Navin Fluorine: Motilal Oswal Stays 'Neutral' But Hikes Target Price After Q4 Results— Here's Why

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Motilal Oswal Report

Considering a strong FY26 performance, Motilal Oswal believes Navin Fluorine International Ltd. is well positioned to sustain its growth momentum, supported by the constructive pricing environment, growing international exposure, robust order visibility and operational leverage, led by capacity ramp-up.

The outlook is further supported by:

1. a strategic partnership with Chemours to foray into high-growth advanced materials,
2. planned investment for increasing the R32 capacity (likely to be operational by Q3 FY27) and MPP debottlenecking for the specialty chemical plant at Dahej (targeted commissioning by Q3 FY27),
3. 13 newly launched agrochem molecules in FY26, and
4. the ramp-up of the AHF plant (commissioned in Q4 FY26).

The brokerage expects a compound annual growth rate of 20%/15%/15% in revenue/Ebitda/adjusted PAT over FY26-28. The stock is trading at ~40x FY28E EPS of Rs 171 and ~25x FY28E EV/Ebitda.

Motilal Oswal values Navin Fluorine at 40x FY28E EPS to arrive at target price of Rs 6,850 and reiterates its Neutral rating.

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