dynamic levels navin flourine international...

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Report By: Surbhi Bagaria – [email protected]

mailto:[email protected]

Source: Company, www.dynamiclevels.com

Navin Flourine International Ltd (NFIL) - Scaling up through Innovation

Company Overview and Stock price ……………………………………….……3

Product Overview……………………………………………………………….….…..4

Key Highlights………………………….…………….……………………….….…..…6

Chemical & Petrochemicals Industry Outlook………….………….….…….7

Company Financials………………………………..…………….………….….….. 9

Peer Comparison…………….…………………………………………….……..…..13

Shareholding Pattern…………………………………………..……………....…. 14

Company’s Strength &Future Outlook…………….……..……………....….15

Investment Rationale………………………………………...………….......…....16


Company’s Overview and Stock Price

Navin Fluorine International Ltd (NFIL) is one of the largest and the most respected Indian manufacturers of speciality fluorochemicals. It belongs to the Arvind Mafatlal Group – one of India’s oldest industrial houses. Established in 1967, NFIL operates one of the largest integrated fluorochemicals complexes in India with manufacturing locations at Surat and Dahej in Western India and Dewas in Central India.

NFIL has 4 main strategic business units:

Refrigeration Gases

Inorganic Fluorides

Speciality Fluorides

Contract Research And Manufacturing Services (CRAMS)

The Company posted exceptional Q2 result in FY 17. 1. The company's Q2 (July-Sep) revenue up by 21% YoY to 183 Cr, 2. Operating EBITA up 28% to rs 41 Cr, 3. Operating EBITDA Margin up 22.3% by 129 Bps, 4. Operating PBT grew by 32% YoY to Rs 35 Cr, 5. Adjusted PAT growth was seen at 28% YoY to Rs 28 Cr

Chart Hypothesis: Above is the weekly price chart of NFIL for last 1 yr, in which we can see that it made a new high of 2876 recently and has given correction of 13% post result and is available at good support.

COMPANY PROFILE OF NAVIN FLOURINE

Date of Incorporation 25-June-1998 Date of Listing 01-June-2007

Management Name Designation

Vishad Mafatlal Chairman R V Haribhakti Director V P Mafatlal Director T M M Nambiar Director S S Lalbhai Director S M Kulkarni Director S G Mankad Director P N Kapadia Director H H Engineer Director S S Khanolkar Managing Director

Registered Office Address 2nd floor, Sunteck Centre,37/40 Subhash

Road,Vile Parle (East),400057,Mumbai,Maharashtra,India

Website http://www.nfil.in

Share Price Performance EXCHANGE SYMBOL NAVIN

FLOURINE Current Price * (Rs.) 2485 Face Value (Rs.) 10

52 Week High (Rs.) 2876 (24-Oct-16)

52 Week Low (Rs.) 1266 (29-Feb-16)

Life Time high (Rs.) 2876 (24-Oct-16)

Life Time low (Rs.) 74 (25-Mar-09) Average Daily Movement 88.65 Average Volume [20 days] 23736 1 Month Return (%) 10.34 P/E Ratio (x) 22.71 Book Value 658.44 Market Cap 2404.66 (Cr) % of Promoter holding pledged 9.37 Sector CHEMICALS Standalone Trailing PE Ratio 18.54


Product Overview

1. Pioneer in Refrigerants in India:

NFIL offers refrigerants under its brand name Mafron, which over the years, has become a generic name for refrigerants in India and in many other global markets. It is used in various Industries like:

Window and split room air conditioners

Chillers, packaged air conditioners and commercial and industrial refrigeration units

Intermediate for API’s

Fluoropolymer resins

Domestic and Industrial refrigerators

Mobile air conditioning (MAC)

NFIL’s Strengths in Refrigerants

High performance and high quality refrigerants

Suitable for various refrigeration and air conditioning applications

Strong domestic and overseas distribution network

Supplied in returnable cylinders, disposable cylinders and ISO tanks 2. Inorganic Fluorides:

NFIL has a long and rich experience in manufacturing various inorganic fluorides with capacity, flexibility and experienced work force. NFIL has the ability to develop products as per customer’s need. Industries and Application segments:

Oil & Gas & Solar energy

Stainless Steel

Pharmaceutical & Agrochemicals

Abrasives

Electronics

NFIL’s Strengths in Inorganic Fluorides

High quality reputed supplier

Ability to develop products as per customers specifications

Excellent distribution network in India and overseas

Can deliver in wide range of packaging’s conforming to international standards

Ready stocks enabling customers to save time


3. Large Scale Manufacture of Specialty Fluoro Intermediates

Company’s expertise, built through decades of experience in fluorine chemistry, coupled with state of art manufacturing infrastructure enables them to produce a wide range of value added Specialty fluoro intermediates in large quantities in a safe and responsible manner. NFIL has dedicated multipurpose plants (MPP) to process multi step products and intermediates which are high in the value chain. It has capabilities to handle complex chemistries and deliver high quality products in all forms. NFIL is one of the leading high quality producers of Boron trifluoride gas and it’s adducts.

NFIL has built excellent relationships with Indian and Global life science and agro chemical companies as they always focus on existing, diverse and emerging needs of their clients.

Industries and Application segments:

Pharmaceuticals

Crop protection

Hydrocarbon

Fragrances

4. Contract Research and Manufacturing Services (CRAMS):

NFIL offers custom chemical syntheses of fluorinated compounds for the pharmaceuticals, agro chemicals and speciality chemicals industries. They are building upon their solid experience and expertise in fluorine chemistry, fluorination and reagents, both in research and development and in manufacturing areas. NFIL offering and capabilities include basic research, library syntheses, process development, scale up and small and large batch manufacturing.

NFIL provides a comprehensive basket of services for developing new products, processes and novel technologies to its clients with complete large scale manufacturing support ensuring stringent customer specifications and regulatory compliance.

Manchester Organics Limited, subsidiary of NFIL operates out of the UK and works very closely with CRAMS team in offering a wide basket of research and custom synthesis services spanning all areas of the chemical industry, ranging from pharmaceuticals and crop protection to electronics.


Key Highlights:

Greenfield Facility at Dahej, Gujarat

• JV with Piramal Enterprises Ltd. to develop, manufacture and sell

speciality Fluorochemicals for healthcare segment

• Product validation in process

Entered into agreement with Honeywell

• For a small scale manufacturing project on HFO-1234 yf

• Next Generation Refrigerant Gas with GWP less than 1

• For use in vehicle air conditioning systems.

Exceptional Item in Q2 FY17

• Exceptional Item amounting to Rs.27.33 Crs is profit arising out of

divestment of long term investments, i.e., shareholding in Group

Companies during the quarter, as part of agreement executed

amongst Promoter, Promoter Group & three listed entities Arvind

Mafatlal Group


Foreign Investor in Chemicals Sector:

Mitsubishi Chemical Corporation

(Japan)

BASF (Germany)

ADEKA (Japan)

Akzo Nobel (Netherlands)

DuPont (USA)

Syngenta (Switzerland)

Croda (UK)

DyStar (Germany)

Henkel (Germany)

Dow Chemicals (USA)

Rhodla (Belgium)

Wacker Metroark (Germany)

Chemicals and Petrochemicals Industry Outlook

Position of Chemical industry in world

India is the largest producer of chemicals in Asia and sixth by output, in the world.

The chemicals industry is a key constituent of the Indian economy, accounting for about 1.38% of the nation’s GDP.

India is currently the world’s third largest consumer of polymers and fourth largest producer of agro-chemicals.

India’s proximity to the Middle East, the world’s source of petrochemical feedstock, makes for economies of scale.

Strong government support for R&D. Polymers and agro-chemicals industries in India present

immense growth opportunities. 100% FDI permitted through automatic route. Chemical Sector is delicensed except for few hazardous

chemicals. Upcoming Petroleum, Chemicals and Petrochemicals

Investment Regions (PCPIR) & Plastic Parks will provide state-of-the-art infrastructure for Chemical & Petrochemicals Sector.

Trade in most of the chemicals is free except for those attracting provision of international conventions.

Market Size

The estimated size of the market is USD 144 Billion.

India accounts for approximately 16% of the world production of dyestuff and dye intermediates.

Total production of the Indian chemicals industry was 19,308 Thousand Metric Tonnes in 2013-14.

It is one of the most diversified sectors, covering more than 70,000 commercial products.

Current production of polymers is around 9 Million Tonnes with imports of around 2.8 Million Tonnes.

Polymer demand is expected to grow by 8-10% with healthy growth in industries such as clothing, automobiles etc.


Parameter driving Chemical Sector

A large population, huge domestic market dependence on agriculture and strong export demand are the key growth drivers for the industry.

A global shift towards Asia as the world’s chemicals manufacturing hub

Per capita consumption of chemicals in India is lower as compared to western countries, so immense scope for new investments.

Rise in GDP and purchasing power generates huge growth potential for the domestic market.

A focus on new segments such as specialty and knowledge chemicals.

Low-cost manufacturing.

Skilled science professionals.

World-class engineering and strong R&D capabilities. FDI POLICY

100% Foreign Direct Investment (FDI) is allowed under the automatic route in the chemicals sector, subject to all the applicable regulations and laws.

Government Initiatives

BUDGET ANNOUNCEMENTS FOR 2O15-2O16:

Reduced Basic Customs Duty (BCD) on Ulexite from 2.5% to

0%.

Reduced Special Additional Duty (SAD) on Naphtha from 4% to

2%.

Reduced BCD on Styrene Monomer from 2.5% to 2%. Further,

SAD on this product has been reduced from 4% to 2%.

Reduced BCD on Ethyleme Dichloride from 2.5% to 2%.

Further, SAD on this product has been reduced from 4% to 2%.

Reduced BCD on Vinyl Chloride Monomer from 2.5% to 2%.

Further, SAD on this product has been reduced from 4% to 2%.

Reduced BCD on Isoprene from 5% to 2.5%

Reduced BCD on Anthraquinone for Hydrogen Peroxide from

7.5% to 2.5%

Reduced BCD on Butyl Acrylate from 7.5% to 5%.

Reduced BCD on Liquefied Butanes from 5% to 2.5%.


Company Financials

Profitability Highlights

1. The company's Q2 (July-Sep) revenue up by 21% YoY to 183 Cr,

2. Operating EBITA up 28% to rs 41 Cr, 3. Operating EBITDA Margin up 22.3% by 129 Bps, 4. Operating PBT grew by 32% YoY to Rs 35 Cr, 5. Adjusted PAT growth was seen at 28% YoY to Rs 28 Cr.

Income Statement ( In Cr) Sep-16 June-16 Sep-15 QoQ Growth

YoY Growth

Net Sales/Income from operations 182.33 164.02 150.76 11.16% 20.94%

Other Operating Income 0.18 0.37 0.37 -51.35% -51.35%

Total Income From Operations 182.51 164.38 151.13 11.03% 20.76%

Increase/Decrease in Stocks -0.3 -9.66 -5.14 -96.89% -94.16%

Consumption of Raw Materials 75.89 71.79 67.09 5.71% 13.12%

Purchase of Traded Goods 3.14 2.91 1.27 7.90% 147.24%

Employees Cost 18.18 18.37 15.43 -1.03% 17.82%

Depreciation 5.99 5.87 4.6 2.04% 30.22%

Other Expenses 44.97 41.27 40.78 8.97% 10.27%

Total Expenditure 147.87 130.55 124.03 13.27% 19.22%

Operating Profit 34.64 33.83 27.1 2.39% 27.82%

Other Income 6.3 5.76 8.86 9.38% -28.89%

P/L Before Int., Excpt. Items & Tax 40.94 39.59 35.95 3.41% 13.88%

Interest 0.03 0.15 0.8 -80.00% -96.25%

P/L Before Exceptional Items & Tax 40.91 39.44 35.16 3.73% 16.35%

Exceptional Item 27.33 -- --

P/L Before Tax 68.24 39.44 35.16 73.02% 94.08%

Tax 12.81 10.84 11.93 18.17% 7.38%

P/L After Tax from Ordinary Activities 55.44 28.61 23.23 93.78% 138.66%

PAT 55.44 28.61 23.23 93.78% 138.66%

Equity Share Capital 9.79 9.79 9.77 0.00% 0.20%

EPS (Rs.) [After Extraordinary items] 56.64 29.23 23.78 93.77% 138.18%


The Conslidated Financials include the financials of three foreign subsidiaries and two Indian subsidiaries & 2 JV Companies:

Manchestar Organics Ltd

NFIL (UK) Ltd- Foreign

Navin Florine (Shanghai) Co Ltd- Foreign

Sulakshana Securities Ltd- Indian

Urvija Associates Ltd- Indian

Swarnim Gujarat Fluorspar Pvt Ltd-JV

Convergence Chemicals Pvt Ltd-JV

Balance Sheet ( In Cr) FY 2016 FY 2015 Growth %

EQUITIES AND LIABILITIES SHAREHOLDERS FUNDS

Equity Share Capital 9.79 9.77 0.20%

Total Share Capital 9.79 9.77 0.20%

Reserves and Surplus 623.75 561.36 11.11%

Total Reserves and Surplus 623.75 561.36 11.11%

Total Shareholders Funds 633.54 571.13 10.93%

NON-CURRENT LIABILITIES Long Term Borrowings 0 11.78 -100.00%

Deferred Tax Liabilities [Net] 35.53 31.89 11.41%

Other Long Term Liabilities 21.28 21.07 1.00%

Long Term Provisions 6.14 5.27 16.51%

Total Non-Current Liabilities 62.96 70.01 -10.07%

CURRENT LIABILITIES Short Term Borrowings 29.9 33.11 -9.69%

Trade Payables 92.26 88.37 4.40%

Other Current Liabilities 11.3 14.68 -23.02%

Short Term Provisions 17.97 14.67 22.49%

Total Current Liabilities 151.43 150.83 0.40%

Total Capital And Liabilities 847.92 791.96 7.07%

ASSETS NON-CURRENT ASSETS Tangible Assets 267.06 212.01 25.97%

Intangible Assets 0.69 0.7 -1.43%

Capital Work-In-Progress 13.95 57.58 -75.77%

Fixed Assets 281.69 270.29 4.22%

Non-Current Investments 212.77 179.16 18.76%

Long Term Loans And Advances 47.86 67.54 -29.14%

Total Non-Current Assets 542.32 517 4.90%

CURRENT ASSETS Current Investments 53.21 55.3 -3.78%

Inventories 62.74 65.84 -4.71%

Trade Receivables 138.17 110.23 25.35%

Cash And Cash Equivalents 15.21 13.76 10.54%

Short Term Loans And Advances 33.59 27.21 23.45%

OtherCurrentAssets 2.69 2.63 2.28%

Total Current Assets 305.61 274.96 11.15%

Total Assets 847.92 791.96 7.07%

The Conslidated Financials include the financials of three foreign subsidiaries and two Indian subsidiaries & 2 JV Companies:

Foreign: Manchestar Organics Ltd, NFIL (UK) Ltd, Navin Florine (Shanghai) Co Ltd

Indian : Sulakshana Securities Ltd, Urvija Associates Ltd

JV : Swarnim Gujarat Fluorspar Pvt Ltd, Convergence Chemicals Pvt Ltd


Cash Flow ( In Cr) Mar-16 12 mths

Mar-15 12 mths

Mar-14 12 mths

Net Profit/Loss Before Extraordinary Items And Tax 116.71 68.08 64.13

Net CashFlow From Operating Activities 71.72 48.82 58.01

Net Cash Used In Investing Activities -31.45 -27.36 -12.01

Net Cash Used From Financing Activities -39.14 -33.33 -48.59

Foreign Exchange Gains / Losses 0.00 0.00 0.00

Adjustments on Amalgamation / Merger / Demerger / Others

0.00 0.00 0.00

Net Inc/Dec In Cash And Cash Equivalents 1.14 -11.87 -2.59

Cash And Cash Equivalents Begin of Year 9.84 21.70 24.29

Cash And Cash Equivalents End Of Year 10.97 9.84 21.70


Key ratios Highlights

Ratios FY 2016 FY 2015

PER SHARE RATIOS

Diluted EPS (Rs.) 84.75 55.63

Cash EPS (Rs.) 108.32 80.22

Book Value[Excl.RevalReserv]/Share (Rs.) 659.47 601.6

Book Value[Incl.RevalReserv]/Share (Rs.) 659.47 601.6

Revenue From Operations / Share (Rs.) 694.55 605.54

PBDIT / Share (Rs.) 144.94 104.13

PBIT / Share (Rs.) 121.95 83.53

PBT / Share (Rs.) 118.09 80.12

Net Profit / Share (Rs.) 85.33 59.62

NP After MI And SOA / Share (Rs.) 85.33 55.86

PROFITABILITY RATIOS

PBDIT Margin (%) 20.86 17.19

PBIT Margin (%) 17.55 13.79

PBT Margin (%) 17 13.23

Net Profit Margin (%) 12.28 9.84

NP After MI And SOA Margin (%) 12.28 9.22

Return on Networth / Equity (%) 12.93 9.28

Return on Capital Employeed (%) 11 7.93

Return On Assets (%) 8.75 6.4

Long Term Debt / Equity (X) 0.07 0.04

Total Debt / Equity (X) 0.12 0.1

Asset Turnover Ratio (%) 71.22 69.43

LIQUIDITY RATIOS

Current Ratio (X) 1.77 1.9

Quick Ratio (X) 1.38 1.43

Inventory Turnover Ratio (X) 9 7.78

Dividend Payout Ratio (NP) (%) 24.6 28.64

Dividend Payout Ratio (CP) (%) 19.38 20.92

Earning Retention Ratio (%) 75.4 71.36

Cash Earning Retention Ratio (%) 80.62 79.08

COVERAGE RATIOS

Interest Coverage Ratio (%) 31.58 24.48

VALUATION RATIOS

Enterprise Value (Cr.) 1708.49 863.25

EV / Net Operating Revenue (X) 2.51 1.46

EV / EBITDA (X) 12.05 8.49

MarketCap / Net Operating Revenue (X) 2.44 1.38

Retention Ratios (%) 75.39 71.35

Price / BV (X) 2.57 1.39

Price / Net Operating Revenue (X) 2.44 1.38

EarningsYield 0.05 0.06


Peer Comparison

Comparative Ratio Analysis

COMPANY NAME NPM(%) AVERAGE 3-YEARS

RONW(%) AVERAGE 3-YEARS

Navin Fluorine Inter 12.28 11.12 12.93 11.35 S H Kelkar & Company 8.65 9.35 10.51 13.62 Camlin Fine Sciences 7.32 7.6 20.32 30.63 Shree Pushkar Chemic 8.96 6.97 13.66 17.07 Valuation

COMPANY NAME CURRENT PRICE(RS.)

P/E P/BV MCAP/REVENUES

Navin Fluorine Inter 2485.9 29.11 3.77 3.58 S H Kelkar & Company 319 54.53 6.05 4.98 Camlin Fine Sciences 110.4 29.6 6.06 2.33 Shree Pushkar Chemic 192.8 22.66 3.57 2.34 Financial Comparision

COMPANY NAME REVENUES

(RS CR.) 3- YEAR

CAGR(%) PBDIT (RS

CR.) 3- YEAR CAGR(%)

PAT (RS CR.)

3- YEAR CAGR(%)

Navin Fluorine Inter 679.68 7.3 115.56 18.19 83.5 24.36

S H Kelkar & Company 926.56 39.42 120.64 49.3 80.21 55.32

Camlin Fine Sciences 489.34 9.4 54.57 32.37 35.82 33.35

Shree Pushkar Chemic 248.7 12.21 29.13 47.99 22.29 45.4

Proportionate Distribution (%)

Particulars

Total Navin Fluorine

Inter S H Kelkar

& Company Camlin Fine Sciences

Shree Pushkar Chemic

(Rs Cr.) Revenue 2,344.28 28.99% 39.52% 20.87% 10.61% PBDIT 319.9 36.12% 37.71% 17.06% 9.11% PAT 221.82 37.64% 36.16% 16.15% 10.05%


Shareholding Pattern

Shareholding Pattern Sep-16 Jun-16

Promoter and Promoter Group (%) 38.7 38.69

Indian 38.7 38.69

Foreign NIL NIL

Public Shareholding

Institutions (%) 28.49 27.73

Mutual Funds 17.61 17.54

Foreign Portfolio Investors 10.66 10.01

NonInstitutions (%) 32.82 33.57

Total no. of shares (cr.) 0.98 0.98

Promoter Holding Pledged (%) NIL NIL

Mutual Funds having investment more than 1 Cr

Value

(In cr) Sep-16 Aug-16 Jul-16

DSP BlackRock Micro-Cap Fund 100.05 2.63 2.93

Reliance Small Cap Fund 98.88 3.97 4.36 4.44

Sundaram S.M.I.L.E.Fund 43.54 3.91 4.07

Canara Robeco Emerging Equities 23.54 1.81 1.98 2.05

L&T India Value Fund - Regular Plan 21.5 1.16 1.37 1.47

Principal Emerging Bluechip Fund 11.21 1.77

Tata Mid Cap Growth Fund - Regular Plan 11.11 1.92 2.02 1.97

Canara Robeco Balance 10.67 1.48 1.64 1.73

Sundaram Select Micro Cap Series VI 9.12 3.25 3.47

Sundaram Rural India Fund 8.79 1.9

HSBC Midcap Equity Fund 7.06 1.78 1.88 1.76

Sundaram Select Micro Cap Series V 6.19 3.25 3.47

Sundaram Select Micro Cap Series VII 4.89 3.25 3.47

Tata India Tax Savings Fund - Regular Plan 4.45 1.06 1.21 1.25

Sundaram Value Fund Series I 4.03 3.59 3.86 3.88

Canara Robeco India Opportunities Fund 3.55 2.89 3.07

Tata Retirement Savings Fund - Progressive Plan -... 2.18 1.38 1.51 1.53

Canara Robeco Monthly Income Plan 1.78 0.65 0.7

Sundaram Select Micro Cap Series VIII 1.77 1.59 1.67

Canara Robeco India Opportunities Fund - Series 2 1.62 3.16 3.38 3.43

Sundaram Select Micro Cap Series IX 1.05 1.59 1.67

https://insight.dionglobal.in/MF/Mutual-Scheme-Snapshot.aspx?schemecode=14051851.00&schemeplancode=2066

https://insight.dionglobal.in/MF/Mutual-Scheme-Snapshot.aspx?schemecode=140512382.00&schemeplancode=2066


Company’s Strength & Future Outlook

Fluorination Capabilities:

Pioneered Manufacturing of Refrigerant Gases in India

Over 45 years of experience in handling Fluorine

Extensive expertise focusing on specialty fluorine chemistry

Manufacturing:

Chemical Complex at Surat spread over 135 acres, houses Refrigerant,Inorganic Fluorides & Specialty Chemicals Plants

cGMP Compliant Pilot plant for CRAMS

in Dewas

cGMP Compliant Manufacturing plant for CRAMS fully operational

In-house R&D:

State-of-the-art R&D centre – Navin Research Innovation Centre at Surat

DSIR approved R&D Centre

Supports in product addition & process efficiency in all business units

R&D strength augmented by Manchester Organics Acquisition

Raw Material Sourcing:

Backward integration for Raw material through 25% JV partner in the only Fluorspar beneficiation company in India

Supply from JV to commence in FY18

Diversified sourcing of Fluorspar away from China


Investment Rationale

NFIL posted exceptional Q2 result in FY 17. The company's Q2 (July-Sep) revenue up by 21% YoY to 183 Cr, Operating EBITA up 28% to rs 41 Cr, Operating EBITDA Margin up 22.3% by 129 Bps, Operating PBT grew by 32% YoY to Rs 35 Cr, Adjusted PAT growth was seen at 28% YoY to Rs 28 Cr

The new manufacturing facility set in Dewas for high pressure fluorination in the only plant in India and

it has started its commercial operations

NFIL entered in JV with Honeywell on 22nd March for manufacturing next generation Refrigerant Gas

with GWP less than for vehicle air conditioning systems. This partnership will help meet growing global

demand for environmentally preferable refrigerant. NFIL was up by 20% on 23rd March after this

agreement was signed. Production is expected to begin by the end of 2016

NFIL’s entered into joint Venture with Piramal Ent. Ltd to develop, manufacture and sell specialty Fluor

chemicals for healthcare segment in 2014. The strategic joint venture aims to leverage NFIL’S

capabilities and Piramal's strong presence in healthcare. With the increasing importance of fluorine in

life sciences, there is a considerable potential to exploit synergies between the two companies. Supply

is expected to commence by FY18

NFIL is entering new counties by introducing new molecules in Inorganic Fluorides segment and

Speciality Chemicals segment.

Government Reduced Basic Customs Duty (BCD) and Special Additional Duty (SAD) on various chemicals

which will benefit NFIL

NFIL exports 100% of Contract Research and Manufacturing Services (CRAMS)

Government has allowed 100% FDI through automatic route.

The estimated size of the market is USD 144 Billion.

We recommend BUY in Navin Fluorine International Ltd @ 2475-2525 with the target

of 3200. NFIL is a top performer in Chemical Sector.

https://www.dynamiclevels.com/en/navin-fluorine-share-price-forecast


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DYANMIC/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company? No

DYANMIC/its Associates/ Research Analyst/ his Relative have been engaged in market making activity for the subject company? No

General Disclaimer: - This Research Report (hereinafter called “Report”) is meant solely for use by the recipient and is not for circulation. This Report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through Dynamic nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security (ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients of this Report should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. This Report has been prepared on the basis of publicly available information, internally developed data and other sources believed by Dynamic to be reliable. Dynamic or its directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information / opinions / views. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of Dynamic shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including loss profits arising in any way whatsoever from the information / opinions / views contained in this Report. The price and value of the investments referred to in this Report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance. Dynamic levels do not provide tax advice to its clients, and all investors are strongly advised to consult with their tax advisers regarding taxation aspects of any potential investment. Opinions expressed are our current opinions as of the date appearing on this Research only. We do not undertake to advise you as to any change of our views expressed in this Report. User should keep this risk in mind and not hold dynamic levels, its employees and associates responsible for any losses, damages of any type whatsoever. Dynamic and its associates or employees may; (a) from time to time, have long or short positions in, and buy or sell the investments in/ security of company (ies) mentioned herein and it may not be construed as potential conflict of interest with respect to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall Dynamic and its associates or employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind. We and our affiliates/associates, officers, directors, and employees, Research Analyst(including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein or act as advisor to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report. Dynamic may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Dynamic. Dynamic Equities Pvt. Ltd. are also engaged in Proprietary Trading apart from Client Business.

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