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Revenue
₹1,281 Cr
verified against source
Revenue YoY
5%
reported change
EBITDA
₹344 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GFL delivered a strong Q1 FY26 with consolidated revenue of 1,281 crore (+5% YoY) and EBITDA of 344 crore (+31% YoY), with margins expanding 500 bps to 27%. PAT surged 70% YoY to 184 crore, driven by sustained growth in fluoropolymers and improved product mix. The fluoropolymer segment achieved its highest-ever quarterly revenue, supported by new approvals in semiconductor, aerospace, and automotive sectors. Management reiterated 25% growth guidance for fluoropolymers, expecting optimal capacity utilization by year-end. The R32 refrigerant plant commenced commercial production ahead of schedule, targeting 20,000 MT capacity by FY26-end. Battery materials business is poised for ramp-up in FY27, aided by US subsidies for energy storage. Key risk: US tariffs on select new fluoropolymers could pressure margins if pass-through proves difficult.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated 25% growth guidance for fluoropolymer business, driven by new approvals and legacy player exit.
- R32 capacity to be ramped up to 20,000 metric tons in phases by end of this financial year via retrofitting.
- Revenue from battery chemicals expected to start in second half of FY26, with significant ramp-up in FY27.
- Planned capex of 1,200 crore for battery materials business in FY26, on track as per plan.
Risks flagged
- US imposed additional 15% duty on select new fluoropolymers; management believes demand is inelastic and pass-through possible, but risk remains if customers resist.
- Analyst questioned if R32 prices could normalize like R125; management cited different fundamentals but acknowledged difficulty in projecting prices.
- Battery chemicals revenue still negligible; management expects meaningful revenue only in FY27, posing risk if qualifications or demand take longer.
- While management sees replacement underway, the impact may take several quarters to fully materialize, as noted in analyst Q&A.
Key quotes
- We are confident of achieving around 25% growth as guided earlier.
- This is a pivotal moment for our battery materials business and we are confident in our ability to capture the opportunities ahead.
- The demand is inelastic of the prices majorly and we expect that we should be able to negotiate the prices as per the tariffs slowly and steadily.
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