Please refer to important disclosures at the end of this report
Navin Fluorine International Ltd. (NFIL) is one of the largest and the most
respected Indian manufacturers of speciality fluorochemicals. It belongs to the
Arvind Mafatlal Group – one of India’s oldest industrial houses. NFIL’s JV with
Piramal for pharma business and tie up with GMDC for ensuring regular suppl
of Fluorspar is the key raw material for refrigerants along with orders from
Honeywell all these will help NFIL to increase its revenue and profitability. NFIL
has a strong balance sheet with minimum debt (D/E: 0.05x) and robust return
ratios. The company’s RoE and RoCE jumped to 13.5% and 17.2% respectively in
FY16 from 9.5% & 12.7% respectively, in FY15. The company plans to sustain its
healthy growth momentum in years to come is supported by the company’s
strategy of focus on high margin business through innovation, expanding market
base and strong footprints in traditional business to drive overall sales. Also the
company generated free cash flows of `581cr. in FY16 and the trend should
continue as there is no major capex in the pipe. On the back of healthy earnings
growth visibility, healthy cash flow generation we expect much more to come fo
NFIL in the near future. The company has been maintaining a healthy dividend
payout of 27.77% (Div. Yield: 0.90%). Hence Buy.
CMP `2,347
Stock Info
Beta 1.2
Bloomberg Code
Shareholding Pattern (%)
Promoters 38.7
MF / Banks / Indian Fls 21.0
FII / NRIs / OCBs 11.2
Indian Public / Others 29.1
Abs. (%) 3m 1yr 3yr
Sensex (9.3) 2.8 23.0
NFIL (0.3) 26.4 818.6
Reuters Code NAFL.BO
BSE Sensex 26,237
Nifty 8,102
Face Value (`)
Market Cap (` cr) 2,269
52 Week High / Low 2875/1262
Avg. Daily Volume 6,173
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Navin Fluorine International
Others |
December 8, 2016
Navin Fluorine International |
December 8, 2016
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
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Disclosure of Interest Statement Navin Fluorine International
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
over 12 months investment
: Reduce
-5% to -15%
< -15