Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Navin Fluorine International</h2>
<h3>Earnings in-line; downgrade to Accumulate due to rich valuation</h3>
<p>Navin Fluorine International (NFIL) reported strong operating performance for 4QFY21, broadly in line with our expectations. Revenue growth of ~22% YoY was led by high value business, which grew by ~31% YoY while the legacy business grew by ~9% YoY. The management commentary on high value business remains very upbeat on the back of project flows, new product launches, client…</p>

<p>3QFY21 Result Update</p>
<h2>Navin Fluorine International</h2>
<h3>Opportunities galore!</h3>
<p>Navin Fluorine International (NFIL) reported healthy performance in 3QFY21, broadly in line with expectations. Revenue growth of ~18% YoY was led by high value business, which grew by ~35% YoY while the legacy business contracted by ~4% YoY.  EBITDA margin expansion of ~190bps YoY was a function of increased share of high value business and operating leverage. The management commentary on specialty Chemicals and CRAMS was…</p>

<p>Company Update</p>
<h2>Navin Fluorine International</h2>
<h3>Decoding CRAMS opportunity</h3>
<p>CRAMS business, which constituted ~20% of Navin Fluorine International’s (NFIL) FY20 revenue is the fastest growing segment for the company. The stock has delivered a whopping ~150% returns over the last one year and a large part of the re-rating is attributed to greater visibility in the CRAMS segment. While consensus revenue estimates for CRAMS are more or less similar (~30-35% revenue CAGR over FY20-23E), key variable is…</p>

India

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

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