Scans

Tools

Home

Charts

Watchlist

Products

Navin Fluorine International Ltd

NAVINFLUOR

NSE

₹8,152.50-0.18%19 Oct 2026

Reports

Chemicals Fluorine

Navin Fluorine International Ltd

NAVINFLUOR

NSE

₹8,152.50

-0.18%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Chemicals Fluorine

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Navin Fluorine International is a pure-play fluorination company - everything it makes starts with the element fluorine - and has been doing it since 1967, when it set up South East Asia’s first integrated fluorochemicals complex (outside Japan) as the chemicals division of the Mafatlal group. Over five decades, it has evolved from a refrigerant and inorganic-fluoride pioneer into a diversified fluorochemical solutions provider, serving pharma, agrochemical, industrial and performance-materials customers worldwide. The recurring approach that explains the whole business is what the company calls its “3P” philosophy: build a diverse Product portfolio of fluorine-based chemicals, own the Platform technologies that let those products serve many different end-markets, and lock in long-term Partnerships with global innovators who need a reliable fluorine specialist in their supply chain.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. High Performance Products: the legacy refrigerant and inorganic-fluoride engine

The business that built the company still generates half its revenue, anchored by a refrigerant brand that has become a generic name in India and a new-age HFO plant supplying Honeywell under a $410 million contract.

The Mafron brand is the moat - Navin Fluorine was the first company to manufacture refrigerant gases in India and the first to produce R22 gas, and its ‘Mafron’ brand has since become the default choice for leading OEMs, service technicians and equipment owners.
Riding the refrigerant transition - the business is shifting from older HCFCs to HFCs like R32 and next-generation HFOs (hydrofluoroolefins), aligning with the Kigali amendment on global-warming-potential reduction, and it is the first and only Indian producer of HFOs.
A dedicated plant for a single customer - the HFO facility at Dahej was built to supply Honeywell under a seven-year, $410 million multi-year contract for a high-performance product in the fluorochemical space, with sales staggered evenly across the period.
Capacity expansion on a constructive price trend - the R32 plant has been running above its rated capacity, a 4,500-tonne-per-annum expansion came online in March 2025, and a further 15,000-tonne-per-annum HFC capacity is on track for commissioning in Q3 FY27, funded from internal accruals.
Backward-integrated into its own raw materials - the Surat complex makes its own sulphuric and hydrofluoric acids, and a new 40,000-tonne-per-annum AHF (anhydrous hydrofluoric acid) plant at Dahej, built to accept varied grades of fluorspar, began commercial supplies in Q4 FY26.

2. Specialty Chemicals: the long-term contract manufacturing platform

Complex, multi-stage fluoro intermediates made in dedicated plants for global crop-science and life-science innovators, secured by take-or-pay contracts that turn each plant into a visible, annuity-like revenue stream.

Plants built for specific molecules and specific customers - a ₹540-crore fluoro specialty chemical plant at Dahej supplies a “critical chlorine building block” under a multi-year contract with peak revenue potential of roughly ₹600 crores per annum, with part of the volume sold to a technology partner and the rest used captively or sold to other customers.
Multi-purpose plants feed the pipeline - a Multi-Purpose Plant at Dahej (commissioned in early 2023) launches three to four new molecules every year, primarily for agrochemicals, creating a steady flow of candidates that can later graduate to dedicated plants.
Moving into advanced materials - a project for Chemours to manufacture a proprietary two-phase immersion cooling fluid for data centres (addressing AI-chip cooling needs) is on track for completion during Q1 FY27 (April 2026 to June 2026), with Chemours funding about 35% of the ₹120-crore capex.
Better placed than generic players - the business faces headwinds from Chinese dumping and inventory reduction by agrochemical majors, but its long-term contracts and focus on innovative molecules provide a buffer that pure generics lack.

3. CDMO (Navin Molecular): the pharma-outsourcing growth engine

A contract development and manufacturing arm that takes drug intermediates from gram-scale to multi-tonne commercial supply for most of the world’s top 20 pharma innovators, with a strategy of mixing late-stage commercial molecules for base-load revenue and early-stage ones for future pipeline.

From pre-clinical to commercial - the business works with global pharma innovators across the full drug-development lifecycle, supplying advanced intermediates for patented drugs in oncology, respiratory, cardiovascular, neurology and animal health.
India’s only high-pressure fluorination plant with cGMP compliance - this capability, built specifically for the CDMO business, lets it handle toxic and corrosive fluorine chemistry under the sterile manufacturing standards that pharma regulators demand.
A European CDMO partnership provides volume visibility - a Master Service Agreement with a European CDMO major outlines expected volumes for upcoming years, and commercial supplies from the new cGMP-4 facility began in December 2025 after successful validation.
Pushing commercial revenue toward half the mix - the business aims to increase the share of commercial-stage revenue from 30% to 50%, because commercial projects deliver a few years of predictable, near-annuity income during the engagement.
A UK subsidiary acts as the front-end R&D lab - Manchester Organics Limited provides integrated research and custom synthesis from milligram to multi-kilo scale, with opportunities to scale up at the Dewas manufacturing unit in India.

Group structure and partners

A flagship company of the Padmanabh Mafatlal Group, operating through a web of wholly owned subsidiaries that separate greenfield project risk, overseas market access and raw-material procurement, while strategic partnerships with Honeywell and Chemours lock in multi-year revenue streams.

Navin Fluorine Advanced Sciences Limited (NFASL) houses the Dahej growth projects - this wholly owned subsidiary was incorporated in 2020 to execute greenfield fluorochemical projects at Dahej, and it now holds the HFO plant, the Multi-Purpose Plant, the agro-chemical intermediate plant, the key fluoro specialty chemical plant and the new 40,000-tonne AHF plant.
Manchester Organics and NFIL USA extend the CDMO reach - the UK subsidiary provides front-end R&D and custom synthesis, while the US step-down subsidiary was formed to increase market penetration with American pharma customers.
A China sourcing outpost - Navin Fluorine (Shanghai) Co. Ltd., established over a decade ago, sits close to the source of key raw materials and handles real-time procurement optimisation for the group.
A fluorspar joint venture de-risks feedstock - a 25% stake in Swarnim Gujarat Fluorspar Private Limited, alongside Gujarat Mineral Development Corporation and Gujarat Fluorochemicals, secures long-term supply of acid-grade fluorspar, with the entire output bought by NFIL and its JV partner.
Two strategic customer-partnerships anchor large plants - the Honeywell HFO contract ($410 million over seven years) and the Chemours immersion-cooling fluid agreement (with Chemours funding ~35% of the ₹120-crore capex) are the kind of multi-year, co-invested relationships that the company’s “Partnerships” pillar is built on.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹41,821Cr

Close Price

₹8,150.00

Industry

Chemicals Fluorine

Price To Earnings

52.86

Price To Sales

11.51

Revenue

₹3,634Cr

Rev Gr TTM

Revenue Growth TTM

42.43%

PAT Gr TTM

PAT Growth TTM

122.72%

Upcoming Results on

30 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	472	500	602	524	519	606	701	725	758	892	938	1,045
Growth YoY Revenue Growth YoY%	12.6	-11.3	-13.7	6.6	9.9	21.2	16.4	38.5	46.3	47.2	33.8	44.1
Expenses ExpensesCr	373	424	492	423	411	459	522	519	512	585	617	688
Operating Profit Operating ProfitCr	98	76	110	100	107	147	179	207	246	308	321	357
OPM OPM%	20.8	15.1	18.3	19.2	20.7	24.3	25.5	28.5	32.5	34.5	34.3	34.2
Other Income Other IncomeCr	23	64	13	10	11	10	12	14	18	-5	31	35
Interest Expense Interest ExpenseCr	20	18	17	16	14	20	28	30	30	28	29	32
Depreciation DepreciationCr	24	25	26	27	28	30	35	35	37	36	41	42
PBT PBTCr	77	97	79	68	77	108	127	155	198	238	282	318
Tax TaxCr	17	19	9	17	18	24	32	38	49	53	70	75
PAT PATCr	61	78	70	51	59	84	95	117	148	185	213	243
Growth YoY PAT Growth YoY%	4.8	-26.8	-48.4	-16.8	-2.9	7.2	35.0	128.8	152.2	121.8	123.9	107.7
NPM NPM%	12.8	15.6	11.7	9.8	11.3	13.8	13.6	16.1	19.6	20.8	22.7	23.3
EPS EPS₹	12.2	15.7	14.2	10.3	11.9	16.9	19.1	23.6	29.1	36.2	41.5	47.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	472	500	602	524	519	606	701	725	758	892	938	1,045
Growth YoY Revenue Growth YoY%	12.6	-11.3	-13.7	6.6	9.9	21.2	16.4	38.5	46.3	47.2	33.8	44.1
Expenses ExpensesCr	373	424	492	423	411	459	522	519	512	585	617	688
Operating Profit Operating ProfitCr	98	76	110	100	107	147	179	207	246	308	321	357
OPM OPM%	20.8	15.1	18.3	19.2	20.7	24.3	25.5	28.5	32.5	34.5	34.3	34.2
Other Income Other IncomeCr	23	64	13	10	11	10	12	14	18	-5	31	35
Interest Expense Interest ExpenseCr	20	18	17	16	14	20	28	30	30	28	29	32
Depreciation DepreciationCr	24	25	26	27	28	30	35	35	37	36	41	42
PBT PBTCr	77	97	79	68	77	108	127	155	198	238	282	318
Tax TaxCr	17	19	9	17	18	24	32	38	49	53	70	75
PAT PATCr	61	78	70	51	59	84	95	117	148	185	213	243
Growth YoY PAT Growth YoY%	4.8	-26.8	-48.4	-16.8	-2.9	7.2	35.0	128.8	152.2	121.8	123.9	107.7
NPM NPM%	12.8	15.6	11.7	9.8	11.3	13.8	13.6	16.1	19.6	20.8	22.7	23.3
EPS EPS₹	12.2	15.7	14.2	10.3	11.9	16.9	19.1	23.6	29.1	36.2	41.5	47.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	680	742	913	996	1,062	1,179	1,453	2,077	2,065	2,349	3,314	3,634
Growth Revenue Growth%	14.9	9.1	23.1	9.1	6.6	11.1	23.2	42.9	-0.6	13.8	41.0	42.4
Expenses ExpensesCr	562	583	698	778	798	870	1,099	1,527	1,667	1,816	2,232	2,402
Operating Profit Operating ProfitCr	117	159	215	218	263	309	355	550	398	534	1,082	1,232
OPM OPM%	17.3	21.4	23.6	21.9	24.8	26.2	24.4	26.5	19.3	22.7	32.6	33.9
Other Income Other IncomeCr	24	56	93	34	33	95	39	36	108	44	59	80
Interest Expense Interest ExpenseCr	4	3	1	1	2	2	2	28	75	78	118	120
Depreciation DepreciationCr	22	30	40	28	37	44	48	63	96	119	149	156
PBT PBTCr	116	182	266	224	258	358	344	496	336	380	873	1,036
Tax TaxCr	32	45	84	77	-144	111	81	121	65	91	210	247
PAT PATCr	84	137	182	147	401	247	263	375	271	289	664	790
Growth PAT Growth%	43.4	64.0	33.2	-19.2	172.2	-38.5	6.5	42.6	-27.9	6.7	129.9	122.7
NPM NPM%	12.3	18.5	20.0	14.8	37.8	20.9	18.1	18.1	13.1	12.3	20.0	21.7
EPS EPS₹	17.1	27.9	36.5	30.2	82.6	52.0	53.1	75.7	54.6	58.2	130.7	154.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	680	742	913	996	1,062	1,179	1,453	2,077	2,065	2,349	3,314	3,634
Growth Revenue Growth%	14.9	9.1	23.1	9.1	6.6	11.1	23.2	42.9	-0.6	13.8	41.0	42.4
Expenses ExpensesCr	562	583	698	778	798	870	1,099	1,527	1,667	1,816	2,232	2,402
Operating Profit Operating ProfitCr	117	159	215	218	263	309	355	550	398	534	1,082	1,232
OPM OPM%	17.3	21.4	23.6	21.9	24.8	26.2	24.4	26.5	19.3	22.7	32.6	33.9
Other Income Other IncomeCr	24	56	93	34	33	95	39	36	108	44	59	80
Interest Expense Interest ExpenseCr	4	3	1	1	2	2	2	28	75	78	118	120
Depreciation DepreciationCr	22	30	40	28	37	44	48	63	96	119	149	156
PBT PBTCr	116	182	266	224	258	358	344	496	336	380	873	1,036
Tax TaxCr	32	45	84	77	-144	111	81	121	65	91	210	247
PAT PATCr	84	137	182	147	401	247	263	375	271	289	664	790
Growth PAT Growth%	43.4	64.0	33.2	-19.2	172.2	-38.5	6.5	42.6	-27.9	6.7	129.9	122.7
NPM NPM%	12.3	18.5	20.0	14.8	37.8	20.9	18.1	18.1	13.1	12.3	20.0	21.7
EPS EPS₹	17.1	27.9	36.5	30.2	82.6	52.0	53.1	75.7	54.6	58.2	130.7	154.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10	10	10
Reserves ReservesCr	636	825	974	1,063	1,402	1,624	1,834	2,175	2,373	2,616	3,964
Current Liabilities Current LiabilitiesCr	196	280	211	177	177	202	384	521	787	915	1,068
Non Current Liabilities Non Current LiabilitiesCr	113	63	61	58	39	62	157	823	1,208	1,289	1,336
Total Liabilities Total LiabilitiesCr	955	1,177	1,256	1,307	1,629	1,898	2,385	3,529	4,377	4,830	6,379
Current Assets Current AssetsCr	347	467	565	561	778	1,195	1,019	1,386	1,553	1,589	2,785
Non Current Assets Non Current AssetsCr	608	710	691	746	851	703	1,366	2,144	2,824	3,242	3,594
Total Assets Total AssetsCr	955	1,177	1,256	1,307	1,629	1,898	2,385	3,529	4,377	4,830	6,379

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10	10	10
Reserves ReservesCr	636	825	974	1,063	1,402	1,624	1,834	2,175	2,373	2,616	3,964
Current Liabilities Current LiabilitiesCr	196	280	211	177	177	202	384	521	787	915	1,068
Non Current Liabilities Non Current LiabilitiesCr	113	63	61	58	39	62	157	823	1,208	1,289	1,336
Total Liabilities Total LiabilitiesCr	955	1,177	1,256	1,307	1,629	1,898	2,385	3,529	4,377	4,830	6,379
Current Assets Current AssetsCr	347	467	565	561	778	1,195	1,019	1,386	1,553	1,589	2,785
Non Current Assets Non Current AssetsCr	608	710	691	746	851	703	1,366	2,144	2,824	3,242	3,594
Total Assets Total AssetsCr	955	1,177	1,256	1,307	1,629	1,898	2,385	3,529	4,377	4,830	6,379

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	76	92	169	90	157	237	75	-64	750	571	894
Investing Cash Flow Investing Cash FlowCr	-53	-16	-136	-24	85	-237	-172	-656	-1,094	-511	-1,235
Financing Cash Flow Financing Cash FlowCr	-17	-67	-39	-68	-81	-45	42	658	336	-47	344
Net Cash Flow Net Cash FlowCr	6	10	-6	-3	161	-45	-56	-61	-8	13	3
Free Cash Flow Free Cash FlowCr	58	-84	121	29	59	147	-501	-819	72	10	408
CFO To PAT CFO To PAT%	91.0	67.5	92.8	61.1	39.0	96.0	28.4	-16.9	277.2	197.8	134.7
CFO To EBITDA CFO To EBITDA%	64.7	58.2	78.8	41.3	59.5	76.7	21.1	-11.6	188.3	107.0	82.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	76	92	169	90	157	237	75	-64	750	571	894
Investing Cash Flow Investing Cash FlowCr	-53	-16	-136	-24	85	-237	-172	-656	-1,094	-511	-1,235
Financing Cash Flow Financing Cash FlowCr	-17	-67	-39	-68	-81	-45	42	658	336	-47	344
Net Cash Flow Net Cash FlowCr	6	10	-6	-3	161	-45	-56	-61	-8	13	3
Free Cash Flow Free Cash FlowCr	58	-84	121	29	59	147	-501	-819	72	10	408
CFO To PAT CFO To PAT%	91.0	67.5	92.8	61.1	39.0	96.0	28.4	-16.9	277.2	197.8	134.7
CFO To EBITDA CFO To EBITDA%	64.7	58.2	78.8	41.3	59.5	76.7	21.1	-11.6	188.3	107.0	82.6

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,656	2,980	3,804	3,517	6,060	13,614	20,228	21,146	15,429	20,872	31,557	41,821
Price To Earnings Price To Earnings	20.9	109.0	21.2	23.6	14.8	52.9	76.9	56.3	57.0	72.3	47.6	52.9
Price To Sales Price To Sales	2.4	4.0	4.2	3.5	5.7	11.5	13.9	10.2	7.5	8.9	9.5	11.5
Price To Book Price To Book	2.6	17.8	3.9	3.3	4.3	8.3	11.0	9.7	6.5	8.0	7.9	10.5
EV To EBITDA EV To EBITDA	14.6	18.6	17.6	16.0	21.9	42.3	57.1	39.9	42.1	41.8	30.3	35.0
Profitability Ratios Profitability Ratios
GPM GPM%	40.4	41.0	42.2	39.5	42.7	43.2	41.8	43.8	40.0	40.8	45.7	45.7
OPM OPM%	17.3	21.4	23.6	21.9	24.8	26.2	24.4	26.5	19.3	22.7	32.6	33.9
NPM NPM%	12.3	18.5	20.0	14.8	37.8	20.9	18.1	18.1	13.1	12.3	20.0	21.7
ROCE ROCE%	16.4	21.6	26.9	20.9	18.4	21.7	17.6	17.2	10.9	11.2	18.9	18.9
ROE ROE%	12.9	16.4	18.6	13.8	28.4	15.1	14.3	17.2	11.3	11.0	16.7	16.7
ROA ROA%	8.7	11.6	14.5	11.3	24.6	13.0	11.0	10.6	6.2	6.0	10.4	10.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,656	2,980	3,804	3,517	6,060	13,614	20,228	21,146	15,429	20,872	31,557	41,821
Price To Earnings Price To Earnings	20.9	109.0	21.2	23.6	14.8	52.9	76.9	56.3	57.0	72.3	47.6	52.9
Price To Sales Price To Sales	2.4	4.0	4.2	3.5	5.7	11.5	13.9	10.2	7.5	8.9	9.5	11.5
Price To Book Price To Book	2.6	17.8	3.9	3.3	4.3	8.3	11.0	9.7	6.5	8.0	7.9	10.5
EV To EBITDA EV To EBITDA	14.6	18.6	17.6	16.0	21.9	42.3	57.1	39.9	42.1	41.8	30.3	35.0
Profitability Ratios Profitability Ratios
GPM GPM%	40.4	41.0	42.2	39.5	42.7	43.2	41.8	43.8	40.0	40.8	45.7	45.7
OPM OPM%	17.3	21.4	23.6	21.9	24.8	26.2	24.4	26.5	19.3	22.7	32.6	33.9
NPM NPM%	12.3	18.5	20.0	14.8	37.8	20.9	18.1	18.1	13.1	12.3	20.0	21.7
ROCE ROCE%	16.4	21.6	26.9	20.9	18.4	21.7	17.6	17.2	10.9	11.2	18.9	18.9
ROE ROE%	12.9	16.4	18.6	13.8	28.4	15.1	14.3	17.2	11.3	11.0	16.7	16.7
ROA ROA%	8.7	11.6	14.5	11.3	24.6	13.0	11.0	10.6	6.2	6.0	10.4	10.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SRF	FLUOROCHEM	NAVINFLUOR
Market CapitalizationMkt CapCr	72,091	48,532	41,821
Close PriceClose₹	2,432.00	4,418.00	8,150.00
IndustryIndustry	Chemicals Fluorine	Chemicals Fluorine	Chemicals Fluorine
Price To EarningsPE	33.35	79.33	52.86
Price To SalesPS	4.24	9.15	11.51
RevenueRevenueCr	17,001	5,303	3,634
Revenue Growth TTMRev Gr TTM%	13.0%	9.5%	42.4%
PAT Growth TTMPAT Gr TTM%	51.1%	-3.2%	122.7%

	SRF	FLUOROCHEM	NAVINFLUOR
Market CapitalizationMkt CapCr	72,091	48,532	41,821
Close PriceClose₹	2,432.00	4,418.00	8,150.00
IndustryIndustry	Chemicals Fluorine	Chemicals Fluorine	Chemicals Fluorine
Price To EarningsPE	33.35	79.33	52.86
Price To SalesPS	4.24	9.15	11.51
RevenueRevenueCr	17,001	5,303	3,634
Revenue Growth TTMRev Gr TTM%	13.0%	9.5%	42.4%
PAT Growth TTMPAT Gr TTM%	51.1%	-3.2%	122.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2020

FY2026

Jun 26