Navin Fluorine International (NFIL IN) – Q1FY27 Result Update – Capacity expansion to support future growth – ACCUMULATE
Published on 06 Aug 2026
Navin Fluorine International Ltd (NFIL) reported its highest-ever quarterly revenue of Rs10.45bn, reflecting robust growth of 44% YoY and 11% QoQ. This strong performance was driven by healthy momentum across all three business segments. The High-Performance Products (HPP) segment recorded a 33% YoY growth, supported by strong demand, higher realizations, and volumes. The company has started getting interest from customers for contractual offtakes in new capacity of R32 equivalent. The Specialty Chemicals segment delivered a 48% YoY increase, with a strong product pipeline and solid order visibility already secured for FY27. The CDMO segment witnessed a strong performance, registering 82% YoY growth with 98% of its revenue export-driven, aided by the ramp uo of commercial supplies from Phase 1 of cGMP4. The management has reiterated its USD100mn CDMO guidance for FY27 and expect sustained growth momentum for this segment. We remain positive on NFIL’s long-term outlook, supported by a strong order pipeline, ongoing capacity expansion, and debottlenecking initiatives that are expected to sustain growth. At present, the stock trades at 35x FY28E EPS. We value the company at 37x FY28E EPS, arriving at a target price of Rs8,377, and maintain our ‘Accumulate’ rating on the stock.
