NAVIN FLUORINE: Easier raw material sourcing to help better operating margins (NFIL IN, Mkt Cap USD2.7b, CMP INR4426, TP INR4311, 3% Downside, Neutral) NFIL reported an EBITDA/PAT that was 26%/29% lower than our estimate, primarily due to delay in commercialization of HFOs. Gross margin stood at 55.9%, expanding 130bp sequentially, while EBITDA margin contracted 130bp QoQ to 24.6%. The High Performance Products (HPP) and Specialty Chemicals businesses (up 76%/45% YoY) registered steep growt...
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