Gujarat Fluorochemicals Limited
Current Price
₹3,750.6
As of 20 May 2026
Market Cap
₹40.58K Cr
As of 20 May 2026
top-5 global fluoropolymers + Rs.6,000 Cr battery materials capex; cycle U-shape with Q3FY26 setback
Report updated: 2026-05-20
Gujarat Fluorochemicals Limited
Gujarat Fluorochemicals is a top-5 global fluoropolymer producer and India's only PTFE / PVDF / FKM / PFA / FEP manufacturer — demerged from INOX Leisure in 2018-19, anchored by Inox Leasing 52.61%. The cycle has run a textbook U: FY23 peak (EBITDA Rs.2,047 Cr, 36% margin) to FY24 trough (Rs.955 Cr, 22%) to FY25 recovery (Rs.1,157 Cr, 24%) to Q2FY26 new peak (Rs.364 Cr, 30%) to Q3FY26 setback (Rs.275 Cr, 24%) on R-22 quota cuts + R-32 plant incident + US tariff to 50% (later cut to 18%). The strategic future is Battery Materials (GFCL EV): LiPF6 commercial supplies started Dec-2025 at $17/kg, first non-Chinese LFP CAM commercial plant stabilised Q3FY26, Rs.6,000 Cr capex over 4-5 years funded externally (IFC Rs.430 Cr + sovereign USD ~80m + Rs.1,000 Cr equity at Rs.25,000 Cr GFCL EV valuation). EV EBIT break-even committed FY27. CMP Rs.3,754 / mkt cap Rs.41,232 Cr / P/E 61.8x.
Rs.3,754
Share price (20 May 2026)
Rs.41,232 Cr
Market cap (Mid Cap, borderline Large)
61.8x
P/E (premium, expectations baked in)
Rs.4,737 Cr
FY25 Revenue (+11% YoY)
Rs.546 Cr
FY25 PAT (+25% YoY)
62.59%
Promoter holding (AR FY25; Screener Mar-26 61.39%)
Stock Funda Summary
- Gujarat Fluorochemicals Limited (NSE: FLUOROCHEM / BSE: 542812) is among the top-5 global fluoropolymers players (PTFE, PVDF, FKM, PFA, FEP) and India's largest fluorochemistry company.
- Demerged from INOX Leisure 2018-2019 — now standalone GFL with plants at Bharuch + Dahej + Ranjitnagar.
- FY25 consol: Revenue Rs.4,737 Cr / PAT Rs.546 Cr / EBITDA margin 24%, recovering off the FY24 trough.
- Cycle is U-shape: FY23 peak (36% margin, Rs.2,047 Cr EBITDA) → FY24 trough (22%, Rs.955 Cr) → FY25 recovery (24%, Rs.1,157 Cr) → Q2FY26 new peak (30%, Rs.364 Cr — 'the new floor' per management) → Q3FY26 setback (24%, Rs.275 Cr — 'most challenging quarter' per Bir Kapoor).
- Q3FY26 drivers: R-22 quota cut + R-32 plant delayed by Q2 incident + R-125 weak + 50% US tariff (cut to 18% post India-US deal).
- Battery Materials (GFCL EV) is the strategic future: LiPF6 commercial supplies started Dec-2025 (pricing $10 → $17/kg Aug-25 → Nov-25)
- LFP CAM plant stabilised Q3FY26 (first non-Chinese commercial LFP CAM outside China).
- EV consol PAT drag Rs.44 Cr in 9MFY26 on Rs.4 Cr revenue.
- EV EBIT break-even committed FY27; 'significant numbers' FY28 per Bir Kapoor.
- Rs.6,000 Cr EV capex over 4-5 years externally funded: IFC Rs.430 Cr (Dec-25) + sovereign fund USD ~80M (Mar-26) + Rs.1,000 Cr equity at Rs.25,000 Cr GFCL EV valuation (Sep-Oct 2024) — all convertibles, no put/no buyback.
- R-32 retrofit: Phase 1 20,000 tpa (Rs.150 Cr capex) restarted Feb-26 after Q2 incident, full ramp Q1-Q2 FY27
- Phase 2 30K tpa by Dec-2027 Montreal Protocol deadline.