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Indian fluorochemicals maker of refrigerant gases and specialty fluorochemicals for pharma/agro CDMO customers.
Indian fluorochemicals maker of refrigerant gases and specialty fluorochemicals for pharma/agro CDMO customers.
Splits between refrigerant gases whose prices swing with the market, and made-to-order fluorine chemicals for pharma and agrochemical customers under multi-year contracts, which are steadier and where being qualified for a customer's product is the entry ticket. It has been steering toward the contract business, backed by expansion at Dahej and the purchase of Manchester Organics.
Moat: narrow (process know-how, IP / patents). Deep fluorine chemistry expertise and CDMO relationships, but SRF and Gujarat Fluorochemicals compete in the same categories.
Headquarters: Mumbai, India · Founded: 1967 · Employees: 3,217
Size Navin Fluorine International (NAVINFLUOR.NS) is an India Materials company (Chemicals: Specialty) with a market value of $4.89B, the 212th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹9,010 on 6 Nov 2026.
Performance Over six months the shares gained 27.2%, against -11.6% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 45.7% over the last twelve months (peer median +9.7%); the operating margin is 30.3% (peer median 13.1%).
Valuation It trades at 45.6× forward earnings against a peer median of 16.0× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.2 points above its cost of capital (13.2% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹40.7B | ₹32.7B | ₹23.3B | ₹20.5B | ₹20.7B |
| Revenue growth | — | +40% | +14% | -1% | — |
| Gross profit | ₹18.5B | ₹11.0B | ₹6.04B | ₹4.84B | ₹6.36B |
| EBITDA | ₹13.9B | ₹10.5B | ₹5.28B | ₹3.98B | ₹5.50B |
| Net income | ₹9.11B | ₹6.64B | ₹2.89B | ₹2.71B | ₹3.75B |
| Free cash flow | n/a | ₹3.06B | -₹671M | -₹538M | -₹8.46B |
| Capital expenditure | n/a | ₹4.89B | ₹5.67B | ₹7.32B | ₹7.58B |
| Total debt | ₹12.5B | ₹12.7B | ₹14.7B | ₹13.7B | ₹8.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Navin Fluorine International NAVINFLUOR.NS | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% |
| Srf SRF.NS | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | $5.42B | +23% | +20% | 17% | 53.0× | n/a |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| AARTI Industries AARTIIND.NS | $1.71B | -9% | +40% | 9% | 29.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NAVINFLUOR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | -2.1% | 3rd highest of 21 |
| 6-month return | +27.2% | -11.6% | 2nd highest of 21 |
| Distance from 52-week high | -0.3% | -33.0% | highest of 21 |
| Revenue growth (TTM) | +45.7% | +9.7% | 2nd highest of 21 |
| Operating margin | 30.3% | 13.1% | 3rd highest of 21 |
| Forward P/E | 45.6× | 16.0× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 34.0% | 5.3% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +22.7% | +11.0% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | +11.3 pp | -3.6 pp | most demanding of 16 |
| ROIC minus cost of capital | +8.2 pp | -0.2 pp | 3rd highest of 21 |
| EV / EBITDA | 33.1× | 9.3× | 2nd most expensive of 11 |
| Net debt / EBITDA | -0.1× | 1.5× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Navin Fluorine International NAVINFLUOR.NS | India | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% | +22.7% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |
| Dottikon ES DESN.SW | Switzerland | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% | +14.4% |
| Red Avenue New Materials 603650.SS | China | $4.70B | -12% | +24% | 9% | 40.7× | n/a | n/a |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Tosoh 4042.T | Japan | $4.69B | -4% | -1% | 11% | 11.4× | -1.5% | +6.8% |
| Zhejiang Sanmei Chemical Industry 603379.SS | China | $4.64B | -22% | +24% | 41% | 13.5× | 5.4% | +16.5% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 41.7× | 22.5% | +18.5% |
| Far Eastern New Century 1402.TW | Taiwan | $4.49B | +8% | 0% | 6% | 11.8× | 5.3% | +4.2% |
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 53.0× | n/a | n/a |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 22.4× | 5.0% | +12.9% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 7.3× | n/a | n/a |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Coromandel International COROMANDEL.NS | India | $5.69B | -7% | +24% | 8% | 27.3× | n/a | n/a |
| Zhejiang Longsheng 600352.SS | China | $5.70B | -11% | -1% | 19% | 13.7× | -5.2% | -3.1% |
| Nissan Chemical 4021.T | Japan | $5.72B | 0% | +10% | 23% | 15.9× | 9.3% | +6.0% |