Navin Fluorine International (NFIL IN) – Company Update – CDMO deep dive – Accumulate
Published on 14 Nov 2025
Expect acceleration with commercial ramp up of end products
With its expertise in fluorine chemistry and deep relationship with pharma innovator companies developed over years, CDMO segment of Navin Fluorine (NFIL) is expected to deliver a strong 39% CAGR in FY25-28E. Our deep dive suggests that sales of darolutamide has risen by a CAGR of 56.6% in past 3 years (for Orion to Bayer) and is likely to reach peak sales of +USD3bn (to market). Additionally, the intermediate being supplied to GSK is likely for a product which is expected to be commercialized in 2027 and is also expected to be a blockbuster drug (annual sales >USD1bn). NFIL showed a strong upside post its Q2FY26 results and has given a return of 81.6% in past one year. It is currently trading at 39x FY28 EPS of Rs155.8 (consensus Rs156.4). With several potential triggers in place, the company’s EPS may witness further upgrades going forward, supporting additional upside in the stock. Accordingly, we raise our target price to Rs6,441 (from Rs5,601 earlier), valuing it at 46x Sep’27 EPS, and maintain our Accumulate recommendation.
