Navin Fluorine International Ltd

- INR 372 crores capex approved, funded through internal accruals. - INR 288 crores for setting up a cGMP4 facility (capacity: 200 KL) in phases. - Phase 1 with 100 KL capacity costing INR 160 crores, expected commissioning by end of CY '25. - Phase 2 will be initiated based on MSA progress and business projections. - INR 84 crores capex to enhance HFC capacity, adding 4,500 tons of R32 refrigerant gas, operational by Feb '25. - Agro specialty plant at Dahej progressing well; chemical charge expected by Mar/Apr 2024; first commercial supply by end Q1 FY '25. - AHF project at Dahej progressing as per schedule. - INR 30 crores capex to develop a completely new capability in Surat, expected to generate revenue from FY '25. - Strategic partnership with a U.S.-based CDMO to expand capabilities and customer base.

- Specialty Chemicals: Expect recovery and growth in FY '25 with addition of 3-4 new molecules and return of deferred campaigns, leading to higher volumes and revenues. Multipurpose plant (MPP1) targets 80% peak revenue utilization in FY '24; dedicated agro specialty plant to contribute from Q1 FY '25. - CDMO Business: Business is lumpy; expect stable revenues with higher-margin early- and commercial-stage products. Targeting $100 million revenue by FY '27 with expansion via cGMP4 facility expected from H2 FY '25. - HFO Plant: Ramp-up challenges being addressed; expect peak revenues of INR 460 crores in FY '25 with volume growth as demand normalizes. - R32 Refrigerant: Current capacity fully utilized; demand expected to grow significantly post-2026 with quota restrictions, leading to tight supply and pricing support from 2028 onward. - Overall, gradual recovery expected in FY '25 with stronger momentum in second half driven by specialty chemicals, CDMO expansion, and refrigerant demand.

- Specialty Chemicals base business expected to recover in FY '25, with addition of 3 new molecules contributing from that year onwards. - CDMO business aims to reach $100 million revenue by FY '27, supported by new cGMP4 facility (Phase 1 commissioning by end CY '25). - HFO plant expected to achieve peak annual revenue (~INR 460 crores) in FY '25, normalizing ramp-up challenges. - EBITDA margins expected to rebound to 24-25% range as market conditions improve and one-off costs recouped. - New capex of INR 372 crores funded through internal accruals aimed at capacity expansion and technology advancement. - Strategic partnerships (European API customer expansion, US-based CDMO) projected to boost CDMO revenues materially from FY '26 onwards. - Overall mid- to long-term growth outlook remains intact, with operational excellence and innovation focus positioning Navin Fluorine for future earnings growth.

- The CDMO business order book experienced some deferrals, with key campaigns from the last fiscal delayed but expected to return in FY '25. - A $16 million purchase order from an American company, initially expected earlier, has been deferred to Q4 of the current fiscal. - The firm has expanded the MSA with a European-based API customer to cover 3 molecules, expected to contribute materially to CDMO revenues from FY '26 onwards. - Strategic partnership with a U.S.-based CDMO is expected to open additional commercial opportunities starting H2 FY '25. - Specialty chemicals base business saw decline due to campaign deferments and inventory destocking; 4 new molecules are in the pipeline, expected to come into play by end of Q4. - The company has full visibility to a stronger Q4 and expects recovery in specialty chemicals and CDMO segments in FY '25.

- Navin Fluorine International Limited plans two new capital expenditures (capex) totaling INR 372 crores. - These include INR 288 crores for setting up a cGMP4 facility and INR 84 crores to enhance HFC capacity. - Both capex projects will be fully funded through internal accruals. - There is no mention of any current or future fundraising through debt or equity in the provided pages. - The company maintains a tight financial framework and focuses on funding growth through internal resources.