Questions across 3 calls

Anish Ganatra

Firm not listed in source transcripts

Navin Fluorine International Limited

Navin Fluorine International Limited CC-May26.pdf · 2026-04-29

Sorry, Sanjesh, can you repeat your question on margin?

Okay. So you've got a couple of questions. Thanks again. Starting from your comment on the Middle East situation and the availability of raw material. See, again, as we all know, the situation continues to remain volatile. As we mentioned before, our focus is on ensuring that we remain sort of vigilant to this focus the efforts of the management with a lot of discipline and at the same time, maintain agility in how we respond. So to be honest, this in some ways, feels like the COVID days, where you had a call every day morning with the leadership and you would sort of look at what's happening in the market and how you sort of mitigate any events. So far, we have not seen any disruption. We have seen inflation go through. But fortunately, we've also been able to pass on a lot of these back to the customers. There could be some lag effect. But other than that, we are pretty confident of passing on the price increases to the finished product, yes. So we don't see a material risk, say, for what may happen tomorrow, I don't know, yes. But as we talk now, we don't see a material risk coming from there. On your question on inflation and inventory depletion, we are maintaining healthy level of stocks. So far, we've not had a situation where we've not been able to get materials. Yes, the pricing has gone up, and that is kind of universally known. But we've not had a situation where we've had to shut anything down for want of raw materials or anything like that. And customer demand has remained robust during this period, yes.

Navin Fluorine International Limited CC-Nov25.pdf · 2025-10-30

Thanks Rohit, for the question. I mean, again, for FY '26, so I wouldn't give you any forward guidance on FY '27. You already have the PAR numbers, etc., right? So there's no point in reiterating what you already are aware of. But FY '26, clearly, we've se t a run rate. And I think that run rate was aligned with the PAR expectations that most of the market players have out of us. In terms of EBITDA numbers, the first half EBITDA number at 13.5% signals a very strong traction of achieving closer to 30% for the full year as well. So that's what we are striving to. We had originally given a guidance of 25% EBITDA, but we always said t hat there was more upside to it than downside. Where we stand now in the first half, given the performance, I think we are well on track to be between 28% to 30% for the year.

So FY '26, I think we've done about INR300-odd crores in the first half in terms of cash outflow. It will be within the range of that INR700 crores -- INR600 crores, INR700 crores for the year in terms of cash outflow, considering ongoing capexes, includin g the new ones that we've announced. And in terms of going forward, obviously, there will be a spillover of these capex that we've announced today into next year. But the frame remains for the next couple of years to about INR1,000 crores. But that's the frame. That's what my balance sheet and the strength will allow me to do. It will depend on the project as we execute the project.

Navin Fluorine International Limited CC-Sep23.pdf · 2023-10-31

So, thanks, Krishan, this is Anish here. On the debtor days, I mean you're right, I mean, it has come down and part of it has got to do with how we are changing our approach towards collection. We are focused on ensuring that the collections happen on -- the credit terms are tighter in the sense that we do not want extended credit. We're also using innovative programs on vendor financing and customer financing to ensure that the receivables are received because, both our focus on working capital and cash flow is no longer transactional, It's more strategic in nature. So, to answer your question on whether this is the norm to consider, I would indicate at this stage, while we continue to work on improving this. But at this stage, I would not give any further guidance beyond the 90 days, which I had held even in the last year that I had mentioned on the commentary to our FY '23 that we would target to hit the 90 days cash conversion cycle.

So again, if you look at our net debt position, which is the way you should look at in the borrowing sense, it's still INR780 crores, as I mentioned in my commentary, and that has a net debt-to-equity ratio of 0.34 is very comfortable for us. So, we will -- we don't give guidance on this. But essentially, you can see that we have a very strong balance sheet at the moment, with solid sort of cash in hand position as well as a comfortable net debt position.