Navin Fluorine Starts 15,000 MTPA HFC Production at Surat Unit

Key numbers

New Capacity	15,000 MTPAR32 Equivalent
Market Cap	₹51,172 CrCommodity Chemicals
TTM P/E	56.2xSector 35.5x
1Yr Returns	65.49%Price Performance

Key highlights

• New HFC (R32) manufacturing capacity of up to 15,000 MTPA R32 equivalent now operational
• Project funded via a board-approved investment of ₹236.50 Crores from October 2025
• Commercial production at the Surat unit will be ramped up progressively over the coming months
• Commissioning follows recent expansions including the Dahej MPP and AHF plants earlier this year
• Company reported a 57% YoY revenue growth in the latest quarter ended September 2026

Strategic Capacity Expansion at Surat Unit

Navin Fluorine International has successfully commissioned its new manufacturing facility for hydrofluorocarbons (HFC) at its Surat unit. This dedicated plant provides an additional capacity of 15,000 MTPA R32 equivalent quantity, specifically targeting the global demand for R32 refrigerants. The commencement of commercial operations on November 12, 2026, follows the Board's initial funding approval of ₹236.50 Crores granted on October 30, 2025.

Management has indicated that while operations have started today, the facility will undergo a progressive ramp-up in production volumes to meet existing supply commitments and optimize output.

Recent Execution Milestones and Financial Growth

• Quarterly operating revenue reached ₹1,190.74 Crore in September 2026, growing 57% year-on-year.
• Net profit for the same period climbed 81.46% to ₹269.23 Crore with operating margins at 34.22%.
• The HFC launch follows the September 2026 commissioning of the debottlenecked Multi Purpose Plant at Dahej.
• In April 2026, commercial supplies started from a 40,000 MTPA AHF plant involving ₹450 Crore capex.
• A ₹160 Crore cGMP-4 facility at Dewas also commenced Phase 1 operations in late December 2025.
• Promoter holding remains stable at 27.08% as per the latest quarterly filing data.

Expansion Strategy and Market Positioning

The commissioning of the R32 capacity is a central component of Navin Fluorine's strategy to scale its presence in the specialty fluorochemicals market. The company is currently trading at a P/E ratio of 56.2x, reflecting high market expectations compared to the industry average of 34.18x. Beyond refrigerants, the firm is diversifying into advanced materials, with an additional ₹90 Crore capital expenditure approved for the Surat site in August 2026.

This ongoing capital deployment has contributed to a durability score of 85 and a momentum score of 67.7, positioning the firm as a strong performer in the chemicals and petrochemicals sector.

Official Commencement Notification

In this regard, we wish to inform that the plant for manufacture and supply of HFC (R32) has commenced commercial operations today and will be ramped-up progressively.

What to watch next

• Full capacity utilization of the 15,000 MTPA HFC unit throughout FY27
• Achievement of the $100 million revenue target for the CDMO business by FY27
• Revenue contributions from the extended Honeywell Solstice HFO supply contract through 2032
• Commissioning of the ₹90 Crore Advanced Materials capacity at Surat

Navin Fluorine International · financial snapshot

Share price	₹9969
Market capitalisation	₹51,172.47 Cr
Revenue (annual)	₹3,313.90 Cr
Net profit (annual)	₹663.55 Cr
Revenue (latest quarter)	₹1,190.74 Cr+13.94% vs previous quarter
Net profit (latest quarter)	₹269.23 Cr+10.65% vs previous quarter
P/E (TTM)	56.2×Sector 35.52×
Promoter holding	27.08%0.00% QoQ
FII holding	23.38%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.