Gujarat Fluorochemicals
Gujarat Fluorochemicals
ChemicalsKey Fundamentals
MidcapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Weaknesses
4- Stock is trading at 6.67 times its book value
- Company has a low return on equity of 7.94% over last 3 years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 6.44% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoGujarat Fluorochemicals Ltd trades at a market cap of ₹52,369 Cr with a PE of 88x and a price-to-book of 6.76x, reflecting elevated valuations relative to its recent profitability. The company's 3-year ROE stands at roughly 8%, compounded profit has declined at -24% CAGR over three years, while TTM sales growth has recovered to 10% and the stock has delivered a 32% return over the past year.
- Strong long-term profit growth with a 5-year compounded profit CAGR of 36%, indicating the business can generate significant earnings expansion over a full cycle
- 5-year compounded sales CAGR of 14% demonstrates an ability to grow revenue meaningfully over medium-term periods
- TTM sales growth has rebounded to 10%, suggesting a recovery from the 3-year sales CAGR of -4%
- Stock has delivered a 1-year return of 32% and a 5-year CAGR of 24%, reflecting strong market confidence in the business trajectory
- Large-cap scale at ₹52,369 Cr market cap provides liquidity and institutional participation advantages in the specialty chemicals space
- Positioned in the fluorochemicals value chain which benefits from structural demand drivers including refrigerants, EVs, and specialty polymers
- 5-year ROE averaging 13% shows the business has historically been capable of generating respectable returns on equity over longer periods
- PE ratio of 88x is extremely elevated, demanding very high future earnings growth to justify current valuation
- 3-year compounded profit CAGR of -24% signals a sharp and sustained earnings decline over recent years
- 3-year ROE of only 8% and last year ROE of 8% indicate poor capital efficiency relative to the premium valuation
- Price-to-book of 6.76x is high for a chemicals company with single-digit ROE, implying significant goodwill priced into the stock
- 3-year compounded sales CAGR of -4% reflects revenue contraction, raising questions about demand stability or pricing power
- Dividend payout of just 6.44% of profits over 3 years with a yield of 0.06% offers negligible income return to shareholders
- Possible capitalisation of interest costs as flagged in known concerns could overstate reported profitability and asset values
- TTM profit growth of 0% shows earnings have flatlined even as revenue recovered to 10% growth, suggesting margin compression
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Stretched valuation at 87x PE Sep 11
Stock trades at a P/E of 87x, more than double the industry average of 37.5x. Uniresearch notes investors are paying today for FY28-FY29 profits, leaving little room for disappointment.
- Low ROE from battery losses Sep 11
Trailing ROE is approximately 7.1%, dragged down by battery business losses and a large capital base not yet earning. ROE expected to improve to only 10.4% by FY28.
- Battery materials revenue lag Sep 11
LiPF6 and PVDF commercial sales are just beginning, with meaningful scale expected only from FY28. Management targets three-digit crore quarterly revenue by Q4 FY27, but benefits will emerge with a lag.
- Low foreign ownership at 4.4% Sep 11
FII holding remains small at about 4.4%, which could mean limited institutional support if sentiment turns or earnings disappoint near record highs.
- Strong Q1 FY27 earnings growth Sep 11
Consolidated revenue rose 24% YoY to ₹1,588 crore, EBITDA grew 24% to ₹428 crore at ~27% margin, and net profit rose 20% to ₹219 crore, more than doubling from ₹100 crore in Q4 FY26.
- Refrigerant gas sales surging Sep 11
Refrigerant gas revenue climbed 52% YoY and 44% QoQ to ₹458 crore led by R32, which operates at peak utilisation with new capacity due by end of September quarter.
- ₹6,000 crore capex programme Sep 11
Company plans ₹2,300 crore on EV-related projects and ₹800 crore on chemicals in FY27 as part of a two-year ₹6,000 crore capex targeting higher-end fluoropolymers for semiconductors, data centres, and green hydrogen.
- Battery materials funding secured Sep 11
Subsidiary GFCL EV raised USD 130 million total, including USD 80 million from a global investor on 27 March 2026 and USD 50 million from IFC, funding LiPF6, PVDF binder, and LFP cathode commercialisation.
- Vertically integrated cost advantage Sep 11
Company owns a captive fluorspar mine in Morocco and produces its own hydrofluoric acid and chloromethanes, enabling better margin control than pure converters when Chinese prices swing.
- Rising domestic institutional interest Sep 11
Domestic institutional stake has steadily increased from 11.47% to 13.33% over the year, signalling growing conviction among local funds.
- FY26 BRSR report filed Aug 27
Company filed its Business Responsibility and Sustainability Report for FY26, detailing ESG metrics including 56.90% export contribution and renewable energy adoption.
- AGM set for September 24 Aug 27
Eighth AGM scheduled for September 24, 2026 with a proposed final dividend of ₹3.00 per share and re-appointment of senior management with revised remuneration.
- Elara investor conference attendance Aug 26
Company to present at Ashwamedh - Elara India Dialogue 2026 on September 2 in Mumbai. No unpublished price-sensitive information to be disclosed.
TL;DR: Gujarat Fluorochemicals is firing on multiple cylinders with 24% revenue growth, surging refrigerant sales, and an ambitious ₹6,000 crore capex programme targeting high-value fluoropolymers and EV battery materials. The vertically integrated cost structure and rising domestic institutional interest provide solid support. Key risks are the stretched 87x PE valuation that prices in FY28-29 earnings, low current ROE of 7.1%, and the battery materials segment still being pre-scale. The trend is improving operationally, but the stock's premium leaves it vulnerable to any earnings miss or capex execution delays.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,209 | 947 | 992 | 1,133 | 1,176 | 1,188 | 1,148 | 1,225 | 1,281 | 1,210 | 1,136 | 1,369 | 1,588 |
| Expenses | 861 | 783 | 786 | 895 | 914 | 893 | 854 | 919 | 937 | 846 | 861 | 1,062 | 1,162 |
| Operating Profit | 348 | 164 | 206 | 238 | 262 | 295 | 294 | 306 | 344 | 364 | 275 | 307 | 426 |
| OPM % | 29% | 17% | 21% | 21% | 22% | 25% | 26% | 25% | 27% | 30% | 24% | 22% | 27% |
| Other Income | 15 | 13 | 13 | 18 | 9 | 9 | 14 | 26 | 23 | 6 | -10 | 3 | 12 |
| Interest | 28 | 34 | 37 | 34 | 37 | 42 | 42 | 26 | 30 | 33 | 33 | 42 | 26 |
| Depreciation | 66 | 68 | 72 | 81 | 85 | 90 | 91 | 89 | 90 | 91 | 89 | 97 | 102 |
| PBT | 269 | 75 | 110 | 141 | 149 | 172 | 175 | 217 | 247 | 246 | 143 | 171 | 310 |
| Tax % | 25% | 29% | 27% | 28% | 28% | 30% | 28% | 12% | 26% | 27% | 29% | 42% | 29% |
| Net Profit | 201 | 53 | 80 | 101 | 108 | 121 | 126 | 191 | 182 | 179 | 102 | 100 | 219 |
| EPS in Rs | 18.3 | 4.82 | 7.28 | 9.19 | 9.83 | 11.02 | 11.47 | 17.39 | 16.57 | 16.29 | 9.29 | 9.38 | 20.12 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,851 | 2,729 | 2,606 | 2,650 | 3,954 | 5,685 | 4,281 | 4,737 | 4,996 | 5,303 |
| Expenses | 3,105 | 1,941 | 2,167 | 2,052 | 2,785 | 3,719 | 3,366 | 3,638 | 3,795 | 3,931 |
| Operating Profit | 745 | 788 | 439 | 598 | 1,168 | 1,965 | 915 | 1,100 | 1,201 | 1,372 |
| OPM % | 19% | 29% | 17% | 23% | 30% | 35% | 21% | 23% | 24% | 26% |
| Other Income | 112 | 78 | 190 | 199 | 161 | 172 | 100 | 115 | 111 | 11 |
| Interest | 279 | 56 | 105 | 113 | 78 | 117 | 133 | 147 | 138 | 134 |
| Depreciation | 299 | 164 | 192 | 202 | 205 | 236 | 286 | 355 | 367 | 379 |
| PBT | 279 | 645 | 332 | 482 | 1,045 | 1,785 | 595 | 713 | 807 | 870 |
| Tax % | 14% | -93% | 43% | 146% | 26% | 26% | 27% | 23% | 29% | — |
| Net Profit | 240 | 1,246 | 189 | -222 | 776 | 1,323 | 435 | 546 | 574 | 600 |
| EPS in Rs | — | — | 17.87 | -19.91 | 71.66 | 121 | 39.59 | 49.71 | 52.56 | 55.08 |
| Div. Payout % | 15% | 0% | 0% | 0% | 6% | 3% | 8% | 6% | 6% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 4,756 | 3,499 | 3,705 | 3,482 | 4,244 | 5,510 | 5,925 | 7,242 | 7,855 |
| Borrowings | 2,000 | 968 | 1,718 | 1,591 | 1,556 | 1,515 | 2,096 | 2,080 | 2,721 |
| Other Liabilities | 2,986 | 441 | 634 | 885 | 1,067 | 1,335 | 1,201 | 1,270 | 1,273 |
| Total Liabilities | 9,753 | 4,919 | 6,067 | 5,969 | 6,878 | 8,371 | 9,233 | 10,602 | 11,859 |
| Fixed Assets | 3,813 | 2,305 | 2,414 | 2,367 | 2,514 | 3,111 | 4,264 | 4,285 | 4,822 |
| CWIP | 724 | 229 | 318 | 400 | 680 | 1,158 | 1,128 | 1,568 | 1,900 |
| Investments | 524 | 342 | 259 | 88 | 20 | 1 | 1 | 289 | 277 |
| Other Assets | 4,691 | 2,042 | 3,076 | 3,114 | 3,665 | 4,101 | 3,840 | 4,460 | 4,860 |
| Total Assets | 9,753 | 4,919 | 6,067 | 5,969 | 6,878 | 8,371 | 9,233 | 10,602 | 11,859 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 952 | 782 | 546 | 616 | 741 | 739 | 626 | 545 | 961 |
| Investing | 589 | -428 | -1,152 | -373 | -584 | -476 | -966 | -1,121 | -1,168 |
| Financing | -1,668 | 110 | 622 | -248 | -144 | -264 | 348 | 599 | 367 |
| Net Cash Flow | -127 | 464 | 17 | -5 | 14 | -2 | 7 | 24 | 160 |
| Free Cash Flow | -64 | 276 | -650 | 343 | 92 | 12 | -330 | -335 | -292 |
| CFO/OP | 157 | 101 | 136 | 80 | 83 | 62 | 90 | 67 | 101 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 184 | 77 | 79 | 92 | 72 | 71 | 72 | 92 | 94 |
| Inventory Days | 736 | 351 | 390 | 404 | 314 | 375 | 435 | 487 | 453 |
| Days Payable | 471 | 127 | 176 | 202 | 170 | 174 | 144 | 162 | 129 |
| Cash Conversion Cycle | 449 | 301 | 293 | 294 | 216 | 272 | 363 | 418 | 417 |
| Working Capital Days | 67 | 22 | 0 | 6 | 33 | 62 | 60 | 97 | 92 |
| ROCE % | — | 11% | 9% | 11% | 20% | 30% | 10% | 10% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Incorporated in 2018, Gujarat Fluorochemicals Limited, earlier known as Inox Fluorochemicals Limited, is a part of the INOX Group of Companies and has been demerged from GFL Ltd, into a separate legal entity. It is one of the leading producers of Fluoro-polymers, Fluoro-specialities, Chemicals and Refrigerants in India. It is one of the top five global players in the fluoropolymers market with exports to Europe, Americas, Japan and Asia.
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