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View Promises →Gujarat Fluorochemicals Limited — Q4 FY26
Gujarat Fluorochemicals delivered a resilient Q4 FY26 with chemicals revenue of ₹1,358 crore (+11% YoY), EBITDA of ₹353 crore (+13% YoY), and PAT of ₹169 crore (+5% YoY).
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Gujarat Fluorochemicals delivered a resilient Q4 FY26 with chemicals revenue of ₹1,358 crore (+11% YoY), EBITDA of ₹353 crore (+13% YoY), and PAT of ₹169 crore (+5% YoY). Growth was led by fluoropolymers and the commencement of R32 production in March 2026. The company announced a ₹3,150 crore capex for FY27, with ₹2,300 crore for battery materials and ₹850 crore for chemicals, including expansions in refrigerants, electronic specialty chemicals, and fluoropolymers. Battery materials business is at an inflection point with all phase-one capacities commissioned and contracted, targeting 2x asset turns and 25%+ EBITDA margins by FY29. Risks include geopolitical volatility impacting input costs and logistics, and the gestation period for battery material qualification and ramp-up.
गुजरात फ्लोरोकेमिकल्स ने वित्त वर्ष 2026 की चौथी तिमाही में मजबूत प्रदर्शन किया। रसायनों से कमाई ₹1,358 करोड़ रही, जो पिछले साल से 11% ज्यादा है। कंपनी की कमाई (EBITDA) ₹353 करोड़ (+13%) और शुद्ध मुनाफा ₹169 करोड़ (+5%) रहा। यह वृद्धि फ्लोरोपॉलीमर और मार्च 2026 में R32 उत्पादन शुरू होने से हुई। कंपनी ने वित्त वर्ष 2027 के लिए ₹3,150 करोड़ का निवेश तय किया है, जिसमें ₹2,300 करोड़ बैटरी सामग्री और ₹850 करोड़ रसायनों (रेफ्रिजरेंट, इलेक्ट्रॉनिक केमिकल, फ्लोरोपॉलीमर) के लिए है। बैटरी सामग्री कारोबार अब मुख्य मोड़ पर है। सभी पहले चरण की क्षमता तैयार और बिक्री के लिए तय है। लक्ष्य है कि वित्त वर्ष 2029 तक संपत्ति से कमाई दोगुनी हो और मुनाफा 25% से ज्यादा रहे। जोखिमों में भू-राजनीतिक अस्थिरता से लागत बढ़ना और बैटरी सामग्री की गुणवत्ता जांच में देरी शामिल है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Geopolitical volatility and input cost inflation
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Read Transcript →Quarter Snapshot
Fluoropolymer volume growth guidance
15-20%
+15-20% YoY
Management guided 15-20% volume growth in fluoropolymers for FY27, driven by semiconductor and clean energy demand.
R32 capacity
20,000 tons
+10,000 tons
R32 capacity to reach 20,000 tons by H2 FY27; 10,000 tons already operational from March 2026.
Battery materials cumulative capex target
₹6,000 crore
₹2,000 crore spent so far
Cumulative capex of ₹6,000 crore by FY28 for battery materials; ₹1,900-2,000 crore already invested.
Battery materials revenue exit rate
Three-digit crore
Significant QoQ growth
Management expects battery materials revenue to reach a high three-digit crore number by Q4 FY27.
What Changed vs Last Quarter
NEW
Fluoropolymer volume growth of 15-20% in FY27
Management guided 15-20% volume growth in fluoropolymer products for FY27, driven by semiconductor and clean energy demand.
NEW
Battery materials revenue to reach three-digit crore by Q4 FY27
Battery materials revenue expected to reach a high three-digit crore number by Q4 FY27, with significant QoQ growth.
NEW
Battery materials EBITDA margin target of 25%+ by FY29
Management reiterated target of 25%+ EBITDA margins for battery materials by FY29, with 2x asset turns.
UPDATED
R32 capacity to reach 20,000 tons by H2 FY27
R32 capacity will be ramped up to 20,000 tons by the second half of FY27; 10,000 tons already operational.
DROPPED
Battery materials capacities fully utilized by end of FY27
Current LiPF6, LFP CAM, and binder capacities expected to be fully utilized by end of FY27, with revenue ramp-up starting in FY27.
DROPPED
Working capital days target of 170-180
Management targets reducing inventory days from current 201 to 170-180 in the coming year.
DROPPED
Oman battery materials plant commissioning in 18 months
Greenfield project in Oman with $216M investment expected to be commissioned in 18 months (mid to end CY27).
NEW RISK
Geopolitical volatility and input cost inflation
Heightened geopolitical tensions and volatile energy prices have increased input and logistics costs, impacting margins.
NEW RISK
Working capital pressure from inventory buildup
Inventory days have increased due to longer transit times and safety stock requirements, pressuring working capital.
NEW RISK
Contract enforceability for battery materials
Management declined to clarify whether contracts are take-or-pay, raising uncertainty about revenue visibility.
RISK GONE
R22 price weakness and quota constraints
R22 prices continue to decline, and production quota reductions are limiting volumes, impacting refrigerant segment profitability.
RISK GONE
Delayed R32 ramp-up and missed revenue
R32 production startup delayed by a quarter, pushing expected revenue contribution to Q4 FY26, which may pressure near-term earnings.
RISK GONE
Anti-dumping duty rejection hurting fluoropolymer growth
Finance ministry did not accept DGTR's anti-dumping duty recommendation, impacting domestic fluoropolymer volumes and growth trajectory.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
LFP CAM and binder qualifications are progressing slower than expected, with commercial revenues only expected in H2 FY27, risking revenue targets.
Mentioned in Q1 FY26, Q2 FY26
Revenue from EV materials business is expected to begin flowing from Q4 of the current financial year.
Fast read
Guidance and risk preview
Management guided 15-20% volume growth in fluoropolymer products for FY27, driven by semiconductor and clean energy demand.
Heightened geopolitical tensions and volatile energy prices have increased input and logistics costs, impacting margins.
View Risks →