Navin Fluorine Q2 Profit Jumps 82% as Sales Rise 57%

November 6, 2026

Curated by Gurdeep Singh, Amritsar, Punjab
Updated: November 6, 2026, 3:20 p.m. IST

Navin Fluorine International delivered a sharp rise in September-quarter earnings, with consolidated profit after tax climbing 81.5% year on year to ₹269.23 crore. Operating revenue increased 57% to ₹1,190.7 crore, and operating EBITDA rose 66% to ₹407.5 crore. The growth was spread across the company’s three main businesses—High Performance Products, Specialty Chemicals and contract development and manufacturing (CDMO)—rather than resting on a single division.

Margins improved alongside the topline. Operating EBITDA margin reached 34.2%, up from about 32.4% in the year-ago quarter, as stronger volumes and realisations supported earnings. Compared with the June quarter, operating revenue grew nearly 14%, EBITDA increased about 14% and profit after tax was up 10.7%. The sequential gains suggest that momentum continued after a strong first quarter, though the company still has new capacity to commission and ramp up before those investments can contribute fully.

Q2 FY27 at a glance

Operating revenue: ₹1,190.7 crore, up 57% year on year and about 14% quarter on quarter.
Operating EBITDA: ₹407.5 crore, up 66% year on year.
Operating EBITDA margin: 34.2%, an improvement of roughly 176 basis points from a year earlier.
Operating profit before tax: ₹336 crore, up 87% year on year.
Profit after tax: ₹269.23 crore, up 81.5%.
Earnings per share: ₹52.48 for the quarter.

For the first half of FY27, operating revenue was ₹2,235.8 crore, 51% higher than a year earlier. Operating EBITDA rose 69% to ₹764.5 crore, and the margin expanded by 367 basis points to 34.2%. Profit after tax increased 93% to ₹512.5 crore. The half-year figures show that the September-quarter acceleration came on top of an already strong April–June period.

All three business verticals expand

High Performance Products (HPP) generated ₹604 crore in Q2 revenue, an increase of 49%. Management pointed to higher volumes and improved realisations, with pricing in hydrofluorocarbons remaining firm and the newer hydrogen fluoride facility seeing better utilisation. The company said a planned expansion equivalent to up to 15,000 metric tonnes a year of R32 capacity was progressing towards commissioning. The new capacity could widen supply, but its eventual contribution will depend on commissioning, customer uptake and the pace of ramp-up.

Specialty Chemicals revenue rose 58% to ₹348 crore. The business has order visibility for the second half and beyond, according to management, while a debottlenecking project at the company’s multipurpose plant in Dahej was commissioned in September. That improvement in capacity came at the end of the reported quarter, so its full effect is still to show in later results. The Chemours liquid-cooling project is targeted for completion in Q3 FY27, with purchase orders in place for deliveries during Q4.

CDMO revenue increased 78% to ₹239 crore. The company described demand from an existing European customer as strengthening and said new qualification campaigns had supported the quarter. Management said its FY27 CDMO target of US$100 million remained within reach. That target is a business objective, not revenue already secured or recognised in the September-quarter accounts.

Longer contract adds visibility, but potential is not booked sales

Navin Fluorine has extended its HFO supply contract with Solstice Advanced Materials by four years, taking the arrangement through December 2032. The company estimates that the extension carries roughly US$180 million of additional revenue potential and brings the total contract value to about US$590 million over the full 11-year term. The figure describes potential across the contract period; it is not a forecast of one year’s sales or an amount booked in Q2.

The company is also investing in its CDMO platform. Phase 2 of the cGMP-4 facility involves planned capital expenditure of about ₹125 crore and is expected to become operational by the end of Q4 FY27. Management has described the combined peak annual revenue potential of the facility’s phases as roughly ₹900–1,000 crore by FY28–FY29. Such potential depends on customer programmes progressing through qualification and reaching commercial production.

Execution will determine how much growth continues

The results point to a strong operating period, but the next stage hinges on delivery: bringing new HFC and liquid-cooling capacity online, converting specialty-chemical order visibility into shipments, and advancing CDMO programmes through qualification. These projects require investment ahead of revenue, so commissioning schedules and utilisation will matter as much as the headline growth rates.

The board also declared an interim dividend of ₹8 per share on a face value of ₹2. The record date was November 5, and payment is due on or after November 26. For shareholders assessing the update, the operating figures are the central signal: every major vertical grew and margins widened, while the promised capacity and contract opportunities still need to translate into sustained deliveries and cash generation.