Navin Fluorine International Limited is a Mumbai-headquartered specialty chemicals company that operates as part of the Padmanabh Mafatlal Group, with business operations in India and the United Kingdom. Established in 1967, the company was incorporated on June 25, 1998, and has built a strong foundation in fluorine chemistry over more than five decades. The company operates the largest integrated fluorochemicals complex in India since 1967.
The company is currently headed by second-generation entrepreneur Vishad Mafatlal, who brings over 25 years of experience in the textile and chemical sectors. Navin Fluorine was listed on the stock exchanges on September 30, 2003.
NFIL operates through four main strategic business units: refrigeration gases, inorganic fluorides, specialty fluorides, and contract development and manufacturing. The company manufactures over 60 fluorinated products for domestic and international customers. NFIL's product portfolio comprises 60+ fluorinated compounds, finding applications in various industries including agrochemicals, pharmaceuticals, aluminum smelting, refrigeration, metal processing, abrasives, glass, and ceramics.
The company's manufacturing footprint spans multiple locations across India. It owns and operates manufacturing plants at Surat and Dahej in Gujarat and Dewas in Madhya Pradesh. Its two primary manufacturing units are located in Surat, Gujarat and Dewas, Madhya Pradesh, with an additional site belonging to Navin Fluorine Advanced Sciences in Dahej, Gujarat.
The company offers refrigerants to original equipment manufacturers (OEMs), service technicians, and equipment owners under the Mafron brand. It also provides inorganic fluoride products comprising ammonium bifluoride, potassium fluoride, sodium fluoride, potassium fluorotitanate, potassium fluoroborate, and hexafluorophosphoric acid.
Navin Fluorine's revenue jumped 16% year-on-year to ₹712.77 Crore in Q4 FY25. The company's net profit jumped 34.94% year-on-year to ₹94.96 Crore in Q4 FY25. Annual revenue reached INR2,349 Crore, reflecting a growth of 14% from FY24.
The company's EBITDA rose 62.4% to ₹178.71 Crore compared to ₹110.04 Crore in the corresponding quarter of the previous fiscal, with EBITDA margin improving 721 basis points to 25.5% from 18.3%. Annual operating EBITDA reached INR534 Crore, up by 34% from FY24, with annual EBITDA margin at 22.7%, up from 19.3% in FY24.
The company has a market capitalization of ₹24,467 Crore as of recent data. The current PE ratio stands at 74.05 and PB ratio at 8.14. The 52-week high share price is ₹4,774.85 and 52-week low is ₹2,876.45.
The company exports over 40% of its products to North America, Europe, Middle East, and Asia Pacific regions, with FY23 seeing 66% of revenue from exports.
The company has been actively pursuing strategic partnerships and expansion initiatives. Navin Fluorine has signed a strategic agreement with Chemours to manufacture Opteon two-phase immersion cooling fluid at its Surat facility, with an estimated capex of $14 million, expected to be operational by Q1 FY27. This strategic agreement with Chemours marks a significant foray into the advanced materials segment.
The R32 project was commercialized in March 2025 and is operating at optimal capacity, with strong demand and pricing traction. In 2016, NFIL formed a joint venture with Piramal Enterprises Limited (PEL) and subsequently formed Convergence Chemicals Private Limited (CCPL) to leverage the company's expertise in fluorine chemistry.
With the increasing use of fluorine in the pharma and agro space, battery chemicals, and performance materials, the CDMO business of Navin Fluorine is expected to grow at a compound annual growth rate (CAGR) of 53% over FY25-27. The company has a robust order book visibility in its CDMO business and a strong pipeline in the Specialty Chemical business, indicating future growth potential.
The company aims to achieve a $100 million milestone by FY27, driven by existing contracts, new MSAs, and base business growth. The board approved a fundraising plan of up to ₹750 Crore through various securities issuance methods, subject to shareholder approval at the upcoming AGM.
Promoter holding in Navin Fluorine International Ltd has gone down to 28.44% as of March 2025 from 28.80% as of June 2024. Various mutual funds hold around 19.11% of the company, with the total public stake approximately 50.5%.
Navin Fluorine International continues to strengthen its position as India's leading specialty fluorochemicals manufacturer, with a clear focus on innovation, strategic partnerships, and expanding its global footprint across diverse end-use industries.```
