Gujarat Fluorochemicals Management Guidance Tracker

Management expects business environment to pick up from Q3 onwards and normalize by end of FY24.

Management expects gradual improvement in H2 due to destocking phasing out and legacy player exits.

Management revised guidance: FY25 EBITDA will be at similar levels to FY23 (INR ~1,900 crore), not higher, with a possible quarter variance.

New fluoropolymer capacity (1,800-1,900 TPM) will be utilized over the next four quarters as approvals and customer validations progress.

Management expects EBITDA to recover to FY23 levels, driven by fluoropolymer volume growth and new capacity ramp-up.

Green shoots visible; destocking phasing out. New capacities in FKM, PFA, PVDF, and micropowders to drive volume and value growth.

The LFP plant is expected to be commissioned in the third quarter of this financial year.

Management expects to substantially utilize new fluoropolymer capacities by Q4 FY25.

Driven by fluoropolymer growth, refrigerant price recovery, and EV ramp-up, management expects a significant improvement in overall performance from Q4 FY25.

Management expects to achieve full capacity utilization in the fluoropolymer segment by the end of FY26, driven by new product qualifications and market demand.

Management expects ~25% year-on-year growth in fluoropolymers revenue, driven by new fluoropolymers and legacy player exits.

Management expects 25% revenue growth in Fluoropolymer for FY26, driven by new approvals and legacy player exit.

R32 capacity will be ramped up to 20,000 metric tons by end of FY26 through retrofitting, with first shipment already made.

R32 capacity expansion to 20,000 MT by end of FY26 remains on track; plant restart expected by end of November.

First phase of R32 plant commissioned in February 2026; ramp-up to 20,000 tons expected by mid-2026, delayed by a quarter from earlier guidance.

Planned CapEx for FY24 may not be fully incurred this year; some may spill into next fiscal.

CapEx for non-EV business in FY25 will be around INR 500 crore, staggered from earlier plans.

Funding to be raised externally; investment bankers appointed. CapEx plan remains on track.

The company plans to invest INR 5,000 crore by FY27 and INR 6,000 crore by FY28 in the battery materials business, funded through equity and internal accruals.

GFL plans to set up 30,000 tons of R32 capacity in phases, with the first phase of 20,000 tons expected to be operational by Q4 FY26, at a CapEx of around INR 150 crores.

GFL remains committed to its cumulative CapEx plan of INR 6,000 crores by FY28 for the EV battery materials business, targeting ~2x asset turnover and ~25% EBITDA margins at optimal utilization.

Planned CapEx of INR 1,600 crore, with INR 1,200 crore for EV battery materials and INR 400 crore for fluoropolymers and refrigerants.

Battery materials CapEx expected to be ~INR 1,500 crore in FY27, part of the INR 6,000 crore 4-5 year plan.

Greenfield facility in Oman with $216 million investment expected to be commissioned in 18 months, i.e., mid to end of 2027.

LiPF6 and electrolyte plants expected to come online by end of Q2 FY24, with meaningful revenue in FY25.

Integrated LiPF6 and electrolyte plants are in advanced commissioning; customer sampling imminent.

R32 plant expected to commence commercial sales in the second half of FY26, with a target capacity of 20,000 tonnes.

Management expects EBITDA margins to remain in the 28-33% range for the full year.

Management reaffirms 30% EBITDA margin as normal run-rate, expecting to achieve it in FY25.

Management expects to reach the FY23 EBITDA run-rate by Q4 FY25, give or take a quarter.

Management reiterated guidance for GFCL EV to achieve 2x asset turnover and 25% EBITDA margins once capacities reach optimal utilization levels.

Through renewable energy PPAs, GFL expects annual power cost savings of approximately INR 150 crores, reducing the weighted average power cost to around INR 4.5 per unit.

Full benefit of INR 150 crore annual savings from renewable energy project will be realized in FY27.

Management expects battery materials business to reach EBIT break-even in FY27.

Management expects FY25 to be better than FY23, implying recovery to peak levels.

Revenue from battery chemicals (PVDF) expected to start from second half of FY25, with meaningful contribution from FY26.

LiPF6 plant commissioned; sampling and customer engagement underway. Revenue expected to start trickling in from second half of FY25.

LiPF6, electrolyte, and PVDF binder commercial supplies expected to commence from Q4 FY2025.

Management expects initial commercial supplies of battery materials (salt, electrolyte, etc.) to start from Q4 FY25, following customer qualifications.

Revenue from EV battery materials (LiPF6, LFP, binders, electrolytes) expected to start in H2 FY26, with ramp-up in FY27.

Battery chemicals revenue will start trickling in H2 FY26, with significant ramp-up expected in FY27 as qualifications complete.

Management reiterated 25% growth guidance for fluoropolymer segment, expecting H2 recovery despite tariff headwinds.

Current LiPF6, LFP CAM, and binder capacities expected to be fully utilized by end of FY2027, with revenue ramp-up through the year.

Management targets reducing inventory-driven working capital days from current ~200 to 170-180 over the next year.