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Navin Fluorine- Continues to fire on all cylinders

6 Aug 2026, 12:44PM

NFIL posted another strong qtr, with EBITDA margins staying resilient at 34.2% despite some softness in GPM.
We expect some benefit of old inventory and fx cushioning the EBITDA margins.
HPP benefited from higher realisations in R32, project nectar rampup and higher sales from nubeqa benefiting the CDMO segment.
We have a concall scheduled at 6:30 PM today. We have a BUY on NFIL with a TP of Rs 7800.
Key Monitorable: Direction of CDMO sales trajectory beyond FY28, nectar project rampup and ref gas realisations.

Rs. crore	1Q27	1Q26	YoY%	4Q26	QoQ%
Sales	1,045.1	725.4	44.1%	937.7	11.5%
Raw Materials Consumed	442.2	306.8	44.1%	424.5	4.2%
Purchase of Products	1.9	4.1	-53.9%	3.0	-37.2%
Change in Inventory	5.6	-3.2		-39.4	-114.3%
Gross Margin	595.3	417.7	42.5%	549.6	8.3%
*Gross Margin%*	57.0%	57.6%	-62 bps	58.6%	-165 bps
Employee Benefit	86.6	77.6	11.6%	81	6.9%
Other Expenses	151.7	133.3	13.8%	147	2.9%
Operating Expenses	238.3	210.9	13.0%	228.5	4.3%
EBITDA	357.1	206.8	72.7%	321.2	11.2%
EBITDA Margin%	34.2%	28.5%	566 bps	34.2%	-8 bps
Depreciation	41.7	35.2	18.3%	41.2	1.1%
EBIT	315.4	171.6	83.8%	279.9	12.7%
*EBIT Margin%*	30.2%	23.6%	653 bps	29.9%	33 bps
Other Income	35.1	13.9	152.3%	31.3	12.1%
Finance Cost	32.1	30.4	5.8%	28.9	11.0%
PBT	318.4	155.1	105.2%	282.3	12.8%
Tax Expense	75.1	37.9	-	69.7	-
Current Tax	-	-	-		-
Deferred Tax	-	-	-		-
PAT	243.31	117.17	107.7%	212.62	14.4%
Income from associates/ share of profit (loss) of JV	-	-		-
Exceptional		0.0
PAT Reported	243.31	117.16	107.7%	212.62	14.4%