Navin Fluorine (NFIL) reported stellar results with EBITDA growing at 129% YoY to Rs 317mn and PAT at Rs 232mn ( 131% YoY). This was mainly because of higher realisation for R22 and better product mix in specialty chemicals. Pickup in R22 prices is led by (1) The government banning the import of pre-filled cylinders, which pushed up demand from OEMs, and (2) 10% cut in domestic output of R22 in 2015 under the Montreal Protocol.