Navin Fluorine International Ltd(NAVINFLUOR)

NSE: NAVINFLUORBSE: 532504

₹ 7,679.05-3.37%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 39,400 crNext results: 30 Oct 2026Website: www.nfil.inUpdated: 24 Oct 2026

About

Navin Fluorine International Ltd is an Indian fluorochemicals company. It runs three business verticals: High Performance Products, Specialty Chemicals and CDMO. Together they make over 70 products, and a new Advanced Materials vertical is being incubated. In FY26 the company reported revenue of Rs 3,313.9 Cr. It was the first company to make refrigerant gases in India, is India's only producer of HFOs and is one of the largest makers of BF3 in the world.^[1][2][3]

Business segments

High Performance Products: revenue of Rs 540 Cr in Q1 FY27, up 33% from Rs 407 Cr, driven by volume and higher realisations. It makes refrigerants (HFCs) and anhydrous hydrofluoric acid.^[3][4]
Specialty Chemicals: revenue of Rs 325 Cr in Q1 FY27, up 48% from Rs 219 Cr, as existing molecules scaled up and new ones launched.^[3]
CDMO: revenue of Rs 180 Cr in Q1 FY27, up 82% from Rs 99 Cr; FY26 full-year revenue was INR 541 crores (+59% YoY).^[3][4]
Advanced Materials: a new vertical being incubated for niche uses in data centers, electronics, defence and semiconductors.^[3][4]

Products and brands

The company makes over 70 products across three verticals, including refrigeration gases, inorganic fluorides, specialty fluorides and CDMO services (FY25).^[2]
Refrigerants are sold under the Mafron brand. The CDMO business has traded as Navin Molecular since FY 2023-24.^[2]
It is one of India's largest makers of anhydrous and diluted hydrofluoric acid and of inorganic fluorides (FY25).^[2]
R32 refrigerant was commercialised using technology developed in-house.^[2]
R&D spend was Rs 48.71 Cr in FY26.^[3]

Operations and capacity

There are 4 manufacturing units: Surat (refrigerants, inorganic and specialty chemicals), Dahej (HFO and fluoro intermediates), a cGMP CDMO facility at Dewas, and Runcorn, UK (FY25).^[2]
The Surat site is backward integrated: it makes sulphuric and hydrofluoric acids, the key inputs for Mafron refrigerants.^[2]
The 40,000 MTPA AHF plant at Dahej started operations in Q4 FY26 and was still ramping up in Q1 FY27.^[3][5]
The Fluoro Specialty plant at Dahej is guided to run at 50 - 60% utilisation in FY27, rising to 75 - 80% by end FY28.^[6]
The R32 HFC plants at Dahej and Surat were running at optimal capacity as of Q2 FY26.^[7]
The cGMP4 block was commissioned in Q4 FY26, and commercial supplies to its European CDMO partner have started.^[5]

Key operating numbers

Net working capital was 81 days as of Q1 FY27, against 74 days at end FY26.^[4]
Utilisation of the Specialty Chemicals agrochem multi-purpose plant (MPP) has visibility to about 80% for FY27, after 13 new molecules were delivered in FY26.^[5]
The company became net debt-free during Q1 FY27.^[4]

Customers and markets

Exports were 56% of revenue in FY25, down from 65% in FY24. Key regions are North America, Europe, the Middle East and Asia Pacific, and the company sells to 27 countries.^[2]
In CDMO, its engagement with a European CDMO major (Fermion) deepened in Q1 FY27 as demand for the existing molecule grew.^[3][5]
Honeywell is a named HPP customer. Its HFC/HFO contract allows up to 20% more volume within existing capacity.^[5]
For new HFC capacity, the company is targeting 35 - 45% on 5-year contractual offtakes, and a couple of contracts were signed as of Q1 FY27.^[4][3]
It has signed a supply agreement for a patented agrochemical for the Japanese market, with expected annual revenue of about Rs 20-30 crores (FY25).^[2]
Three global innovators audited the CDMO plants after late-stage molecules were delivered successfully (as of Q2 FY26).^[7]

Expansion and capex

Additional HFC capacity of up to 15,000 MTPA R32 (Rs 236.5 Cr) is due to commission in Q3 FY27, with peak revenue of Rs 600-825 Cr a year.^[3]
cGMP4 Phase II (capex of Rs 125 Cr) is due to start operating by Q4 FY27, with a target of about 3x asset turnover.^[3]
The Chemours liquid cooling project (Rs 120 Cr, 35% funded by the customer) was targeted for completion by end Q2 FY27.^[3]
Advanced Materials adoption capacities (capex of Rs 90 Cr) are due for completion by Q2 FY28.^[3]
Rs 15.73 Cr is being invested in an SPV for a 14.9 MW hybrid renewable power project, which is meant to meet over 60% of the company's energy needs.^[3]

Pipeline

Three CDMO molecules were expected to reach an FDA readout within 8 - 12 months of Q1 FY27.^[4]
The CDMO portfolio covers oncology, respiratory, cardiovascular, neurology and animal health (FY26).^[5]
Specialty Chemicals has visibility to campaign orders for 4 - 5 new agchem molecules in FY27, three of them patented.^[4]

Recent developments

29 September 2026: commercial production began at the debottlenecked MPP facility at Dahej (Rs 75 Cr capex), which has peak revenue potential of Rs 140-160 Cr a year.^[8][3]
13 August 2026: CARE Ratings upgraded the long-term bank facility rating from AA to AA+ (stable outlook).^[9]
Q1 FY27: a DRDO TDF project was announced to develop an indigenous process for a critical imported specialty chemical.^[4][3]
Q1 FY27: the company signed an MSA for an additional molecule with the same European supply chain partner.^[4]

Market Cap

₹39,400 Cr

High / Low

₹8,949 / 4,889

Stock P/E

52.0

Price / Book

10.3

Book Value

₹776

EPS

₹129.5

No. of Shares

5.12 Cr

ROCE

20.9%

ROE

20.1%

OPM

29.5%

Debt / Equity

0.31

Sales

₹3,314 Cr

Net Profit

₹664 Cr

Promoter holding

27.1%

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