Navin Fluorine International (NFIL IN) – Analyst Meet Update – Multiple growth levers in FY27–28 – Accumulate
Published on 19 Feb 2026
We 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 short-cycle, high-value products in the coming years. We 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 Rs7,038, valuing it at 41x Dec’27E EPS.
