Navin Fluorine International (532504) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw consolidated revenue rise 39% year-over-year to INR 725.4 crores, with operating EBITDA up 106% to INR 207 crores and net profit up 129% to INR 117 crores.

• All business divisions—HPP, Specialty Chemicals, and CDMO—reported robust growth, supported by a strong order book, capacity expansions, and successful project ramp-ups.

• INR 750 crore was raised via QIP, strengthening the balance sheet and supporting future growth initiatives.

• Unaudited standalone and consolidated financial results for Q1 FY26 were approved and reviewed by the Board and auditors.

Financial highlights

• Consolidated revenue for Q1 FY26 was INR 725.4 crores, up 39% year-over-year and 3% sequentially.

• Operating EBITDA reached INR 207 crores, a 106% increase, with margins at 28.5% (up 935 bps year-over-year).

• Profit after tax was INR 117 crores, up 129% from INR 51 crores in Q1 FY25.

• Standalone revenue for Q1 FY26 was INR 557.82 crores, up from INR 396.33 crores in Q1 FY25.

• Operating cash flows for Q1 FY26 were INR 231 crores; net debt to equity stood at 0.34x pre-fundraise.

Outlook and guidance

• Management remains optimistic about sustained momentum, with a solid order book and ongoing project ramp-ups in Specialty Chemicals and CDMO.

• Margin guidance remains at 25%+, with current margins at 28.5%; management will revisit guidance after a few more quarters.

• CapEx framework expanded to INR 700–1,000 crores over the next two years, focused on strategic projects and maintaining strong financial ratios.

• New supplies for three molecules to commence in Q2 FY26; AHF capex at Dahej to commission by end Q2 FY26.

• CGMP4 capex phase 1 on track for Q3 FY26 commissioning.