Navin Fluorine International Ltd (NAVINFLUOR) Q2 FY27 Results Analysis: PAT Jumps 81%, EBITDA Margin Tops Guidance

Cofacto Research Published October 30, 2026 4 min read

Positive

Navin Fluorine International Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,190.74 Cr (+57.00% YoY) and PAT growth of +81.47% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 1,190.74 Cr (+57.00% YoY)
PAT (Q2)	Rs. 269.23 Cr (+81.47% YoY)
EBITDA margin	34.22% (+176 bps YoY)
EPS (Q2)	Rs. 52.48 (+80.60% YoY)

Quarter Snapshot

Q2 FY27 delivered 57% YoY revenue growth with Operating EBITDA margin of 34.22% running well above the FY27 guidance band of 30% ±1–2%, while PAT grew 81.47% YoY. H1 free cash flow of Rs.775.74 Cr and a net cash position of Rs.202.42 Cr underpin the capex build-out (CWIP up Rs.174.01 Cr) ahead of Q3 FY27 R32/HFC commissioning. Raw-material inflation lifted materials to 44.90% of revenue, but operating leverage and a Rs.31.03 Cr inventory-change swing absorbed the pressure at the EBITDA line.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"revenue likely ahead YoY, in-line-to-better sequentially"	+57.00% YoY, +13.94% QoQ	Played out
Margin	"compressing at the gross line, partially offset" by refrigerant prices and the weaker rupee	Gross-line pressure real (materials 44.90% of revenue vs 42.32%) but EBITDA margin flat at 34.22% (+5 bps QoQ)	Partially
Guidance path	"intact on revenue"; margin anchor test ahead	H1 margin 34.21% vs 30% ±1–2% guide; filing silent on re-basing	Played out on revenue; anchor question open
H2 dilution toward 30% anchor	"more likely narrative risk management flags"	Filing silent	Not observable
RM inflation absorbed via inventory carry	"may be absorbed as inventory carry rather than hitting COGS in full"	Inventory-change credit of Rs.25.39 Cr (build) in Q2 vs Rs.5.64 Cr charge in Q1	Partially

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 consolidated EBITDA margin 30% ±1–2% (full-year, not quarterly)	Q4 FY26 earnings call, reaffirmed Q1 FY27 call	H1 FY27 locked at 34.21% (Q2: 34.22%) — running above band	On Track
FY27 revenue growth double-digit	Q4 FY26 earnings call	H1 +50.68% YoY	On Track
Employee costs ~7–8% of revenue	Q3 FY26 earnings call	7.93% in Q2 FY27	Met
R32/HFC (15,000 MTPA) commissioning by Q3 FY27	Q4 FY26 / Q1 FY27 calls	Not addressed in the filing	Too Early
MPP debottlenecking by Q3 FY27	Q4 FY26 / Q1 FY27 calls	Not addressed in the filing	Too Early
cGMP4 Phase II (Rs.125 Cr) by Q4 FY27	Q1 FY27 call	CWIP +Rs.174.01 Cr over H1 — execution visible but not project-specific	Too Early
Chemours completion end-June/early-July 2026	Q4 FY26 call	Not addressed in the filing	Too Early

Key Investment Insights

Key Positives

Consolidated revenue grew 57.00% YoY to Rs.1,190.74 Cr, accelerating from +44% YoY in Q1; H1 revenue up 50.68% YoY
Operating EBITDA of Rs.407.45 Cr grew 65.52% YoY with margin at 34.22%, up ~176 bps YoY and flat QoQ despite input-cost pressure
PAT grew 81.47% YoY to Rs.269.24 Cr; H1 PAT of Rs.512.55 Cr is up 93.02% YoY
Basic EPS rose to Rs.52.48 from Rs.29.06 YoY (+80.6%)
H1 free cash flow of Rs.775.74 Cr vs negative Rs.23.57 Cr in H1 FY26; CFO up 62.51% YoY to Rs.456.46 Cr
Net cash position strengthened to Rs.202.42 Cr, up Rs.108.20 Cr over the half; gross borrowings down Rs.19.24 Cr
Net working capital days improved to 65.1 from 81 in Q1; inventories drawn down and receivables grew slower than revenue
Employee costs held at 7.93% of revenue, within the guided ~7–8% band

Risk Factors

Cost of materials consumed rose to 44.90% of revenue from 42.32% in Q1 and 39.16% in Q2 FY26, reflecting raw-material inflation (fluorspar/HF/sulfur)
Q2 EBITDA was flattered by a Rs.31.03 Cr favourable QoQ swing in the changes-in-inventories line (Rs.25.39 Cr credit vs Rs.5.64 Cr charge in Q1)
Standalone EBITDA margin dipped QoQ to 32.26% from 35.27%, indicating part of consolidated strength sits in subsidiaries
H1 CFO/PAT of 0.89x (standalone 0.76x) reflects working-capital absorption, with a Rs.37.77 Cr reduction in payables
Other income of Rs.50.69 Cr in H1 includes Rs.39.42 Cr of non-operating content (Rs.30.74 Cr investment-sale gain, Rs.8.68 Cr FVTPL gains)