Accumulate Navin Fluorine International; target of Rs 6441: Prabhudas Lilladher

Accumulate

Prabhudas Lilladher's research report on Navin Fluorine International

We attended the analyst meet for Navin Fluorine International Limited (NFIL), and based on our interaction with the management, the company appears well-positioned for a strong multi-year growth trajectory, supported by a robust CDMO pipeline, expansion of key Ref gas capacity, and sustained momentum in the agchem segment. Peak revenue visibility from key commercial molecule Darolutamide, expected to achieve USD4bn in global sales for the innovator by CY29 reinforces confidence, with Navin’s intermediate supply estimated to contribute ~USD60mn at peak. Additionally, high-grade HF and the upcoming R32-equivalent plant are expected to materially enhance performance from FY28 onwards, aided by expanded AHF capacity reaching 60,000mtpa.

Outlook

Overall, Navin’s diversified growth drivers across CDMO, agchem and refrigerants, position the company for a compelling expansion in the coming years. We expect Revenue/EBITDA/PAT to clock a CAGR of 22%/33%/39% over FY25–FY28E. We maintain our Accumulate rating on the stock with a target price of Rs 6,441, valuing it at 46x Sep’27E EPS.

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Navin Fluorine International - 20112025 - prabhu