Gujarat Fluorochemicals LimitedChemicalsFLUOROCHEM
Q1 FY27 concall · earnings callGujarat Fluorochemicals Limited
GFL delivered strong broad-based growth in its core chemical segments, with fluorochemicals and fluoropolymers driving significant revenue and profit increases, while battery materials commercialization and key capacity expansions are on track to fuel future growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹1,588 Cr | 24% | |
| Consolidated PAT | ₹219 Cr | 19% | |
| Consolidated EBITDA | ₹428 Cr | 24% | |
| Chemical Segment Revenue | ₹1,574 Cr | 23% | |
| Chemical Segment PAT | ₹261 Cr | 33% | |
| ROCE | 16.6% | 258 bps |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,148.00 Cr+15.8% YoY-3.4% QoQ | ₹126.00 Cr+57.3% YoY+4.1% QoQ | ₹11.47+57.3% YoY+4.4% QoQ |
| Q2 FY25 | ₹1,188.00 Cr+25.5% YoY+1% QoQ | ₹121.00 Cr+129.4% YoY+12% QoQ | ₹10.99+129% YoY+12% QoQ |
| Q1 FY25 | ₹1,176.00 Cr-2.8% YoY+3.8% QoQ | ₹108.00 Cr-46.3% YoY+7% QoQ | ₹9.81-46.4% YoY+6.7% QoQ |
| Q4 FY24 | ₹1,133.03 Cr-23% YoY+14.2% QoQ | ₹100.97 Cr-69.6% YoY+26.1% QoQ | ₹9.19-69.6% YoY+26.1% QoQ |
| Q3 FY24 | ₹991.74 Cr-30.1% YoY+4.7% QoQ | ₹80.09 Cr-75.8% YoY+51.9% QoQ | ₹7.29-75.8% YoY+51.9% QoQ |
TL;DR
- Consolidated revenue grew 24% YoY to INR 1,588 crores, with PAT up 19% to INR 219 crores.
- Sequential performance was even stronger, with consolidated PAT more than doubling and margins expanding.
- Fluorochemical revenue surged 52% YoY, driven by R32 refrigerant sales; R32 capacity expansion expected in Q2 FY27.
- Fluoropolymer revenue grew 15% YoY, driven by higher-value grades and new-age applications.
- Battery materials segment is progressing; significant revenue ramp-up expected by end of FY27 and into FY28.
- Working capital days improved by 43 days, and ROCE/ROE metrics showed significant year-on-year improvement.
Said on the call
“Fluoropolymers has done well and expected to grow, as we had said earlier, 17% to 20% annually going forward as well, again, primarily on volume as well as the high-value products.”
From the Q&A
| Topic | What management said |
|---|---|
| Fluoropolymer Pricing & Competition | Management stated growth is driven by moving up the value chain into specialty products, not competing directly on price with Chinese players; there have been marginal price increases to cover input costs, with more impact expected in subsequent quarters. |
| R134A Refrigerant Project | The R134A project is on track for commissioning within FY27; it is a brownfield expansion, and TCE raw material will be imported, not backward integrated. The capacity size has not been announced. |
| Battery Materials Revenue Ramp-up | Management expects significant traction towards the end of FY27 and into FY28, with a target for '3 digit' revenue by Q4 FY27. The ramp-up will follow a long qualification process, with LiPF6 leading, followed by PVDF and LFP. |
| Oman Project Shift | The battery materials project in Oman has been put on hold and shifted to India due to geopolitical delays and a more attractive domestic market; associated funding from OIA is also on hold. |
| Fluoropolymer Capacity & Growth | Growth will come from new high-end fluoropolymers for semiconductors, data centers, and green hydrogen, with debottlenecking ongoing. The 17-20% annual growth target is confirmed as 'absolutely visible.' |
| R32 Capacity & Quotas | Existing R32 capacity is fully utilized; additional capacity is expected in Q2 FY27. Management expects full utilization of the expanded capacity. Quota entitlement is based on production capacity and GWP, not consumption. |
Guidance
- R32 capacity expansion is expected to be commissioned in Q2 FY27.
- R134A project is expected to be commissioned during FY27.
- Battery materials segment is expected to see significant revenue traction by the end of FY27 and a ramp-up in FY28.
- Fluoropolymer business is expected to grow 17% to 20% annually going forward.
- Capex plan for FY27 includes INR 2,300 crores for the EV (battery materials) segment and approximately INR 800 crores for the chemical business.
Source
Summary written from the transcript filed by Gujarat Fluorochemicals Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 16:32 IST.
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