We thus cut our EPS estimates for FY20/21E by 5.3/5.8% due to lower contribution from CRAMS BU and cut P/E multiple to 20x with a revised target price of Rs 836/share. Navin Fluorine International Ltd (NFIL) reported sales/ EBITDA of Rs. 2.26bn/524mn up by 6.5/1.7% YoY. PAT declined by 21.8% YoY to Rs 388mn (ex Dahej ops). Though price hikes taken in the legacy business cushioned the impact of higher RM prices (EBITDAM @23.2%, up 236bps QoQ), revenues from CRAMS continued to be subdued.