General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
Navin Fluorine International has made fluorine-based chemicals since 1967. Its products include refrigerant gases for air conditioners, ingredients for crop chemicals, and drug ingredients made to order for global pharmaceutical companies.
Revenue for the three months to June 2026 was ₹1,045 crore, up 44% on a year earlier. Operating profit came to ₹357 crore, up 73%. Net profit was ₹243 crore, against ₹117 crore in the same quarter last year. Operating margin was 34%, the same level as in the three months to March 2026. The company’s own presentation puts that 566 basis points above the June 2025 quarter. A basis point is one hundredth of a percentage point.
All three divisions grew together, which does not happen often in chemicals. High Performance Products did ₹540 crore, a rise of 33%. Specialty Chemicals did ₹325 crore, up 48%. The contract manufacturing arm did ₹180 crore, up 82%, the smallest of the three and the fastest growing.
Management said the company became net debt free during the quarter. Net working capital stood at 81 days, a measure of the cash tied up in stock and unpaid bills. Operating cash flow for the quarter was ₹173 crore.
The board approved ₹90 crore of spending at Surat, funded from the company’s own cash. The filing calls it adoption capacities for the Advanced Materials portfolio, targeted for the three months to September 2027. Management lists the end markets as data centres, electronics, semiconductors and defence.
2 — Introduction
Navin Fluorine International has worked in fluorine chemistry since 1967 and belongs to the Padmanabh Mafatlal group. It is described as one of India’s largest specialty fluorochemical companies and a pioneer in making refrigerant gas. CARE, a credit-rating agency, counted over 70 fluorinated compounds in the portfolio in a September 2025 report. Those compounds feed crop chemicals, medicines, aluminium smelting and refrigeration. They also go into metal processing, abrasives, glass and ceramics.
Vishad Mafatlal is Chairman, a second-generation entrepreneur with an economics degree from Wharton. He has spent more than 29 years in textiles and chemicals. Nitin G. Kulkarni became Managing Director in June 2024. He holds a Master’s in Organic Chemistry from the University of Mumbai and three decades in specialty chemicals.
The past two years have mostly been about spending money. In July 2025 the company sold 16.03 lakh shares to large institutions and raised ₹750 crore. CARE noted that around ₹562 crore of that was set aside to repay debt. In February 2026 a new hydrofluoric acid plant at Dahej started commercial production, sized at 40,000 tonnes a year. The first phase of the cGMP-4 plant at Dewas cost roughly ₹160 crore. cGMP is the manufacturing standard that drug regulators demand. It ran validation batches in September 2025 and began operating in the three months to December 2025.
October 2025 brought two more approvals. ₹236.5 crore goes to extra HFC capacity, equivalent to 15,000 tonnes a year of the refrigerant R32. Another ₹75 crore goes to removing bottlenecks at the multi-purpose plant at Dahej. Both are targeted to start up in the three months to December 2026. The same board meeting declared an interim dividend of ₹6.50 a share.
Senior roles have changed hands. Chief executive Rajendra Sahu resigned with effect from 20 September 2025. Dr Vijay Kaiwar was appointed chief executive of the contract manufacturing arm the next day. The human resources head, Pankaj Lochan, resigned at the close of business on 27 February 2026, and a search was started. At the annual meeting on 6 August 2026, shareholders approved a dividend of ₹8.60 a share and reappointed key directors.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3 — Business Model: WTF Do They Even Do?
Fluorine is the element many industries want attached to their molecules and few want to handle. Navin Fluorine handles it for a living.
The business runs on three divisions. High Performance Products covers refrigerant gases, inorganic fluorides and hydrofluoroolefins, a newer class of refrigerant. The company describes itself as the only Indian maker of the last of those. This is the older Mafron-branded business, the R-22 and R-32 that sit inside air conditioners. Specialty Chemicals makes fluorinated intermediates, the half-finished molecules that crop-chemical developers build on. The third arm develops and manufactures drug ingredients under contract for global pharmaceutical firms. It runs from regulator-approved plants at Dewas, covering cancer, respiratory and heart treatments. Neurology and animal health are also served.
Who pays differs sharply by division. High Performance Products sells 46% at home and 54% abroad. Specialty Chemicals splits 38% and 62% the same way. The contract arm sells 2% at home and 98% abroad, which makes it an
