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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,210 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
₹381 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GFL delivered a resilient Q2 FY26 with chemical segment revenue of ₹1,210 crore (+2% YoY), EBITDA of ₹381 crore (+26% YoY), and PAT of ₹198 crore (+51% YoY). EBITDA margin expanded 608 bps YoY to 32%, driven by better product mix and cost optimization. Fluoropolymer revenue grew 8% YoY but was impacted by US tariffs, while chlorochemicals declined 15% due to R22 reduction and seasonality. The battery materials business is progressing: LiPF6 prices surged from $10/kg to $17/kg, and the LFP CAM plant in India has been commissioned. Management expects revenue from EV materials to start in Q4 FY26 and targets 20,000 MT R32 capacity by March 2026. Key risk: US tariff uncertainty could delay fluoropolymer recovery and impact export margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the target to achieve 20,000 MT R32 capacity by end of FY26, with plant restart expected by end of November 2025.
- Revenue from EV materials business is expected to begin flowing from Q4 of the current financial year.
- Management expects the battery chemicals business to reach EBITDA breakeven in FY27.
- Capex for battery materials is expected to be around ₹1,500 crore in FY27, part of the ₹6,000 crore 4-5 year plan.
Risks flagged
- Higher US tariffs have caused customers to delay buying decisions, impacting fluoropolymer sales. Management is exploring alternative markets but tariff persistence could weigh on growth.
- A fire incident at the R32 plant has temporarily halted production. While management expects restart by end of November, any further delays could impact the 20,000 MT target.
- Customer qualification for battery materials is a lengthy process. Management did not provide a specific timeline for commercial sales, creating uncertainty around revenue visibility.
- Working capital days have increased to ~182 from 120 in FY22, partly due to inventory for export depots and EV samples. Management expects improvement only after full-scale operations.
Key quotes
- We remain uniquely positioned as one of the only non-China integrated LIBS producers and are further expanding our capacities to capitalize on this opportunity.
- The uncertainty emanating from the tariffs imposed by US impacted sales during the quarter which we expect to see easing off going forward.
- We are fully funded for another up to $125 million which would be incurred over next say 6 to 9 months perhaps a year.
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