Event Type: Earnings conference call discussing operational and financial performance for Q2 and H1 FY27 (quarter and half year ended September 30, 2026).

Date and Time: The call was held on October 30, 2026. Specific time and time zone were not mentioned in the transcript.

Purpose: Discussion of quarterly results, strategic updates, and business performance across all verticals including HPP, Specialty Chemicals, and CDMO businesses.

Management Participants:

  • Mr. Vishad Mafatlal, Chairman
  • Mr. Nitin Kulkarni, Managing Director
  • Mr. Anish Ganatra, Chief Financial Officer
  • Ms. Payal Dave and Ms. Pooja Swami from Cygnus Partners (Moderators)

Financial Period Discussed: Q2 and H1 FY27 (April 2026 - September 2026)

Presentation Availability: The investor presentation was referenced as being uploaded on stock exchanges and the company's website, with a safe harbor statement on page 2.

Compliance Language: The call contained forward-looking statements based on beliefs, opinions, and expectations, with actual results potentially differing materially. These statements were not guarantees of future performance and involved risks and uncertainties.

Financial Highlights Disclosed:

  • Q2 FY27 Operating Revenue: INR1,191 crores (57% YoY growth)
  • Q2 FY27 Operating EBITDA: INR407 crores (66% YoY growth) with margins at 34.2%
  • Q2 FY27 Operating PBT: INR336 crores (87% YoY growth)
  • Q2 FY27 PAT: INR269 crores (81% YoY growth)
  • H1 FY27 Operating Revenue: INR2,236 crores (51% YoY growth)
  • H1 FY27 Operating EBITDA: INR765 crores (69% YoY growth) with margins at 34.2%
  • H1 FY27 Operating PBT: INR619 crores (93% YoY growth)
  • H1 FY27 PAT: INR513 crores (93% YoY growth)
  • EPS: INR100 for H1 FY27
  • Net operating working capital days: 72 days

Strategic and Operational Updates:

  • PAT crossed INR500 crores with EPS of INR100 in H1 FY27
  • Interim dividend declared: INR8 per equity share (face value INR2 per share)
  • HFO supply contract with Solstice Advanced Materials extended by 4 years until December 2032 with additional revenue potential of approximately USD180 million
  • Advanced Materials focus on specialized applications across data centers, electronics, semiconductors, and defense
  • Multiple capex projects progressing: MPP debottlenecking at Dahej commissioned, HFC capacity expansion on track, Chemours project commissioning in Q3 FY27, advanced material adoption capacity expected by Q2 FY28
  • CDMO Phase 2 of cGMP-4 facility (INR125 crores capex) expected operational by end of Q4 FY27
  • TDF project with DRDO for indigenous specialty material progressing as per schedule
  • Digital technology integration and AI adoption across businesses
  • Renewable energy investments to meet >60% of energy requirements

Additional Notes Section

Attachments: The transcript was enclosed with the regulatory filing and made available on the company's website at www.nfil.in.

Financial Data: Extensive financial data was disclosed in the transcript including revenue, EBITDA, PBT, PAT figures for both Q2 and H1 FY27 periods.

Q&A Session Highlights:

  • Detailed discussions on revenue growth drivers across HPP, Specialty Chemicals, and CDMO segments
  • Clarifications on HFO contract extension economics and volumes
  • Updates on Chemours project timeline and qualification process
  • CDMO growth trajectory and capacity expansion plans
  • Specialty chemicals ramp-up and new molecule developments
  • DRDO project progress and potential market size (INR400 crores in pharma)
  • Capex guidance of INR700-1,000 crores annually
  • Advanced Materials business expected to be 10-15% of expanded pie by 2030