This study was undertaken to compare lipid profile of small for gestational age (SGA) and appropriate for gestational age (AGA) neonates. A total of 103 neonates were included; of which 63 were AGA and 40 SGA. Venous blood (2 ml) was obtained 2 h after the previous feed between 8 and 10 am on Day 3 or Day 4 of life and lipid profile was done. In AGA neonates, mean TC (total cholesterol), LDL (low density lipoprotein cholesterol), HDL (high density lipoprotein cholesterol) and triglycerides were 103.92 ± 47.79, 51.70 ± 23.03, 23.35 ± 11.41 and 187.62 ± 144.44 mg/dl respectively. AGA neonates had more TC and LDL than SGA neonates (P < 0.05). There was no significant difference in mean lipid profile between preterm and term neonates. Thus, normal lipid profiles in neonates in the index study are higher than that of the neonates from other parts of the world. The authors recommend further studies in India to outline normal values of lipid profile across various gestations and birth weights.