Navin Fluorine ends FY26 with strong growth and a busy capex pipeline

Navin Fluorine International Limited closed Q4 FY26 with a sharp jump in growth and profitability. Consolidated revenue for the quarter was INR 937.7 crore, up 34% year on year. Operating EBITDA rose to INR 321.2 crore, up 80%, with margin at 34.2%. Profit after tax for Q4 was INR 212.6 crore, up 124%.

For the full year FY26, consolidated revenue came in at INR 3,313.9 crore, up 41%. Operating EBITDA more than doubled to INR 1,081.7 crore, with margin expanding to 32.6% from 22.7% in FY25. Operating PBT rose 142% to INR 814.6 crore. PAT grew 130% to INR 663.6 crore. Return ratios improved sharply as well, with ROE at 20.1% and ROCE at 21.0%.

The company attributed the FY26 performance to broad-based momentum across its three business verticals: High Performance Products (HPP), Specialty Chemicals, and CDMO. Management also stated on the earnings call that the company delivered six consecutive quarters of revenue and profitability growth.

Growth was broad-based across verticals

In Q4 FY26, HPP revenue was INR 393 crore, up 20% year on year, led by improved realisations and higher volumes. The company said the pricing environment in HFC continues to be constructive. It also commissioned its AHF capex and started commercial supply.

Specialty Chemicals reported Q4 FY26 revenue of INR 360 crore, up 39% year on year. Management highlighted strong order visibility, meaningful scale-up across existing molecules, and a pipeline of new launches. The Chemours project was stated to be on track for completion in Q1 FY27 in the presentation, and management later indicated on the call that completion is expected by end June or early July.

CDMO revenue rose to INR 186 crore in Q4 FY26, up 61% year on year. The company cited strong momentum and stated that commercial supplies have started from its cGMP4 facility after validation for a European CDMO MSA. Management also described its CDMO portfolio as balanced across late/commercial and early-stage molecules and spread across therapeutic areas including oncology, respiratory, cardiovascular, neurology, and animal health.

Financial summary (Consolidated)

Metric	Q4 FY26	YoY	FY26	YoY
Revenue from operations (INR crore)	937.7	34%	3,313.9	41%
Operating EBITDA (INR crore)	321.2	80%	1,081.7	103%
EBITDA margin	34.2%	+875 bps	32.6%	+992 bps
PAT (INR crore)	212.6	124%	663.6	130%

Capital allocation and commissioning-led story for FY27

Navin Fluorine’s investor presentation lays out ongoing capex across multiple platforms, with clear timelines and, in some cases, peak revenue potential.

In HPP, the company is adding additional HFC capacity equivalent up to 15,000 MTPA of R32, with capex of INR 236.5 crore funded by internal accruals and expected commissioning by Q3 FY27. The presentation states peak revenue potential of around INR 600 to 825 crore per annum.

In Specialty Chemicals, the company is debottlenecking MPP capacity at Dahej to support the launch of a new molecule for a global innovator. The capex is INR 75 crore (internal accruals) with targeted commissioning by Q3 FY27. Peak revenue potential is stated at INR 140 to 160 crore per annum.

In Advanced Materials, the company is setting up initial commercial capacity for an innovative liquid cooling product. Capex is INR 120 crore, with 35% funded by the customer, and targeted commissioning by Q1 FY27. The presentation states peak revenue potential is under confidentiality.

Management, during the earnings call, positioned FY27 as a year where projects transition from investment phase to revenue generation, citing commissioning and ramp-up of additional HFC capacities, the MPP program, and the upcoming Chemours project.

Working capital and balance sheet signals

On the earnings call, the CFO highlighted an improvement in net working capital days to 74 days versus 90 days earlier. Management guided that net working capital is expected to be in the range of 75 to 80 days going forward, compared with the previous indicative guidance of 90 days of sales.

Net debt to equity was stated at 0.01x as of March 31, 2026, indicating negligible leverage. This low leverage profile provides flexibility as the company executes multiple capex programs.

Cash flow dynamics show a capex-heavy year. Consolidated cash flows generated from operating activities were INR 893.6 crore in FY26, while net cash used in investing activities was INR 1,234.9 crore.

What management emphasised as key variables

Management acknowledged the volatile geopolitical environment and stated it is monitoring potential impacts on energy prices, logistics, and supply chains. On raw material availability and inflation, management said it has not seen disruption so far and has been able to pass on price increases to customers, although there may be a lag effect depending on contract structures.

On profitability, management reiterated its benchmark of around 30% EBITDA margin for the full year, with a plus or minus 1% to 2% range.

Takeaways

Navin Fluorine’s FY26 performance shows a sharp improvement in scale and operating leverage, with all three verticals contributing to growth. The next phase is largely execution-led, with multiple commissioning milestones in FY27 and FY27-28, including R32 capacity, MPP debottlenecking, Advanced Materials, and the Chemours project.

The operational indicators highlighted in the call, improved working capital cycle and negligible net leverage, add comfort on execution capacity. The key monitorables from here are pace of ramp-up for new capacities, stability of pricing and pass-through in an inflationary environment, and any operational impact from geopolitical disruptions.