ICICI Direct's research report on Navin Fluorine
Navin Fluorine (NFIL) operates one of the largest integrated fluorochemicals complexes in India with a presence in speciality chemicals, CRAMS, inorganic fluoride and refrigerant segments. The company has two manufacturing facility in Surat and Dewas while it is setting up a new greenfield capacity at Dahej In terms of revenue contribution, speciality chemical constitutes 40% of overall revenue followed by CRAMS of 25% and rest from refrigerant (~18%) and inorganic fluoride (~17%) businesses
We retain HOLD rating on the back of better growth outlook from value added segments such as CRAMS and speciality chemical We value Navin Fluorine at 40x P/E FY24E EPS to arrive at a revised target price of Rs 3710/share (earlier Rs 3460/share).
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