NSE: NAVINFLUOR · BSE: 532504
NAVIN FLUORINE INT. LTD
Sells refrigerants, specialty chemicals and contract pharma manufacturing services across three verticals, operating from plants in India with exports at 66.61% of FY26 turnover of Rs 3,313.9 crore. In refrigerants (HPP), it produces R32 and other low-GWP products, with the HFO plant currently at 80% utilisation and a 15,000 MT/annum R32 capacity expansion targeted for Q3 FY27 commissioning. The Specialty Chemicals vertical grew Q4 revenue 39% YoY to Rs 360 crore, with agrochemicals a key end-market. The CDMO vertical carries a pipeline of 50-55 molecules across oncology, cardiovascular, respiratory, neurology and animal health, with management targeting $100M FY27 revenue against Rs 541 crore in FY26. Raw materials are the biggest input cost at 41.9% of revenue, with employee cost at 9.3% and capex at 14.6% of revenue; FY26 EBITDA margin was 32.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. High Performance Products (HPP), Specialty Chemicals, Contract Development and Manufacturing (CDMO). Specialty chemicals with refrigerant and CDMO exposure across three verticals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,453 | 2,077 | 2,065 | 2,349 | 3,314 |
| EBITDA (ex other income) | 355 | 550 | 450 | 534 | 1,075 |
| margin % | 24.4 | 26.5 | 21.8 | 22.7 | 32.4 |
| Owners' profit | 263 | 375 | 271 | 289 | 664 |
| EPS, as reported (₹) | 53.12 | 75.70 | 54.57 | 58.20 | 130.67 |
| ROE % · ROCE % | 14.3 · 17.3 | 17.2 · 17.4 | 11.4 · 11.7 | 11.0 · 11.7 | 16.7 · 18.7 |
| Debt / equity (x) | 0.06 | 0.39 | 0.56 | 0.55 | 0.31 |
| Cash from operations | 75 | (64) | 750 | 571 | 894 |
| Capex | (579) | (758) | (732) | (561) | (485) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 519 | 606 | 701 | 725 | 758 | 892 | 938 | 1,045 |
| Profit before tax | 77 | 108 | 127 | 155 | 198 | 238 | 282 | 318 |
| Net profit | 59 | 84 | 95 | 117 | 148 | 185 | 213 | 243 |
| EPS (₹) | 11.86 | 16.86 | 19.15 | 23.63 | 29.06 | 36.18 | 41.49 | 47.45 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD ◆ | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 55.1 | 23.1 | 80 of 99 | 19% |
| P/B | 11.0 | 2.8 | 94 of 99 | 5% |
| ROCE | 16.4 | 10.1 | 28 of 106 | 74% |
| ROE | 16.7 | 8.1 | 16 of 99 | 85% |
| Debt / Equity | 0.3 | 0.2 | 67 of 99 | 33% |
| EBITDA margin | 37.5 | 15.5 | 4 of 99 | 97% |
| Revenue growth | 44.1 | 24.4 | 18 of 94 | 82% |
| Profit growth | 107.7 | 55.1 | 26 of 92 | 73% |
| Market cap | 43610 | 699 | 4 of 108 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Oct 2026 · Solstice HFO contract extended to 2032 with added revenue | business updates | high | — | — |
| 28 Oct 2026 · 23,500 shares allotted to employees under ESOP 2017 | capital market events | low | — | — |
| 27 Oct 2026 · Company schedules Q2 and H1 FY27 results briefing | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Navin Fluorine to meet analysts at Goldman Sachs Hidden Gems on Oct 12 | investor communications | low | — | — |
| 29 Sept 2026 · Navin Fluorine subsidiary commissions debottlenecking at Dahej MPP facility | capex operations | high | — | — |
| 24 Sept 2026 · Board meeting on Oct 30, 2026 for Q2 results and interim dividend | results | low | — | — |
| 16 Sept 2026 · ESG Rating of 64.54 Performer Assigned by Niche99 | credit debt | low | — | — |
| 9 Sept 2026 · Newspaper ad on special window for physical share demat till Feb 2027 | compliance | minimal | — | — |
| 7 Sept 2026 · Navin Fluorine to meet analysts at Anand Rathi G-200 Summit on Sep 21 | investor communications | low | — | — |
| 7 Sept 2026 · Navin Fluorine to meet analysts at Jefferies India Forum on Sep 16-17 | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.