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Nirmal Bang Report
Navin Fluorine International Ltd. management indicated production linked challenges and order deferrals while explaining underperformance in Q2 FY24.
Unlike peers, Navin Fluorine's agro exposure was not impacted significantly because of the better mix of generic and new molecules, wherein demand for new molecules remains robust.
We continue to remain positive on the complex fluorination space.
Maintain 'Buy' on better growth visibility over next four-five years.
However, commissioning delays, order deferrals in high value business and a lack of clarity on leadership could create a near term overhang on the stock.
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