Navin Fluorine Q2 Results Review - Performance On Expected Lines: IDBI Capital

IDBI Capital Report

Navin Fluorine International Ltd. delivered in line performance in the quarter. Although revenue for specialty chemicals declined by 15% YoY, revenue for high performance product and contract development manufacturing organisation grew by 23% YoY and 42% YoY respectively. Stable HFO operations and strong sales of R32 along with higher realisations for R22 led to strong growth in HPP segment.

Specialty chemicals segment continues to be impacted by inventory rationalization in the agrochemical vertical. However, H2 FY25 and FY26 outlook for both Specialty Chemicals and CDMO segment is expected to be stronger.

We fine tune our estimates to bake in lower growth in the specialty chemicals segment. We lower our PAT estimates by 12%/8% for FY25/FY26.We maintain our Hold rating with target price of Rs 3,780.

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