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. 

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>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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this Insight, we share our channel inputs that might be relevant for <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a>, and <a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a>.</li>
<li>Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.</li>
<li>Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>.</li>
</ul>


In this Insight, we share our channel inputs that might be relevant for SRF Ltd (SRF IN), Navin Fluorine International (NFIL IN), and Gujarat Fluorochemicals (FLUOROCH IN).
Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.
Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like SRF Ltd (SRF IN).


Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

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

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

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