Navin Fluorine Q1 Results Review - Subdued Performance Led By Agrochem Weakness: IDBI Capital

IDBI Capital Report

Navin Fluorine International Ltd. delivered subdued performance in the quarter. Although high performance product revenue grew by 66% YoY, revenue for high value segments of specialty chemicals and contract development manufacturing organisation declined by 30% and 13% respectively. Stable HFO operations and strong sales of R32 along with pricing uptick in peak summer season led to strong growth in HPP segment.

Specialty chemicals segment continues to be impacted by inventory rationalization in the agrochemical vertical. The CDMO segment witnessed improved order book visibility.

We fine tune our estimates to bake in gradual recovery in specialty chemicals and CDMO. We lower our PAT estimates by 10%/15% for FY25/FY26. We maintain our Hold rating with revised target price of Rs 3,780 at 45 times-FY26E earnings.

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