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IDBI Captial Report
Navin Fluorine International Ltd. delivered a solid performance yet again in the quarter. Revenue for high-performance products, specialty chemicals and contract development and manufactuing organisation grew by 35%,60% and 61% respectively on YoY basis. Margins increased by ~ 10 percentage points YoY to ~34.5% majorly owing to strong performance of the specialty chemicals segment and operating leverage led benefits.
All the three business verticals of HPP, specialty chemicals and CDMO have strong revenue visibility for FY26 and FY27.
The specialty chemicals segment clocked in highest ever quarterly revenue led by increasing utilization levels in MPP-1, MPP-2 and the Nectar plant. To bake in higher growth, the brokerage fines tunes its FY26 and FY27 estimates.
Accordingly the brokerage maintains its 'Buy' rating with revised target price of Rs 8,265 at 45 times FY28 expected earnings. Navin Fluorine should exhibit strong profitability on strong tailwinds in all business verticals going forward.
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