Navin Fluorine International (NFIL IN) – Q3FY26 Result Update – Robust order pipeline to drive growth – Accumulate
Published on 09 Feb 2026
NFIL reported robust quarterly revenue of Rs8.9bn, up 47.2% YoY and 17.7% QoQ, driven by strong performance across the 3 business segments. The High-Performance Products (HPP) segment grew 35% YoY, supported by robust demand, and improved realizations and volumes for refrigerants, with both R32 plants operating at full capacity. The Specialty Chemicals segment posted 60% YoY increase, aided by meaningful contributions from the fluoro-specialty plant commissioned in Dec’24. Strong purchase order pipeline is already in place for Q4 and beyond. The CDMO segment delivered 61% YoY growth, with 94% of revenue derived from exports. The segment is backed by a healthy order book extending for CY26 and beyond. The management reaffirmed its USD100mn 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, which will sustain growth momentum. The stock currently trades at 37x FY28E EPS. We value the company at 41x Dec’27E EPS, arriving at TP of Rs7,038, and maintain ‘Accumulate’ rating.
