Jefferies and Citi raise Navin Fluorine target prices after Q1 profit more than doubles

Navin Fluorine International posted a June-quarter consolidated net profit of Rs 243 crore, more than doubling from Rs 117.1 crore a year earlier, on revenue up 44% year-on-year to Rs 1,045 crore, NDTV Profit reported. Ebitda rose 72.6% to Rs 357 crore as the margin expanded to 34.2% from 28.5%. Jefferies raised its target price to Rs 9,045 from Rs 8,700 and kept a buy rating, citing the company's pipeline in CDMO and cooling products, new capital expenditure in advanced materials, and a projected 23% earnings per share compound annual growth rate through FY29. Citi raised its target to Rs 7,200 from Rs 6,500 but kept a sell call, citing an unfavourable risk-reward ratio after the stock's 50% rise over the past year, and flagged downside risk to refrigerant gas R32 pricing as the company's capacity for it more than triples to 133 kilotonnes a year. The stock closed 0.26% lower at Rs 7,609.50 on the NSE on Wednesday.