Navin Fluorine International Q2 FY27 results: net profit up 81.5% to ₹269.23 crore, revenue up 57.0%

How did Navin Fluorine International perform in Q2 FY27?

Navin Fluorine International reported consolidated revenue from operations of ₹1,191 crore in Q2 FY27, compared with ₹758.42 crore in Q2 FY26 and ₹1,045 crore in Q1 FY27. Revenue rose 57.0% year on year and 13.9% from the previous quarter. On a standalone basis, revenue was ₹737.26 crore, up 31.1%, while standalone profit before tax was ₹204.57 crore against ₹134.01 crore.

Consolidated EBITDA was ₹407.45 crore in Q2 FY27, compared with ₹246.17 crore in Q2 FY26 and ₹357.07 crore in Q1 FY27. The EBITDA margin was 34.2%, up 1.7 percentage points year on year and unchanged from the previous quarter. Profit before tax was ₹351.56 crore, against ₹197.50 crore a year ago and ₹318.36 crore in Q1 FY27.

Net profit for the quarter was ₹269.23 crore, up from ₹148.37 crore in Q2 FY26 and ₹243.31 crore in Q1 FY27. Basic EPS was ₹52.48, compared with ₹29.06 in Q2 FY26 and ₹47.45 in Q1 FY27. The standalone result showed revenue of ₹737.26 crore and profit before tax of ₹204.57 crore.

What changed in Navin Fluorine International's costs and profit?

Total expenses rose ₹275.65 crore or 47.6% from Q2 FY26 to ₹854.78 crore. Cost of materials increased ₹237.67 crore or 80.0% to ₹534.67 crore, employee cost rose ₹21.42 crore or 29.3% to ₹94.46 crore, and other expenses increased ₹49.09 crore or 38.9% to ₹175.40 crore. Depreciation rose ₹6.19 crore or 16.9% to ₹42.77 crore, while finance costs fell ₹1.58 crore or 5.2% to ₹28.72 crore.

Other income declined ₹2.61 crore or 14.3% from Q2 FY26 to ₹15.60 crore. There was no exceptional item in either quarter. Tax expense increased ₹33.19 crore or 67.6% from ₹49.13 crore to ₹82.32 crore, while profit before tax rose ₹154.06 crore or 78.0% to ₹351.56 crore. The investor presentation said HPP revenue growth was led by higher volume and improved realisations, and that HFC pricing remained firm.

Against Q1 FY27, total expenses were higher by ₹92.97 crore, including a ₹92.43 crore increase in cost of materials and a ₹23.71 crore increase in other expenses. Other income fell ₹19.49 crore to ₹15.60 crore, finance costs fell ₹3.40 crore to ₹28.72 crore and tax expense rose ₹7.27 crore to ₹82.32 crore. Net profit increased ₹25.92 crore to ₹269.23 crore.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹2,235.82 crore, compared with ₹1,483.82 crore in H1 FY26, an increase of ₹752.0 crore or 50.7%. Total income rose 50.8% to ₹2,286.51 crore from ₹1,515.94 crore. The investor presentation reported H1 sales of ₹2,235.8 crore, up 51% year on year.

Profit before tax for H1 FY27 was ₹669.92 crore, up ₹317.31 crore or 90.0% from ₹352.61 crore in H1 FY26. Net profit rose ₹247.01 crore or 93.0% to ₹512.54 crore from ₹265.53 crore, while basic EPS increased ₹47.17 or 89.4% to ₹99.93 from ₹52.76.

What do the balance sheet and cash flow show?

Total assets stood at ₹6,830.59 crore on 30 September 2026, compared with ₹6,379.12 crore on 31 March 2026. Total equity was ₹4,462.34 crore against ₹3,974.58 crore, while borrowings were ₹1,207.11 crore against ₹1,226.35 crore. Cash and cash equivalents increased to ₹48.50 crore from ₹22.55 crore.

Inventories were ₹431.28 crore on 30 September 2026, against ₹445.56 crore on 31 March 2026. Trade receivables rose to ₹889.19 crore from ₹751.79 crore, while trade payables were ₹525.02 crore against ₹529.27 crore. H1 FY27 operating cash flow was ₹456.46 crore, compared with ₹280.88 crore in H1 FY26.

Investing cash flow was negative ₹321.68 crore in H1 FY27, against negative ₹594.32 crore in H1 FY26, while financing cash flow was negative ₹108.83 crore, against positive ₹342.94 crore. Capital expenditure was ₹318.84 crore in H1 FY27, compared with ₹300.71 crore in H1 FY26.

How has Navin Fluorine International done over the last 8 quarters?

Revenue rose in each of the last eight quarters on a year-on-year basis, and net profit also rose year on year in each of the last eight quarters. In the quarterly sequence, revenue reached ₹1,191 crore and profit ₹269.23 crore in Q2 FY27, the highest points in the reported series.

The EBITDA margin increased from 24.3% in Q3 FY25 to a peak of 34.5% in Q3 FY26. It was 34.2% in Q2 FY27, unchanged from Q1 FY27 and Q4 FY26. Revenue and profit have continued rising through the latest quarter, while the margin has been steady for the most recent three quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It declared an interim dividend of ₹8 per equity share of face value ₹2 each, equal to 400% of face value, with 5 November 2026 fixed as the record date. Payment will be made on or after 26 November 2026.

The board also approved a final reminder for final call money and interest on 8,060 partly paid equity shares of face value ₹2 each, on which ₹1 per share had been paid. If the call money and interest are not received within the prescribed period, the partly paid shares will be forfeited. The same-day filings did not announce a fund raise or new appointments.

What did Navin Fluorine International's management say?

Management said the Solstice HFO contract was extended by four years until December 2032, adding approximately USD180 million of revenue potential. The company expects CDMO order-book visibility to remain close to its USD100m FY27 target, while cGMP-4 Phase 2, involving approximately INR125 crores of capex, is expected to become operational by the end of Q4 FY27.

Management identified geopolitical volatility, raw-material inflation in fluorspar, sulfur and gases, Chemours qualification and scale-up, and DRDO commercialisation as risks. The CFO said five- to six-year EBITDA margins could not be forecast with confidence, while the Managing Director said the FY27 target was well within reach, supported by business developments and the product pipeline.

How did Navin Fluorine International shares react?

The stock rose 1.1% within 5 minutes of the filing appearing, 1.0% after 15 minutes and 2.2% after 30 minutes. It closed 4.6% above its pre-results close on the reaction day. By the next day's close, it was up 1.1% from that pre-results close, while the Nifty Smallcap 250 was down 0.6%.

On the reaction day, the median move for the other Specialty Chemicals stocks was down 2.0%, leaving Navin Fluorine International 6.6 percentage points ahead of the industry median. By the next day's close, the stock was 1.1 percentage points above the sector median, which was unchanged. Earlier results-day moves included 12.4% on 30 October 2025, down 4.3% on 9 February 2026 and up 0.8% on 15 July 2026.

How did other Specialty Chemicals companies do?

A total of 69 Specialty Chemicals companies were compared for the quarter. Their median revenue growth was 28.9%. Among the 51 peers that grew more slowly than Navin Fluorine International, 18 grew faster than it, based on the year-on-year revenue comparison.

Of the 63 peers for which profit was compared, 53 reported higher profit. Navin Fluorine International's Q2 FY27 revenue growth of 57.0% was above the peer median of 28.9%, and its net profit rose 81.5% from Q2 FY26.