stock is up 1,183% while earnings per share grew 320%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 38.6× means the market is paying up — this is the expensive end of its own 10-year history (77th percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (30.3×).

An uptrend that has held for 22 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 22 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹2,110 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 31 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

A lumpy ride — no clean trend in profits

Over 12 years, sales went from ₹79.0 Cr to ₹501 Cr (about 17% a year), and profit from ₹5.0 Cr to ₹48.0 Cr.revenuenet_profit

Sales exploded 57% last quarter — the 4th straight quarter of growth

Mar 26 sales were ₹149 Cr, up 57% on the same quarter last year.revenue

That makes 4 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are widening — 7% → 14% in a year

Of every ₹100 of sales, the company keeps ₹14.3 as operating profit (a year ago it kept ₹6.7).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 9.5% in FY25 and has been rebuilt to 14.6% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (50% → 52%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit exploded 1,200% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹13.0 Cr, up 1,200% year on year.net_profit

Most of the profit becomes cash — but not all

Over the last 5 profitable years, the business reported ₹180 Cr of profit and collected ₹148 Cr of operating cash — about 82% conversion.operating_cash_flownet_profit

The gap sits in receivables: customers now take 95 days to pay, up from 81. Profit booked, cash pending.debtor_days

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 104 days to go out the door as materials and come back as collected cash — up from 68 days the year before.cash_conversion_cycle

The biggest mover: suppliers being paid sooner (113 → 98 days).payable_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹19.0 Cr (FY14) to ₹164 Cr, with another ₹95.0 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 58% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹133 Cr) exceeded operating cash (₹99.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹33 — total borrowings have grown from ₹17.0 Cr to ₹108 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹17 — decent, not special

Return on capital employed is 17.0% (a year ago: 9.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

The owners aren’t moving

Promoters hold 72.7%, essentially unchanged. Foreign funds own 0.0%, domestic funds 0.0%.promoters_pctfiis_pctdiis_pct

Interesting, not obvious

The numbers are genuinely mixed, and the price already assumes the good news continues.

Best thing in the data: profit rising (₹1.0 Cr → ₹13.0 Cr).net_profit

Biggest worry: free cash flow falling (₹1.0 Cr → ₹−28.0 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data