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HFC quota allocation uncertainty
View Risks →Tanfac Industries Ltd — Q4 FY26
Tanfac Industries delivered record full-year revenue of ₹711 crore, up 27% YoY, driven by improved realizations and volume growth.
bullish
high
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Tanfac Industries delivered record full-year revenue of ₹711 crore, up 27% YoY, driven by improved realizations and volume growth. However, EBITDA margin contracted to 15.7% (from 23% in FY25) due to normalization from an exceptional prior year, higher sulfur costs, unplanned HF plant maintenance, and increased depreciation from new solar-grade DHF capacity. PAT fell to ₹70 crore (10% margin). The company secured long-term contracts covering ~65% of its upcoming 20,000 MT HFC-32 capacity, with a ₹495 crore capex on track for Q3 FY27 commissioning. Solar-grade DHF orders worth ₹168 crore provide 3.5-year visibility. Key risk: quota allocation uncertainty under the Kigali Amendment could delay HFC-32 revenue ramp-up.
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HF Plant Capacity Utilization
95%
Flat YoY
HF plant operated at 95% utilization in FY26, reflecting strong demand.
Sulfuric Acid Plant Capacity Utilization
101%
+1pp YoY
Sulfuric acid plant exceeded nameplate capacity at 101% utilization.
Solar DHF Capacity Utilization
41%
New capacity
Solar-grade DHF utilization at 41% in FY26, expected to improve as demand scales.
Working Capital Cycle
91 days
-8 days YoY
Working capital cycle improved by 8 days to 91 days in FY26.
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Guidance and risk preview
The 20,000 MT HFC-32 facility is on track for commissioning in Q3 of FY27 (Oct-Dec 2026).
The Kigali Amendment quota allocation for HFC-32 production is uncertain; incumbents may consume the national quota, potentially limiting Tanfac's...
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