Navin Fluo.Intl. Q1 FY27 Results (NSE: NAVINFLUOR)
Signal: Margin expansion
The read
Navin Fluorine delivered another quarter of accelerating margin expansion: EBITDA margin at 37.5% (+710bps YoY), now 5th consecutive quarter of >30% YoY revenue growth and expanding OPM. PAT doubled YoY to ₹243 Cr. Capex of ₹90 Cr announced for Advanced Materials, signaling confidence in future demand. Minor equity dilution flagged via EPS-PAT divergence.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,045.08 Cr | 44.1% | 11.5% |
| 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
Revenue momentum continued with 44% YoY growth, while EBITDA margin surged 710bps to 37.5% — the 5th consecutive quarter of margin expansion — on operating leverage and stable RM costs. PAT doubled, helped by clean earnings quality (other income <20% of PBT).
Segments
The group operates a single 'Chemical business' segment. Consolidated PAT of ₹243 Cr includes ~₹52.7 Cr from subsidiaries (NFIL UK, Manchester Organics, others) and JV, with standalone PAT at ₹191 Cr — subsidiaries contributed 22% of group profit.
Key positives
- Revenue growth of 44.1% YoY marks 5th consecutive quarter >30% growth.
- EBITDA margin expanded 710bps YoY to 37.5% — operating leverage fully in play (EBITDA +78% vs revenue +44%).
- PAT more than doubled (+107.7% YoY) with clean earnings quality (other income <20% of PBT).
- ₹90 Cr capex approved for Advanced Materials portfolio to drive next growth leg.
Key concerns
- EPS growth (100.8%) lagged PAT growth (107.7%) due to 3.4% equity dilution from increased share count.
- Minor standalone-vs-consolidated divergence: subsidiaries contributed ~22% of group PAT; standalone margins higher (40.4%) but revenue growth slower (27.9%).
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