Navin Fluorine International: Target Price of Rs 7297 Set By Prabhudas Lilladher

Navin Fluorine International Reports Highest-Ever Quarterly Revenue

Navin Fluorine International Ltd (NFIL) has announced its highest-ever quarterly revenue of Rs9.4bn, marking a robust growth of 33.8% year-over-year (YoY) and 1% quarter-over-quarter (QoQ). This strong performance can be attributed to healthy momentum across all three business segments.

The HighPerformance Products (HPP) segment recorded a 20% YoY growth, driven by strong demand, improved realizations, and higher volumes. Additionally, commercial supplies of AHF commenced during Q4FY26, providing further growth opportunities. The Specialty Chemicals segment delivered a robust 39% YoY increase, with a strong product pipeline and solid order visibility already secured for FY27. The CDMO segment witnessed a strong performance, registering 61% YoY growth with 98% of its revenue driven by exports, aided by the commencement of commercial supplies from Phase 1 of cGMP4.

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With a healthy order book extending over the next three years, management has reiterated confidence in sustained growth momentum for the company. The stock trades at 35x FY28E EPS, while we value the company at 38x FY28E EPS, arriving at a target price of Rs7,297. We maintain our 'Accumulate' rating on the stock, supported by a strong order pipeline, ongoing capacity expansion, and debottlenecking initiatives that are expected to sustain growth.