Navin Fluorine H1 sales rise 51% as EBITDA margin expands

Navin Fluorine International Limited reported consolidated H1 FY27 sales of Rs 2,235.8 crore, up 51% year on year, while operating profit before tax rose 93% to Rs 619.2 crore. Navin Fluorine recorded revenue growth across HPP, Specialty Chemicals and CDMO, and its operating EBITDA margin increased 367 basis points to 34.2%.

Why did Navin Fluorine's H1 FY27 sales increase?

Navin Fluorine's H1 FY27 sales increased through growth in all three reported business verticals. Consolidated sales reached Rs 2,235.8 crore, up 51% year on year, while HPP revenue rose 41% to Rs 1,144 crore, Specialty Chemicals revenue increased 53% to Rs 673 crore, and CDMO revenue grew 80% to Rs 419 crore.

HPP was Navin Fluorine's largest reported revenue business in H1 FY27, at Rs 1,144 crore, followed by Specialty Chemicals at Rs 673 crore and CDMO at Rs 419 crore. CDMO recorded the fastest percentage growth at 80%, compared with 53% in Specialty Chemicals and 41% in HPP.

The three reported vertical revenue figures total Rs 2,236 crore, close to consolidated sales of Rs 2,235.8 crore after rounding. HPP contributed the largest reported H1 FY27 revenue base, while Specialty Chemicals and CDMO grew faster than HPP during the half year ended September 30, 2026.

How much did Navin Fluorine's operating profit grow in H1 FY27?

Navin Fluorine's operating earnings grew faster than sales in H1 FY27. Operating earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 69% year on year to Rs 764.5 crore, while operating profit before tax, or PBT, increased 93% to Rs 619.2 crore against sales growth of 51%.

Operating EBITDA margin was 34.2% in H1 FY27, an increase of 367 basis points year on year. One basis point equals one-hundredth of a percentage point, making the reported margin increase 3.67 percentage points.

Operating PBT grew 24 percentage points faster than operating EBITDA, based on the disclosed 93% and 69% year-on-year growth rates. The presentation does not provide a line-by-line reconciliation of the difference between those growth rates, so it does not identify the individual cost or accounting drivers.

Which Navin Fluorine businesses grew fastest in Q2 FY27?

Navin Fluorine's CDMO business was its fastest-growing reported vertical in Q2 FY27, with revenue increasing 78% year on year to Rs 239 crore. Specialty Chemicals revenue rose 58% to Rs 348 crore, while HPP revenue increased 49% to Rs 604 crore in the quarter ended September 30, 2026.

HPP nevertheless remained the largest quarterly business by reported revenue at Rs 604 crore, compared with Rs 348 crore in Specialty Chemicals and Rs 239 crore in CDMO. That ranking was also present in H1 FY27, when HPP reported Rs 1,144 crore, Specialty Chemicals reported Rs 673 crore, and CDMO reported Rs 419 crore.

The Q2 comparison shows that HPP added Rs 200 crore of revenue from Q2 FY26, ahead of the Rs 128 crore increase in Specialty Chemicals and the Rs 105 crore increase in CDMO. CDMO's 78% growth rate was highest because it expanded from a Q2 FY26 revenue base of Rs 134 crore.

How did Navin Fluorine's Q2 FY27 compare with Q1 FY27?

Navin Fluorine reported higher Q2 FY27 sales and operating earnings than in Q1 FY27. Q2 sales rose 14% quarter on quarter to Rs 1,190.7 crore, operating EBITDA rose 14% to Rs 407.5 crore, and operating PBT increased 19% to Rs 336.0 crore.

Q2 FY27 operating EBITDA margin was 34.2%, up 5 basis points from Q1 FY27 and 176 basis points from Q2 FY26. The quarterly chart shows revenue rising from Rs 1,045 crore in Q1 FY27 to Rs 1,191 crore in Q2 FY27, while operating EBITDA increased from Rs 357 crore to Rs 407 crore.

Operating PBT increased from Rs 283 crore in Q1 FY27 to Rs 336 crore in Q2 FY27, according to the quarterly chart. Profit after tax rose from Rs 243 crore to Rs 269 crore over the same period, while the reported Q2 year-on-year growth rates were 57% for sales, 66% for operating EBITDA and 87% for operating PBT.

What should readers watch after Navin Fluorine's H1 FY27 results?

Navin Fluorine has disclosed project and capacity milestones in Specialty Chemicals that provide the next operational markers. It commissioned debottlenecking of multipurpose plant capacity at Dahej in September 2026, and management has targeted completion of the Chemours project by the end of Q3 FY27, with purchase orders in place for delivery during Q4 FY27.

In CDMO, Navin Fluorine said Phase II cGMP4 capital expenditure of Rs 125 crore is on track to become operational by the end of Q4 FY27. In HPP, it said additional HFC capacity equivalent to up to 15,000 metric tonnes per annum of R32 is on track for commissioning shortly.

HPP also reported that its HFO supply contract with Solstice Advanced Materials US, Inc. was extended by four years beyond the original seven-year period. Navin Fluorine said the extension adds potential revenue of about $180 million and takes the total contract value to about $590 million over an 11-year total contract period.

Conclusion

Navin Fluorine's H1 FY27 results combined 51% sales growth to Rs 2,235.8 crore with faster increases in operating EBITDA and operating PBT, at 69% and 93%, respectively. The 367-basis-point rise in operating EBITDA margin to 34.2% occurred as HPP, Specialty Chemicals and CDMO all recorded revenue growth.

The next disclosed markers are the targeted end-Q3 FY27 completion of the Chemours project, Q4 FY27 delivery against related purchase orders, and the planned end-Q4 FY27 operationalisation of Rs 125 crore of CDMO Phase II cGMP4 capital expenditure. Navin Fluorine has also said up to 15,000 metric tonnes per annum of additional R32 capacity is on track for commissioning shortly.