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Jefferies, while retaining a Buy call, said the hike in target prices comes on the back of management's renewed confidence in strong growth until 2030, driven by new molecules in specialty chemicals, more value addition in Nubeqa, likely new patented products in CDMO, ramp-up in the Chemours contract and R32 capacity. 1.) $200 million revenue goal by FY30 - Navin Fluorine is targeting US$200 million in CDMO revenues by FY30, with management reiterating its US$100 million revenue target for FY27. The company expects Nubeqa to contribute 50-55% of FY27 CDMO revenues, while three new readouts are scheduled over the next 12-15 months. The company has also announced fresh capex for further value addition in the intermediate it supplies for Nubeqa, which could increase its market share in the product to 50% from the current 35-40%. While peak revenue for the product is currently expected around 2029, Bayer's label expansion efforts could extend its growth runway. Jefferies added that Project Nectar is expected to reach around 75% utilisation this year and optimal utilisation next year. 2.) R32 volume contracts - Management expects the new R32 capacity to ramp up quickly and has already contracted around 35% of the total capacity at an attractive price, effective January 2027. Domestic R32 prices remain above export prices. R32 is expected to remain relevant through the refrigerant transition, although pricing will remain a key monitorable as new capacity comes on stream from 2027. 3.) Chemours project on track - The Chemours project remains on track for commissioning in 3QFY27, followed by a 12-15 month qualification and commercialisation period. Peak revenue from the project is expected around 2031, while pilots have already been successfully completed at Samsung, Intel and CrSi2. 4.) Capex increase - The company has already announced Rs 0.9 billion in capex for an advanced materials plant, which is targeted for commissioning by 2QFY28. The plant is being developed to manufacture products for the semiconductor and defence industries. The company has also recently received a contract from DRDO for the import substitution of a key defence input. Jefferies projects a 23% EPS CAGR over FY26-29E. The stock is trading below its mean long-term average PE based on Bloomberg consensus, making the valuation attractive. Jefferies has retained its Buy rating with a price target of Rs 9,405, based on 42x PE and rolled forward to September 2028, implying potential upside of 15%. Navin Fluorine Q1 results The specialty chemicals major delivered a strong Q1FY27 performance, with consolidated profit more than doubling and revenue witnessing robust year-on-year growth. The company reported a consolidated net profit of Rs 243 crore for the June 2026 quarter, up 108% from Rs 117 crore in the corresponding quarter last year. Revenue from operations jumped 44% year-on-year to Rs 1,045 crore, compared with Rs 725 crore in Q1FY26. The strong quarterly performance prompted brokerage firm Elara Securities to maintain its ‘Buy’ rating on the stock, with a target price of Rs 9,158, implying a potential upside of nearly 20% from current levels. Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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