Navin Fluorine International (NFIL IN) – Management Meet Update – Growth momentum Intact – Accumulate
Published on 25 May 2026
We attended the analyst meet of Navin Fluorine International Ltd (NFIL) and, based on our interaction with the management, the company continues to remain well positioned for a strong multi-year growth trajectory across all three segments. The R32 equivalent capacity remains on track and is expected to commence operations in Q3FY27. Management indicated that demand for R32 remains robust, with limited downside risk to prices in the near term. The AHF capacity plays a critical role in strengthening downstream integration. The Chemours partnership, involving an initial investment of USD14mn, is now expected to commence by Jul-Aug’26, a slight delay compared to the earlier guidance of Q1FY27. The company has been producing pilot-scale samples over the past one year. Phase 2 capex could potentially scale up by nearly 10x as demand for liquid cooling fluids gains traction. Management also highlighted that demand for darolutamide, for which NFIL supplies a key intermediate, is expected to continue rising and will remain an important growth driver for the company. We expect revenue/EBITDA/PAT to register a CAGR of 18%/18%/22% over FY26–28E and maintain our ‘Accumulate’ rating on the stock with a target price of Rs7,489, valuing it at 39x FY28E EPS.
