ICICI Direct has given Hold recommendation for Navin Fluorine with a target price of Rs. 4040 in its research report issued on May 09, 2022
ICICI Direct’s research report on Navin Fluorine
Navin Fluorine (NFIL) operates one of the largest integrated fluorochemicals complexes in India with a presence in speciality chemicals, CRAMS, inorganic fluoride and refrigerant segments. The company has two manufacturing facilities in Surat and Dewas while it is setting up a new greenfield capacity at Dahej • In terms of revenue contribution, speciality chemical constitutes 40% of overall revenue followed by CRAMS of 25% and the rest from refrigerant (~18%) and inorganic fluoride (~17%) businesses.
We retain HOLD rating on the back of better growth outlook from value added segments such as CRAMS and speciality chemical. We value Navin Fluorine at 45x P/E FY24E EPS to arrive at a target price of Rs 4040/share (earlier Rs 4520/share).