Upgrades

We change our rating on the stock from HOLD to BUY.

Bio-fuels to boost growth

GHCL’s Q3 EBITDA at Rs2.3bn (+53% YoY/+9% QoQ) was above our estimates largely due to operational efficiency resulting in cost savings (volumes are flat YoY/QoQ).

Biofuels to boost growth

We upgrade the stock to HOLD from SELL rating as we roll over the estimates to FY27 which factors in the expected growth from ongoing expansion initiatives.

Navin Fluorine International (NFIL)’s EBITDA/ PAT in 2QFY25 came in at 6%/12%
higher than our estimates due to the strong YoY performance in HPP and CDMO
segments.

TTCH’s 2QFY25 consolidated EBITDA declined 25% YoY, due to lower realizations YoY, higher freight costs and unfavorable operating leverage across geographies.

We visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical. The company manufacture pharma intermediates for commercialized (50-60%) and last-stage molecules.