Navin Fluorine International Ltd (NFIL) Q4FY25 Result Analysis

Navin Fluorine International Ltd (NFIL) is one of the largest and the most respected Indian manufacturers of speciality fluorochemicals. It belongs to the Padmanabh Mafatlal Group – one of India’s oldest industrial houses. NFIL operates one of the largest integrated fluorochemicals complexes in India with manufacturing locations at Surat and Dahej in Western India and Dewas in Central India. The R&D centre named as Navin Research Innovation Center (NRIC) is located at Surat, India.

Result Analysis:  Navin Fluorine International Ltd (NFIL)  (CMP: Rs. 4,614 )

Result Update: Q4FY25c

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	28.44	28.81
FIIs	21.12	16.82
DIIs	30.04	28.61
Public & Other	20.41	25.76

Management Commentary:

• It has announced final dividend of Rs 7 per share.
• The company’s guidance for EBITDA margins remains cautious at 25%, reflecting uncertainties in the global market environment.
• Navin Fluorine will establish manufacturing facility at Surat, Gujarat, at an estimated capex of $14MN, including $5MN of contribution by Chemours, the project is expected to be operational during Q1FY27 (April 2026 to June 2026).
• European CDMO MSA outlook remains strong with confirmed CY25 orders and new molecule contracts for FY26, including an EU major supply order and a US major commercial order post scale-up. cGMP4 expansion (₹288 crore) is underway; Phase 1 (₹160 crore) is on schedule for commissioning by Q3FY26.
• The Board has also approved a fund-raising plan of up to ₹750 crores through various instruments, including equity shares, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs), and other permissible securities.

Outlook:

NFIL maintains a strong growth trajectory, driven by robust performance in its CDMO and Specialty Chemicals segments. With a solid export contribution (77% in Q4FY25) and strategic partnerships like the Chemours agreement for Opteon, the company is expanding into advanced materials. The ongoing cGMP4 expansion and a new Surat facility set to be operational in Q1FY27 will enhance capacity and capabilities. While near-term pricing pressures in Specialty Chemicals persist due to raw material cost volatility, a healthy order pipeline and prudent margin guidance 25% support a positive long-term outlook. The approved ₹750 crore fundraise will further strengthen growth initiatives. It has posted an EPS of ₹58.14 in FY25. The stock currently trading at a P/E of 79.4x and P/B of 9.3x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	700.94	601.95	606.2	16.4	15.6	2349.38	2065.01	13.8
Other Income	11.83	12.52	10.48	-5.5	12.9	43.73	107.98	-59.5
Total Income	712.77	614.47	616.68	16	15.6	2393.11	2172.99	10.1
Total Expenditure	522.23	491.9	458.89	6.2	13.8	1815.66	1666.73	8.9
EBIDT	190.54	122.57	157.79	55.5	20.8	577.45	506.26	14.1
Interest	28.26	17.44	20.21	62	39.8	77.93	74.56	4.5
EBDT	162.28	105.13	137.58	54.4	18.0	499.52	431.7	15.7
Depreciation	35.26	25.71	29.56	37.1	19.3	119.43	96.16	24.2
EBT	127.02	79.42	108.02	59.9	17.6	380.09	335.54	13.3
Tax	32.04	9.04	24.42	254.4	31.2	91.49	65.03	40.7
PAT	94.98	70.38	83.6	35	13.6	288.6	270.51	6.7

Source: Company website, EWL Research

 

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