Navin Fluorine International (NFIL IN) – Q2FY26 Result Update – Robust order pipeline to drive future growth – Accumulate
Published on 30 Oct 2025
Navin Fluorine International Ltd (NFIL) reported its highest-ever quarterly revenue of Rs7.6bn, up 46.3% YoY and 4.6% QoQ, driven by strong performance across all three business segments. The High-Performance Products (HPP) segment grew 38% YoY, supported by robust demand and improved realizations for refrigerants, with both R32 plants operating at optimal capacity. The Specialty Chemicals segment posted a 39% YoY increase, aided by meaningful contributions from the Fluoro-specialty plant commissioned in Dec’24. Strong purchase orders are already in place for H2FY26. The CDMO segment delivered a 98% YoY growth, with 96% of revenue derived from exports. Backed by a healthy order book extending till FY27, the management reaffirmed its USD 100mn revenue guidance by FY27. We remain positive on NFIL’s long-term outlook, underpinned by a strong order pipeline, ongoing capacity expansion, and debottlenecking initiatives that are expected to sustain growth momentum. The stock currently trades at 36x Sep’27 EPS. We value the company at 40x Sep’27E EPS, arriving at a target price of Rs5,601, and maintain our ‘Accumulate’ rating on the stock.
