Navin Fluorine Results Analysis

Operating Revenue for Q2FY26 is Rs. 758 Crs., 46.3% growth YoY, Total Income is Rs. 777 Crs., 46.6% growth YoY, EBITDA is Rs. 246 Crs., 129.5% growth YoY, EBITDA Margin is 32.49% improved by 1179 Basis points YoY, PBT Rs. 198 Crs., 157% growth YoY, PAT Rs.148 Crs. 152% growth YoY. HPP Vertical Revenue Growth 38% YoY, Speciality Chemicals Revenue Growth 39% YoY, CDMO Vertical Revenue Growth 98% YoY. On QoQ basis Op. Revenue is up by 4.6%, Total Income is up by 5%, EBITDA is also up by 19%, EBITDA Margin also improved by 395 basis points, PBT is up by 27.33% and PAT is also up by 26.63%. FY26 EBITDA margin guidance raised to 28–30% (from 25%) with management stating there is “more upside to that 25% than downside.” Expected Capex : AHF commissioning: Q3 FY26, CDMO cGMP4 commercial supplies: Jan 2026, Chemours Opteon project completion: Q1 FY27, Specialty MPP debottleneck commissioning (75 Crs): Q3 FY27, R32 (15 ktpa) commissioning (236 Crs): Q3 FY27.