Navin Fluorine - A Well-Oiled Machine: HDFC Securities

HDFC Securities Institutional Equities

We recently visited Navin Fluorine Advanced Sciences Ltd.’s, a whollyowned subsidiary of Navin Fluorine International Ltd.) plant which is spread over ~75 acres of land in Dahej, Gujarat. The plant is designed with the philosophy of sustainability and keeping in mind the various regulations that are imposed now and that can be imposed in the future in terms of safety, environment, waste management, structure, etc.

The plant is a self-sustainable unit where the company has built the capability to produce all its raw materials in-house in case of any disruption at its supplier’s end which ensures business continuity.

We expect the Ebitda margin to improve by 636 basis points from 27% in FY23E to 33% in FY25E, owing to the increase in the value-added products in the product portfolio with superior margins.

We expect Navin Fluorine’s profit after tax to grow at a 47% compound annual growth rate over FY23-25E, led by a 47% CAGR in Ebitda.

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