February 2016

Investor Presentation

Navin Fluorine International Limited

Certain matters discussed in this Presentation may contain statements regarding the Companys market opportunity and
business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not
guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult
to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the
economies of various international markets, the performance of the industry in India and world-wide, competition, the companys
ability to successfully implement its strategy, the Companys future levels of growth and expansion, technological
implementation, changes and advancements, changes in revenue, income or cash flows, the Companys market preferences and its
exposure to market risks, as well as other risks. The Companys actual results, levels of activity, performance or achievements
could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no
obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and
projections made by third parties included in this Presentation are not adopted by the Company and the Company is not
responsible for such third party statements and projections.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but
the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth,
accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all
inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or
any omission from, this Presentation is expressly excluded.

This presentation and the accompanying slides (the Presentation), which have been prepared by Navin Fluorine
International Limited (the Company), have been prepared solely for information purposes and do not constitute
any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on
in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made
except by means of a statutory offering document containing detailed information about the Company.

Safe Harbor

Strong Clientele base in India

& abroad, including Global
Innovators

Manufacturing plants
strategically located
closer to major ports

Largest Integrated Specialty

Fluorochemical Company in India

Pioneers of Refrigerant
Gas manufacturing in India

Over 45 years of expertise

in Handling Fluorine

Building Indias only plant with high

pressure fluorination capabilities with
cGMP compliance for CRAMS Business

RESPONSIBLE CARE
certification

Navin Fluorine International Limited

Aluminum

Electronics

White Goods

Pharmaceuticals

Steel

Solar / Energy

Automotive

Agriculture

Global demand for Fluoro-chemicals in 2018 to reach

4.0 Millon MT , with CAGR of 4% per annum

Fluorine Chemistry A Growing Landscape

Glass

1967

Started Fluoro-Chemical
business in 1967 at Surat,
Gujarat

Focus on CRAMS & Specialty Chemical

Segment to drive growth
CRAMS expansion at Dewas
JV with Piramal Enterprises at Dahej
Acquired balance 49% stake in MOL

2015

Commenced Specialty Fluoro-Chemical business in

2000
Part of Mafatlal Industries till 2003 Divested at the
time of Financial Restructuring of Mafatlal Industries

2000

2013

Commenced CRAMS business in 2011

Acquisition of 51% equity stake in Manchester
Organics Ltd. (MOL) in 2011
Fluorspar JV with GMDC & GFL

Evolution of NFIL

Total work experience of more than 21 years and has been with the group since 1992

Graduate in commerce with a degree in Law and a member of ICSI

Mr. Niraj B. Mankad : Vice President Legal & Company Secretary

Been with the Company since 2011

Total work experience of 34 years in plant operations in India and abroad

Chemical Engineer and has a Diploma in Management Studies

Mr. G.C. Jain : President Operations

Spearheading the CRAMs initiatives of the Company since 2009

Total experience of more than 21 years in Pharma, R&D & CRAMS

Postgraduate in Science from IIT & a Ph.D. from Princeton University

Dr. Ashis Mukherjee : President CRAMS / CTO

Fellow Chartered Accountant, having an experience of more than 24 years in Corporate Finance &
Strategy Leadership roles with various Transnational & Indian corporations across diverse sectors
within India and abroad

Mr. Sitendu Nagchaudhuri : Chief Financial Officer

Been on the Board of the Company since 2008

Spent more than 21 years in the Chemical industry with both Indian & Multinational Chemical majors

Chemical Engineer with Masters in Management studies and an alumni of Harvard Business School

Mr. Shekhar Khanolkar : Managing Director

Professional Team .

Mr. H.A. Mafatlal Chairman

Professional Management

CRAMS 6%

Specialty
Chemicals 39%

Inorganic
Fluorides 19%

Refrigerants
36%

CRAMS 0%

Specialty
Chemicals 27%

Inorganic
Fluorides 18%

Refrigerants (incl.
CER) 55%

Inorganic Fluorides &

Refrigerants are
traditional business
since 1967

Commenced Specialty Chemicals in

2000

Commenced CRAMS business in 2011

Focus on Rising up Fluorine Value-Pyramid

FY15 Revenue %

FY11 Revenue %

Business Units (BU) - Standalone

Sustainable and Stable BUs

Refrigerants
Inorganic Fluorides

Currently, manufactures
only Mafron-22 (HCFC22)

MARFON Brand has

become generic name
for refrigerants in India

Pioneered
manufacturing of
refrigerant gases in
India in 1967 in Surat,
Gujarat

Product
Offering

Caters to OEM players

as well as replacement
demand in Overseas
Markets

Preferred Choice for

OEMs, Service
Technicians and
Equipment Owners

Increasingly being used

for non-emissive
purposes such as
feedstock in
Pharmaceuticals
Industries

Used in Industrial /
Commercial Cooling

Exports to South-East
Asia, Middle East, Saudi
Arabia, Turkey, Egypt &
South Africa

Strong Distribution
Network of over 120
dealers in domestic and
overseas markets
k t

Used in Residential Air

Conditioning

Export
Outreach

Distribution
Network

User
Base

Refrigerants : Growing Demand for Non-Emissive applications



One of the largest

Anhydrous Hydrofluoric
(AHF) and Aqueous
Hydrofluoric acid
manufacturing
capacities in India

Portfolio includes 8-10

products

Product
Offering

Used in Solar Panels

Used in Abrasives

Pharmaceuticals & Agro

checmicals

Stainless Steel

Oil & Gas Industry

User
Base

j
P
Presence iin allll major
user companies

Developed Strong
network in India

Distribution
Network

Inorganic Fluorides : Growth from Exports

From near Zero to ~10%

of the turnover in FY15

Growing exports

Export
Outreach



Exports

FY11

161

32%

FY12

195

Refrigerants

FY13

176

CAGR +5%

BU Performance

68%

FY14

154

Domestic

FY15

194

Revenue (Rs.Crs)
Geographic Mix FY15

FY11

77

9%

Exports

FY12

98

91%

FY13

99

CAGR +8%

Inorganic Fluorides

FY14

113

Domestic

FY15

105



Driving up the Fluorine Value chain

Specialty Chemicals
CRAMS



Fully backed by the in-house R&D team

Successfully commercialised ~15 new fluorinated compounds over the last
few years

State-of-the-art manufacturing facility at Surat, Gujarat

Manufacturing One of the largest BF3 (Boron Trifluoride) facilities in the world
State-of-the-art multi purpose plant in Surat

Research &
Development

Clientele includes worlds largest Crop Protection, Pharmaceutical

and Chemical Companies
Strong presence in both US and the EU

Used by Pharma, Agchem, Petrochem industries

Focus on deeper penetrating into existing users and
participation in a wider range of actives and technicals

User
Base

Distribution
Network

Strong Portfolio of value added Specialty Fluoro intermediates

Introduction of novel molecules to expand portfolio

Product
Offering

Specialty Chemicals : Growing product basket



Worked with more than 20+

Global majors

Client relationship with global

Innovators in Pharma and
LifeScience Industries

Fortune 500 Clientele

Worked on 50+ projects till date

European presence through

Manchester Organics , UK

cGMP Pilot Plant with Kilo

Laboratory at Dewas, MP

State of the art R&D led by

qualified and experienced
chemistry teams of PhDs & Post
Doctorals

Leveraging our proven skills in

Fluorination Chemistry

Strong R&D

Clientele

Research

Manufacturing

New Facility will be Indias only

plant with high pressure
fluorination, cGMP compliant
capabilities

Plant getting on-stream

Investment of Rs. 60 Crs

Setting up manufacturing facility

for multi-ton batch size, at Dewas
MP

Developing Contract
Manufacturing Base

CRAMS : Scalable Growth through INNOVATION



Acquired balance 49% in Oct 2015

Acquired 51% stake in May 2011

Continuously expanding product

catalogue of over 40,000 compounds,
some exclusive to MOL

Specialist in fluorination technology, with

expertise in general organic synthesis at all
scales

Established in 1996, Manchester Organic

Ltd (MOL) has a strong legacy in
fluorination and high pressure chemistry

Works directly with R&D Team of Innovator

Pharma Companies

Works directly with R&D Team of Innovator

Pharma Companies

Milligram to multi-kilo research/production

facility in the UK with high pressure/specialist
fluorination facility

Offer over 60 years of combined

chemistry experience to customers

Manchester Organics - In Perfect Synergy with CRAMS



32%

FY12

FY13

178

68%

FY14

156

Domestic

FY15

215

* CRAMS business generating revenue from FY13

Exports

FY11

118

159

CAGR +16%

Specialty Chemicals

BU Performance
Revenue (Rs.Crs)
Geographic Mix FY15

FY13

14

Exports

96%

FY14

26

4%

31

FY15
Domestic

CAGR +49%

CRAMS*



FY14

FY14

42

+62%

FY15

FY15

49

PAT (Rs.Crs)

+16%

Revenue (Rs.Crs)

MOL Performance

FY14

11.05%

+ 434 bps

FY15

FY15

15.39%

PAT Margin %

FY14

+76%

PBT (Rs.Crs)



Piramal will completely buy out the product and Navin will
supply the most critical RM

Expected to come on-stream by H2 FY16

Site Development & Regulatory approvals under process

Initial investment - ~Rs. 120 Crs. Current estimates of

investment is ~ Rs. 140 Crs. Due to increase in scope

To develop, manufacture & sell specialty Fluorochemicals

for the healthcare segment

Entered into JV with Piramal Enterprises Ltd

51% - Piramal Enterprises Ltd
49% - Navin Fluorine International Ltd

JV with Piramal Enterprises



Clients across the Globe



cGMP Compliant Manufacturing plant

for CRAMS to come up at Dewas soon

cGMP Compliant Pilot plant for CRAMS

in Dewas

Chemical Complex at Surat spread

over 135 acres, houses Refrigerant,
Inorganic Fluorides & Specialty
Chemicals Plants

Manufacturing

Extensive expertise focusing on

specialty fluorine chemistry

Over 45 years of experience in

handling Fluorine

Pioneered Manufacturing of
Refrigerant Gases in India

Fluorination Capabilities

Key Strengths

Diversified sourcing of Fluorspar away

from China

Supply from JV to commence in FY17

Backward integration for Raw material

through 25% JV partner in the only
Fluorspar beneficiation company in
India

Raw Material Sourcing

R&D strength augmented by

Manchester Organics Acquisition

Supports in product addition &

process efficiency in all business units

DSIR approved R&D Centre

State-of-the-art R&D centre Navin

Research Innovation Centre at Surat

In-house R&D



Strong demand for air conditioning and refrigeration equipment

Increasing usage as feedstock in pharma

Refrigerant

Introduction of new molecules in portfolio

Entry into newer geographies

Inorganic Fluorides

Introduction of new high value added molecules in portfolio

Entry into newer geographies

Specialty Chemicals

Business progression from Contract research to contract

manufacturing
Manufacturing facility to be operational from FY16

CRAMS

Growth driven by Every Business Unit



Quarterly Financial Performance



Exports
39%

FY12

195

176

FY13

Refrigerants

FY14

154

FY15

194

Domestic
61%

9M FY16

157

Business Units Performance

Revenue (Rs.Crs)
Geographic Mix 9M FY16

FY13

FY12
Exports
12%

99

98

FY14

113

Inorganic Fluorides

FY15

105

Domestic
88%

9M FY16

71



FY13

178

FY14

156

FY15

215

Domestic
54%

9M FY16

175

* CRAMS business generating revenue since FY13

Exports
46%

FY12

159

Specialty Chemicals

Business Units Performance

Revenue (Rs.Crs)
Geographic Mix 9M FY16

FY13

14

CRAMS*

31

FY14
FY15
Domestic
0%

26

Exports
100%

9M FY16

43

45
11.2%

3
13
29
7.2%
16
45
12
33
8.2%

46
116
80
18.0%

2
15
63
14.1%
17
80
25
55
12.3%

Employee Expenses

Other Expenses

EBITDA

EBITDA Margin

Interest Expenses

Depreciation

Operating PBT

Other Income

PBT

Tax

Profit After Tax



Profit After Tax Margin

Operating PBT Margin

112

204

Raw Material
46

198

400

447

Revenue

9M FY15

9M FY16

Rs. Crs.

68%

109%

119%

79%

12%

Change %

9.4%

14

20

11.0%

16

15.8%

23

37

15

70

145

Q3 FY16

9.7%

14

19

9.2%

13

12.9%

19

37

15

74

146

Q3 FY15

Standalone Profitability Statement - Quarterly

(4%)

35%

20%

22%

(0.5%)

Change %

9.0%

49

19

68

27

7.6%

41

19

11.6%

63

150

61

272

546

FY15



21%

15%

32%

FY12*

150%

33%

FY13

150%

31%

FY14

160%

32%

FY15

160%

H1 FY16

Declared Highest ever

Interim Dividend @
100%

* FY12- Exclusive of Special Dividend of Rs.60 per share

Declared Interim Dividend of Rs.10 per share in H1 FY16

Pay out Ratio = DPS / EPS

FY11

FY10

140%

150%

Dividend as % of Face Value

Consistent Dividend Performance

Continuous Dividend
since last 10 years
Special Dividend of Rs.
60 per share in FY 12
Payout Ratio of more
than 30% in last 4 years
Total dividend of Rs.16
per share in FY15

Robust Dividend Payout



Historical Financial Highlights

59
133
66
13.6%

74
156
72
12.2%



Other Income
PBT
Tax
Profit After Tax
Minority Interest
Extraordinary Items
PAT after Minority Interest and Extraordinary Items

Interest Expenses
Depreciation
Operating PBT
Operating PBT Margin

228

289

Raw Material
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin

15
55

20
58

11

66

55

(4)

69

7.94%

8.24%
78

39

49

31

22

20

30

486

592

Revenue

FY14

FY15

Rs. Crs.

Consolidated Profitability Statement

26%

9.4%

22%

Change %



Rs. Crs.
Shareholders Fund
Share capital
Reserves & Surplus
Minority Interest
Non-current liabilities
Long term borrowings
Deferred Tax Liabilities (net)
Other non-current liabilities
Current liabilities
Short term borrowings
Trade Payables
Other current liabilities
Total Liabilities
Non-current assets
Fixed assets
Goodwill on Consolidation
Non-current Investments
Long-term loans and advances
Current assets
Current Investments
Inventories
Trade receivables
Cash and bank balances
Short Term Loans & Advances
Other current assets
Total Assets

Consolidated Balance Sheet

Mar14
10
546
9
33
28
57
61
35
779
253
41
102
32
128
66
90
38
26
3
779

Mar15
10
578
13
27
32
28
34
89
41
852
293
41
116
91
55
76
120
28
28
4
852



Contact

Investor Relations Advisors :

Strategic Growth Advisors Pvt. Ltd.

CIN : U74140MH2010PTC204285
Ms. Sanjita Ghosh / Mr. Shogun Jain
07738358389 / 07738377756
gsanjita@sgapl.net / jshogun@sgapl.net
www.sgapl.net

Company :

Navin Fluorine International Ltd.

CIN : L24110MH1998PLC115499
Mr. Sitendu Nagchaudhuri
Chief Financial Officer
sitendu.nagchaudhuri@nfil.in
www.nfil.in

For further information, please contact: