Navin Fluorine International’s (NFIL) Q2FY22 EBITDA dip of 10.6% YoY shows it was walking a tight rope on revenue growth with limited capacity in specialty chemicals, and volatile CRAMS revenue. NFIL is also catching up with peers and is accelerating investment in capabilities by adding a technology team and expanding R&D. Company is in a sweet spot to monetise fluorination opportunities, but the evolution would be gradual compared to impatient market expectations.