Navin Fluorine International Ltd. share price target

Navin Fluorine (NFIL) reported a stellar performance led by the CRAMS segment. Revenues were at Rs 1.9bn ( 30% YoY), with 2/3rd of the incremental sales from the segment. A better product mix led to EBITDA margin of 18.9% ( 505bps YoY) and EBITDA of Rs 539mn ( 96%). Lower other income slightly affected APAT growth at Rs 3,215mn ( 90% YoY).

Navin Fluorine (NFIL) reported muted revenues as robust growth in CRAMS was negated by de-growth in specialty chemicals and refrigerants. A better product mix led to EBITDA margin of 15.8% ( 293 bps) and EBITDA of Rs 230mn ( 22% YoY). Higher depreciation, interest cost and tax rate led to 4% decline in APAT to Rs 136mn.

Navin Fluorine (NFIL) reported stellar results with EBITDA growing at 129% YoY to Rs 317mn and PAT at Rs 232mn ( 131% YoY). This was mainly because of higher realisation for R22 and better product mix in specialty chemicals. Pickup in R22 prices is led by (1) The government banning the import of pre-filled cylinders, which pushed up demand from OEMs, and (2) 10% cut in domestic output of R22 in 2015 under the Montreal Protocol.

Navin Fluorine International (NFIL) established in 1967, is one of India's leading manufacturer of Refrigerant Gas (R22) and world's leading manufacturer of Boron trifluoride (BF3) along with other fluorine compounds. Post Kyoto Protocol, NFIL is required to phase out manufacturing of R22 in...