Navin Fluo.Intl. Q1 FY27 Results (NSE: NAVINFLUOR)
Signal: Margin expansion
The read
The key inflection is a fifth consecutive quarter of YoY margin expansion, with consolidated EBITDA margin reaching 37.5% and EBITDA growth of +77.7% outpacing revenue growth of +44.1%; momentum is increasingly diversified toward CDMO, which grew +82% YoY, while HPP and Specialty Chemicals are entering sizeable capacity-expansion phases.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,045.08 Cr | 44.1% | 11.4% |
| EBIT | ₹350.48 Cr | 89.0% | |
| Net profit | ₹243.31 Cr | 107.7% | |
| EPS | ₹47.45 | 100.8% | |
| EBIT margin | 37.5% |
P&L walk
Consolidated revenue increased to ₹1045.08 Cr, +44.1% YoY and +11.4% QoQ; EBITDA rose +77.7% to ₹392.16 Cr with margin at 37.5%, while PAT increased +107.7% to ₹243.31 Cr, supported by operating growth rather than exceptional income.
Segments
CDMO was the fastest-growing business at ₹180 Cr revenue, +82% YoY, followed by Specialty Chemicals at ₹325 Cr, +48%, while HPP grew ₹540 Cr, +33%; the subsidiary-led businesses lifted consolidated revenue above standalone growth.
Key positives
- Consolidated revenue reached ₹1045.08 Cr, +44.1% YoY and +11.4% QoQ, with growth led by volume and higher realisations.
- EBITDA rose +77.7% YoY to ₹392.16 Cr versus revenue growth of +44.1%, while EBITDA margin reached 37.5%, a +710bps YoY expansion.
- CDMO revenue rose +82% YoY to ₹180 Cr, supported by order-book momentum and deeper engagement with a European CDMO major.
- HPP revenue grew +33% YoY to ₹540 Cr, with constructive HFC pricing and additional R32 capacity of up to 15,000 MTPA scheduled for Q3FY27.
- Specialty Chemicals revenue increased +48% YoY to ₹325 Cr, supported by order visibility and MPP debottlenecking targeted for Q3FY27.
Key concerns
- Raw material cost increased to 43.0% of consolidated revenue from 42.4% YoY and 41.4% QoQ, coinciding with gross-margin compression to 57.0% from 57.6% YoY and 58.6% QoQ.
- Standalone revenue growth of +27.9% YoY lagged consolidated growth of +44.1%, making subsidiary and newer-business execution increasingly important to the group trajectory.
- The expansion program carries substantial execution requirements, including ₹236.5 Cr for R32 capacity, ₹125 Cr for cGMP4 Phase II, ₹75 Cr for MPP debottlenecking and ₹120 Cr for the Chemours project.
Research and educational content only. Not investment advice.