Navin Fluorine International

What Navin Fluorine International does

Navin Fluorine International Limited is an Indian specialty fluorochemicals manufacturer founded in 1967 and part of the Padmanabh Mafatlal Group. The company operates through four business divisions: HPP (refrigerants under the Mafron brand), Specialty Chemicals (fluorine-based intermediates), Navin Molecular (CDMO services for pharma and agro innovators), and the recently launched Advanced Materials division. It serves global pharmaceutical, agrochemical, refrigeration, and emerging semiconductor, data-center, and EV battery customers, with manufacturing operations across three Indian sites (Surat, Dahej, Dewas) and subsidiaries in the US, UK (Manchester Organics), and China.

The product portfolio is anchored in fluorine chemistry, leveraging vertical integration through in-house hydrofluoric acid (HF) production at Dahej and proprietary technologies including Xtalfluor rights and exclusive SF4 access. Navin Molecular operates an ICH Q7 cGMP-compliant CDMO platform serving innovator pharmaceutical and agrochemical companies under multi-year contracts. The Advanced Materials division extends fluorine chemistry into lithium hexafluorophosphate for EV batteries, semiconductor process gases, and fluorinated refrigerants for data center cooling. The company holds sustainability certifications including EcoVadis Gold and Responsible Care, which are increasingly required by global Fortune 500 customers.

The business model combines toll and contract manufacturing (CDMO contracts, refrigerant partnerships with Honeywell and Chemours) with merchant specialty chemicals sales. Revenue is diversified across the four divisions, with FY26 consolidated revenue of Rs 3,331.90 crore (approximately USD 397 million) representing 41% year-over-year growth, and net profit of Rs 663.55 crore (up 129.94% YoY). The company completed a Qualified Institutional Placement of INR 750 crore in April 2026 to fund expansion across refrigerants, CDMO (cGMP-4 Dewas), and advanced materials.

Name

Navin Fluorine International

Legal name

Navin Fluorine International Limited

Website

https://nfil.in

Company type

Public

Founded year

1967

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Navin Fluorine International is an Indian specialty fluorochemicals manufacturer founded in 1967, operating through HPP refrigerants, Specialty Chemicals, Navin Molecular CDMO, and Advanced Materials divisions to serve global pharma, agrochemical, refrigerant, semiconductor, and EV customers.

Ownership category

akta.pro rank

Product category

Specialty fluorochemicals

NAICS

Chemical Manufacturing (325), Plastics and Rubber Products Manufacturing (326)

SIC

Industrial Organic Chemicals (2860), Miscellaneous Chemical Products (2890), Chemicals & Allied Products (2800), Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Fluoropolymers (PTFE, PVDF, FEP, ETFE) (IMAEANAH)

akta.pro secondary industries

Specialty Rubber Compounds (FKM, HNBR, NBR, Silicone, CR) (IMANAJAB), Conductive/ESD & EMI-Shielding Compounds (IMANABAH)

Keywords

• Specialty fluorochemicals
• Refrigerant manufacturing
• Pharmaceutical CDMO services
• Fluorinated intermediates
• Inorganic fluoride chemicals

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Specialty Chemicals segment: Sale of fluorinated intermediates and complex molecules to global pharmaceutical, agrochemical, and specialty chemical innovators; Q4FY26 segment grew 39% YoY; contract and volume-based supply of building blocks, intermediates, and APIs.
2. High Performance Products (HPP): Sale of refrigerants (Mafron brand), inorganic fluorides, and BF3 complexes; HPP grew 20% YoY in Q4FY26; supported by Honeywell partnership for low-GWP refrigerants and long-term OEM/aftermarket distribution.
3. CDMO / Navin Molecular: Contract Development & Manufacturing Services for global pharma and life sciences innovators (RSMs, intermediates, APIs, custom synthesis, clinical & commercial manufacturing); CDMO revenues rose 61% YoY in Q4FY26; engagement-based with development-to-commercial supply.
4. Advanced Materials: Emerging fluorine-based materials for semiconductors, data centres, EV batteries, solar, fire suppression, and CASE applications, including proprietary two-phase immersion cooling fluid co-developed with Chemours; specialty gas and high-purity liquid sales.
5. Dividend distributions to shareholders: Final dividend of Rs 8.6 per share (FY26) declared; FY26 total dividend Rs 15.10 (incl. interim Rs 6.5); consistent capital-return policy.

Pricing tiers

Go-to-market motion1 record

Core offering

Navin Fluorine International manufactures and supplies specialty fluorochemicals across four businesses: High Performance Products (refrigerants such as the Mafron brand, propellants, and inorganic fluorides including HF, BF3, ammonium bifluoride, potassium fluoride), Specialty Chemicals (80+ fluorinated intermediates, building blocks and reagents for agrochemical, pharmaceutical and industrial customers), Navin Molecular CDMO (contract development and ICH Q7 cGMP commercial manufacturing of intermediates and APIs at Dewas), and Advanced Materials (fluorine-based materials for semiconductors, hyperscale data-centre cooling, EV batteries, solar, fire suppression, and CASE applications). It is the world's largest BF3 producer and holds exclusive worldwide manufacturing rights for Xtalfluor reagents.

Product overview

Navin Fluorine International operates a three-division platform-plus-modules architecture spanning High Performance Products (HPP) — anchored by the Mafron® refrigerant brand and the Inorganic Fluorides category — Specialty Chemicals, and the Navin Molecular CDMO services franchise, with Advanced Materials positioned as an emerging fourth growth pillar. The HPP division drives the largest revenue contribution and supplies Mafron®-branded refrigerants and inorganic fluorides such as HF, ammonium bifluoride and potassium fluoride. Specialty Chemicals supplies fluorinated intermediates and reagents to agrochemical and pharmaceutical customers, while the Navin Molecular CDMO provides end-to-end API development and cGMP manufacturing at its Dewas facility. Advanced Materials, the newest pillar, develops fluorine-based materials for energy storage, semiconductors and EV battery applications.

Differentiator

Problem solved

Functional benefit

Brands

• Mafron: India's recognised refrigerant brand marketed by Navin Fluorine; covers HFC refrigerants (Mafron-32, Mafron-410A, Mafron-407C, Mafron-404A, Mafron-22, Mafron-134A), low-GWP blends, and next-generation cooling technologies across HVAC, automotive, industrial, and data centre cooling applications.
• Maflorin
• MaFluoride T
• Navin Molecular

Products and services

• High Performance Products (HPP) — Refrigerants and Inorganic Fluorides
• Specialty Chemicals — Fluorinated Intermediates and Reagents
• Navin Molecular — CDMO Services
• Advanced Materials
• Mafron Refrigerants
• Maflorin (Ammonium Bifluoride)
• MaFluoride T (Potassium Fluoride)
• Multipurpose Plant (MPP) at Dewas

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Chemours Company: US-listed fluorochemicals spin-off of DuPont and a global leader in refrigerants (Opteon), fluoropolymers, and fluorinated specialties. Partner of NFIL on the two-phase immersion cooling dielectric fluid. Competes with NFIL in refrigerants and fluorinated specialty chemicals while collaborating in data-centre cooling.
• Arkema SA: French specialty chemicals major with a leading fluorochemicals business (Forane refrigerants, fluorinated specialties, PVDF). Comparable to NFIL in HFC/HFO refrigerants and fluorinated specialty intermediates serving pharma and agro end-markets.
• Honeywell International: Global refrigerant incumbent (HFO-1234yf and Solstice low-GWP portfolio) and a partner to NFIL at Dahej. Comparable to NFIL's HPP division as a supplier of next-generation refrigerants; competes and partners simultaneously in the low-GWP refrigerant transition.
• Solvay SA: Belgian specialty chemicals major with a Specialty Polymers and Advanced Materials franchise including fluorinated polymers and specialty fluoro-intermediates. Comparable to NFIL on fluorinated materials for high-end industrial and electronics applications.
• Daikin Industries: Global HVAC and refrigerant leader with vertically integrated fluorochemical manufacturing. Overlaps with NFIL's HPP division on HFC and HFO refrigerants and competes in low-GWP next-generation refrigerant molecules.
• AGC Inc. Japanese chemicals and materials group with a major fluorochemicals business (fluoroelastomers, fluorinated intermediates, refrigerants, ETFE). Comparable to NFIL in fluorinated specialty intermediates and inorganic fluorides serving semiconductor, automotive, and life sciences customers.

Direct peers

• SRF Limited: Diversified Indian specialty chemicals company with a large fluorochemicals business (refrigerants, intermediates) plus a global CDMO/CRAMs arm (SRF Pharma). Competes directly with NFIL in HFC refrigerants, fluorinated intermediates, and pharma CDMO services, and is the most operationally comparable Indian peer.
• Gujarat Fluorochemicals Limited (GFL): India's largest listed fluorochemicals company and the closest direct peer to NFIL. Operates in refrigerants, fluoropolymers, fluorinated intermediates, and specialty chemicals, with comparable HF, BF3, and fluorinated building block capabilities. Direct overlap with NFIL across HPP refrigerants, fluorinated specialty intermediates, and inorganic fluorides.
• Divi's Laboratories: Indian-listed CRAMs/CDMO pure-play serving global pharma innovators with custom synthesis, intermediates, and API manufacturing. Closest direct peer to NFIL's Navin Molecular CDMO arm in pharma process R&D, custom synthesis, and regulated API manufacturing.
• Piramal Pharma Solutions: Global CDMO/CRAMs platform of Piramal Group, offering integrated API and intermediates development and manufacturing. Comparable to NFIL's CDMO division in target customers, capability mix, and shift toward complex fluorinated APIs and peptides.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/navin-fluorine-international-ltd-

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Navin Fluorine International