Navin Fluorine Strong Quarter Forecast, PI Industries Decline – Jefferies

Navin Fluorine International will post 21% revenue and 52% EBITDA growth in the March 2026 quarter, driven by Project Nectar and R32.
PI Industries will see an 11% revenue decline and 22% EBITDA drop, with CSM export revenues down 15% and pharma down 32%.
Input costs rose due to Middle East conflict, with glyphosate up 10%, urea up 29%, and DAP up 6% in the quarter.
Indian HFC exports grew 10% with realizations up 10%, while Chinese crop protection exports rose ~20% but prices stayed near decade lows.