The lithium salt (LiPF6) dissolved in solvents with additives that carries ions between the electrodes, plus the PVDF binder that holds electrode powders together.
Bromine and lithium chemicals maker whose Neogen Ionics unit makes lithium electrolyte salts and electrolytes under a technology licence from Japan's MU Ionic Solutions
Price
₹2,549
snapshot 6 Nov 2026
Strengths
Provisional approvals from four large international customers (Jul 2026)
1,000 t a year of new capacity slated for H2 FY27
Dahej site rebuilt after the Mar 2025 fire
Risks
Commercial supplies wait on final plant trials
Battery chemicals need heavy capex relative to its size
Insurance claim on the fire still partly outstanding
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹7,653 Cr
Stock P/E
189.0x
Div Yield
0.04%
ROCE
6.5%
ROE
3.6%
P/B
4.9x
Revenue growth
+10.8%FY26
Profit growth
−17.1%FY26
Net margin
3.4%FY26
1Y vs Nifty
+77 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
487FY22
686FY23
691FY24
778FY25
862FY26
Stock price return · as of 6 Nov 2026
1Y price return
+75%
3Y CAGR
+17%
5Y CAGR
+15%
Trend95th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 8.5% below its high
Note: Lithium electrolyte salts and electrolyte (Neogen Ionics)
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Fluorine chemistry makes lithium hexafluorophosphate (LiPF6) and other salts; these are blended with carbonate solvents and small doses of additives into an electrolyte filled into each cell. PVDF binder is mixed into the cathode slurry.
Why it matters
Electrolyte is the one cell component already bought locally (Business Today, Oct 2026), and India's fluorochemical companies have the hardest-to-copy inputs - fluorine handling and specialty synthesis. They sell to global cell makers, not only Indian ones.
Where the value pool sits
A smaller pool than cathode or anode, but with chemical-industry margins and global export demand from cell makers diversifying away from China.
Key drivers
Global cell makers seeking non-Chinese electrolyte
Indian cell plants starting up
ECMS and the reported components scheme
Potential bottlenecks
Lithium salts need very high purity
Long qualification with cell makers
Plant safety (Neogen's Dahej site was hit by a fire in Mar 2025)
Investor metrics to watch
Battery-chemicals revenue share
Customer approvals (Neogen: provisional approvals from four global customers, Jul 2026)