External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Navin Fluorine International / Equity Bottom-Up

<ul><li>Given the fair visibility in earning in coming years and ability to manage costs, we maintain our recommendation of BUY with revised TP of Rs 4,153/share</li><li>Companies Q4 Revenue was up 21.6% YoY at 409 Cr (against our estimate of 390 Cr), but company reported lower than expected EBITDA of 94 Cr (+12% YoY) against our exp of Rs 103 Cr on account of higher than expected gross margin pressure.</li><li>Effectively, company posted 23% EBITDA margin which was down 300 bps over last quarter (against our estimate 26.4%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Given the fair visibility in earning in coming years and ability to manage costs, we maintain our recommendation of BUY with revised TP of Rs 4,153/shareCompanies Q4 Revenue was up 21.6% YoY at 409 Cr (against our estimate of 390 Cr), but company reported lower than expected EBITDA of 94 Cr (+12% YoY) against our exp of Rs 103 Cr on account of higher than expected gross margin pressure.Effectively, company posted 23% EBITDA margin which was down 300 bps over last quarter (against our estimate 26.4%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine: New Products and Customer Addition to Drive Growth

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 performance update: Revenue performance came in line with our estimate, wherein legacy business and high-value business grew by 29% and 19% YoY, respectively.</li></ul><div><div><div><div><ul><li>Near term margin weakness; but has levers in place to improve the same sustainably</li></ul><div><div><div><div><ul><li>Why we are bullish on CRAMS segment? The share of fluorine-containing small molecules in the innovators’ pipeline is significantly higher at ~45% (vis-à-vis 29% share in the novel drug approvals).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 performance update: Revenue performance came in line with our estimate, wherein legacy business and high-value business grew by 29% and 19% YoY, respectively.Near term margin weakness; but has levers in place to improve the same sustainablyWhy we are bullish on CRAMS segment? The share of fluorine-containing small molecules in the innovators’ pipeline is significantly higher at ~45% (vis-à-vis 29% share in the novel drug approvals).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International - Consistent Order Wins from MNCs - Sign of a Solid Franchise

<p>Factoring in the sharp correction in prices and a fair earnings visibility, we upgrade the stock to BUY (earlier HOLD) with an unchanged TP of Rs 3,930/share</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Factoring in the sharp correction in prices and a fair earnings visibility, we upgrade the stock to BUY (earlier HOLD) with an unchanged TP of Rs 3,930/shareContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International: New Product and Customer Addition to Drive Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>The company has two manufacturing facility in Surat and Dewas while it is setting up a new greenfield capacity at Dahej In terms of revenue contribution, speciality chemical constitutes 40% of overall revenue followed by CRAMS of 25% and rest from refrigerant (~18%) and inorganic fluoride (~17%) businesses Q1FY22 Results: Revenue was almost in line with our estimates while PAT came...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The company has two manufacturing facility in Surat and Dewas while it is setting up a new greenfield capacity at Dahej In terms of revenue contribution, speciality chemical constitutes 40% of overall revenue followed by CRAMS of 25% and rest from refrigerant (~18%) and inorganic fluoride (~17%) businesses Q1FY22 Results: Revenue was almost in line with our estimates while PAT came...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine: Non Legacy Business to Lead Show

<p>We maintain our HOLD recommendation with the target price of Rs 3,930/share, valuing the stock at a multiple of 38x FY24E EPS.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain our HOLD recommendation with the target price of Rs 3,930/share, valuing the stock at a multiple of 38x FY24E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine International: Robust Product Pipeline and Customer Addition to Drive Growth

India

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

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Navin Fluorine International (NFIL IN)

Navin Fluorine: New Products and Customer Addition to Drive Growth

Given the fair visibility in earning in coming years and ability to manage costs, we maintain our recommendation of BUY with revised TP of Rs...

Axis Direct

Navin Fluorine International - Consistent Order Wins from MNCs - Sign of a Solid Franchise

Navin Fluorine International’s (NFIL) 4QFY22 EBITDA came in ~8% below our estimate on account of incremental cost pressures on RM prices, power and...

Nirmal Bang

Navin Fluorine International: New Product and Customer Addition to Drive Growth

Factoring in the sharp correction in prices and a fair earnings visibility, we upgrade the stock to BUY (earlier HOLD) with an unchanged TP of Rs...

Axis Direct

Navin Fluorine: Non Legacy Business to Lead Show

The company has two manufacturing facility in Surat and Dewas while it is setting up a new greenfield capacity at Dahej In terms of revenue...

ICICI Securities Limited

Navin Fluorine International: Robust Product Pipeline and Customer Addition to Drive Growth

We maintain our HOLD recommendation with the target price of Rs 3,930/share, valuing the stock at a multiple of 38x FY24E EPS.

Axis Direct

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