If you look at the previous years question papers for NEET, you will realise that the Physics section is not just formulae. It has theory based questions too. Out of 45 questions all 45 questions are not based on formulae You are given 3 hours for 180 questions which means you get 1 minute for 1 question and may be 10-15 questions might be formula based while the rest will be Theory based. And unlike JEE, which is into technical side, NEET is the entrance examination for admission to Medical Courses. It doesn't  need hard core Physics.It might be surprising but only preparing formulae and expecting a good score in Physics might not be a good strategy.