Navin Fluorine’s This autumn FY25 income was up 16.4% YoY/15.6% QoQ to Rs 7 billion aided by development throughout segments. HPP phase income stood at Rs 3.3 billion, up 9.8% YoY/6.5% QoQ. Home HPP income jumped 30.7% YoY on robust off-take in R-32 and higher realisations in each R-32 and R-22. Nonetheless, HPP exports contracted 5.4% YoY on optimum utilisation of HFO plant as contracted; and phase-down (32.5% lower from baseline capability) of R-22 efficient Jan’25.
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Navin Fluorine Worldwide Ltd.’s enterprise is shaping up properly with seen scaling up of pharma contract growth manufacturing organisation and a number of latestage contracts in sight. Agro-chemicals’ intermediate capacities are ramping up with new product campaigns rising.
Refgas has capability enlargement in clear R-32, and provide contract for HFO. And now, Navin Fluorine is foraying into advance supplies with preliminary capacities of two-phase immersion cooling fluid, addressing demand from adoption of AI chips, and N3 and N5 grade HF, which has purposes in photo voltaic and electronics. These permutations are serving to Navin Fluorine enhance complete addressable market and enhance enterprise resilience.
We tweak our FY26E/FY27E EPS and decreased our goal worth to Rs 4,450 (from Rs 4,490) with an unchanged a number of at 40x FY27E EPS.
We downgrade our ranking to Maintain (from Purchase). Inherently, we stay impressed by the evolution of Navin Fluorine’s enterprise and future outlook, and administration strolling the speak; downgrade is simply on truthful valuations.
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