Navin Fluorine International (NFIL IN) – Q2FY27 Result Update – Strong order visibility supports sustained growth outlook – ACCUMULATE
Published on 30 Oct 2026
Navin Fluorine International Ltd (NFIL) reported a strong performance in Q2FY27, with consolidated revenue growing 57% YoY and 14% QoQ to INR11.9bn, driven by healthy momentum across all three business segments. The HPP segment growth was supported by higher volumes and improved realizations, aided by strong HFC pricing, increased HF volumes and growth in the HFO business. The company extended its existing HFO supply contract with Honeywell (Solstice Advanced Materials) by four years until Dec’32, which provides additional revenue potential of USD180mn. The Specialty Chemicals segment also continued to witness strong growth, this segment has order visibility for H2FY27 and beyond, with MPP debottlenecking commissioned during the quarter. The CDMO segment sustained its sequential growth momentum, supported by higher offtake from existing molecules and new qualification campaigns, with the USD100mn FY27 revenue target well within reach. Phase 2 of cGMP4 is progressing as planned and is expected to be operational by Q4FY27. We remain positive on NFIL’s long-term outlook, supported by strong order visibility, a healthy product pipeline and ongoing capacity expansion. The stock trades at 33x FY29E EPS. We value the company at 38x Sep’28E EPS, arriving at a target price of INR9,554, and maintain our ‘Accumulate’ rating.
