FLUOROCHEM
Gujarat Fluorochemicals share price & financials
- Price
- ₹4,144.9
- Market cap
- ₹51.5k Cr
- Sector
- Chemicals
- Calls analysed
- 7
Gujarat Fluorochemicals Limited Q1 FY27
What went well
- Strong Q1 FY27 performance with consolidated revenue up 24% YoY to INR 1,588 crores.
- Chemical segment revenue grew 23% YoY to INR 1,574 crores and EBITDA grew 29% YoY to INR 458 crores.
- Consolidated PAT increased 19% YoY to INR 219 crores.
What to watch
- Global business environment remains challenging with supply chain disruptions, commodity price volatility, and complex operating landscape.
- Oman battery materials project put on hold and relocated to India, impacting the previously secured funding of INR 1,200 crores.
What Gujarat Fluorochemicals Limited does
Gujarat Fluorochemicals (GFL), part of the INOXGFL Group, manufactures fluoropolymers (PTFE, PFA, PVDF, FEP, FKM, PPA), fluorochemicals and refrigerant gases (R-22, R-32, R-125, R-410), and bulk chemicals (caustic soda, chloroform, methylene di chloride, carbon tetrachloride) at three integrated Gujarat plants (Ranjitnagar, Dahej, Jolva) plus manufacturing units in Morocco and the UAE. It sources fluorspar, a key raw material for fluorine chemistry, from its own mine in Morocco, and sells globally through warehouses and offices spanning the US, Europe, and the Middle East. GFL has recently diversified into battery materials — LiPF6 electrolyte salts, LFP cathode active material, cathode binders, and natural graphite anode — through its integrated Jolva battery complex, aiming to supply products that together cover most of the cost of an LFP battery cell for EV and energy-storage cell makers.
Segments
- Fluoropolymers
- Fluorochemicals
- Bulk Chemicals
- Battery Materials (GFCL EV)
- Manufacturing plants
- 5 (Ranjitnagar, Dahej and Jolva in Gujarat, India; plus Morocco and UAE)
- Market position
- India's largest integrated fluoropolymer producer and largest R-22 refrigerant producer
- Fluorspar mine
- Owns a fluorspar mine in Morocco, the key raw material for fluorine chemistry
- Fluoropolymer product lines
- 7 (PTFE, Micro Powders, PFA, PVDF, FEP, FKM, PPA)
- Battery materials integration
- Only global company offering electrolyte salts, formulated electrolytes, cathode active material, anode active material and binders under one roof; current portfolio covers ~70% of LFP cell cost
- R-32 refrigerant capacity
- Over 10,000 tonnes installed, planned to scale to 20,000 tonnes
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 4 missed 10 open- EV Business Revenue Start delivered, diluted said Q4 FY25 Promised: Revenue to 'trickle in' towards the second half of FY26 Q1 FY27: No update, promise achieved.
- R-32 Capacity (Phase 1) missed said Q3 FY25 Promised: 20,000 tons by end of Q4 FY26 Q1 FY27: Remains missed. Management now targeting full utilization of the 20,000 ton capacity by calendar year 2027.
- Battery Materials EBIT Break-even at risk said Q2 FY26 Promised: Achieve EBIT break-even in FY27 Q1 FY27: Oman battery materials project put on hold and relocated to India, losing specific funding. Management now states full potential will reflect from FY28, putting the FY27 break-even target at risk.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.9%, net profit up 8.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,199 | 1,123 | 1,158 | 1,174 | 1,131 −6% | 1,026 −9% | 1,211 +5% | 1,302 +11% |
| EBITDA | 298 | 307 | 287 | 333 | 360 +21% | 286 −7% | 335 +17% | 365 +10% |
| Net profit | 144 | 153 | 167 | 185 | 195 +35% | 127 −17% | 171 +2% | 201 +9% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +27.4% 1Y
1Y: ₹3,745.8 on 10 Sept 2025 → ₹4,773.2. High ₹4,786.3 (10 Sept 2026), low ₹2,970 (1 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.4%
- 12 Aug
- Q4 FY26
- −1.3%
- 26 May
- Q3 FY26
- −3.0%
- 12 Feb
- Q2 FY26
- −2.3%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 7.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 28.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.7k Cr | ₹4.0k Cr | ₹4.6k Cr | ₹4.5k Cr |
| Operating profit | ₹2.0k Cr | ₹880 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Operating margin | 36.0% | 21.9% | 24.9% | 28.9% |
| Interest | ₹117 Cr | ₹129 Cr | ₹158 Cr | ₹117 Cr |
| Depreciation | ₹236 Cr | ₹259 Cr | ₹292 Cr | ₹295 Cr |
| Net profit | ₹1.3k Cr | ₹419 Cr | ₹575 Cr | ₹678 Cr |
| Net margin | 23.3% | 10.4% | 12.6% | 14.9% |
| Cash from operations | ₹787 Cr | ₹658 Cr | ₹617 Cr | ₹1.1k Cr |
| Free cash flow | ₹411 Cr | ₹67 Cr | ₹246 Cr | ₹678 Cr |
| ROCE | 30.0% | 9.0% | 11.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹3.5k Cr | ₹4.2k Cr | ₹5.5k Cr | ₹5.9k Cr | ₹7.6k Cr | ₹7.1k Cr |
| Borrowings | ₹1.5k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹1.7k Cr | ₹1.6k Cr |
| Other liabilities | ₹864 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.2k Cr |
| Total liabilities | ₹5.9k Cr | ₹6.8k Cr | ₹8.3k Cr | ₹9.1k Cr | ₹10.6k Cr | ₹9.9k Cr |
| Fixed assets | ₹2.3k Cr | ₹2.4k Cr | ₹3.0k Cr | ₹3.6k Cr | ₹4.3k Cr | ₹3.9k Cr |
| Capital work in progress | ₹400 Cr | ₹672 Cr | ₹807 Cr | ₹939 Cr | ₹1.8k Cr | ₹856 Cr |
| Investments | ₹175 Cr | ₹159 Cr | ₹554 Cr | ₹947 Cr | ₹56 Cr | ₹1.1k Cr |
| Other assets | ₹3.0k Cr | ₹3.5k Cr | ₹3.9k Cr | ₹3.6k Cr | ₹4.5k Cr | ₹4.0k Cr |
| Total assets | ₹5.9k Cr | ₹6.8k Cr | ₹8.3k Cr | ₹9.1k Cr | ₹10.6k Cr | ₹9.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.86 pp while promoters trimmed −1.18 pp. The shareholder count shrank 11% to 61,120.
- Promoters
- 61.4%
- FIIs
- 4.4%
- DIIs
- 13.3%
- Public
- 20.9%
Since Jun 2025
- DIIs +1.86 pp
- Promoters −1.18 pp
- Public −0.83 pp
How it drifted, 12 quarters
Over this window DIIs went from 7.7% to 13.3% — +5.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 63.8%, FIIs 4.8%, DIIs 7.7%, Public 23.7%.Dec '23: Promoters 63.8%, FIIs 4.6%, DIIs 8.6%, Public 23.0%.Mar '24: Promoters 63.8%, FIIs 4.5%, DIIs 8.8%, Public 22.9%.Jun '24: Promoters 62.6%, FIIs 5.2%, DIIs 9.6%, Public 22.6%.Sep '24: Promoters 62.6%, FIIs 4.9%, DIIs 9.6%, Public 23.0%.Dec '24: Promoters 62.6%, FIIs 4.6%, DIIs 10.1%, Public 22.8%.Mar '25: Promoters 62.6%, FIIs 4.6%, DIIs 10.7%, Public 22.1%.Jun '25: Promoters 62.6%, FIIs 4.3%, DIIs 11.5%, Public 21.7%.Sep '25: Promoters 61.4%, FIIs 4.4%, DIIs 12.7%, Public 21.5%.Dec '25: Promoters 61.4%, FIIs 4.3%, DIIs 12.8%, Public 21.5%.Mar '26: Promoters 61.4%, FIIs 4.3%, DIIs 13.5%, Public 20.9%.Jun '26: Promoters 61.4%, FIIs 4.4%, DIIs 13.3%, Public 20.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Large & Midcap Fund Mutual fund +0.32 pp 3.19% held
- Motilal Oswal Large And Midcap Fund Mutual fund +0.29 pp 2.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Gujarat Fluorochemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Inox Leasing and Finance Limited | 52.61% | unchanged |
| Aryavardhan Trading LLP | 5.08% | unchanged |
| Akash Bhanshali | 4.75% | unchanged |
| Devansh Trademart LLP | 3.65% | unchanged |
| Mirae Asset Large & Midcap Fund Mutual fund | 3.19% | +0.32 pp |
| Life Insurance Corporation Of India Insurer | 2.75% | −0.13 pp |
| Motilal Oswal Large And Midcap Fund Mutual fund | 2.00% | +0.29 pp |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 1.43% | unchanged |
| Vivek Kumar Jain | 0.04% | unchanged |
| Nandita Jain | 0.01% | unchanged |
| Devansh Jain | 0.01% | unchanged |
| DSP Midcap Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in FLUOROCHEM
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹407 Cr
- 9 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹284 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹284 Cr | held | Nov '23 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹75 Cr | held | Dec '22 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹19 Cr | +0.02 L | Mar '22 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹13 Cr | +0.01 L | Mar '22 |
| Nippon India MNC Fund Nippon India Mutual Fund | ₹9 Cr | −0.03 L | Jul '25 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹6 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 2 trimmed — net +411 shares (+0.0%)
- Funds are sitting on
- +30%
- vs est. average cost
- Held by funds
- ₹407 Cr
- 9 schemes · ≈ 0.71% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹284 Cr · 0.5% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 4y 6m · since Mar '22
Shares held by these funds −70%
Aug '23 8.80 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹4773, this stock must grow earnings at 39% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹218 — downside of 95%.
- Growth the price implies
- 38.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -20.0% a year
- net profit, FY23–FY26 · EPS -20.1%
- The gap
- 0.6 pp
- -95% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Gujarat Fluorochemicals Limited
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