New Research Reports

Quarterly Update Q2FY26

We roll forward our valuation to Sept’27 and value Navin Fluorine at 46.0x Sept’27E EPS, implying a target price of INR 6,182.

Tata Chemicals (TTCH)’s 2QFY26 consolidated EBITDA declined 13% YoY, led by subdued performance in America (TCNA)/Africa (TCAHL)/Rallis, with EBITDA down 65%/58%/5% YoY due to a weak demand-supply scenario.

Q2FY26 Strong set of numbers; beat across all parameters- Revenues in Q2FY26 stood at 758 crore, up 46% YoY. Segment wise, all three segments reported a strong growth with HPP (Refrigerants +Inorganic Fluoride + HPP, 53% of revenue), up 38% YoY, Speciality Chemical (29% of revenue), up 39% YoY and CRAMS (18% of revenue) witnessing a growth of 97% YoY. EBITDA for the quarter stood at 246 crore, up 129% YoY translating into margins of 32.5%, up ~1200 bps. Relentless expansion based on visibility; Upward margins guidance based...

Navin Fluorine International (NFIL) delivered a solid performance in the quarter. Revenue for HPP, Specialty Chemicals and CDMO grew by 38%,39% and 98% respectively on YoY basis. Margins increased by ~ 12 percentage points YoY to ~33% majorly owing to volume led growth. All the 3 business verticals of HPP, Specialty Chemicals and CDMO have strong revenue visibility for FY26 and FY27. With R32 demand environment remaining tight, the management is expanding R-32 capacity by 15,000 MTPA which we believe is a step in the right direction We fine tune our FY26 and FY27 estimates to bake in higher growth. We upgrade...

Navin Fluorine International (NFIL) had a strong Q2FY26 print with surprise on margins; it delivered sustainable EBITDA margin at ~30% (earlier: 25%). Further, NFIL has announced a fresh capex for R32 (adding 15ktpa capacity), and expansion in MPP.

We revise our rating to BUY from HOLD.

We have revised our PAT estimates for FY26E/FY27E by +1.4/+2.3%, respectively, to factor in the higher EBITDA margin led by normalization on account of improved operating leverage, higher capacity utilization and led by cost optimization and efficiency improvement programs.

Recommend a BUY rating on the stock with a TP of Rs 5,140/share, implying an upside of 10% from the CMP.

Deepak Nitrate’s Q1FY26 EBITDA at Rs1.7bn (down 44% YoY; up 11% QoQ) was in line with our estimate, albeit below consensus estimate.

Deepak Nitrite (DN) reported a muted operating performance in 1QFY26, as EBITDA declined by 39% YoY to INR1.9b.

Deepak Nitrite’s (DN) Q1FY26 has shown marginal improvement over adj. Q4FY25 EBITDA; however, overall performance remains subdued.

Following the recent price correction, we upgrade the stock to HOLD' with a revised target price of Rs1,883, valuing it at 32x FY27E EPS. DN's Q1FY26 adjusted revenue stood at Rs18.7bn, declining to 13.6% YoY and 7% QoQ. Operating performance was impacted by ongoing pricing pressure, oversupply from China, and a decline in spreads. The Advanced Intermediates segment witnessed stable volumes across most products, except agrochemical intermediates, which were affected. The Phenols segment reported steady...

The Union Cabinet has approved SiCSem Private Limited, a subsidiary of Archean Chemical Industries, to establish India’s first commercial Silicon Carbide (SiC)–based compound semiconductor fab in collaboration with Clas-SiC Wafer Fab Ltd., UK.

Key triggers to watch for include improvement in bromine realizations as prices stabilize above USD 2.5/kg, faster ramp-up in bromine derivatives with rising utilization and new product additions, and meaningful pickup in SOP volumes from H2FY26E following successful plant-scale trials.

We attended the Navin Fluorine International Limited (NFIL) analyst meet, where management discussed demand trends, company strategy, and outlook across key segments. The planned capex of INR7b-10b will be deployed without impacting return ratios. Detailed capex plans will be announced in the next six months.

Quarterly Update Q1FY26

We maintain our HOLD rating on the stock.

R32 plant commercialized in Mar' 25, running at optimum utilization at Rs7.3bn, up 38.5% YoY and 3.5% QoQ, broadly in line with our estimates. Growth was primarily driven by exceptional performance in the HighPerformance Products (HPP) segment, which registered a robust 44.8% YoY increase, supported by strong demand and better realizations for refrigerants. The newly commissioned R32 plant is already operating at optimal utilization....