Target: ₹8,812
CMP: ₹8,196.15
We attended the analyst meet of Navin Fluorine International Ltd (NFIL) and, based on our interaction with the management, the company continue to remain well positioned for a strong multi-year growth trajectory, supported by robust demand across businesses and multiple growth levers.
The company’s earlier guidance of about 25 per cent revenue CAGR through FY30 remains on track, while R32 capacity expansion and continued CDMO scale-up provide strong near-to-medium-term growth visibility. R32 is expected to contribute around 20-25 per cent of revenue by FY28, with about 30-40 per cent of the expanded capacity already contracted, while the $100 million CDMO revenue target for FY27 remains on track. In addition, Advanced Materials is emerging as a meaningful long-term growth opportunity, with 19–20 fluorination-based products to contribute 10–15 per cent of revenue by FY30.
To support these growth opportunities, the company plans to invest about ₹700 crore in FY27, with annual capex expected at ₹7,00–1,000 crore over the next 2–3 years across R32, CDMO and Advanced Materials.
We expect revenue/EBITDA/PAT to register a CAGR of 22/24/29 per cent over FY26-28E and maintain our ‘Accumulate’ rating on the stock with a target price of ₹8,812, valuing it at 41x FY28E EPS.
Published on August 21, 2026
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