Navin Fluorine International Ltd. share price target

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.

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.

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....

Navin Fluorine International (NFIL) delivered strong performance in the quarter. Revenue for HPP, Specialty Chemicals and CDMO grew by 45%,35% and 22% respectively on YoY basis. Higher volumes and pricing of R32 led to strong growth in HPP segment. Specialty Chemicals segment is witnessing healthy capacity utilization with NFIL focusing on volume led growth. Order book prospects for CDMO are sanguine with continued pipeline of RFQs and orders. We fine tune our FY26 and FY27 estimates to bake in higher growth. We maintain our HOLD rating with revised TP of Rs 5,001 at 45xFY27 expected earnings....

Navin Fluorine International Ltd. announced the opening of its Qualified
Institutions Placement (QIP) on July 7, 2025, to raise up to INR 7,500 Mn.
The Board approved the preliminary placement document and set the floor
price at INR 4,798.28 per share, based on SEBI’s pricing formula.

Leaders in Fluorine

HPP/CDMO see 10%/115% YoY revenue growth: Consolidated revenue stood at Rs7bn (16.4% YoY/15.6% QoQ), (PLe: Rs6.23bn, Consensus: Rs6.7bn). FY25 revenue for the company improved by 13.8% to Rs23.5bn. Gross profit margin was 54.2% (vs 50% in Q4FY24 and 56.6% in Q3FY25). Absolute Gross profit was Rs3.8bn, increased QoQ by 10.7% and YoY by 26.2%. HPP and CDMO segment saw a revenue increase of 10% and 115% respectively, while...

We recommend a BUY on the stock with a target price of Rs 4,300/share, implying an upside of 10% from the CMP

Strong recovery in Q3; healthy growth to sustain in FY26.

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.

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.

We downgrade to SELL from HOLD rating on the stock to factor in the near-term headwinds and recent surge in stock price.

NFIL’s Q1 revenue was up 14% YoY at Rs5.2bn (-13% QoQ), owing to volume recovery in the HFO plant (YoY) and higher volumes/pricing-in the ref gas business.