Accumulate Navin Fluorine International; target of Rs 7038: Prabhudas Lilladher

About this update from Navin Fluorine International Limited

Prabhudas Lilladher's research report on Navin Fluorine InternationalWe attended the analyst meet for Navin Fluorine International Ltd (NFIL) and, based on our interaction with the management, the company appears well positioned for a strong multi-year growth trajectory, supported by a robust CDMO pipeline, expansion of key refrigerant gas capacities, and sustained momentum in the agchem segment. The Chemours partnership, with an initial investment of USD14mn, offers significant potential, with Phase 2 capex potentially scaling up to ~10x as demand for liquid cooling fluids gains traction. Additionally, high-grade HF and the upcoming R32-equivalent plant are expected to materially enhance performance from FY28, aided by expanded AHF capacity of ~60,000mtpa, which will support both external sales and value-added downstream integration. Overall, with diversified growth drivers across CDMO, agchem and refrigerants, NFIL is shifting its focus toward shortcycle, high-value products in the coming years.OutlookWe expect revenue/EBITDA/PAT to clock a CAGR of 18%/17%/15% over FY26–28E and maintain our ‘Accumulate’ rating on the stock with TP of Rs 7038, valuing it at 41x Dec’27E EPS.Disclaimer: 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 - 2302026 - prabhu

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