Navin Fluorine (NFIL) continued stellar performance in 2QFY17 led by strong traction in CRAMS. Revenues were at Rs 1.8bn ( 21% YoY), with almost all incremental coming from CRAMS. A better product mix and higher volumes led to an EBITDA margin of 22.3% ( 129bps YoY). EBITDA was Rs 406mn ( 28%) and APAT Rs 281mn ( 21% YoY).