HFC quota allocation uncertainty
The Kigali Amendment quota allocation for HFC-32 production is uncertain; incumbents may consume the national quota, potentially limiting Tanfac's production.
TANFAC / bear-case history
Track the concerns that keep returning.
Tanfac Industries · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Raw material cost inflation
Sulfur prices have increased due to the West Asia crisis, and while costs are passed through with a lag, margin pressure persists.
Execution risk on large capex
The ₹495 crore capex is the largest in company history; any delays or cost overruns could impact returns.
Customer concentration in solar DHF contracts
Solar DHF orders of ₹168 crore over 3.5 years book ~85% of capacity, but reliance on a few customers poses concentration risk.