NAVINFLUOR · Chemicals
Navin Fluorine International Ltd. reported revenue of ₹1,191 cr for July to September 2026, +57.1% on the year and +14.0% on the quarter. That is faster than this quarter has grown in recent years (+28.0% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,066 cr, +45.7% on the four before.
Operating profit (EBITDA) was ₹407 cr, a margin of 34.2%, +172 bps on the year and +1 bps on the quarter. Over the last 8 quarters the margin has ranged from 24.3% to 34.5%, averaging 31.0%. Operating costs grew +53.1% against revenue growth of +57.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹269 cr, +81.8% on the year and +10.7% on the quarter, with earnings per share of ₹52.47. Profit before other income, one-offs and tax grew faster, at +86.7%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹910 cr, +105.0% on the four before.
Of the 9 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Navin Fluorine International Ltd. ranks 3rd on revenue growth; the sector median is +21.5%. Its margin moved +172 bps on the year against a sector median of −373 bps.
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 ₹177.56 over the last four quarters, the stock at ₹8,145.00 trades at 45.9 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.
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. 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 ₹1,191 cr (+57.1% on the year) and net profit of ₹269 cr (+81.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +86.7% on the year, against +81.8% for reported profit.
None of the 8 checks that could run raised a question.
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