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Navin Fluorine revenues in Q1FY27 stood at ₹1,045 crore

ICICIdirect Research 06 Aug 2026 DISCLAIMER

News: Navin Fluorine revenues in Q1FY27 stood at ₹1,045 crore, up 44% YoY. Segment wise, HPP (52% of revenues), up 33% YoY. Speciality Chemicals (31% of revenues) reported revenues of ₹325 crore, up 48% YoY. CRAMS (17% of revenues), up 82% YoY. GPM came in at 57%, down ~60 bps YoY. EBITDA for the quarter stood at ₹357 crore, up 73% YoY, translating to margins of 34.2%, up ~566 bps YoY. PAT for the quarter stood at ₹243 crore, up 108% YoY.

View: Navin Fluorine delivered a strong start to FY27, reporting robust growth across all three business verticals. Management reiterated its long-term vision of building the Advanced Materials business into a segment comparable in scale and strategic importance to the CDMO business, with a focus on high-growth areas such as semiconductor manufacturing and electronics. To support this ambition, the company has approved a fresh capex of ₹90 crore to establish adoption-scale manufacturing facilities, while the Chemours project remains on track for commissioning by Q2FY27. In the CDMO segment, the company has approved a Phase II cGMP expansion involving an investment of ₹125 crore, backed entirely by increasing demand from an existing European customer, reflecting strong customer confidence and business visibility. On the refrigerant gases front, the additional HFC capacity of 15,000 tonnes of R32 is progressing as planned for commissioning in Q3FY27, with management targeting long-term contracts for around 35–45% of the capacity while retaining sufficient uncontracted volumes to capitalize on favourable market opportunities. Overall, the strong operational performance, disciplined capital allocation, expanding manufacturing capabilities, and healthy demand pipeline across businesses position the company well for sustained growth ahead.

Impact: Positive

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