Gujarat Fluorochemicals Management Guidance Tracker

Management reiterated 25% growth guidance for fluoropolymer business, driven by new approvals and legacy player exit.

Revenue from battery chemicals expected to start in second half of FY26, with significant ramp-up in FY27.

Revenue from EV materials business is expected to begin flowing from Q4 of the current financial year.

Current LiPF6, LFP CAM, and binder capacities expected to be fully utilized by end of FY27, with revenue ramp-up starting in FY27.

Battery materials revenue expected to reach a high three-digit crore number by Q4 FY27, with significant QoQ growth.

R32 capacity to be ramped up to 20,000 metric tons in phases by end of this financial year via retrofitting.

Management reaffirmed the target to achieve 20,000 MT R32 capacity by end of FY26, with plant restart expected by end of November 2025.

Phase 1 R32 capacity of 20,000 tons will be commissioned early in calendar year 2026, delayed from March 2026 due to safety audits.

Management guided 15-20% volume growth in fluoropolymer products for FY27, driven by semiconductor and clean energy demand.

Planned capex of 1,200 crore for battery materials business in FY26, on track as per plan.

Capex for battery materials is expected to be around ₹1,500 crore in FY27, part of the ₹6,000 crore 4-5 year plan.

Greenfield project in Oman with $216M investment expected to be commissioned in 18 months (mid to end CY27).

Management expects the battery chemicals business to reach EBITDA breakeven in FY27.

Management reiterated target of 25%+ EBITDA margins for battery materials by FY29, with 2x asset turns.

Management targets reducing inventory days from current 201 to 170-180 in the coming year.

R32 capacity will be ramped up to 20,000 tons by the second half of FY27; 10,000 tons already operational.