Neptune PetrochemicalsShare price, financial results, shareholding and management
- Market cap
- ₹412 cr
- Stock P/E
- 13.6peers 24.5
- Book value
- ₹75.2
- Price to book
- 2.42
- EV / operating profit
- 13.2
- Market cap to sales
- 0.39
- ROCE · FY26
- 31.5%
- ROE · FY26
- 25.6%
- ROE, 3-year average
- 57.9%
- Operating margin · FY26
- 3.0%peers 5.3%
- Sales growth, 3 years
- 14.1%
- Profit growth, 3 years
- 44.8%
- Debt to equity
- 0.11peers 0.37
- Borrowings
- ₹18.9 cr
- Interest cover
- 25.7×
- Cash from business / op. profit
- -198%
- Debtor days
- 16
- Pledged
- 0.00%
- Promoter holding
- 69.33%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 622
- 52-week high / low
- ₹247 / ₹157
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Neptune Petrochemicals share price chart
Close on 6 Nov 2026 · +1.11% on the day · Vol 500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +2.1%
- 3 months
- -2.2%
- 6 months
- -9.9%
- 1 year
- +13.0%
- Since IPO
- +49.2%
- Traded a day, 20 days
- ₹0.03 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +11% | +21% |
| 3 years, a year | +14% | +45% |
| Latest half, H2 FY26 | +6% | +29% |
About Neptune Petrochemicals: business, products and customers
Neptune Petrochemicals imports, trades and makes bitumen, the black binder used to build tar roads, and supplies it to road builders and government road bodies across India. Its shares trade on NSE Emerge.
Neptune Petrochemicals supplies paving grade bitumen, bitumen emulsions and modified bitumen (polymer modified and crumb rubber modified) for roads, along with some fuel oil and base oil. Most of its revenue comes from trading: bitumen bought mainly from overseas suppliers and supplied on to contractors, with a smaller share processed at its own plants. Named customers include NHAI, Western Railway, the Roads and Buildings Department, SSNNL, GIDC and municipal bodies.
The business began in 2004 as Neptune Tradelink, a proprietorship of promoter Pareshkumar Subodhchandra Shah, and became a company in October 2021. It has plants at Bavla in Gujarat, Panipat in Haryana and Changsari in Assam, a storage unit at Sanand, and a unit at Dera Bassi in Punjab that the offer document lists as under construction. It also ships small amounts to Nepal, Bhutan and Bangladesh.
Read more about the business
The company listed on NSE Emerge on 4 June 2025, raising ₹73.2 cr at ₹122 a share. Revenue from operations was ₹1,052.0 cr in FY26 against ₹947.9 cr in FY25, and profit after tax was ₹30.3 cr against ₹25.1 cr.
From the offer document and the annual reports for FY25 and FY26.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 32% in FY26.
- It has little debt for its size: debt to equity 0.11.
- The promoters own a large part of the company: 69.33%.
To watch
- The first audit by the new statutory auditor, Ashish Sheth and Associates, appointed on 20 August 2026 after the earlier auditor resigned (Annual report FY26, p.32).
- Use of the ₹50.8 cr of IPO money set for working capital, after the change to the plant and machinery object put to shareholders at the September 2026 meeting (Annual report FY26, p.34 to 38).
- Progress at the Dera Bassi unit in Punjab, listed as under construction in the offer document (Offer document, p.155).
- Sales to Riddhi Enterprise, the proprietorship of director Riddhi Pareshkumar Shah, ₹53.9 cr in FY25 (Annual report FY25, p.111).
- Its borrowings rose a lot last year: ₹18.9 cr, from ₹11 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Neptune Petrochemicals revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Neptune Petrochemicals half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 341 | 607.12 | 406.57 | 645.47 |
| Expenses | 326 | 598.09 | 392.37 | 627.88 |
| Operating profit | 15 | 9.03 | 14.20 | 17.59 |
| OPM | 4.3% | 1.5% | 3.5% | 2.7% |
| Interest | 0 | 0.05 | 0.27 | 1.37 |
| Depreciation | 0 | 0.34 | 0.36 | 0.37 |
| Profit before tax | 17 | 16.70 | 19.39 | 21.12 |
| Net profit | 13 | 12.21 | 14.55 | 15.79 |
Neptune Petrochemicals profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 81 | 708 | 668 | 948 | 1,052 |
| Expenses | 81 | 695 | 647 | 924 | 1,020 |
| Operating profit | 0 | 13 | 20 | 24 | 31.79 |
| OPM | -0.1% | 1.8% | 3.1% | 2.5% | 3.0% |
| Other income | 1 | 1 | 8 | 11 | 11.09 |
| Interest | 0 | 1 | 0 | 0 | 1.64 |
| Depreciation | 0 | 0 | 0 | 1 | 0.73 |
| Exceptional and other items | · | 1 | · | · | · |
| Profit before tax | 1 | 14 | 28 | 34 | 40.51 |
| Tax rate | 0.0% | 28.6% | 25.0% | 26.5% | 25.1% |
| Net profit | 1 | 10 | 21 | 25 | 30.33 |
| EPS ₹ | 680 | 10,390 | 20,770 | 15.07 | 14.02 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Neptune Petrochemicals profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | -0.1% | 1.8% | 3.1% | 2.5% | 3.0% |
| Tax rate | 0.0% | 28.6% | 25.0% | 26.5% | 25.1% |
| ROCE | · | 176.3% | 116.6% | 61.8% | 31.5% |
| ROE | · | 166.4% | 97.6% | 50.5% | 25.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Neptune Petrochemicals debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Neptune Petrochemicals balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 17 | 22.65 |
| Reserves | 1 | 11 | 32 | 50 | 147.74 |
| Net worth | 1.01 | 11.01 | 32.01 | 67 | 170.40 |
| Borrowings | 0 | 5 | 0 | 11 | 18.91 |
| Other liabilities | 96.99 | 91.99 | 88.99 | 125 | 30.02 |
| Total liabilities | 98 | 108 | 121 | 203 | 219.33 |
| Fixed assets | 0 | 1 | 3 | 3 | 4.55 |
| Capital work in progress | 0 | 0 | 0 | 1 | 1 |
| Investments | 0 | 1 | 0 | 0 | 0 |
| Other assets | 98 | 106 | 118 | 199 | 213.78 |
| Receivables | · | · | · | · | 44.69 |
| Inventory | · | · | · | · | 27.20 |
| Cash | · | · | · | · | 10.89 |
| Trade payables | · | · | · | · | 1.27 |
Neptune Petrochemicals cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 12 | -7 | 17 | 56 | -62.92 |
| Cash from investing | 0 | -1 | -4 | -9 | -90.53 |
| Cash from financing | 0 | 5 | -5 | 21 | 79.62 |
| Net cash flow | 12 | -3 | 8 | 68 | -73.83 |
| Capital spending | · | · | · | · | 2.19 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 175 | 27 | 39 | 26 | 16 |
| Inventory days | 184 | 20 | 15 | 14 | 10 |
| Days payable | 429 | 45 | 46 | 35 | 0 |
| Cash conversion cycle | -70 | 2 | 8 | 6 | 25 |
| Working capital days | -50 | 0 | 6 | -9 | 21 |
Neptune Petrochemicals peers and competitors
Listed SME companies in the same industryBy sales, Neptune Petrochemicals is number 3 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Indian Phosphate | 189 | 8.6 | 1,072 | 21.9 | 4.1% | 0.37 |
| Neptune Petrochemicals | 412 | 13.6 | 1,052 | 30.3 | 3.0% | 0.11 |
| Sudarshan Pharma Industries | 917 | 39.9 | 703 | 23 | 7.0% | 1.84 |
| Bhavik Enterprises | 296 | 21.2 | 628 | 14 | 2.7% | 0.00 |
| SK Minerals & Additives | 524 | 29.1 | 318 | 18 | 10.0% | 1.25 |
| Nexxus Petro Industries | 45 | 7.5 | 262 | 6 | 4.6% | 0.54 |
| AMBANI ORGOCHEM | 137 | 102.9 | 241 | 1.3 | 5.6% | 1.35 |
| Dhariwalcorp | 240 | 27.9 | 236 | 8.6 | 2.6% | 0.12 |
| Beezaasan Explotech | 1,117 | 85.9 | 212 | 13 | 10.0% | 0.24 |
| Indian Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Bhatia Colour Chem | 34 | 8.4 | 155 | 4 | 5.0% | 0.02 |
| Median of the 10 others | 215 | 24.5 | 251 | 13.5 | 5.3% | 0.37 |
Neptune Petrochemicals shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Neptune Petrochemicals shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 69.33% | 69.33% | 69.33% |
| Foreign investors (FIIs) | 10.33% | 12.28% | 12.28% |
| Indian institutions (DIIs) | 2.24% | 0.23% | 0.17% |
| HNIs (over ₹2 lakh each) | 2.81% | 5.79% | 5.62% |
| Small holders (up to ₹2 lakh) | 11.42% | 6.57% | 6.20% |
| Companies and others | 3.87% | 5.80% | 6.40% |
| Number of shareholders | 1,271 | 670 | 622 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Neptune Petrochemicals study: the business from its own documents
Read from 4 of the company's own documentsNeptune Petrochemicals so far
From the company's own record
- October 2021Company formed
- 4 June 2025Listed on NSE Emerge at ₹122
- 31 March 2026Promoters at 69.33%
- 5 Feb 2026Highest close since listing, ₹243.40
Neptune Petrochemicals key facts from the filings
Each figure with the document it comes from
- Trading share
- 84.9%
- Share of revenue from traded goods in the nine months to December 2024; manufacturing made up the remaining 15.1%.Offer document, p.29
- Imports
- ₹717.3 cr
- Imported purchases in FY25, against ₹125.1 cr bought within India.Annual report FY25, p.72
- Volume handled
- 1,72,713 tonnes
- Bitumen handled in FY24, up from 1,66,459 tonnes in FY23.Offer document, p.247
- Plant use
- 19.97%
- Use of the 98,400 tonne Bavla plant in FY24; Panipat ran at 18.29% and Changsari at 8.03%.Offer document, p.32
- Top ten customers
- 39.55%
- Share of revenue in the nine months to December 2024, against 27.92% in FY24.Offer document, p.32 to 33
Show 5 more facts
- Top ten suppliers
- 97.57%
- Share of purchases in the nine months to December 2024; the largest single supplier gave 41.77%.Offer document, p.33
- Packed bitumen
- Top importer, 2024
- The offer document, citing a trade report, names the company the top importer of packed bitumen in India for calendar 2024.Offer document, p.133
- IPO plant money
- ₹0.59 cr of ₹5.2 cr
- Spent on new plant and machinery by 30 June 2026; the company proposes moving the unspent ₹4.6 cr to working capital.Annual report FY26, p.34 to 38
- Sales to a promoter's firm
- ₹53.9 cr
- Goods supplied in FY25 to Riddhi Enterprise, the proprietorship firm of director Riddhi Pareshkumar Shah, against ₹15.2 cr in FY24.Annual report FY25, p.111
- Auditor change
- 20 August 2026
- The statutory auditor, M A A K and Associates, resigned citing other engagements; Ashish Sheth and Associates was appointed in its place.Annual report FY26, p.32
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no figures for future sales or profit. Its stated plan is to use its plants, customer ties and wider reach to meet road building demand, and it says its outlook is closely linked to road and infrastructure spending. Plans for the IPO money have changed twice: office space money was cut at an August 2025 meeting, and most of the plant and machinery money is now proposed for working capital.
| What management said | When | What happened |
|---|---|---|
| Spend ₹5.2 cr of IPO money on additional plant and machinery | Offer document, 2025 | ₹0.59 cr spent by 30 June 2026; the rest proposed for working capital |
| Spend ₹14.7 cr of IPO money on office space | Offer document, 2025 | Cut to ₹10.5 cr in August 2025; ₹8.3 cr spent by 30 June 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Neptune Petrochemicals earns a thin margin on large volumes of bitumen, most of it imported and passed on to road builders, with a smaller part processed in its own plants.
Its weak spots are prices and costs set by crude oil and the rupee, heavy reliance on a few overseas suppliers, and plants that stand mostly idle.
WatchCan it set its own prices?Bitumen is a commodity whose cost follows crude oil, so the company has little say over prices. The company says it may not always pass higher costs on to customers.
AverageHow strong is it against rivals?Long experience in imports, plants near demand and its own tankers help it supply large orders on time. Most of what it supplies is the same product rivals offer.
AverageWho are its customers?Sales are spread across many contractors and public bodies, and no small group dominates. A firm owned by one of its directors is among its customers.
WatchDoes it need a lot of money?The plants cost little, but trading needs a lot of money tied up in stock and in amounts owed by customers. Most of the IPO money is going into this working capital.
AverageCan it keep finding new work?Road building keeps demand steady and the plants have plenty of room to make more. The company has no order book and sales are made order by order.
WatchDo good and bad years swing a lot?Sales slow every monsoon and move with road spending, crude oil and the rupee. Currency gains and losses have moved profit noticeably from year to year.
Who runs Neptune Petrochemicals?
Promoters, directors and officers; tap a name for the background
PSPareshkumar Subodhchandra ShahPromoter, Chairman and Managing Director · holds 33.79%
Director since October 2021 and Chairman and Managing Director for five years from 3 September 2024. Bachelor of Commerce with 20 years in the petrochemical industry. Founded Neptune Tradelink in 2004 trading fuel oil and petrochemical products, set up a fuel oil plant at Sanand in 2006, the Bavla bitumen plant in 2012, modified bitumen there in 2015, port storage at Mundra and Kandla in 2016 and the Panipat unit in 2021.
Offer document, p.175 to 176; Annual report FY25, p.25SSSanjaykumar Subodhchandra ShahPromoter and Whole Time Director · holds 1.50%
Additional Director from March 2024 and Whole Time Director for five years from 3 September 2024. Diploma in Mechanical Engineering with over 15 years in business. Partner in Neptune Tafe, an automobile accessories firm, from 2009 and in Mahavir Trading Company, trading cement, kerosene and petroleum products, from 2018; set up National Tar Company in 2020 to trade petroleum products, a business later closed. The offer document states that Pareshkumar Subodhchandra Shah and Sanjaykumar Subodhchandra Shah are brothers.
Offer document, p.175 to 178RPRiddhi Pareshkumar ShahPromoter and Non Executive Director · holds 32.14%
Director since October 2021 and Non Executive Director for five years from 3 September 2024. Bachelor of Commerce from Sahajanand College with 16 years in business. Founded Riddhi Enterprise in 2008 to trade petroleum products and Flora Enterprise in 2016 to rent commercial and industrial premises. The offer document states that Pareshkumar Subodhchandra Shah and Riddhi Pareshkumar Shah are spouses.
Offer document, p.175, p.177 and p.178AJAmbar Jayantilal PatelIndependent Director
Independent Director for five years from 3 September 2024. Bachelor of Engineering from Gujarat University with 30 years in business management. Co-founded an electro mechanical engraving firm in 1989 that became Shilp Gravures Limited, a listed company, where Ambar Jayantilal Patel has served as Managing Director; office bearer of the Gujarat Chamber of Commerce and Industry.
Offer document, p.175 to 177VKViralkumar Kiritkumar ShahIndependent Director
Independent Director for five years from 3 September 2024. Master of Commerce with 22 years of experience; holds directorships in several private companies listed in the offer document.
Offer document, p.176 to 177Neptune Petrochemicals latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹645 cr (+6%), net profit ₹15.8 cr (+29%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 69.33%.
Neptune Petrochemicals announcements
73 on record, latest first; each opens the filing on the exchange
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Copy of Newspaper PublicationIn Free Press Gujarat in English and Lokmitra in GujaratiPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Outcome of Board MeetingHeld on September 03, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
Neptune Petrochemicals annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Neptune Petrochemicals share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Neptune Petrochemicals' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,26,53,500 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹20,770.00) and FY25 (₹15.07) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Neptune Petrochemicals
What does Neptune Petrochemicals do?
Neptune Petrochemicals imports, trades and makes bitumen, the black binder used to build tar roads, and supplies it to road builders and government road bodies across India. Its shares trade on NSE Emerge.
What is the share price of Neptune Petrochemicals?
₹182 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Neptune Petrochemicals?
₹412 cr at the close on 6 Nov 2026, on 2,26,53,500 shares.
What is the P/E of Neptune Petrochemicals?
13.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Neptune Petrochemicals' revenue and profit?
Revenue ₹1,052 cr and profit after tax ₹30 cr in FY26.
Who are the promoters of Neptune Petrochemicals?
Pareshkumar Subodhchandra Shah, Sanjaykumar Subodhchandra Shah, Riddhi Pareshkumar Shah; promoters held 69.33% at 31 March 2026.
What was the IPO price of Neptune Petrochemicals?
₹122 a share; it listed on 4 June 2025.
What is Neptune Petrochemicals' website?
www.neptunepetrochemicals.com
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Every listed SME company in Chemicals & Petrochemicals → · SME companies listed in 2025 →
Built from 2 annual reports, 1 offer document, 1 result filing, 73 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.