Navin Fluorine International Limited Stellar Q3 FY26 Results Show 109% Growth in Operating EBITDA

Navin Fluorine International Limited reported exceptional financial performance for the quarter ended December 31, 2025 (Q3 FY26). Consolidated Sales grew 47% YoY to Rs. 892.4 Crs. Most notably, Operating EBITDA surged by 109% YoY to Rs. 307.6 Crs, leading to an Operating EBITDA Margin of 34.5%. All three business verticals—HPP, Specialty, and CDMO—showed robust year-over-year revenue growth, reflecting strong market traction and successful execution of growth strategies.

Q3 & 9M FY26 Financial Performance at a Glance

Q3 FY26 Performance Summary

Navin Fluorine delivered outstanding results for Q3 FY26, characterized by significant year-over-year (YoY) acceleration across key metrics:

• Sales: Reached Rs. 892.4 Crs, marking a +47% YoY increase, alongside a +18% Quarter-over-Quarter (QoQ) rise.
• Operating EBITDA: Achieved Rs. 307.6 Crs, showing a massive +109% YoY growth and +25% QoQ growth.
• Operating EBITDA Margin: Improved significantly to 34.5%, expanding by 1017 basis points (bps) YoY.
• Operating PBT: Grew by an impressive +149% YoY to Rs. 243.2 Crs.

Nine Month FY26 Performance Highlights

The consolidated performance for the first nine months of FY26 also demonstrated strong trajectory:

• Sales: Totaled Rs. 2376.2 Crs, up +44% YoY.
• Operating EBITDA: Increased by +114% YoY to Rs. 760.5 Crs.
• Operating EBITDA Margin: Stood at 32.0%, improving by 1047 bps YoY.
• Operating PBT: Rose by +155% YoY to Rs. 563.6 Crs.

Business Vertical Performance (Revenue Growth YoY)

The growth was broad-based across all major segments:

Segment Deep Dive: Q3 FY26

HPP (High Performance Products)

Q3 FY26 revenues reached Rs. 412 Crs (up 35% YoY). Key highlights include revenue growth driven by higher realizations and volumes, a constructive pricing environment for HFCs, and the commissioning of AHF capex in Q4 FY26. Capex for additional R32 capacity is on track for commissioning in Q3FY27.

Specialty Chemicals

This segment delivered its highest ever quarter with revenues of Rs. 354 Crs (up 60% YoY). The positive outlook is supported by strong order visibility. The Chemours project is set for completion in Q1FY27, and the de-bottlenecking MPP capacity at Dahej is targeted for commissioning in Q3FY27.

CDMO (Contract Development and Manufacturing Organization)

Revenues grew by 61% YoY to Rs. 127 Crs, demonstrating continued momentum and strong order visibility. Validation completion and commercial supplies started from cGMP4. Strategy in action includes supply conclusion for an EU Major order and scale-up orders scheduled for Q4 supplies.

Ongoing Capital Expenditure (Capex) Overview

The company is strategically investing in capacity expansion:

• HFC Capex: Rs. 236.5 Crs for additional capacity, expected commissioning by Q3FY27, with peak revenue potential of ~ Rs. 600-825 Crs per annum.
• MPP Capex: Rs. 75 Crs for de-bottlenecking to support new molecule launch, targeted for commissioning by Q3FY27. Peak revenue potential is ~ Rs. 140-160 Crs per annum.
• Advanced Materials Capex: Rs. 120 Crs, partially customer-funded, targeted for commissioning by Q1FY27.

Sustained Growth Across Key Financials (9MFY26 vs. FY25)

Reviewing quarterly and cumulative performance illustrates sustained upward momentum:

*Note: PBT and PAT figures for 9MFY26 and FY25 reflect adjustment for exceptional items where applicable.

Strong Financial Health Metrics (Consolidated)

The Consolidated Profitability Statement shows remarkable efficiency gains:

• Operating PBT Margin (Q3 FY26): 27.2%, an expansion of 1116 bps YoY.
• Profit After Tax (Q3 FY26): Rs. 185.40 Crs, a 122% YoY increase.
• Total Comprehensive Income YoY Growth (Q3 FY26): 126%.

ESG Commitment in Action (FY25 Highlights)

Navin Fluorine continues its commitment to sustainability, earning recognition for environmental excellence.

• All three sites were conferred with the 8th Annual HSE Strategy Summit & Awards 2025 for ‘Commitment to Environmental Excellence’.
• The Dewas facility is now a Zero liquid discharge facility.
• Renewable Electricity: Dewas increased its share from 14.4% to 21.1%. Overall, 20% of electricity consumed across operations was renewable.
• Water Recycling: Achieved 7,93,606 KL of water recycled, filling 60% of total water demand.
• Plastic Waste Management: Met 100% compliance under the EPR Framework.
• Tree Plantation: Planted 14,429 trees, absorbing 289 tCO₂e annually.

Governance and Board Structure

The Board remains highly engaged and experienced, playing an active role in strategic transformation.

• The Board features a median age of 58 years.
• 60% of Directors were inducted since FY22, bringing fresh perspectives.
• 6 of 10 Directors are Independent, and 8 of 10 are Non-Executive.
• Committees like Audit, Nomination & Remuneration, and Stakeholders’ Relationship have strong representation by Independent Directors.

A Partner of Choice

The company emphasizes its enduring strengths:

• Resilient Business Model: Diversified across 3 Business Verticals, operating in 4 Countries, utilizing 4 Factories, and serving 900+ Total Customers.
• R&D Investment: Total R&D spend in FY25 was Rs. 54.69 crores, focused on developing complex KSMs and backward integration into high-end fluorine reagents.
• Progressive Dividends: Track record shows a consistent dividend policy, with the proposed FY26 dividend at 325% of Face Value on a standalone basis.

Source: BSE