Navin Fluorine - Electronic Materials, A New Growth Lever For Future: Nirmal Bang

Nirmal Bang Report

While growth visibility in specialty chemicals remains very solid, mainly led by agrochemicals, the management believes this space would become crowded over the next two-three years. Therefore, while Navin Fluorine International Ltd. is continuously working towards moving up the chain in agrochemicals through application-based approach, the same model could be replicated in newer areas such as electronic materials.

Electronic materials has been identified as the fourth business unit, wherein capex, team building etc. are expected to start gradually from FY24/FY25. Three key sub-categories in this segment are:

1. energy storage solutions,

2. solar and

3. semiconductors.

Reasonable contribution from this segment is expected over the medium term; but, a lot hinges on how the electric vehicle story and chain evolves in India.

While currently, the electronic materials business is at a very small scale and predominantly serves the exports markets through partnerships, the domestic market is expected to be the key focus area going forward with application-based approach.

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