Navin Fluorine H1 FY27 EBITDA Rises 69%, Margin Hits 34.2%

Navin Fluorine International Limited reported H1 FY27 consolidated sales of Rs 2,235.8 crore, up 51% year on year, while operating EBITDA rose 69% to Rs 764.5 crore and operating EBITDA margin expanded 367 basis points to 34.2%. Operating profit before tax increased 93% to Rs 619.2 crore in the half year.

How did Navin Fluorine perform in H1 FY27?

Navin Fluorine grew operating earnings faster than sales in H1 FY27. Consolidated sales rose 51% year on year to Rs 2,235.8 crore, while operating EBITDA increased 69% to Rs 764.5 crore. Operating EBITDA, or earnings before interest, tax, depreciation and amortisation, equalled 34.2% of sales, compared with a margin 367 basis points lower in the comparable prior-year period.

Navin Fluorine reported operating profit before tax, or operating PBT, of Rs 619.2 crore, up 93% year on year in H1 FY27. This was the fastest reported increase among the half-year measures, ahead of 69% operating EBITDA growth and 51% sales growth. The H1 FY27 performance slide does not state a consolidated profit after tax, or PAT, total, so the 93% increase applies to operating PBT rather than PAT.

Which Navin Fluorine businesses drove H1 FY27 revenue?

Navin Fluorine’s HPP business was its largest disclosed vertical in H1 FY27, with revenue of Rs 1,144 crore and growth of 41% year on year. Specialty Chemicals generated Rs 673 crore, up 53%, while contract development and manufacturing organisation, or CDMO, revenue was Rs 419 crore, up 80%. CDMO therefore recorded the fastest percentage growth among the three businesses.

Navin Fluorine’s three reported verticals together explain the broad-based nature of the 51% sales increase, although growth differed by business. HPP revenue of Rs 1,144 crore was Rs 471 crore above Specialty Chemicals revenue, while CDMO revenue was the smallest at Rs 419 crore but grew 39 percentage points faster than HPP. Their total is Rs 2,236 crore because the segment figures are rounded to whole crores, compared with consolidated sales of Rs 2,235.8 crore.

What changed in Navin Fluorine’s Q2 FY27 results?

Navin Fluorine reported Q2 FY27 sales of Rs 1,190.7 crore, up 57% year on year and 14% quarter on quarter. Operating EBITDA reached Rs 407.5 crore, an increase of 66% from Q2 FY26 and 14% from Q1 FY27. Operating EBITDA margin was 34.2%, up 176 basis points year on year and 5 basis points sequentially.

Navin Fluorine’s Q2 FY27 operating PBT was Rs 336.0 crore, up 87% year on year and 19% quarter on quarter. The 19% sequential PBT increase exceeded the 14% quarter-on-quarter increases reported for sales and operating EBITDA. The company’s Q2 figures therefore show simultaneous sequential growth in sales, operating EBITDA and operating PBT, with a 5-basis-point margin increase from Q1 FY27.

Has Navin Fluorine’s quarterly earnings trend continued?

Navin Fluorine’s quarterly revenue reached Rs 1,191 crore in Q2 FY27, the highest level in its eight-quarter series from Q3 FY25 to Q2 FY27. Revenue increased from Rs 1,045 crore in Q1 FY27 and Rs 758 crore in Q2 FY26. The Rs 433 crore year-on-year increase is consistent with the separately stated 57% Q2 sales growth after rounding in the quarterly chart.

Navin Fluorine’s operating EBITDA increased from Rs 246 crore in Q2 FY26 to Rs 357 crore in Q1 FY27 and Rs 407 crore in Q2 FY27. Operating PBT followed the same direction, rising from Rs 179 crore to Rs 283 crore and then Rs 336 crore across those three quarters. PAT also rose from Rs 148 crore in Q2 FY26 to Rs 243 crore in Q1 FY27 and Rs 269 crore in Q2 FY27.

How did Navin Fluorine’s Q2 FY27 business growth compare?

Navin Fluorine’s HPP revenue rose 49% year on year to Rs 604 crore in Q2 FY27 from Rs 404 crore in Q2 FY26. The company attributed the increase to higher volumes and improved realisations. It also said the pricing environment for hydrofluorocarbons, or HFCs, remained firm, with a quarter-on-quarter increase in realisation.

Navin Fluorine’s Specialty Chemicals revenue rose 58% to Rs 348 crore from Rs 220 crore, while CDMO revenue increased 78% to Rs 239 crore from Rs 134 crore. The company said Specialty Chemicals had order visibility in H2 FY27 and beyond, while CDMO’s FY27 momentum was supported by developments involving pipeline molecules. CDMO had the highest growth rate, whereas HPP remained the largest Q2 contributor by revenue at Rs 604 crore.

Conclusion

Navin Fluorine’s H1 FY27 results show operating profit expanding faster than sales, with operating EBITDA rising 69% to Rs 764.5 crore against a 51% increase in sales to Rs 2,235.8 crore. The 367-basis-point increase in operating EBITDA margin to 34.2% and Q2 FY27 operating PBT growth of 19% quarter on quarter to Rs 336.0 crore were the central changes in the reported performance.

What to watch next is the delivery of the operational milestones disclosed by management. Navin Fluorine said additional HFC capacity equivalent to up to 15,000 metric tonnes per annum of R32 was on track for commissioning shortly, the Chemours project was targeted for completion by the end of Q3 FY27, and Phase II cGMP4 CDMO capital expenditure of Rs 125 crore was on track to operationalise by the end of Q4 FY27.