Navin Fluorine’s (NFIL) stellar 1QFY17 performance was led by the CRAMS segment. Revenues were at Rs 1.6bn (+9% YoY), with ~65% of the incremental sales from CRAMS. A better product mix and benefits from lower RM cost (fluorspar, chloroform) led to an alltime high EBITDA margin of 24.2% (+714bps YoY). EBITDA was Rs 397mn (+55%) and APAT Rs 286mn (+58% YoY).HDFC Securities Maintain BUY with a TP of Rs 2,700/sh (20x FY18E EPS).Trendlyne has 5 reports on NAVINFLUOR updated in the last year from 2 brokers with an average target of Rs 2425.Brokers have a rating for NAVINFLUOR with 3 price upgrades in past 6 months.