Navin Fluorine International (NFIL IN) – Management Meet Update – Advance material to be 10%-15% of topline by FY30 – ACCUMULATE
Published on 21 Aug 2026
We attended the analyst meet of Navin Fluorine International Ltd (NFIL) and, based on our interaction with the management, the company continue to remain well positioned for a strong multi-year growth trajectory, supported by robust demand across businesses and multiple growth levers. The company’s earlier guidance of ~25% revenue CAGR through FY30 remains on track, while R32 capacity expansion and continued CDMO scale-up provide strong near-to-medium-term growth visibility. R32 is expected to contribute ~20–25% of revenue by FY28, with ~30–40% of the expanded capacity already contracted, while the USD100mn CDMO revenue target for FY27 remains on track. In addition, Advanced Materials is emerging as a meaningful long-term growth opportunity, with ~19–20 fluorination-based products to contribute ~10–15% of revenue by FY30. To support these growth opportunities, the company plans to invest ~INR7,000mn in FY27, with annual capex expected at ~INR7,000–10,000mn over the next 2–3 years across R32, CDMO and Advanced Materials. We expect revenue/EBITDA/PAT to register a CAGR of 22%/24%/29% over FY26–28E and maintain our ‘Accumulate’ rating on the stock with a target price of Rs8,812, valuing it at 41x FY28E EPS.
