Avendus initiates Buy call on Navin Fluorine with a target price of Rs 4,800
Avendus has initiated coverage of Navin Fluorine International (NFIL) with a 'Buy' recommendation and a target price of ₹4,800, following the company's successful transition from a capital-intensive growth phase to a more cash-generative asset-heavy model. The stock now stands at the cusp of unlocking higher returns as key capex projects begin to ramp up and bolster operational efficiency.
Navin Fluorine, India's leading specialty fluorochemical player, is now optimizing its assets to enhance asset turns from 0.9x in FY25 to 1.2x by FY27. This efficiency gain, Avendus suggests, could drive Return on Invested Capital (RoIC) from approximately 13% to 18% over the same period, significantly improving shareholder returns and positioning the firm as a reliable partner for global innovators.
A critical catalyst for this transformation is the commissioning of large-scale cGMP-compliant facilities, capable of handling late-stage and mature molecule manufacturing for global pharmaceutical companies. These additions are expected to enhance the CDMO (Contract Development & Manufacturing Organization) business, providing revenue stability and reducing earnings volatility—a key investor concern during the capex cycle.
Recent developments lend weight to this positive outlook: NFIL has entered into a strategic agreement with Chemours to manufacture Opteon™ two-phase immersion cooling fluids, targeting the growing market for high-efficiency data center cooling technologies. Furthermore, the company is investing ₹450 crore in a 40,000 TPA HF facility at Dahej and ₹288 crore in a new cGMP4 plant, expected to come online between late FY25 and early FY26 .
Founded in 1967 and part of the Padmanabh Mafatlal Group, Navin Fluorine supplies specialized fluorochemicals across pharma, agrochemical, refrigerant, and high-performance product segments. Over the last decade, the company has steadily increased its revenue CAGR to ~13% while maintaining robust growth in newer segments.
With a strong balance sheet and long-term contracts underpiping future earnings, NFIL is now positioned to harness cashflow strength toward deleveraging, payback of capex, and steady returns. Avendus' Buy rating reflects optimism that the transition to cash generation, combined with growing CDMO stability and global partnerships, will drive significant value creation in the medium term.
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