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ICICI Securities Report
We attended the analyst meet organised by Navin Fluorine International Ltd. to provide update on growth opportunities. Company harbours capex ambition of more than Rs 18 billion over CY24-CY25 in addition to the Rs 17 billion-18 billion it is already implementing over CY21-CY23.
High-performance product segment faces a big opportunity in R-32 (Navin Fluorine's announced capacity: four thousand tonnes per annum). There is also big potential in hydrofluoroolefin/blends in India and the Middle East in partnership with Honeywell Automation Ltd.
Navin Fluorine expects doubling of the Honeywell contract for which it will soon start discussions (from CY23).
Specialty chemicals will have the biggest opportunity on the back of Navin Fluorine's deep relationship with three agrochemical companies, and emerging opportunities in niche chemistry with companies such as 3M India Ltd.
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