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 facilities 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 the 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 45x P/E FY24E EPS to arrive at a target price of Rs 4040/share (earlier Rs 4520/share).
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