NAVINFLUOR
Small CapNavin Fluorine International Limited
Industrials
Navin Fluorine International Limited is a global provider of fluorochemical solutions, leveraging expertise, R&D, and manufacturing facilities. It offers a diversified portfolio across Specialty Chemicals, High Performance Products (HPP), and Contract Development and Manufacturing Organization (CDMO) segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +34% YoY · PAT +124% YoY · margin expansion · +5% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹938 Cr | +33.8% | +5.2% |
| EBITDA | ₹321 Cr | +79.3% | +4.2% |
| Operating margin | 34.0% | +800 bps | +0 bps |
| PAT | ₹213 Cr | +124.2% | +15.1% |
| PAT margin | 22.7% | +916 bps | +197 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 consolidated sales grew 34% YoY and 5% QoQ to Rs. 937.7 Crs, with Operating EBITDA up 80% YoY and 4% QoQ to Rs. 321.2 Crs. Operating EBITDA margin expanded 875 bps YoY to 34.2%. FY26 saw 41% YoY sales growth and 103% YoY Operating EBITDA growth.
The company delivered robust Q4 and FY26 results, marked by significant revenue and EBITDA growth, alongside substantial margin expansion. Ongoing strategic capex projects across HFC, MPP, and Advanced Materials, coupled with strong order visibility in Specialty Chemicals and CDMO, support continued growth.
Specialty CDMO Momentum
Strong momentum continues with a balanced portfolio of late/commercial and early-stage molecules, increasing footprint across therapeutic areas like Oncology, Respiratory, Cardiovascular, Neurology, and Animal health.
HPP Volume & Realization
Revenue growth in HPP led by improved realizations and higher volumes, supported by a constructive pricing environment for HFC.
Specialty Chemicals Pipeline
Product pipeline remains strong, with meaningful scale-up across existing molecules and a strong line-up of new launches, supported by strong order visibility.
Advanced Materials Expansion
Expanding footprint in emerging and innovative Advanced Materials products, with initial commercial capacity for liquid cooling products.
HFC MPP Capacity
Additional HFC capacity equivalent to up to 15,000 MTPA of R32, with a capex of Rs. 236.5 Crs, expected to be commissioned by Q3FY27, with peak revenue potential of Rs. 600-825 Crs per annum.
Dahej MPP De-bottlenecking
De-bottlenecking MPP capacity at Dahej with a capex of Rs. 75 Crs, targeted for commissioning by Q3FY27, to support a new molecule for a global innovator with peak revenue potential of Rs. 140-160 Crs per annum.
Advanced Materials Capacity
Initial commercial capacity for manufacturing an innovative liquid cooling product with a capex of Rs. 120 Crs (35% customer funded), targeted for commissioning by Q1FY27.
AHF Capex
AHF capex has been commissioned, and commercial supply has started.
HFC Demand-Supply
Constructive global demand-supply environment for HFCs driven by transition to low GWP gases and increasing RAC and blends demand in India and export markets.
Strong Order Visibility
Sustained growth in Specialty Chemicals supported by strong order visibility.
CDMO Outlook
Strong outlook for European CDMO MSA into FY27 and beyond, with successful completion of validation and commercial supplies started from cGMP4.
Backward Integration
Backward integration of key products to basic feedstock offers a China-free alternative with minimal import dependency.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and margin expansion trends. QoQ comparison provides insight into sequential momentum and operational efficiency in a dynamic market.
Revenue Growth
Q4FY26 Sales: Rs. 937.7 Crs (+34% Y-o-Y, +5% Q-o-Q). FY26 Sales: Rs. 3313.9 Crs (+41% Y-o-Y).
Operating EBITDA Margin
Q4FY26: 34.2% (+875 bps Y-o-Y, -22 bps Q-o-Q). FY26: 32.6% (+992 bps Y-o-Y).
ROE
FY26: 20.1% (+8.6% Y-o-Y from 11.5% in FY25).
ROCE
FY26: 21.0% (+9.5% Y-o-Y from 11.5% in FY25).
3P Approach
Management focuses on a '3P approach' – Product, Platform, and Partnerships – to build capacities, scalable platforms, and nurture long-term relationships.
R&D and Innovation
Strong R&D engagement supports co-development initiatives, accelerating innovation and customized solutions, with a total R&D spend of Rs. 54.69 Crs in FY25.
ESG Commitment
Committed to ESG, undertaking environmentally friendly initiatives like waste heat recovery, increased solar electricity capacity, water recycling, and plastic waste management across facilities.
Strategic Partnerships
Forging multiyear partnerships to integrate within the global supply chain, positioning alongside industry majors and harnessing their expertise and resources.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| HFC Capacity Commissioning | Q3FY27 | Monitor successful commissioning and ramp-up of additional HFC capacity and its contribution to revenue. |
| MPP De-bottlenecking | Q3FY27 | Track commissioning of Dahej MPP de-bottlenecking and revenue generation from the new molecule for the global innovator. |
| Advanced Materials Ramp-up | Q1FY27 | Observe the commissioning and initial commercial adoption of the innovative liquid cooling product in Advanced Materials. |
| Chemours Project Completion | Q1FY27 | Verify the timely completion of the Chemours project and its contribution to Specialty Chemicals segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +14.2% / mo
Technical chart
NAVINFLUORweekly · 6M+11.5%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 51.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 9% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Fair-value margin of safety is negative at -17.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 15%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 94th pctile, median 68 · Small: 96th pctile, median 65
226 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸ROCE is 21.4%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 52.60
- P/B
- 8.86
- EV/EBITDA
- 29.64
- Market Cap
- 35209.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 21.40%
- ROA
- 10.41%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 9.17×
- Altman Z
- 8.17
- Book Value
- 775.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 894.00 Cr
- EPS TTM
- 129.46
Shareholding
- Promoter Hold
- 27.10%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.