NGL Fine-Chem

NGL Fine-Chem is a rare play in India’s listed veterinary pharmaceuticals space. It manufactures Active Pharmaceutical Ingredients (APIs) and intermediates for animal healthcare—a niche, underpenetrated industry with low competition. While most pharma investors focus on human generics, NGL has carved a moat in veterinary drugs, exporting to over 50 countries. What’s unique is that NGL focuses on backward integration and runs R&D in-house, which helps it maintain high margins despite being a small-cap. It is also one of the few Indian companies approved by international regulators specifically for veterinary products. Despite global headwinds, the company reported over ₹225 crore in revenue in FY24 and maintains a ~20% net profit margin. It has recently expanded its Ankleshwar plant to boost production and is entering new therapeutic categories like antiparasitics and feed additives. With global pet care and livestock markets growing steadily, NGL is positioned well for secular growth.