Navin Fluorine (NFIL) reported a marginal miss on revenues (-5% est.), although EBITDA was 11% below our estimates, weighed by higher other expenditure. Thus, despite gross margin expansion of 200bps QoQ to 55%, the EBITDA margin contracted 120bps QoQ to 24.8%. The management has highlighted that the gross margin is likely to be under pressure as one of the key raw materials saw a significant price increase in 1QFY22 which is likely to continue for another quarter. Furthermore, a large mineral mine was closed down due to labor issues and is expected to resume...