Accumulate Navin Fluorine International; target of Rs 5161: Prabhudas Lilladher

About this update from Navin Fluorine International Limited

Prabhudas Lilladher's research report on Navin Fluorine InternationalNavin Fluorine International (NFIL) reported its highest-ever quarterly revenue at Rs7bn, marking a growth of 16.4% YoY and 15.6% QoQ. The topline exceeded our estimate of Rs6bn by 13%, primarily driven by exceptional performance in the CDMO segment, which recorded a robust 115% YoY growth on the back of a strong order book. CDMO orders for CY25 are already secured, and the management has reiterated its revenue guidance of USD100mn from this segment by FY27. The HPP segment posted a 10% YoY increase, supported by higher volumes and improved realizations. The recent expansion of R-32 capacity by 5,000mtpa was commercialized in March’25 and is already operating at optimal utilization levels. Additionally, the ongoing capex for AHF is on track for commissioning by Q2FY26. The Specialty Chemicals segment remained flat YoY, with both the Dahej and Surat facilities running at optimal capacity. Management has indicated strong order visibility for FY26, with two new molecules scheduled to begin commercial supplies in Q1FY26. We believe long-term fundamentals of the company are intact. The strong order pipeline, expanding capacity, and improving realizations are expected to be key growth drivers going forward.OutlookThe stock is currently trading at 45x FY27E EPS of Rs101. We value the company at 51x FY27 EPS to arrive at TP of Rs5,161. We maintain ‘Accumulate’ on the stock.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Navin Fluorine International - 13052025 - prabhu

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