External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

Navin Fluorine International / Equity Bottom-Up

<ul><li>Navin Fluorine International (NFIL)’s EBITDA/ PAT in 2QFY25 came in at 6%/12% higher than our estimates due to the strong YoY performance in HPP and CDMO segments.</li><li>Gross margin stood at 56.8%, while EBITDA margin contracted 10bp YoY to 20.7%.</li><li>Earnings declined 3% YoY to INR588m in 2QFY25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International (NFIL)’s EBITDA/ PAT in 2QFY25 came in at 6%/12% higher than our estimates due to the strong YoY performance in HPP and CDMO segments.Gross margin stood at 56.8%, while EBITDA margin contracted 10bp YoY to 20.7%.Earnings declined 3% YoY to INR588m in 2QFY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International - Guidance Remains Intact Amid Stable Performance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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<ul><li>Strong Momentum in HPP and CDMO: The company’s HPP segment posted a 23% YoY growth during the quarter, with HFO and R32 operations running at an optimum level.</li><li>This growth was driven by higher R32 sales and improved R22 realizations. The company is on track to commission AHF and additional R32 capacities and sees good momentum in the offtake of R32 capacities.</li><li>There is also notable traction in the CDMO segment, which grew by 41% YoY during the quarter. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Momentum in HPP and CDMO: The company’s HPP segment posted a 23% YoY growth during the quarter, with HFO and R32 operations running at an optimum level.This growth was driven by higher R32 sales and improved R22 realizations. The company is on track to commission AHF and additional R32 capacities and sees good momentum in the offtake of R32 capacities.There is also notable traction in the CDMO segment, which grew by 41% YoY during the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International Ltd. - HPP & CDMO Offset Specialty Chemicals Headwinds

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical.</li><li>The company manufacture pharma intermediates for commercialized (50-60%) and last-stage molecules.</li><li>The management revisited its CDMO guidance of USD100mn by FY27 on the back of execution of cGMP-4 phase-1 (dedicated for Fermion) and conviction to start phase-2 expansion in the next 6-12 months, subject to addition of new molecules/clients.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical.The company manufacture pharma intermediates for commercialized (50-60%) and last-stage molecules.The management revisited its CDMO guidance of USD100mn by FY27 on the back of execution of cGMP-4 phase-1 (dedicated for Fermion) and conviction to start phase-2 expansion in the next 6-12 months, subject to addition of new molecules/clients.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We visited Navin Fluorine International’s (NFIL) Dewas, Indore plant, which currently houses three cGMP facilities, with a fourth under construction</li><li>The INR 2.9bn investment in cGMP4 is set to help NFIL achieve its ambitious USD 100mn revenue target by FY27</li><li>In total, an INR 14bn capex is underway across various segments, supporting growth through FY27 and beyond.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited Navin Fluorine International’s (NFIL) Dewas, Indore plant, which currently houses three cGMP facilities, with a fourth under constructionThe INR 2.9bn investment in cGMP4 is set to help NFIL achieve its ambitious USD 100mn revenue target by FY27In total, an INR 14bn capex is underway across various segments, supporting growth through FY27 and beyond.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International: On Track for Expansion. Maintain BUY

<ul><li>We are revising our estimates downward due to a slower-than-expected recovery in the Specialty Chemicals.</li><li>While we believe the longterm growth prospects remain strong, the growth is likely to pick up towards the end of FY25, subject to project stabilization and optimal capacity utilization.</li><li>We value the stock at 27x FY26E, with a TP of Rs 3,135/share, which implies a downside of 17% from the CMP.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are revising our estimates downward due to a slower-than-expected recovery in the Specialty Chemicals.While we believe the longterm growth prospects remain strong, the growth is likely to pick up towards the end of FY25, subject to project stabilization and optimal capacity utilization.We value the stock at 27x FY26E, with a TP of Rs 3,135/share, which implies a downside of 17% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International Ltd. - Specialty Chemicals Headwinds Continue

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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Navin Fluorine International (NFIL IN)

Navin Fluorine International - Guidance Remains Intact Amid Stable Performance

Navin Fluorine International (NFIL)’s EBITDA/ PAT in 2QFY25 came in at 6%/12% higher than our estimates due to the strong YoY performance in HPP...

Motilal Oswal

Navin Fluorine International Ltd. - HPP & CDMO Offset Specialty Chemicals Headwinds

Strong Momentum in HPP and CDMO: The company’s HPP segment posted a 23% YoY growth during the quarter, with HFO and R32 operations running at an...

Axis Direct

Navin Fluorine - Dewas Plant Visit

We visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical. The company manufacture pharma...

Emkay

Navin Fluorine International: On Track for Expansion. Maintain BUY

We visited Navin Fluorine International’s (NFIL) Dewas, Indore plant, which currently houses three cGMP facilities, with a fourth under construction

HDFC Securities

Navin Fluorine International Ltd. - Specialty Chemicals Headwinds Continue

While we believe the longterm growth prospects remain strong, the growth is likely to pick up towards the end of FY25, subject to project...

Axis Direct

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