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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
₹1,136 Cr
verified against source
Revenue YoY
-1%
reported change
EBITDA
₹283 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gujarat Fluorochemicals reported a challenging Q3 FY26 with revenue of ₹1,136 crore (down 1% YoY) and EBITDA of ₹283 crore (down 7% YoY), impacted by seasonal weakness in refrigerants, US tariff uncertainty, and delayed R32 production. The refrigerant segment faced a dual blow from R22 quota cuts and weak R125 prices, while fluoropolymers grew 14% YoY but missed the 20% target due to anti-dumping duty rejection and tariff-related deferrals. Battery materials business gained traction with IFC and sovereign fund investments, and commercial supplies of LiPF6 commenced in December 2025. Management expects recovery from tariff reduction (50% to 18%) and R32 ramp-up, but near-term headwinds persist. Key risk: continued weakness in refrigerant pricing and delayed R32 scale-up could pressure margins further.
Colored figures show movement against the previous available record.
Guidance to track
- Phase 1 R32 capacity of 20,000 tons will be commissioned early in calendar year 2026, delayed from March 2026 due to safety audits.
- Current LiPF6, LFP CAM, and binder capacities expected to be fully utilized by end of FY27, with revenue ramp-up starting in FY27.
- Management targets reducing inventory days from current 201 to 170-180 in the coming year.
- Greenfield project in Oman with $216M investment expected to be commissioned in 18 months (mid to end CY27).
Risks flagged
- R22 prices continue to decline, and production quota reductions are limiting volumes, impacting refrigerant segment profitability.
- R32 production startup delayed by a quarter, pushing expected revenue contribution to Q4 FY26, which may pressure near-term earnings.
- Finance ministry did not accept DGTR's anti-dumping duty recommendation, impacting domestic fluoropolymer volumes and growth trajectory.
- LFP CAM and binder qualifications are progressing slower than expected, with commercial revenues only expected in H2 FY27, risking revenue targets.
Key quotes
- This quarter was undoubtedly one of the most challenging for us.
- The recent reduction in US tariffs from 50% to 18% provides significant relief and restores competitiveness in one of the key export markets.
- We are building a comprehensive and integrated battery materials platform with established capacities, ongoing qualifications, early commercial traction and IFC's and one more sovereign fund's strategic investment.
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