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Navin Fluorine International Ltd.
NSE: NAVINFLUORBasic MaterialsChemicals
- Last close
- ₹7,668.50
- Day change
- −₹278.00 (−3.50%)vs
- Market cap
- ₹43,391 crIndian rupees
- Research updated
- 1 report
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About Navin Fluorine International
Navin Fluorine International Ltd. is a leading chemical company specializing in the manufacture and sale of fluorine-based products. As part of the specialty chemicals sector, its primary function is to provide high-performance materials and intermediates that are crucial in various industries, including pharmaceuticals, agriculture, refrigeration, and petrochemicals. Renowned for its stringent quality control and advanced research capabilities, Navin Fluorine develops a diverse portfolio of products such as refrigerant gases, inorganic fluorides, and specialty molecules. The company plays a pivotal role in the market by delivering innovative fluorine chemistry solutions that drive efficiency and sustainability globally. Headquartered in India, Navin Fluorine has established a strong market presence, aligning with environmental standards and leveraging strategic partnerships to enhance its offerings. Its commitment to sustainable practices and technological advancements underscores its significance within the global chemical industry, as it caters to a diverse clientele seeking reliable, high-quality fluorochemical solutions.
- Sector
- Basic Materials
- Industry
- Chemicals
- Listing
- NSE: NAVINFLUOR
- Next results
- Employees
- 1,569
- Headquarters
- Mumbai, India
- ISIN
- INE048G01026
- Website
- nfil.in
Public research · Report of
Business model & financial foundation
Navin Fluorine (NSE: NAVINFLUOR), Fluorochemicals and fluorinated CDMO: revenue of ₹3,314 crore in FY26 (+41.1% on FY25), an EBITDA margin of 32.6%, net profit of ₹663.6 crore and net cash of ₹94.2 crore.
- Revenue, FY26 (₹ crore)
- 3,314
- consolidated
- Revenue growth, FY26
- +41.1%
- on FY25
- EBITDA margin, FY26
- 32.6%
- EBITDA (Operating EBITDA (company reported)) / revenue
- Net profit, FY26 (₹ crore)
- 663.6
- to owners
- Return on equity, FY26
- 20.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -94.2
- Net debt (negative denotes net cash)
- Market capitalisation (₹ crore)
- 41,870
- at the close of 14 Oct 2026
Company profile
Manufactures high-performance fluorochemical products, specialty chemicals and fluorinated molecules for contract development and manufacturing customers. Dahej, Surat and Dewas capacity serves refrigerant, agrochemical and pharmaceutical demand. Business-line disclosures are management categories within one statutory Chemical Business segment.
| Item | Value |
|---|---|
| Legal name | Navin Fluorine International Limited |
| Exchange and ticker | NSE: NAVINFLUOR; BSE: 532504 |
| ISIN | INE048G01026 |
| Sector | Basic Materials |
| Industry | Fluorochemicals and fluorinated CDMO |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹41,870 crore (14 Oct 2026) |
| Shares outstanding | 5.12 crore shares (FY26) |
| Price | ₹8,468 (close, 14 Oct 2026) |
| 52-week range | ₹4,772 - ₹8,950 (to 14 Oct 2026) |
| Website | https://www.nfil.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Navin Fluorine Advanced Sciences Limited | 100% | Dahej fluorochemical manufacturing; material subsidiary |
| Manchester Organics Limited | 100% | UK specialised chemistry research; 51% directly and 49% via NFIL UK |
| NFIL (UK) Limited | 100% | Overseas holding entity |
| NFIL USA Inc. | 100% | US CDMO customer access; step-down via NFIL UK |
| Navin Fluorine (Shanghai) Co. Limited | 100% | China raw-material sourcing |
| Sulakshana Securities Limited | 100% | Commercial property leasing |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 27.11% | 27.11% | 27.08% | |
| Promoter holding pledged | 0.29% | 0.00% | 0.00% | |
| Foreign institutions | 23.74% | 23.78% | 23.73% | |
| Domestic institutions | 28.09% | 27.62% | 28.46% | |
| of which mutual funds | 17.82% | 18.40% | 21.02% | |
| Retail | 21.06% | 21.49% | 20.73% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Navin Fluorine makes fluorochemicals across three management business lines inside one statutory "Chemical Business" segment.
- HPP (refrigerant gases, inorganic fluorides, the Honeywell HFO contract, AHF): FY26 revenue 1,615cr.
- Specialty Chemicals (fluorinated intermediates for agro and pharma innovators): FY26 revenue 1,152cr.
- CDMO (fluorinated APIs and intermediates for European pharma partners, at Surat cGMP and Manchester Organics): FY26 revenue 546cr.
The three lines add up to consolidated revenue of 3,313.90cr. Integration helps the cost position: the Dahej AHF plant (40,000 tpa, commissioned Feb 2026) supplies the fluorine for all three lines. What the company does not control is the refrigerant price, which is set by the China and India HFC quota regimes, and the timing of customers' molecule approvals.
| Peer | Why the dossier compares them |
|---|---|
| SRF (SRF) | Refrigerants, HFO and specialty fluorochemistry; closest operating comparator |
| Gujarat Fluorochemicals (FLUOROCHEM) | Fluorochemicals; polymer and battery materials mix differs |
| Aarti Industries (AARTIIND) | Contract specialty manufacturing; different feedstocks |
| PI Industries (PIIND) | Export custom synthesis and customer molecule risk |
| Clean Science and Technology (CLEAN) | High-margin specialty chemistry; process differentiation |
| Tanfac Industries (TANFACIND) | AHF and inorganic fluorides; small scale and different mix |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,448 | 2,065 | 2,065 | 2,349 | 3,314 |
| Cost of revenue (vendor classification) * | 706.7 | 943.9 | 995.2 | 1,102 | 1,431 |
| Other operating costs (vendor classification) * | 189.9 | 300.4 | 354.6 | 385.5 | 462.1 |
| EBITDA (vendor classification) * | 391.6 | 574.1 | 438.7 | 551.3 | 1,101 |
| EBIT * | 346.1 | 523.4 | 410.1 | 458.0 | 991.0 |
| Finance costs | 1.90 | 27.5 | 74.6 | 77.9 | 117.9 |
| Profit before tax after exceptional items | 344.2 | 495.9 | 335.5 | 380.1 | 873.2 |
| Total income tax expense | 81.2 | 120.7 | 65.0 | 91.5 | 209.6 |
| Total profit after tax including equity-accounted JV | 263.1 | 375.2 | 270.5 | 288.6 | 663.6 |
| Diluted EPS (₹) | 53.08 | 75.44 | 54.49 | 58.14 | 130.5 |
| Other income | 55.9 | 43.7 | 65.3 | ||
| Materials consumed, traded purchases and inventory change | 935.4 | 1,039 | 1,376 | ||
| Employee benefits expense | 285.8 | 296.7 | 307.3 | ||
| Other expenses | 445.5 | 480.4 | 548.6 | ||
| Operating EBITDA (company reported) | 398.3 | 533.7 | 1,082 | ||
| Depreciation and amortisation | 96.2 | 119.4 | 149.2 | ||
| Exceptional items (signed profit impact) | 52.1 | 0.00 | -6.75 | ||
| Profit attributable to owners (no minorities) | 270.5 | 288.6 | 663.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,844 | 2,185 | 2,383 | 2,626 | 3,975 |
| Borrowings, current plus non-current (excluding leases) | 121.2 | 861.2 | 1,340 | 1,441 | 1,226 |
| Cash equivalents and other bank balances | 75.7 | 14.5 | 27.5 | 40.5 | 96.9 |
| Trade receivables | 357.7 | 561.5 | 512.5 | 582.4 | 751.8 |
| Inventories | 257.5 | 468.1 | 371.7 | 322.4 | 445.6 |
| Trade payables (MSME and other creditors) | 146.5 | 243.5 | 302.5 | 327.0 | 529.3 |
| Net property, plant and equipment * | 415.1 | 1,505 | 1,734 | 2,597 | 3,178 |
| Capital work in progress * | 745.4 | 364.9 | 777.5 | 378.2 | 162.1 |
| Total assets * | 2,385 | 3,529 | 4,377 | 4,830 | 6,379 |
| Current financial investments | 486.0 | 471.8 | 1,224 | ||
| Net debt (negative denotes net cash) | 826.4 | 928.4 | -94.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 65.5 | -128.1 | 749.9 | 570.8 | 893.6 |
| Free cash flow (vendor definition) * | -504.1 | -821.3 | 17.5 | 4.04 | 404.3 |
| Dividends paid (cash outflow) | -54.2 | -54.3 | -74.3 | -59.5 | -68.0 |
| PPE purchases including CWIP and capital advances (outflow) | -575.8 | -755.5 | -732.4 | -561.1 | -485.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares outstanding at period end | 4.95 | 4.96 | 4.96 | 4.96 | 5.12 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 518.6 | 606.2 | 700.9 | 725.4 | 758.4 | 892.4 | 937.7 | 1,045 |
| Cost of revenue (vendor classification) * | 224.0 | 263.2 | 321.1 | 307.7 | 367.7 | 388.1 | 449.8 | |
| Other operating costs (vendor classification) * | 110.3 | 124.5 | 130.9 | 133.3 | 141.4 | 147.5 | 151.7 | |
| EBITDA (vendor classification) * | 118.5 | 157.8 | 190.5 | 220.7 | 323.2 | 338.7 | 392.2 | |
| EBIT * | 90.6 | 128.2 | 155.3 | 185.5 | 266.5 | 311.2 | 350.5 | |
| Finance costs | 13.9 | 20.2 | 28.3 | 30.4 | 30.3 | 28.3 | 28.9 | 32.1 |
| Profit before tax after exceptional items | 76.8 | 108.0 | 127.0 | 155.1 | 197.5 | 238.3 | 282.3 | 318.4 |
| Total income tax expense | 17.9 | 24.4 | 32.0 | 37.9 | 49.1 | 52.9 | 69.7 | 75.1 |
| Total profit after tax including equity-accounted JV | 58.8 | 83.6 | 95.0 | 117.2 | 148.4 | 185.4 | 212.6 | 243.3 |
| Diluted EPS (₹) | 11.85 | 16.84 | 19.13 | 23.59 | 29.02 | 36.13 | 41.43 | 47.39 |
| Other income | 11.2 | 10.5 | 11.8 | 13.9 | 18.2 | 15.6 | 17.6 | 35.1 |
| Materials consumed, traded purchases and inventory change | 224.0 | 263.2 | 321.1 | 307.7 | 312.9 | 367.7 | 388.1 | 449.8 |
| Employee benefits expense | 77.0 | 71.3 | 70.3 | 77.6 | 73.0 | 75.7 | 81.0 | 86.6 |
| Other expenses | 110.3 | 124.5 | 130.9 | 133.3 | 126.3 | 141.4 | 147.5 | 151.7 |
| Operating EBITDA (company reported) | 107.4 | 147.3 | 178.7 | 206.8 | 246.2 | 307.6 | 321.2 | 357.1 |
| Depreciation and amortisation | 27.9 | 29.6 | 35.3 | 35.2 | 36.6 | 36.2 | 41.2 | 41.7 |
| Exceptional items (signed profit impact) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -20.5 | 13.7 | 0.00 |
| Profit attributable to owners (no minorities) | 58.8 | 83.6 | 95.0 | 117.2 | 148.4 | 185.4 | 212.6 | 243.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 23.3% | 42.6% | -0.0% | 13.8% | 41.1% |
| EBITDA margin | 19.3% | 22.7% | 32.6% | ||
| Net margin | 13.1% | 12.3% | 20.0% | ||
| Return on equity | 11.8% | 11.5% | 20.1% | ||
| Return on capital employed | 19.1% | 20.9% | 12.1% | 11.8% | 21.4% |
| Return on assets | 6.8% | 6.3% | 11.8% | ||
| Net debt (₹ crore) | 826.4 | 928.4 | -94.2 | ||
| Net debt / EBITDA | 2.07x | 1.74x | -0.09x | ||
| Interest cover | 182.2x | 19.0x | 5.50x | 5.88x | 8.41x |
| Asset turnover | 0.68x | 0.70x | 0.52x | 0.51x | 0.59x |
| Receivable days | 90 | 99 | 91 | 90 | 83 |
| Inventory days (on revenue) | 65 | 83 | 66 | 50 | 49 |
| Payable days (on revenue) | 37 | 43 | 53 | 51 | 58 |
| Cash conversion | 2.77x | 1.98x | 1.35x | ||
| Capex intensity | 39.8% | 36.6% | 35.5% | 23.9% | 14.6% |
| Free cash flow (₹ crore) | -510.4 | -883.6 | 17.5 | 9.67 | 408.2 |
| Dividend payout | 27.5% | 20.6% | 10.3% | ||
| EPS, diluted (₹) | 53.08 | 75.44 | 54.49 | 58.14 | 130.5 |
| Book value per share (₹) | 372.4 | 440.9 | 480.6 | 529.6 | 775.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (company reported)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative denotes net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (company reported)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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