Navin Fluorine - Much Awaited MD Announcement A Sentiment Booster: Nirmal Bang

Nirmal Bang Report

Navin Fluorine International Ltd.’s management has announced the appointment of Mr Nitin Kulkarni as the new Managing Director yesterday. This has come nearly eight months after Mr Radhesh Welling had tendered his resignation.

Investors were concerned regarding the clarity on leadership, as reflected in the stock price (stock fell ~30% after earlier MD’s resignation).

We see appointment of the new MD as a sentiment booster as he has worked with Navin Fluorine in one of his previous stints and also comes with over three decades of rich experience in Fluorochemicals and CDMO.

Unlike other Specialty Chemicals companies, Navin Fluorine’s nearly 3/4th revenue is associated with global innovators and hence having an equally competent person at the helm remains the key.

We remain positive on the Complex Fluorination space and Navin Fluorine on a structural basis. While there is clarity on the leadership now, near-term challenges such as order deferrals in high value business could be an overhang on the stock. Maintain Accumulate.

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