CDMO Revenue
₹186 Cr
+61% YoY
Driven by balanced mix of early, late-stage, and commercial molecules across therapeutic areas.
NAVINFLUORINEINTERNATION
Other
15 May 2026
Navin Fluorine International Limited — Q4 FY26
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%).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Specialty Chemicals Revenue
₹360 Cr
+39% YoY
Strong execution in existing and new molecules; 13 new molecules added in FY26.
HPP Revenue
₹393 Cr
+20% YoY
Benefiting from constructive global demand-supply environment and export opportunities.
Net Working Capital Days
74 days
-16 days YoY
Improved from 90 days; guided to remain in 75-80 days range going forward.
Management Guidance
FY27 EBITDA margin around 30%
Management expects to maintain EBITDA margin at approximately 30% for the full year, plus or minus 1-2%, based on current business circumstances.
marginsR32 capacity expansion on track for Q3 FY27
Additional HFC capacity equivalent to 15,000 MTPA of R32 is expected to be commissioned in Q3 FY27.
expansionKOS project commissioning by end June/early July
The KOS project is on track and expected to be completed by end June or early July, transitioning from investment to revenue generation.
expansionSpecialty chemicals capacity utilization 80% for FY27
Management has visibility of up to 80% capacity utilization for specialty chemicals in FY27, supported by order book and pipeline.
growthKey Risks
Raw material inflation and pass-through lag
Rising raw material costs due to geopolitical tensions may not be fully passed on immediately, potentially compressing margins in the short term.
medium · analyst_questionGeopolitical disruptions impacting supply chain
Middle East volatility could disrupt raw material availability, logistics, and energy prices, though management has not seen material impact yet.
high · management_commentaryNectar project utilization below expectations
The Nectar project is expected to reach only 75-80% utilization by end of FY28, slower than initially anticipated, due to qualification delays.
medium · management_commentaryDemand destruction from sustained high oil prices
If oil prices remain elevated at $150+, global demand could weaken, affecting volumes across segments, though management is not currently planning for this scenario.
medium · analyst_questionNotable 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.