Navin Fluorine International's 2QFY25 results showed EBITDA and PAT exceeding estimates by 6% and 12%, respectively, driven by strong performance in the HPP and CDMO segments. Despite a 3% YoY decline in earnings to INR588m, the HPP business grew 22% YoY, supported by optimal operations at HFO and R32 plants. The company is on track with its capex plans, and a revenue/EBITDA/adj. PAT CAGR of 21%/28%/31% is expected over FY24-27, leading to a target price of INR3,240 with a Neutral rating.