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View Promises →Gujarat Fluorochemicals Limited — Q2 FY26
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).
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medium
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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.
GFL ने दूसरी तिमाही में मजबूत प्रदर्शन किया। रसायन कारोबार से आय 1,210 करोड़ रुपये रही, जो पिछले साल से 2% अधिक है। कंपनी की कमाई (EBITDA) 381 करोड़ रुपये (+26%) और शुद्ध लाभ (PAT) 198 करोड़ रुपये (+51%) हुआ। मुनाफा बढ़ने की वजह बेहतर उत्पाद मिश्रण और लागत में कटौती है। फ्लोरोपॉलीमर की बिक्री 8% बढ़ी, लेकिन अमेरिकी टैरिफ से असर पड़ा। क्लोरोकेमिकल्स 15% गिरे। बैटरी सामग्री में तरक्की हो रही है - LiPF6 की कीमत 10 डॉलर से बढ़कर 17 डॉलर प्रति किलो हो गई। भारत में LFP CAM प्लांट शुरू हो गया है। EV सामग्री से आय चौथी तिमाही में शुरू होने की उम्मीद है। मार्च 2026 तक 20,000 मीट्रिक टन R32 क्षमता का लक्ष्य है। जोखिम: अमेरिकी टैरिफ से फ्लोरोपॉलीमर की रिकवरी में देरी हो सकती है।
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US tariff uncertainty impacting fluoropolymer exports
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Read Transcript →Quarter Snapshot
LiPF6 Price
$17/kg
+70% vs prior quarter
LiPF6 prices surged from $10/kg to $17/kg, improving battery materials outlook.
R32 Capacity Target
20,000 MT
New capacity by March 2026
Management reaffirmed target to reach 20,000 MT R32 capacity by end of FY26.
Fluoropolymer Revenue Growth
8% YoY
+8% YoY
Fluoropolymer segment grew 8% YoY but declined 4% QoQ due to US tariffs.
Battery Materials Capex FY27
₹1,500 crore
Higher than FY26's ₹1,200 crore
Capex for battery materials expected to be ~₹1,500 crore in FY27, part of ₹6,000 crore 4-5 year plan.
What Changed vs Last Quarter
NEW
R32 capacity target of 20,000 MT by March 2026
Management reaffirmed the target to achieve 20,000 MT R32 capacity by end of FY26, with plant restart expected by end of November 2025.
NEW
Battery materials EBITDA breakeven in FY27
Management expects the battery chemicals business to reach EBITDA breakeven in FY27.
NEW
Capex of ~₹1,500 crore for battery materials 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.
UPDATED
Battery materials revenue to start in Q4 FY26
Revenue from EV materials business is expected to begin flowing from Q4 of the current financial year.
DROPPED
Fluoropolymer segment 25% revenue growth for FY26
Management reiterated 25% growth guidance for fluoropolymer business, driven by new approvals and legacy player exit.
DROPPED
R32 capacity to reach 20,000 MT by end of FY26
R32 capacity to be ramped up to 20,000 metric tons in phases by end of this financial year via retrofitting.
DROPPED
Capex of 1,200 crore in EV business in FY26
Planned capex of 1,200 crore for battery materials business in FY26, on track as per plan.
NEW RISK
US tariff uncertainty impacting fluoropolymer exports
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.
NEW RISK
R32 plant incident may delay ramp-up
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.
NEW RISK
Battery materials qualification timeline uncertainty
Customer qualification for battery materials is a lengthy process. Management did not provide a specific timeline for commercial sales, creating uncertainty around revenue visibility.
NEW RISK
Working capital days elevated due to inventory build
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.
RISK GONE
US tariffs on new fluoropolymers
US imposed additional 15% duty on select new fluoropolymers; management believes demand is inelastic and pass-through possible, but risk remains if customers resist.
RISK GONE
R32 pricing sustainability
Analyst questioned if R32 prices could normalize like R125; management cited different fundamentals but acknowledged difficulty in projecting prices.
RISK GONE
Battery materials revenue ramp-up delay
Battery chemicals revenue still negligible; management expects meaningful revenue only in FY27, posing risk if qualifications or demand take longer.
RISK GONE
Legacy player exit benefits may be slower than expected
While management sees replacement underway, the impact may take several quarters to fully materialize, as noted in analyst Q&A.
Fast read
Guidance and risk preview
Management reaffirmed the target to achieve 20,000 MT R32 capacity by end of FY26, with plant restart expected by end of November 2025.
Higher US tariffs have caused customers to delay buying decisions, impacting fluoropolymer sales.
View Risks →