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Gujarat Fluorochemicals Ltd.
NSE: FLUOROCHEMBasic MaterialsSpecialty Chemicals
- Last close
- ₹4,236.10
- Day change
- −₹67.80 (−1.58%)vs
- Market cap
- ₹49,991 crIndian rupees
- Research updated
- 1 report
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About Gujarat Fluorochemicals
Gujarat Fluorochemicals Ltd. is a prominent player in the chemical and manufacturing industry, specializing in the production and supply of fluoropolymers, refrigerant gases, and chemicals. The primary function of this company is to deliver comprehensive solutions involving fluorine chemistry, which caters to various sectors such as automotive, pharmaceuticals, electronics, and construction. Notable for its extensive product range, Gujarat Fluorochemicals Ltd. plays a significant role within these industries by providing advanced materials essential for enhancing product performance, efficiency, and durability. The company operates with a strong focus on research and development, ensuring that its offerings remain at the forefront of technological advancements. It significantly impacts the market, promoting sustainable and environmentally friendly chemical practices. Gujarat Fluorochemicals Ltd. holds a substantial market position, leveraging its geographic and operational capabilities to serve a wide array of clients both domestically and internationally. Through its commitment to quality and innovation, the company continuously contributes to the evolution of the industries it serves, enhancing their adaptability to modern challenges and changes.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: FLUOROCHEM
- Chief executive
- Dr. Bir Kapoor
- Employees
- 3,142
- Headquarters
- Noida, India
- ISIN
- INE09N301011
- Website
- gfl.co.in
Public research · Report of
Business model & financial foundation
Gujarat Fluorochemicals (NSE: FLUOROCHEM), Fluoropolymers, refrigerants and battery materials: revenue of ₹4,996 crore in FY26 (+5.5% on FY25), an EBITDA margin of 25.8%, net profit of ₹561.0 crore and net debt of ₹1,741 crore.
- Revenue, FY26 (₹ crore)
- 4,996
- consolidated
- Revenue growth, FY26
- +5.5%
- on FY25
- EBITDA margin, FY26
- 25.8%
- EBITDA (Issuer EBITDA excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 561.0
- to owners
- Return on equity, FY26
- 7.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,741
- Net debt adjusted for liquid investments
- Market capitalisation (₹ crore)
- 49,173
- at the close of 14 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Gujarat Fluorochemicals Limited |
| Exchange and ticker | NSE: FLUOROCHEM; BSE: 542812 |
| ISIN | INE09N301011 |
| CIN | L24304HP2018PLC011898 |
| Sector | Basic Materials |
| Industry | Fluoropolymers, refrigerants and battery materials |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Patankar & Associates |
| Market capitalisation | ₹49,173 crore (14 Oct 2026) |
| Shares outstanding | 10.99 crore shares (FY26) |
| Price | ₹4,551 (close, 14 Oct 2026) |
| 52-week range | ₹2,917 - ₹4,959 (to 14 Oct 2026) |
| Website | https://gfl.co.in |
Corporate structure and shareholding
Parent: Inox Leasing and Finance Limited.
| Entity | Holding | Business |
|---|---|---|
| GFCL EV Products Limited | 96.89% | Battery materials: LiPF6, LFP, binders and electrolytes |
| Gujarat Fluorochemicals Americas LLC | 100% | North American fluoropolymer trading and warehousing |
| Gujarat Fluorochemicals GmbH | 100% | European fluoropolymer trading and warehousing |
ILFL amalgamation proposed, not treated as effective. IFC CCPS is a financial liability, not ordinary minority equity.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 61.39% | 61.39% | 61.39% | 61.39% |
| Promoter holding pledged | 0.86% | 0.01% | 3.08% | 5.97% |
| Foreign institutions | 4.36% | 4.31% | 4.28% | 4.41% |
| Domestic institutions | 12.73% | 12.82% | 13.49% | 13.33% |
| of which mutual funds | 8.41% | 8.61% | 9.27% | 9.10% |
| Retail | 8.49% | 8.50% | 8.01% | 8.02% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Gujarat Fluorochemicals (NSE: FLUOROCHEM, BSE: 542812) is an integrated fluorine-chemistry manufacturer controlled by Inox Leasing and Finance (52.61% at Jun 2026). FY26 consolidated revenue from operations was INR 4,996 crore; audited product sales were fluoropolymers 3,148.78, fluorochemicals (refrigerants) 1,073.64, bulk chemicals 637.39 and battery materials 15.65 crore. Captive fluorspar (Morocco), chlor-alkali and AHF integration feed PTFE, FKM, PFA, FEP and PVDF, sold globally through US and German trading subsidiaries. GFCL EV Products (96.89%) is building LiPF6, LFP cathode, binders and electrolyte capacity with INR 6,000 crore cumulative capex by FY28 and targets ~2x asset turns and 25%+ EBITDA margin, full potential by FY29. Statutory segments are Chemicals and EV Products; Q1 FY27 Chemicals EBITDA 458, EV EBITDA -30 crore.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Chemicals: statutory gross revenue; management external separately | 5,030 | 100.7% | 1,371 | 106.2% | 6,313 | 79.8% |
| EV Products: statutory gross; Battery Materials management external | 33.2 | 0.7% | -80.5 | -6.2% | 1,599 | 20.2% |
| Intersegment revenue eliminations (negative deduction) | -66.8 | -1.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| SRF (SRF) | Integrated fluorochemicals and refrigerants; diversified beyond GFL. |
| Navin Fluorine International (NAVINFLUOR) | Fluorine specialty and high-performance chemicals; less commodity-polymer exposure. |
| Tanfac Industries | Fluorine chemistry upstream; BSE listing and smaller scale. |
| Chemplast Sanmar (CHEMPLASTS) | Cyclical chemicals and specialty manufacturing; not a direct polymer peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,954 | 5,594 | 4,281 | 4,737 | 4,996 |
| Cost of revenue (vendor classification) * | 1,215 | 1,596 | 1,464 | 1,674 | 1,801 |
| Other operating costs (vendor classification) * | 1,523 | 1,692 | 1,437 | 1,415 | 1,392 |
| EBITDA (vendor classification) * | 1,329 | 2,117 | 1,012 | 1,176 | 1,292 |
| Operating EBIT excluding other income and exceptional items | 1,124 | 1,883 | 668.7 | 802.1 | 923.9 |
| Finance costs | 78.4 | 98.6 | 133.1 | 147.0 | 138.2 |
| Profit before tax after exceptional items | 1,045 | 1,785 | 595.1 | 712.9 | 807.0 |
| Total tax expense | 269.3 | 461.7 | 160.1 | 167.0 | 251.0 |
| Profit after tax including non-controlling interests | 775.9 | 1,323 | 435.0 | 546.0 | 556.0 |
| Diluted EPS (₹) | 70.63 | 121.0 | 39.59 | 49.71 | 51.02 |
| Materials plus inventory change plus ore processing | 1,453 | 1,513 | 1,674 | ||
| Power and fuel | 780.0 | 793.2 | 756.0 | ||
| Employee benefits expense | 350.4 | 433.1 | 486.1 | ||
| Other expenses excluding separately reported costs | 789.7 | 899.7 | 877.4 | ||
| Net operating foreign exchange gain signed | 47.4 | 57.8 | 88.6 | ||
| Issuer EBITDA excluding other income and exceptional items | 955.0 | 1,157 | 1,291 | ||
| Other income excluding separately reported forex gain | 59.5 | 57.9 | 41.7 | ||
| Depreciation and amortisation | 286.1 | 354.7 | 366.8 | ||
| Exceptional gain or loss signed | 0.00 | 0.00 | -19.5 | ||
| Share of profit or loss of associates and joint venture signed | 0.00 | -0.01 | -1.11 | ||
| Non-controlling share of profit or loss signed | 0.00 | -0.10 | -5.00 | ||
| Profit attributable to owners | 435.0 | 546.1 | 561.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests and warrants | 4,230 | 5,521 | 5,936 | 7,298 | 7,889 |
| Borrowings excluding leases and subsidiary CCPS | 1,556 | 1,515 | 1,996 | 1,988 | 2,199 |
| Cash and cash equivalents | 25.6 | 24.0 | 31.5 | 55.1 | 214.8 |
| Net trade receivables | 778.1 | 1,107 | 844.6 | 1,197 | 1,282 |
| Inventories | 947.3 | 1,485 | 1,571 | 1,820 | 1,933 |
| Trade payables MSME plus other creditors | 513.5 | 691.0 | 518.9 | 605.3 | 551.7 |
| Property plant and equipment net carrying amount | 2,506 | 3,106 | 4,055 | 4,040 | 4,509 |
| Capital work in progress excluding intangible development | 1,660 | 1,622 | 1,091 | 1,524 | 1,890 |
| Total assets | 6,878 | 8,371 | 9,234 | 10,608 | 11,859 |
| Other bank balances including restricted deposits | 167.0 | 166.9 | 134.9 | ||
| Liquid current mutual fund investments | 0.00 | 278.5 | 241.6 | ||
| Non-current financial investments excluding equity method | 0.00 | 10.5 | 14.6 | ||
| Net debt adjusted for liquid investments | 1,963 | 1,621 | 1,741 | ||
| Current plus non-current lease liabilities | 100.2 | 92.4 | 91.3 | ||
| Subsidiary CCPS financial liability at FVTPL | 0.00 | 0.00 | 430.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 421.6 | 304.3 | 626.3 | 545.3 | 960.6 |
| Free cash flow (vendor definition) * | 67.4 | 7.56 | -344.2 | -336.9 | -291.6 |
| Dividends paid cash outflow signed | -22.0 | -43.9 | -22.0 | -33.0 | -33.0 |
| Gross cash capital expenditure including intangibles and ROU | -649.2 | -722.2 | 970.6 | 882.2 | 1,252 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued ordinary shares outstanding | 11.15 | 10.99 | 10.99 | 10.99 | 10.99 |
| Issuer capital-management net debt before liquid investments | 1,963 | 1,900 | 1,983 | ||
| Issuer cash bank balances excluding restricted deposits | 33.1 | 88.0 | 216.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,188 | 1,148 | 1,225 | 1,281 | 1,210 | 1,136 | 1,369 | 1,588 |
| Cost of revenue (vendor classification) * | 374.0 | 319.0 | 574.0 | 447.0 | 349.0 | 377.0 | 502.0 | 535.0 |
| Other operating costs (vendor classification) * | 428.0 | 431.0 | -119.7 | 403.0 | 398.0 | 382.0 | 450.0 | 491.0 |
| EBITDA (vendor classification) * | 304.0 | 308.0 | 310.7 | 367.0 | 370.0 | 282.0 | 313.0 | 438.0 |
| Operating EBIT excluding other income and exceptional items | 205.0 | 203.0 | 217.0 | 254.0 | 273.0 | 186.0 | 211.0 | 326.0 |
| Finance costs | 42.0 | 42.0 | 26.0 | 30.0 | 33.0 | 33.0 | 42.0 | 26.0 |
| Profit before tax after exceptional items | 172.0 | 175.0 | 217.0 | 247.0 | 246.0 | 143.0 | 171.0 | 310.0 |
| Total tax expense | 51.0 | 49.0 | 26.0 | 65.0 | 67.0 | 41.0 | 71.0 | 91.0 |
| Profit after tax including non-controlling interests | 121.0 | 126.0 | 191.0 | 182.0 | 179.0 | 102.0 | 100.0 | 219.0 |
| Diluted EPS (₹) | 10.99 | 11.47 | 17.39 | 16.57 | 16.31 | 9.29 | 9.38 | 20.17 |
| Materials plus inventory change plus ore processing | 374.0 | 319.0 | 413.0 | 447.0 | 349.0 | 377.0 | 502.0 | 535.0 |
| Power and fuel | 209.0 | 203.0 | 177.0 | 192.0 | 191.0 | 185.0 | 188.0 | 199.0 |
| Employee benefits expense | 110.0 | 115.0 | 105.0 | 106.0 | 128.0 | 121.0 | 131.0 | 147.0 |
| Other expenses excluding separately reported costs | 219.0 | 228.0 | 244.0 | 211.0 | 207.0 | 197.0 | 262.0 | 292.0 |
| Net operating foreign exchange gain signed | 19.0 | 11.0 | 20.0 | 19.0 | 29.0 | 19.0 | 22.0 | 13.0 |
| Issuer EBITDA excluding other income and exceptional items | 295.0 | 294.0 | 306.0 | 344.0 | 364.0 | 275.0 | 308.0 | 428.0 |
| Other income excluding separately reported forex | 9.00 | 14.0 | 26.0 | 23.0 | 6.00 | 7.00 | 6.00 | 12.0 |
| Depreciation and amortisation | 90.0 | 91.0 | 89.0 | 90.0 | 91.0 | 89.0 | 97.0 | 102.0 |
| Exceptional gain or loss signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -17.0 | -3.00 | 0.00 |
| Share of profit or loss of associates and joint venture signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.00 | -2.00 |
| Non-controlling share of profit or loss signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.00 | -3.00 | -2.00 |
| Profit attributable to owners | 121.0 | 126.0 | 191.0 | 182.0 | 179.0 | 103.0 | 103.0 | 221.0 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 50.8% | 41.5% | -23.5% | 10.7% | 5.5% |
| EBITDA margin | 22.3% | 24.4% | 25.8% | ||
| Net margin | 10.2% | 11.5% | 11.2% | ||
| Return on equity | 7.6% | 8.3% | 7.4% | ||
| Return on capital employed | 20.7% | 29.4% | 8.9% | 9.3% | 9.5% |
| Return on assets | 4.9% | 5.5% | 5.0% | ||
| Net debt (₹ crore) | 1,963 | 1,621 | 1,741 | ||
| Net debt / EBITDA | 2.06x | 1.40x | 1.35x | ||
| Interest cover | 14.3x | 19.1x | 5.02x | 5.46x | 6.69x |
| Asset turnover | 0.62x | 0.73x | 0.49x | 0.48x | 0.44x |
| Receivable days | 72 | 72 | 72 | 92 | 94 |
| Inventory days (on revenue) | 87 | 97 | 134 | 140 | 141 |
| Payable days (on revenue) | 47 | 45 | 44 | 47 | 40 |
| Cash conversion | 1.44x | 1.00x | 1.71x | ||
| Capex intensity | 16.4% | 12.9% | 22.7% | 18.6% | 25.1% |
| Free cash flow (₹ crore) | -227.7 | -417.9 | -344.2 | -336.9 | -291.6 |
| Dividend payout | 5.1% | 6.0% | 5.9% | ||
| EPS, diluted (₹) | 70.63 | 121.0 | 39.59 | 49.71 | 51.02 |
| Book value per share (₹) | 379.6 | 502.6 | 540.4 | 664.4 | 718.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt adjusted for liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Issuer EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Reports on Gujarat Fluorochemicals
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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