NAVINFLUOR · Chemicals
Navin Fluorine International Ltd. reported revenue of ₹519 cr for July to September 2024, +10.0% on the year and −1.0% on the quarter.
Operating profit (EBITDA) was ₹107 cr, a margin of 20.6%, −15 bps on the year and +153 bps on the quarter. Over the last 6 quarters the margin has ranged from 15.2% to 23.2%, averaging 19.5%. Operating costs grew +10.2%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹59.0 cr, −3.3% on the year and +15.7% on the quarter, with earnings per share of ₹11.86. Profit before other income, one-offs and tax grew faster, at +22.2%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹52.11 over the last four quarters, the stock at ₹8,145.00 trades at 156.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −3.3% on the year; profit before other income, exceptional items and tax +22.2%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹500 cr | ₹602 cr | ₹524 cr | ₹519 cr | ₹606 cr | ₹701 cr | ₹725 cr | ₹758 cr | ₹892 cr | ₹938 cr | ₹1,045 cr | ₹1,191 cr |
| YoY | — | — | +7% | +10% | +21% | +16% | +38% | +46% | +47% | +34% | +44% | +57% |
| EBITDA margin | 15.2% | 18.3% | 19.1% | 20.6% | 24.3% | 25.5% | 28.6% | 32.5% | 34.5% | 34.2% | 34.2% | 34.2% |
| Other income, % of PBT | 66% | 16% | 15% | 14% | 9% | 9% | 9% | 9% | −2% | 11% | 11% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 20% | 11% | 25% | 23% | 23% | 25% | 24% | 25% | 22% | 25% | 24% | 23% |
| Net profit | ₹78.0 cr | ₹70.0 cr | ₹51.0 cr | ₹59.0 cr | ₹84.0 cr | ₹95.0 cr | ₹117 cr | ₹148 cr | ₹185 cr | ₹213 cr | ₹243 cr | ₹269 cr |
| YoY | — | — | −18% | −3% | +8% | +36% | +129% | +151% | +120% | +124% | +108% | +82% |
| Core profit YoY | — | — | −22% | +22% | +197% | +74% | +143% | +173% | +148% | +118% | +101% | +87% |
| EPS | ₹15.74 | ₹14.19 | ₹10.32 | ₹11.86 | ₹16.86 | ₹19.15 | ₹23.62 | ₹28.96 | ₹36.18 | ₹41.48 | ₹47.43 | ₹52.47 |
| Flags | 1 | 1 | 1 | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Navin Fluorine International Ltd. reported revenue of ₹519 cr (+10.0% on the year) and net profit of ₹59.0 cr (−3.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +22.2% on the year, against −3.3% for reported profit.
None of the 7 checks that could run raised a question.
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