Navin Fluorine International Limited (NAVINFLUOR)
₹8,167.00 -0.98% last close, 16 Oct
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Navin Fluorine International Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Navin Fluorine's revenue was ₹1,045 Cr (+44.1% year on year, +11.4% on the previous quarter), and net profit ₹243 Cr (+107.7% year on year); the operating margin was 34.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,045 | +44.1% | +11.4% |
| Operating profit | ₹357 | +72.7% | +11.2% |
| Net profit | ₹243 | +107.7% | +14.2% |
| EPS (₹) | 47.45 | +100.8% | +14.4% |
| Operating margin | 34.2% | — | — |
NAVINFLUOR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.28% of the NAVINFLUOR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.48%. That is close to its usual level.
Delivery in the last 5 sessions: 58.6% · 44.1% · 45.8% · 60.2% · 56.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Navin Fluorine announced its schedule to participate in the Goldman Sachs India - Hidden Gems conference on October 12, 2026, and shared its investor presentation. The presentation recaps Q1 FY27 consolidated sales of Rs 1,045.1 crore (up 44% YoY) and an operating EBITDA of Rs 357.1 crore with a 34.2% margin. It also outlines key growth initiatives, including an ongoing Rs 236.5 crore HFC expansion (15,000 MTPA R32 capacity) and Rs 125 crore Phase II cGMP4 capex. No new undisclosed material developments or financial figures were introduced.
- Scheduled virtual one-on-one and group investor meetings at Goldman Sachs India conference on October 12, 2026
- Recapped Q1 FY27 consolidated sales of Rs 1,045.1 crore, up 44% YoY, and operating EBITDA of Rs 357.1 crore
- Highlighted ongoing capex including Rs 236.5 crore for 15,000 MTPA R32 capacity targeted for Q3 FY27
- Phase II cGMP4 CDMO capex of Rs 125 crore initiated, targeting completion by Q4 FY27 with ~3x asset turnover
Navin Fluorine International Limited has announced the successful commissioning of its debottlenecking capacity at the Multi Purpose Plant (MPP) facility in Dahej via its wholly owned subsidiary, Navin Fluorine Advanced Sciences Limited (NFASL). The board had previously approved funding of ₹75 Crores on October 30, 2025, for this project. Commercial production and product dispatch have formally commenced as of September 29, 2026. The ₹75 Crore capex represents approximately 2.1% of TTM revenue (₹3,634 Cr) and 2.0% of net worth (₹3,666 Cr).
- Commissioned debottlenecking capacity at the Multi Purpose Plant (MPP) facility at Dahej site
- Commercial production and product dispatches commenced on September 29, 2026
- Project executed by wholly owned subsidiary Navin Fluorine Advanced Sciences Limited (NFASL)
- Funded via previously approved capex of ₹75 Crores dated October 30, 2025
Navin Fluorine International Limited has announced the successful commissioning of its debottlenecking capacity at the Multi Purpose Plant (MPP) facility in Dahej via its wholly owned subsidiary, Navin Fluorine Advanced Sciences Limited (NFASL). The board had previously approved funding of ₹75 Crores on October 30, 2025, for this project. Commercial production and product dispatch have formally commenced as of September 29, 2026. The ₹75 Crore capex represents approximately 2.1% of TTM revenue (₹3,634 Cr) and 2.0% of net worth (₹3,666 Cr).
- Commissioned debottlenecking capacity at the Multi Purpose Plant (MPP) facility at Dahej site
- Commercial production and product dispatches commenced on September 29, 2026
- Project executed by wholly owned subsidiary Navin Fluorine Advanced Sciences Limited (NFASL)
- Funded via previously approved capex of ₹75 Crores dated October 30, 2025
Navin Fluorine International Limited received an unsolicited ESG rating of '64.54 Performer' from Niche99 ESG Ratings, based on publicly available data. The company clarified that it did not engage Niche99 ESG Rating Framework for this review. This is an ESG-specific assessment rather than a traditional credit rating action affecting borrowing costs or debt instruments. Given the company's minimal debt of Rs 92 Cr (D/E of 0.03), the event carries negligible balance sheet impact.
- Assigned an ESG rating score of '64.54 Performer' by Niche99 ESG Ratings
- Intimation email received by the company on September 15, 2026
- Independent assessment based on public domain data without company engagement
- Filed with stock exchanges on September 16, 2026
Navin Fluorine International Limited has scheduled physical meetings with analysts and institutional investors at the 2026 Jefferies India Forum on September 16-17, 2026. The company submitted its investor presentation highlighting Q1 FY27 net revenue of ₹1,045.1 crore (up 44% YoY) with an operating EBITDA margin of 34.2%. Active pipeline projects include the ₹236.5 crore R32 HFC expansion (expected peak revenue of ₹600-825 crore) and ₹125 crore cGMP4 Phase II CDMO capex.
- Officials to participate in 1-on-1 and group meetings at Jefferies India Forum on September 16-17, 2026
- Q1 FY27 revenue reported at ₹1,045.1 crore, up 44% YoY, led by 82% YoY growth in CDMO and 48% in Specialty Chemicals
- Active capex includes ₹236.5 crore R32 capacity expansion targeting commissioning by Q3 FY27 with ₹600-825 crore peak revenue potential
- Advanced Materials capex of ₹90 crore announced with expected completion by Q2 FY28
Navin Fluorine has scheduled physical one-on-one and group interactions at the Jefferies India Forum on September 16-17, 2026. The accompanying presentation details Q1 FY27 performance with revenue of Rs 1,045.1 Cr (up 44% YoY) and Operating EBITDA of Rs 357.1 Cr (34.2% margin). It outlines progress across key capex programs including Rs 236.5 Cr for R32 expansion (peak revenue potential Rs 600-825 Cr p.a.) and Rs 125 Cr for cGMP4 Phase II CDMO expansion.
- Analyst/investor meetings scheduled for September 16-17, 2026 at the Jefferies India Forum.
- Q1 FY27 revenue stood at Rs 1,045.1 Cr (+44% YoY) with Operating EBITDA of Rs 357.1 Cr (+73% YoY).
- CDMO revenue grew 82% YoY to Rs 180 Cr, supported by ongoing cGMP4 Phase II capex of Rs 125 Cr slated for Q4 FY27 completion.
- R32 HFC capex of Rs 236.5 Cr on track for Q3 FY27 commissioning with peak revenue potential of Rs 600-825 Cr p.a.
Navin Fluorine International Limited announced that its Nomination and Remuneration Committee has allotted 8,095 equity shares of face value ₹2 each on August 26, 2026, pursuant to the exercise of stock options under the Employees' Stock Option Scheme 2017. Following this allotment, the company's paid-up equity share capital increased to ₹10,26,08,168, comprising 5,13,00,054 fully paid equity shares and 8,060 partly paid equity shares. The newly allotted shares rank pari-passu with the existing equity shares. The dilution from this issuance represents approximately 0.016% of the company's total equity base, resulting in negligible financial impact.
- Allotment of 8,095 equity shares of face value ₹2 each under ESOP 2017
- Paid-up share capital increased to ₹10,26,08,168
- Total share base comprises 5,13,00,054 fully paid shares and 8,060 partly paid shares
- Dilution impact is negligible at ~0.016% of total equity base
Navin Fluorine International Limited announced that Crisil ESG Ratings & Analytics Limited has assigned it an independent rating of 'Crisil ESG 62' and a Core ESG rating of 'Crisil Core ESG 66'. The company noted that it did not engage Crisil for this rating, and the report was prepared independently based on publicly available domain data. This rating does not alter debt or credit profile metrics, representing an informational ESG disclosure.
- Crisil ESG rating assigned at 'Crisil ESG 62'
- Crisil Core ESG rating assigned at 'Crisil Core ESG 66'
- Assessment conducted independently based on public domain data without company engagement
- Intimation email received by the company on August 17, 2026
Navin Fluorine International submitted its latest investor presentation ahead of an analyst interaction on August 20, 2026. For Q1 FY27, consolidated revenue surged 44% YoY to Rs 1,045.08 crore, driven by robust growth across CDMO (+82%), Specialty Chemicals (+48%), and High Performance Products (+33%). Consolidated PAT doubled to Rs 243.31 crore (+108% YoY) with an operating EBITDA margin of 34.2%. The company also outlined active capex projects including Phase II cGMP4 (Rs 125 crore) and 15,000 MTPA R32 capacity expansion (Rs 236.5 crore).
- Q1 FY27 consolidated revenue grew 44% YoY to Rs 1,045.08 crore with operating EBITDA of Rs 357.07 crore (+73% YoY).
- Operating EBITDA margin expanded by 566 bps YoY to 34.2% in Q1 FY27.
- CDMO vertical revenue jumped 82% YoY to Rs 180 crore; initiated Phase II cGMP4 capex of Rs 125 crore targeted for Q4 FY27.
- Ongoing 15,000 MTPA R32 HFC capex of Rs 236.5 crore is on track for Q3 FY27 commissioning with peak revenue potential of Rs 600-825 crore per annum.
CARE Ratings has upgraded the long-term bank facility ratings of Navin Fluorine International Limited from 'CARE AA; Stable' to 'CARE AA+; Stable'. The company's wholly-owned subsidiary, Navin Fluorine Advanced Sciences Limited, also received an upgrade to 'CARE AA+ (CE)' for its credit-enhanced facilities. This upgrade reflects the company's robust financial health, evidenced by a very low Debt-to-Equity ratio of 0.03 and a 41% revenue growth in FY26. Such upgrades typically signal improved creditworthiness and can lead to lower borrowing costs for future expansions.
- Parent company long-term bank facility rating upgraded to CARE AA+; Stable from CARE AA; Stable
- Subsidiary NFASL credit-enhanced rating upgraded to CARE AA+ (CE) from CARE AA (CE)
- Subsidiary NFASL unsupported rating upgraded to CARE AA from CARE AA-
- Company maintains a strong balance sheet with a Debt-to-Equity ratio of 0.03 on a debt of ₹92 Cr
- TTM Revenue reached ₹3,314 Cr with a healthy Operating Profit Margin of 32.6%
Navin Fluorine reported a strong Q1 FY27 with revenue growing 44% YoY to ₹1,044 Cr and PAT doubling to ₹243 Cr. The company announced two significant capex initiatives totaling ₹215 Cr: ₹90 Cr for advanced materials adoption and ₹125 Cr for CDMO Phase 2. A strategic partnership with DRDO for indigenous specialty materials highlights a move into high-tech defense applications. Management confirmed that the 15,000 MT R32 expansion and the Chemours project remain on track for commissioning in Q3 FY27 and Q2 FY27, respectively.
- Q1 FY27 Revenue grew 44% YoY to ₹1,044 Cr, driven by strong performance across all three business verticals.
- PAT increased 108% YoY to ₹243 Cr, reflecting significant operating leverage and improved realizations.
- Announced ₹215 Cr in new/initiated capex, representing approximately 6.5% of TTM revenue.
- CDMO vertical revenue surged 82% YoY to ₹180 Cr with improved visibility for the full year.
- HFC capacity expansion of 15,000 metric tons of R32 is on track for commissioning in Q3 FY27.
Navin Fluorine International Limited (NFIL) concluded its 28th Annual General Meeting on August 6, 2026, with shareholders approving all proposed resolutions. A final dividend of ₹8.60 per equity share (face value ₹2) was declared for FY25-26. Crucially, leadership continuity was established with the re-appointment of Executive Chairman Vishad P. Mafatlal for a five-year term starting August 20, 2026. Additionally, two Independent Directors were re-appointed for five-year terms, ensuring board stability through 2031.
- Final dividend of ₹8.60 per equity share approved for the financial year 2025-26.
- Executive Chairman Vishad P. Mafatlal re-appointed for a 5-year term from August 20, 2026, to August 19, 2031.
- Independent Directors Sujal A. Shah and Apurva S. Purohit re-appointed for 5-year terms ending in May and October 2031, respectively.
- Total of 3,80,50,543 valid votes polled for the dividend resolution, representing 74.17% of outstanding shares.
- Shareholder base stood at 1,45,242 as of the record date of July 30, 2026.
Navin Fluorine International Limited concluded its 28th Annual General Meeting on August 6, 2026, with all resolutions passed by the requisite majority. Shareholders approved a final dividend of ₹8.60 per equity share for FY26, following a year where the company reported a TTM revenue of ₹3,314 Cr and PAT of ₹664 Cr. Key leadership decisions included the re-appointment of Mr. Vishad P. Mafatlal as Executive Chairman and the re-appointment of two Independent Directors. The meeting also ratified the remuneration for Cost Auditors for the upcoming FY27.
- Final dividend of ₹8.60 per equity share (430% of ₹2 face value) approved for FY26
- Re-appointment of Mr. Vishad P. Mafatlal as Executive Chairman confirmed via Special Resolution
- Adoption of FY26 Audited Financial Statements with TTM revenue of ₹3,314.19 Cr
- Re-appointment of two Independent Directors and one Rotational Director approved
- AGM proceedings concluded in 76 minutes, followed by a 15-minute e-voting window
Navin Fluorine has published the audio recording of its earnings call held on August 05, 2026, for the quarter ended June 30, 2026. The company currently reports a TTM revenue of Rs 3,314 Cr and a PAT of Rs 664 Cr, supported by a robust operating margin of 32.6%. This routine disclosure allows investors to access management's detailed commentary on the CDMO and Specialty Chemical verticals. Given the company's high P/E of 58.4, the call provides essential context on the execution of its 42% expected growth strategy.
- Earnings call held on August 05, 2026, to discuss Q1 FY27 performance.
- Reporting covers the operational and financial results for the quarter ended June 30, 2026.
- Company maintains a strong TTM revenue base of Rs 3,314 Cr.
- Operating margins remain healthy at 32.6% as per latest annual figures.
- Debt levels remain low at Rs 92 Cr against a net worth of Rs 3,666 Cr.
Navin Fluorine delivered a strong Q1 FY27 with revenue growing 44% YoY to Rs 1,045.1 Cr, driven by an 82% surge in the CDMO vertical. Operating EBITDA margins expanded significantly by 566 bps YoY to 34.2%, reflecting strong operating leverage. The company announced a new Rs 125 Cr Phase II capex for its cGMP4 facility to support a European CDMO major, alongside a new 'Advanced Materials' vertical targeting data centers and semiconductors. Total ongoing capex projects exceed Rs 640 Cr, representing approximately 19.5% of TTM revenue.
- Consolidated Revenue grew 44% YoY to Rs 1,045.1 Cr, with CDMO revenue rising 82% to Rs 180 Cr.
- Operating EBITDA increased 73% YoY to Rs 357.1 Cr, with margins expanding to 34.2%.
- Initiated Phase II cGMP4 capex of Rs 125 Cr with a targeted asset turnover of ~3x and completion by Q4 FY27.
- R32 capacity expansion of 15,000 MTPA (Rs 236.5 Cr capex) remains on track for Q3 FY27 commissioning.
- Launched a new 'Advanced Materials' vertical with Rs 90 Cr capex for niche applications in electronics and defense.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 rose 42% to INR 1,484 Cr. Q2 FY26 revenue grew 46% to INR 758 Cr. The High-Performance Products (HPP) segment achieved 38% YoY growth in Q2 FY26, crossing INR 400 Cr. In FY23, high-value segments (Specialty Chemicals and CDMO) grew 30% YoY, though they saw a decline of 30% and 13% respectively in FY24 due to industry headwinds.
Geographic Revenue Split
Exports accounted for 56% of total revenue in FY25. Key international markets include North America, Europe, the Middle East, and Asia Pacific, while the remaining 44% is derived from domestic Indian operations.
Profitability Margins
Operating margins have shown volatility; PBILDT margin improved from 24.4% in FY22 to 26.6% in FY23, but moderated to 19.40% in FY24 and 19.16% in Q1 FY25 due to pricing pressures in export refrigerants and a shift in business mix. Gross profit margins remained stable in Q2 FY26, with earnings growth driven by operating leverage.
EBITDA Margin
EBITDA for H1 FY26 more than doubled compared to H1 FY25. The company faces a negative rating trigger if PBILDT margins fall below 20% on a sustained basis, while a positive trigger is set for achieving an operating ROCE above 28%.
Capital Expenditure
The company is executing large-sized, partly debt-funded projects. A Qualified Institutional Placement (QIP) of INR 750 Cr was completed in July 2025, primarily to reduce debt in its subsidiary, Navin Fluorine Advanced Sciences Limited (NFASL), and support ongoing value-accretive capex expected to drive growth beyond FY27.
Credit Rating & Borrowing
Long-term bank facilities of INR 210.10 Cr are rated CARE AA; Stable (reaffirmed Sept 2025). Short-term facilities of INR 230.10 Cr are rated CARE A1+. Borrowing costs are supported by a strong financial risk profile with a net debt-to-equity ratio of 0.9x as of September 30, 2025.
Operational Drivers
Raw Materials
Key raw materials include Fluorspar (accounting for over 40% of total raw material costs), Chloroform, and Sulphur.
Import Sources
Fluorspar is primarily sourced from South Africa and China. The company has specifically entered long-term contracts with South African miners to de-risk its supply chain from Chinese volatility.
Key Suppliers
Not disclosed in available documents beyond general references to South African miners.
Capacity Expansion
The company operates a Multipurpose Plant (MPP) and is focusing on debottlenecking to drive higher asset sweating. Dedicated capex for specific molecules is considered as volumes scale. New projects in the NFASL subsidiary have recently commenced operations to expand the fluorine value chain.
Raw Material Costs
Raw material costs are highly volatile, particularly Fluorspar. While the company has historically passed on cost increases to customers, there is a time lag that can temporarily squeeze margins.
Manufacturing Efficiency
Efficiency is driven by operating leverage, as seen in Q2 FY26 where revenue grew 46% while operating costs increased only 12%.
Strategic Growth
Expected Growth Rate
42%
Growth Strategy
Growth is targeted through a focus on high-value CDMO and Specialty Chemical verticals, leveraging R&D in complex fluorine chemistry. The company is utilizing a 'Navin Molecular' brand to expand CDMO services beyond fluorination and has secured multi-year contracts with global innovators to ensure revenue visibility.
Products & Services
Refrigerant gases (including R32 and HFOs), inorganic fluorides, specialty fluorides, and CDMO services for pharmaceutical and agrochemical intermediates.
Brand Portfolio
MAFRON (refrigerant gases), Navin Molecular (CDMO business).
New Products/Services
Expansion into HFO (Hydrofluoroolefins) and R32 refrigeration gases to replace older HCFC products; new product pipelines in R&D are expected to accelerate growth from FY27 onwards.
Market Expansion
Targeting growth in North America and Europe through the CDMO vertical and high-performance products.
Market Share & Ranking
One of the largest specialty fluorochemical companies in India and a pioneer in refrigerant gas manufacturing.
Strategic Alliances
Strategic multi-year partnerships with global players for supplying intermediates in the pharma and agrochemical industries.
External Factors
Industry Trends
The industry is shifting toward low-GWP (Global Warming Potential) refrigerants like HFOs due to environmental regulations. Navin is positioning itself by increasing the share of high-value specialty chemicals and CDMO services which are less commoditized.
Competitive Landscape
Faces competition in certain business segments and pricing pressure in the export market for refrigerant gases.
Competitive Moat
Moat is built on complex fluorine chemistry expertise, R&D capabilities, and long-standing relationships with global innovators. These are sustainable due to the high technical barriers and hazardous nature of fluorine handling.
Macro Economic Sensitivity
Sensitive to global pharmaceutical and agrochemical demand cycles, as these end-user industries drive the CDMO and Specialty Chemical segments.
Consumer Behavior
Increasing demand for sustainable and 'Responsible Care' certified chemical suppliers among global pharmaceutical and agrochemical majors.
Geopolitical Risks
Exposure to trade barriers and supply chain disruptions due to the high percentage of exports and reliance on imported Fluorspar.
Regulatory & Governance
Industry Regulations
Subject to environmental norms regarding the production and phase-out of ozone-depleting substances (HCFCs) and manufacturing standards for hazardous chemicals.
Environmental Compliance
The company holds 'Responsible Care' certification and has released its third sustainability report in 2025. It faces risks from the regulatory phase-out of HCFCs.
Legal Contingencies
Secretarial Audit Reports for FY25 for NFIL and its material subsidiary NFASL contained no qualifications, reservations, or adverse remarks.
Risk Analysis
Key Uncertainties
Volatility in Fluorspar prices (40% of RM cost) and potential delays in realizing returns from large-scale capex projects (ROCE target >14% to avoid rating downgrade).
Geographic Concentration Risk
56% of revenue is concentrated in international markets (North America, Europe, Middle East, Asia Pacific).
Third Party Dependencies
High dependency on South African and Chinese miners for Fluorspar supply.
Technology Obsolescence Risk
Risk of product obsolescence in the refrigerant segment due to evolving global environmental regulations (HCFC phase-out).
Credit & Counterparty Risk
Receivables quality is supported by long-term contracts with global innovators, though specific credit metrics were not disclosed.
