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N NAVIN FLUORINE International Limited PADMANABH MAFATLAL GROUP Investor Presentation 5th August 2026
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Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Navin Fluorine International Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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Q1 FY27 – Performance highlights Consolidated Financials Business Highlights SALES Rs. 1,045.1 Cr +44% YoY +11% QoQ Operating EBITDA Margin +566 bps YoY -8 bps QoQ Operating PBT +101% YoY +13% QoQ Operating EBITDA +73% YoY +11% QoQ HPP Y-O-Y REVENUE GROWTH Specialty CDMO 33% 48% 82% Rs. 357.1 Cr 34.2 % Rs. 283.3 Cr
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Q3 FY25 Q4 FY25 Revenues Operating EBITDA Operating PBT Q4 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 606 701 892 1,045 725 938 758 Q3 FY25 PAT Q1 FY27 – Sustainable growth Rs. Crs Rs. Crs Rs. CrsRs. Crs Q4 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 147 308 357 207 321 246 179 Q3 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 98 243 283 141 251 179 115 Q4 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 84 185 243 117 213 148 95 Q3 FY25
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Business Vertical - HPP Key Highlights Consolidated Financials Revenue In Rs. Crs 407 540 Q1FY26 Q1FY27 +33% GEOGRAPHIC MIX 46% 54% ✓ Revenue growth led by volume and higher realisations ✓ Pricing environment for HFC continues to be constructive; increasing interest for contractual offtakes in new capacities ✓ AHF facility commenced operations in Q4 FY26 and continues to be ramped up ✓ Capex for additional HFC capacity equivalent upto 15,000 MTPA of R32 is on track to be commissioned in Q3FY27
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Business Vertical - Specialty Chemicals Key Highlights Revenue In Rs. Crs 219 325 Q1FY26 Q1FY27 +48% GEOGRAPHIC MIX 38% 62% ✓ Sustained growth underpinned by strong order visibility ✓ Product pipeline continues to remain strong, with meaningful scale-up across existing molecules and a strong line-up of new launches ✓ Chemours project is targeted for completion by end of Q2 FY27 ✓ De-bottlenecking MPP capacity at Dahej is on track for commissioning in Q3 FY27 Consolidated Financials
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Business Vertical - CDMO Key Highlights Revenue In Rs. Crs 99 180 Q1FY26 Q1FY27 +82% GEOGRAPHIC MIX 02% 98% ✓ Strong momentum continues, backed by order book ✓ Continued deeper engagement with European CDMO major. Supported by: • Increasing demand for existing molecule • Expanding our footprint in their supply chain ✓ Board had already approved cGMP4 capex of Rs. 288 Crs in Feb 24 • Phase I capex operationalized in Q3 FY26. Initiated today, Phase II - cGMP4 capex of Rs. 125 Crs is expected to operationalize by Q4 FY27 ✓ Strategy -in-action : • Balanced portfolio with good mix of late/commercial and early-stage molecules • Increasing footprint across range of promising therapeutic areas with global innovators- Oncology, Respiratory, Cardiovascular, Neurology and Animal health Consolidated Financials
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Incubating advanced materials Putting our strategy into action for developing a new high growth, high margin business vertical for the future. Building on core fluorination capabilities, the vertical will focus on niche applications in high growth sunrise sector – Data Centers, Electronics, Defence & Semiconductors. ADOPTION CAPACITIES CHEMOURS PROJECT DRDO Capex : Rs. 90 Crs Capex : Rs. 120 Crs Setting up adoption capacities to commercialise product pipeline. Setting up Initial commercial capacity to enable adoption of innovative liquid cooling product Driving AtmaNirbhar Bharat through DRDO TDF project for indigenous process development for a critical defence material
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New capex Advanced Materials cGMP4* Capex Details Capex Rational Amount & Completion Date Peak Revenue Potential • Incubate new value accretive business vertical as a future growth driver • Augment capability and cater to commercial scale qualification supplies • Capex of Rs. 90 Crs • Completion by Q2 FY28 To set up adoption capacities for Advanced Materials Access future growth opportunity • Capex cost of phase II - Rs.125 Crs • Completion by Q4 FY27 • Increasing demand for existing molecule of European CDMO major. • Expanding our footprint in their supply chain Initiated today, Phase II - cGMP4 capex of Rs. 125 Crs An asset turnover of ~3x * Board had already approved cGMP4 capex of Rs. 288 Crs in Feb 24
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Ongoing capex program Additional HFC capacity equivalent upto 15,000 MTPA of R32 Constructive global demand- supply environment driven by transition to low GWP gasses and increasing RAC and blends demand in India and export market • Capex of Rs. 236.5 Crs to be funded by internal accruals. • Project expected to be commissioned by Q3FY27 ~ Rs. 600-825 Crs per annum De-bottlenecking MPP capacity at Dahej to support launch of new molecule for a global innovator • Strong projections received from global innovator to participate in their growth • Purchase order received for CY26 • Capex of Rs. 75 Crs to be funded by internal accruals. • Targeted commissioning by Q3FY27 ~ Rs. 140-160 Crs per annum Initial commercial capacity for manufacturing to enable adoption of innovative liquid cooling product For expanding footprint in the emerging and innovative Advanced Materials products Capex of Rs. 120 Crs, with 35 % funded by customer; balance through internal accruals Targeted commissioning by Q2 FY27 Under Confidentiality Investment in SPV for setting up of hybrid power plant • Reinforces sustainability through increased renewable energy adoption and continued progress toward decarbonization goals • This project will lead to over 60% of energy needs met from renewable sources Investment of Rs. 15.73 Crs for 14.9 MW of Hybrid capacity across NFIL & NFASL HFC MPP Chemours Project Renewable power project Capex Details Capex Rational Amount & Completion Peak Revenue Potential
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Consolidated Profitability Statement Particulars (Rs. Crs.) Q1 FY27 Q1 FY26 Y-o-Y Change Q4 FY26 Q-o-Q Change FY26 FY25 Y-o-Y Change Net Revenue from Operations 1,045.08 725.40 44% 937.71 11% 3,313.90 2,349.38 41% Raw Material 449.75 307.71 388.07 1,376.40 1,038.62 Employee Expenses 86.57 77.57 81.01 307.27 296.67 Other Expenses 151.69 133.33 147.48 548.55 480.37 Operating EBITDA 357.07 206.79 73% 321.15 11% 1,081.68 533.72 103% Operating EBITDA Margin 34.2% 28.5% 566 bps 34.2% -8 bps 32.6% 22.7% 992 Bps Interest Expenses 32.12 30.35 28.94 117.85 77.93 Depreciation 41.68 35.24 41.22 149.20 119.43 Operating PBT 283.27 141.20 101% 250.99 13% 814.63 336.36 142% Operating PBT Margin 27.1% 19.5% 764 bps 26.8% 34 bps 24.6% 14.3% 1027 Bps Other Income 35.09 13.91 17.59 65.29 43.73 Exceptional Item 0.00 0.00 13.72 (6.75) 0.00 Profit before tax 318.36 155.11 105% 282.30 13% 873.17 380.09 130% Tax 75.05 37.94 69.68 209.61 91.49 Profit After Tax 243.31 117.17 108% 212.62 14% 663.56 288.60 130% (Loss) from Associates and joint ventures (net) 0.00 (0.01) 0.00 (0.01) (0.02) Other Comprehensive Income 243.31 117.16 212.62 670.32 288.58 130% (a) Items that will not be reclassified to Profit & Loss (net of tax) 0.36 (1.27) (1.37) (3.29) 1.35 (b) Items that may be reclassified to profit and loss (0.13) 1.71 1.71 4.46 1.51 Total Comprehensive income for the Period 243.54 117.60 107% 212.96 14% 664.72 291.44 128%
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Standalone Profitability Statement Particulars (Rs. Crs.) Q1 FY27 Q1 FY26 Y-o-Y Change Q4 FY26 Q-o-Q Change FY26 FY25 Y-o-Y Change Net Revenue from Operations 694.68 542.95 28% 626.51 11% 2,301.84 1,686.81 36% Raw Material 292.40 239.44 276.24 1,026.29 777.70 Employee Expenses 62.43 54.61 59.12 220.94 217.91 Other Expenses 94.87 94.70 107.59 391.05 352.37 Operating EBITDA 244.98 154.20 59% 183.56 33% 663.56 338.83 96% Operating EBITDA Margin 35.3% 28.4% 686 Bps 29.3% 597 Bps 28.8% 20.1% 874 Bps Interest Expenses 4.88 0.84 2.80 7.88 3.19 Depreciation 21.10 18.80 22.32 80.02 69.88 Operating PBT 219.00 134.56 63% 158.44 38% 575.66 265.76 117% Operating PBT Margin 31.5% 24.8% 674 Bps 25.3% 624 Bps 25.0% 15.8% 925 Bps Other Income 35.84 14.87 19.34 87.53 55.54 Exceptional Item 0.00 0.00 11.91 (6.93) 0.00 Profit before tax 254.84 149.43 71% 189.69 34% 656.26 321.30 104% Tax 64.20 36.67 54.66 168.59 79.37 Profit After Tax 190.64 112.76 69% 135.03 41% 487.67 241.93 102% (Loss) from Associates and joint ventures (net) 0 0 0 0 0 Other Comprehensive Income 190.64 112.76 135.03 487.67 241.93 Items that will not be reclassified to Profit & Loss (net of tax) 0.27 (1.08) (1.33) (2.90) 1.52 Total Comprehensive income for the Period 190.91 111.68 71% 133.70 43% 484.77 243.45 99%
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Company Overview
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Innovation has been at the heart of Navin Fluorine's nearly six-decade journey. From pioneering fluorochemistry capabilities to developing advanced materials, pharmaceutical solutions, specialty chemicals and next-generation technologies, every innovation redefines how we create meaningful value for customers, industries and society INNOVATING withPURPOSE Because innovation creates its greatest impact when it is guided by purpose.
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Building value through scale, innovation & partnerships Products Platform Partnerships 3 Geographies 4 Countries 3 Business Verticals 4 Manufacturing Units 3 R & D Centres OUR BUSINESSES PRESENCE ACROSS Speciality Chemicals High Performance Products (HPP) Contract Development and Manufacturing Organisation (CDMO) 3P STRATEGY
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6 Decades of expertise in fluorine chemistries One of the first companies to establish a refrigerant business in India Only Indian manufacturer of hydrofluoroolefins (HFO) Amongst India’s largest producers of inorganic chemicals - • anhydrous hydrofluoric acid (AHF) • and diluted hydrofluoric acid (HF) Demonstrated excellence across businesses One of the largest BF3 manufacturers globally World-class CDMO cGMP compliant facilities catering to global pharma innovators Amongst the most trusted global players in specialty fluorochemicals One of the largest Integrated Specialty Fluorochemical companies in India Proven capabilities for fluorination chemistries with precision-driven expertise from research to commercial scale
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Our winning edge Reputed Brand Mafron Rich LegacyIntegrated Fluorine Provider Diversified Portfolio Prominent Clientele Strategic Partnerships Committed to ESG World-class Infrastructure Credible Certifications Strong Global Presence Thriving Workforce Building Trusted Solutions for Life
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Rooted in 3P strategy Partnerships Platform Products 3P Focus Capacity Expansion Building Scalable Platforms Nurturing Long- Team Partnerships Diversified portfolio that includes fluorine based intermediates, specialty chemicals and inorganic chemicals Prioritising owning of specific technologies and chemistries that serve as building blocks (BB) for various business applications Utilising capabilities to diversify product pipeline and reinforce technology leadership Strategic multiyear partnerships to strengthen global supply chain presence alongside industry innovators and leaders Leveraging partner expertise and resources to extend reach and impact
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Focus on contract development and technology transfer of predominantly preclinical and clinical candidates in partnership with global pharmaceutical and biotech partners Navin Research & Innovation Centre, Surat, Gujarat Strengthening innovation and R&D capabilities Total R&D spend in FY 2025-26 Rs 48.71 Crs Key R&D Differentiators RESEARCH FOCUSSED Focussed on research-driven innovation to develop complex KSMs for global pharma and biotech innovators BACKWARD INTEGRATION Integrating high-end fluorine reagents enables cost-effective KSM developments and strengthens relationships with global pharma and biotech innovators. DEEP INDUSTRY EXPERTISE Nearly 6 decades of fluorine chemistry experience supported by the latest technology platforms, delivering multi-step complex, value added products for our partners. COLLABORATIVE EXCELLENCE Synergistic tie-ups with customers and technology teams ensure timely and efficient delivery of commitments in a time sensitive industry. STRATEGIC R&D INVESTMENT Strong management focus on emerging trends through ongoing R&D investments to deliver a robust, innovative product pipeline DIGITAL TRANSFORMATION Advancing digitalisation through the planned implementation of Electronic Lab Notebooks (ELN) and LIMS to improve efficiency, traceability and compliance. 3 Modern R&D Centres Navin Molecular R&D Centre, Dewas, MP and Runcorn, Manchester Exhibited commercial-scale capabilities across both fluorination and non fluorinated chemistries Houses 65 chemists and 40 engineers in the Technology and Design Undertakes ongoing R&D investments in core infrastructure and cutting-edge analytical equipment Develops and expands fluorinated specialty chemicals beyond traditional verticals Comprise 70 team members (For Dewas R&D) and 18 team members (For Runcorn MOL R&D) Have successfully executed phase driven projects from pre-clinical to Phase III and commercial molecule to customers
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At Navin Fluorine, sustainability defines how we operate and grow. Our structured Environment, Social and Governance (ESG) framework is guided by the principles of Responsible Care (RC) and Pharmaceutical Supply Chain Initiative (PSCI). With accountability, transparency and long-term stakeholder value creation at its core, it ensures that every decision made and innovation pursued creates a positive impact on our planet, people and communities. Committed to Sustainable Value Creation
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Progress towards our sustainability goals Environmental 100% compliance with EPR requirements for Plastic Packaging Materials by 2025 30% reduction in carbon emissions by 2030 from the base year 2023 50% use of renewable electricity by 2030 Engagement with 100% key value chain partners by 2030 Social 10% diversity in the Company employees by 2030 25% gender diversity in leadership teams by 2030 25% gender diversity across the Board by 2030 Governmance 100% resolution of complaints ZERO cases of corruption and bribery UN SDGs Impacted UN SDGs Impacted Environmental 100% compliance achieved with respect to EPR requirements for Plastic Packaging Materials Increase of 11.1% in specific carbon emissions in tCO₂/tonne of production 12.15% usage of renewable electricity in 2026 Engaged with 30% of value chain partners in 2026 Social 3.94% workplace diversity in 2026 0% gender diversity in leadership teams in 2026 10% gender diversity in the Board of Directors Governmance 89.24% % resolution of complaints in 2026 ZERO cases of corruption and bribery in 2026 ESG Goals Progress on ESG Targets in FY 2025-26 UN SDGs Impacted
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Governance framework 17 Board Committee Highly engaged Board actively involved in NFIL ’s strategic transformation 8 Board Meetings during FY 2026 Board Demographics 7 Directors inducted since FY22 58 years median Directors’ age Board Independence 8 of 10 Directors are Non-Executive 1 Woman Director (Independent) on the Board 6 of 10 Directors are Independent 60% 80% Highly Experienced Board to chair Committees Audit Committee Nomination & Remuneration Committee Stakeholders’ Relationship Committee CSR Committee Risk Management Committee 60% Fund Raising Committee* ESG Steering Committee 335+ Years of Consolidated experience of the Board The Chairman and Managing Director have historically been separate positions * Fund Raising Committee dissolved w.e.f. February 09, 2026
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Diversity of thought and experience 23 Ms. Apurva S. Purohit (Independent Director) She is a prominent Indian Business leader with over 33 years of experience in the media and entertainment industry. She has managed a diverse portfolio of businesses in partnership with private equity players and promoters, from early stage businesses to mature ones. She has a postgraduate diploma in management from IIM, Bangalore. Mr. Vishad P. Mafatlal (Chairman) He is an accomplished industrialist with varied experience of 29+ years in the field of textiles and chemicals. He has a Bachelor of Science degree in Economics from the University of Pennsylvania’s Wharton School. Mr. Atul K. Srivastava (Independent Director) He has an experience of over 49 years in large corporates, in the areas of Finance, Accounting, Taxation and Commerce. He is a Science Graduate and a Fellow Chartered Accountant - B. Sc (Hons), FCA. Mr. Ashok U. Sinha (Independent Director) He has a wealth of experience, competencies and expertise from his leadership journey at Bharat Petroleum Corporation Ltd. He has a BTech in Electrical Engineering from IIT, Kanpur, and a Post Graduate Diploma in Management from IIM, Bangalore, with specialisation in Finance. Mr. Sunil S. Lalbhai (Non-Executive Non-Independent Director) He is an industrialist having varied experience of over 36 years in chemicals and general management. He is a science graduate and holds M.S degree in chemistry from USA and also M.S degree in economic planning & policy from the Boston University of USA. Mr. Sujal A. Shah (Independent Director) He has an experience of over 33 years in the fields of Valuation, Due Diligence, Corporate Restructuring, Audit and Advisory. He is a commerce graduate and member of the Institute of Chartered Accountants of India. Mr. Sudhir R. Deo (Non-Executive Non-Independent Director) Mr. Deo has 45 years of association with Arvind Mafatlal Group (AMG), retired as Managing Director of NOCIL in July 2023. He has headed multiple mandates of the business including Manufacturing, Technology, Research, Strategy, Marketing and Supply Chain. He is an expert in ESG and Sustainability, focusing on implementation to elevate business value. He holds an M. Tech. in Chemical Engineering from IIT Kanpur. Mr. Abhijit J. Joshi (Independent Director) Mr. Joshi is the Founding and Managing Partner of Veritas Legal being regarded among Asia’s Top 15 Private Wealth and M&A Lawyers with a legal career spanning 3 decades. Over the years, he has advised various business houses, promoter families, global conglomerates and large private equity houses across industry sectors on numerous complex deals and cases. He is a dual-qualified solicitor in India and England. Mr. Nitin G. Kulkarni (Managing Director) Mr. Kulkarni has over 3 decades of rich experience across the specialty chemicals value chain, specifically covering fluoro-chemicals and CDMO. He is a highly respected leader with a proven track record of: driving growth, establishing new business verticals, embedding manufacturing excellence, and execution of large projects, both brownfield and greenfield. He is also passionate about HSE and sustainability. He holds a Masters degree in Organic Chemistry from the University of Mumbai. Mr. Kartikeya A. Dube (Independent Director) Mr. Dube has more than 30 years of diverse and rich experience in business, finance, governance, risk, M&A, fund raising, procurement, government affairs, cross border investment/transaction strategy and structures, regulatory framework, life cycle transactions, exchange control and investment regulations, etc. He is a Chartered Accountant and a Bachelor of Commerce. He has attended various leadership programs including INSEAD.
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Governance framework: policies, practices & protocols ✓ Auditor qualification against the Company ✓ Re-statements of financial statements ✓ Allegations of financial imprudence ✓ Defaults for repayments, creditors and dividends Composition of the Statutory Committees as on March 31, 2026 Out of 4 Members of the Audit Committee, 3 are Independent and 1 Non-Executive Reported NO Out of 3 Members of Nomination and Remuneration Committee, 2 are Independent and 1 Non-Executive Out of 3 Members of Stakeholders’ Relationship Committee, 2 are Independent and 1 Executive Out of 6 Members of the Risk Management Committee, 1 is Independent, 2 are Executive, 1 is Non- Executive and 2 are Non-Board Members Structured policies and processes addressed investor grievances Accepted all the resolutions proposed by the Board to shareholders Employed a rigorous Board evaluation policy; Board comprised eminent members Implemented an active succession pipeline for critical roles and the Board Carried out an Internal audit through an independent audit firm reporting directly to the Audit Committee Implemented two ESOP plans Out of 3 Members of the Corporate Social Responsibility Committee, 1 is Independent, 1 Executive and 1 Non-Executive
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Creating lasting social impact through CSR Rs. 8.72 Crs total CSR spend in FY 2025-26 SHRI SADGURU SEVA SANGH TRUST OLYMPIC GOLD QUESTCSR FOCUS AREAS Health Sports Skill Development Other Social Causes Education Sustainable Livelihood Animal Care BLIND PEOPLE’S ASSOCIATION SHAKTI FOUNDATION CHARUTAR AROGYA MANDAL'S SHRI KRISHNA HOSPITAL SIR J. J. HOSPITAL “The intelligent way to be selfish is to work for the welfare of others” The Dalai Lama
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Track record of progressive dividends 65% FY10 85% 65% FY11 600% 65% 85% FY12 75% 75% FY13 85% 75% FY14 85% 75% FY15 110% 100% FY16 75% 130% 110% FY17 150% 180% 170% FY18 200% 190% FY19 150% 400% FY20 300% 250% FY21 300% 250% FY22 350% 250% FY23 150% 350% 250% FY24 350% 250% FY25 430% 325% 75% 140% 150% 750% 150% 160% 160% 210% 315% FY26 390 550% 550% 550% 600% 750% 600% 755% 500% Special Final Interim 22% 24% 37% 40% 36% 38% 29% 28% 33% 31% 30% 23% 20% 19% 32% 25% * On standalone basis Dividend as % of Face Value Payout %* 16%
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For further information, please contact: Navin Fluorine International Ltd. CIN : L24110MH1998PLC115499 Mr. Anish Ganatra Chief Financial Officer anish.ganatra@nfil.in www.nfil.in Investor Relations Advisors: MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services Ms. Payal Dave payal.dave@in.mpms.mufg.com Ms. Pooja Swami pooja.swami@in.mpms.mufg.com