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Revenue
₹938 Cr
verified against source
Revenue YoY
34%
reported change
EBITDA
₹321 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Navin Fluorine delivered a strong Q4 FY26 with consolidated revenue of ₹938 crore (+34% YoY) and EBITDA of ₹321 crore (+80% YoY), driven by broad-based growth across HPP (+20%), specialty chemicals (+39%), and CDMO (+61%). EBITDA margin expanded to 34.2% (+992bps YoY), aided by operating leverage, favorable mix, and pricing actions. PAT surged 124% YoY to ₹213 crore. Management highlighted six consecutive quarters of growth, with new capacities (HF plant, R32 expansion, KOS project) transitioning from investment to revenue generation. Guidance for FY27 includes high double-digit revenue growth, EBITDA margin around 30% (±1-2%), and net working capital days improving to 75-80. Key risk: sustained raw material inflation and geopolitical disruptions could pressure margins if pass-through lags.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain EBITDA margin at approximately 30% for the full year, plus or minus 1-2%, based on current business circumstances.
- Additional HFC capacity equivalent to 15,000 MTPA of R32 is expected to be commissioned in Q3 FY27.
- The KOS project is on track and expected to be completed by end June or early July, transitioning from investment to revenue generation.
- Management has visibility of up to 80% capacity utilization for specialty chemicals in FY27, supported by order book and pipeline.
Risks flagged
- Rising raw material costs due to geopolitical tensions may not be fully passed on immediately, potentially compressing margins in the short term.
- Middle East volatility could disrupt raw material availability, logistics, and energy prices, though management has not seen material impact yet.
- The Nectar project is expected to reach only 75-80% utilization by end of FY28, slower than initially anticipated, due to qualification delays.
- If oil prices remain elevated at $150+, global demand could weaken, affecting volumes across segments, though management is not currently planning for this scenario.
Key quotes
- The growth in this fiscal is supported by contribution across the business verticles led by structural demand drivers and constructive pricing environment.
- Our near-term priorities are efficient execution of announced capex and improving return ratios while scaling growth.
- We are closely monitoring and navigating the developments with agility particularly given implications on energy prices, logistics and supply chain disruptions.
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