Gujarat Fluorochemicals Ltd logo

Gujarat Fluorochemicals Ltd

FLUOROCHEM NSE

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.

AI Verdict: HOLD Confidence: 4%

Gujarat Fluorochemicals trades at an elevated PE of 73.7x with weak 3-year ROE of 8% and declining sales growth, but 60% analyst buy ratings and strong 5-year profit CAGR of 36% suggest long-term optionality in the fluorochemicals and EV value chain. At Rs 42,265 Cr market cap, the stock prices in significant future growth that is yet to materialize in recent quarters.

Key Fundamentals

MidcapSpecialty ChemicalsChemicals
Market Cap
₹42,684 Cr
Volatility
Moderate
P/E Ratio
74.82
EBITDA
₹1,270 Cr
Return on Equity
23.97%
Debt to Equity
0.32
Book Value
₹711.51
EPS
₹31.12
52W High
₹3,948
52W Low
₹2,916.6

Technical Indicators

Key Insights

Weaknesses

4
  • Stock is trading at 5.46 times its book value
  • Company has a low return on equity of 7.92% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 6.46% of profits over last 3 years

Growth Rate

Revenue Growth
2.94% ↘
Net Income Growth
4.21% ↘
Cash Flow Change
-12.95% ↘
ROE
2.05% ↘
ROCE
-1.66% ↘
EBITDA Margin (Avg.)
0.72% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

Gujarat Fluorochemicals trades at an elevated PE of 73.7x with weak 3-year ROE of 8% and declining sales growth, but 60% analyst buy ratings and strong 5-year profit CAGR of 36% suggest long-term optionality in the fluorochemicals and EV value chain. At Rs 42,265 Cr market cap, the stock prices in significant future growth that is yet to materialize in recent quarters.

Bull Case 7
  • 60% of analysts (9 out of 15) rate the stock a Buy, indicating institutional confidence in future growth drivers
  • 5-year compounded profit growth of 36% demonstrates strong historical earnings expansion capability
  • 5-year stock CAGR of 29% reflects sustained wealth creation for long-term investors
  • 5-year compounded sales growth of 14% shows the company has a track record of revenue scaling over business cycles
  • TTM sales growth of 5% and TTM profit growth of 8% indicate a recovery trend after a cyclical downturn
  • Market cap of Rs 42,265 Cr positions the company as a large-cap fluorochemicals player with diversification into PTFE, refrigerants, and EV battery chemicals
  • 1-year stock CAGR of 14% shows recent re-rating ahead of potential earnings recovery
Bear Case 8
  • PE ratio of 73.7x is extremely elevated for a commodities sector company, pricing in perfection with minimal margin of safety
  • 3-year compounded profit growth of -24% shows severe earnings deterioration in the recent cycle
  • 3-year ROE of just 8% and last year ROE of 8% indicate poor capital efficiency relative to the premium valuation
  • Price-to-book of 5.42x is expensive for a company generating sub-10% return on equity, implying capital is not being deployed efficiently
  • 3-year compounded sales growth of -4% signals demand weakness or pricing pressure in core business segments
  • Dividend payout of only 6.46% of profits over 3 years with a yield of 0.08% offers negligible income return to shareholders
  • 26.67% of analysts (4 out of 15) rate the stock a Sell, a notably high sell proportion indicating divided opinion
  • Company might be capitalizing interest costs, potentially flattering reported profitability and understating true debt servicing burden

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • Q4 PAT falls 32% May 26

    Gujarat Fluorochemicals reported Q4FY26 PAT of ₹112 crore, down 32% YoY, impacted by exceptional items on consolidated revenue of ₹1,369 crore.

  • Brokerage downgrades to REDUCE May 27

    Prabhudas Lilladher downgraded FLUOROCHEM to REDUCE with target price of ₹3,478, citing expensive valuation at 53x FY28E EPS and slower-than-expected Battery Chemicals ramp-up.

  • Battery Chemicals contribution delayed May 27

    Battery Chemicals segment contributed only ₹150 million in Q4FY26, with LiPF₆ likely the only significant revenue contributor in FY27 as meaningful scale takes longer than anticipated.

Positives 3
  • Oman subsidiary for battery chemicals Jun 3

    GFCL incorporated step-down subsidiary GFCL EV New Age Materials SAOC in Oman, focused on battery chemicals manufacturing to support its EV materials strategy.

  • Fluoropolymers segment grows 19% YoY May 27

    Fluoropolymers emerged as the primary growth driver with 19% YoY growth in Q4FY26, driven by higher volumes and improved realizations, with ₹2.5 billion capex announced for expansion.

  • Revenue grows 12% YoY, 21% QoQ May 27

    Consolidated revenue of ₹13.6 billion in Q4FY26 grew 11.8% YoY and 20.5% QoQ, with R32 production commencing in March 2026 adding to the Fluorochemicals portfolio.

Neutral 2
  • Promoter pledges 1.89% equity Jun 20

    Devansh Trademart LLP pledged 1.89% of equity shares in FY26. Other promoter group members reported no new encumbrances.

  • EV Products auditor resigns May 29

    Statutory auditor Patankar & Associates resigned from GFCL EV Products Limited to comply with a Shareholders Agreement mandating a Big Five auditor, effective from the Fifth AGM conclusion.

TL;DR: Gujarat Fluorochemicals shows strong topline momentum with 12% YoY revenue growth led by Fluoropolymers (19% YoY), but profitability is under pressure with Q4 PAT declining 32% due to exceptional items. The Battery Chemicals segment remains a long-term optionality play with only ₹150 million quarterly contribution so far. Valuation at 53x FY28E EPS leaves limited margin of safety, though the Oman subsidiary and capex expansion signal management confidence in medium-term growth from EVs and clean energy applications.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,471
1,209
947
992
1,133
1,176
1,188
1,148
1,225
1,281
1,210
1,136
1,369
Expenses
942
861
783
786
895
914
893
854
919
937
846
861
1,062
Operating Profit
529
348
164
206
238
262
295
294
306
344
364
275
307
OPM %
36%
29%
17%
21%
21%
22%
25%
26%
25%
27%
30%
24%
22%
Other Income
19
15
13
13
18
9
9
14
26
23
6
-10
3
Interest
35
28
34
37
34
37
42
42
26
30
33
33
42
Depreciation
64
66
68
72
81
85
90
91
89
90
91
89
97
PBT
449
269
75
110
141
149
172
175
217
247
246
143
171
Tax %
26%
25%
29%
27%
28%
28%
30%
28%
12%
26%
27%
29%
36%
Net Profit
332
201
53
80
101
108
121
126
191
184
179
102
109
EPS in Rs
30.21
18.3
4.82
7.28
9.19
9.83
11.02
11.47
17.39
16.75
16.29
9.29
9.92
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
3,851
2,729
2,606
2,650
3,954
5,685
4,281
4,737
4,996
Expenses
3,105
1,941
2,167
2,052
2,785
3,719
3,366
3,638
3,706
Operating Profit
745
788
439
598
1,168
1,965
915
1,100
1,290
OPM %
19%
29%
17%
23%
30%
35%
21%
23%
26%
Other Income
112
78
190
199
161
172
100
115
22
Interest
279
56
105
113
78
117
133
147
138
Depreciation
299
164
192
202
205
236
286
355
367
PBT
279
645
332
482
1,045
1,785
595
713
807
Tax %
14%
-93%
43%
146%
26%
26%
27%
23%
29%
Net Profit
240
1,246
189
-222
776
1,323
435
546
574
EPS in Rs
—
—
17.87
-19.91
71.66
121
39.59
49.71
52.25
Div. Payout %
15%
0%
0%
0%
6%
3%
8%
6%
6%
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
1,581
1,556
1,515
2,096
2,080
2,290
Other Liabilities
2,986
441
634
895
1,067
1,335
1,201
1,270
1,727
Total Liabilities
9,753
4,919
6,067
5,969
6,878
8,371
9,233
10,602
11,883
Fixed Assets
3,813
2,305
2,414
2,367
2,514
3,111
4,264
4,285
4,831
CWIP
724
229
318
400
680
1,158
1,128
1,568
1,890
Investments
524
342
259
88
20
1
1
289
278
Other Assets
4,691
2,042
3,076
3,114
3,665
4,101
3,840
4,460
4,884
Total Assets
9,753
4,919
6,067
5,969
6,878
8,371
9,233
10,602
11,883
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-291
CFO/OP
157
101
136
80
83
62
90
67
94
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
184
77
79
92
72
71
72
92
94
Inventory Days
736
351
390
404
314
375
435
487
430
Days Payable
471
127
176
159
170
174
144
162
123
Cash Conversion Cycle
449
301
293
338
216
272
363
418
401
Working Capital Days
67
22
0
6
33
62
60
97
109
ROCE %
—
11%
9%
11%
20%
30%
10%
10%
10%

Shareholding Pattern

As of Mar 2026
Promoters 61.39%
Public 14.00%
DIIs 13.49%
Others 6.83%
FIIs 4.28%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
68.37%
68.37%
67.65%
66.35%
66.08%
66.08%
66.08%
63.81%
63.81%
63.81%
63.81%
63.81%
63.81%
62.58%
62.58%
62.58%
62.58%
62.58%
61.39%
61.39%
61.39%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.51%
5.20%
4.88%
4.61%
4.63%
4.25%
4.36%
4.31%
4.28%
DIIs
5.70%
4.88%
4.10%
4.01%
4.29%
4.24%
3.87%
4.37%
5.91%
5.66%
7.71%
8.20%
8.79%
9.62%
9.58%
10.05%
10.74%
11.48%
12.73%
12.82%
13.49%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
14.32%
14.93%
15.07%
15.37%
15.13%
15.15%
14.84%
15.66%
15.64%
15.09%
15.19%
14.47%
14.52%
14.77%
14.99%
15.15%
14.69%
14.52%
14.50%
14.50%
14.00%
Others
11.61%
11.82%
13.17%
14.26%
14.50%
14.53%
15.21%
16.16%
14.65%
15.44%
13.30%
13.52%
8.37%
7.83%
7.97%
7.62%
7.36%
7.17%
7.02%
6.98%
6.83%
No. of Shareholders
0
18,997
19,976
39,578
47,407
44,320
44,882
44,365
55,054
66,600
80,610
71,178
67,328
68,283
66,592
68,544
66,906
68,420
66,493
64,664
62,703

Documents

Frequently Asked Questions about Gujarat Fluorochemicals Ltd

What does Gujarat Fluorochemicals Ltd do?
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 an...
Where is Gujarat Fluorochemicals Ltd (FLUOROCHEM) listed?
Gujarat Fluorochemicals Ltd is listed on the Indian stock exchanges. It is listed on NSE: FLUOROCHEM and BSE: 542812. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Gujarat Fluorochemicals Ltd belong to?
Gujarat Fluorochemicals Ltd operates in the Commodities sector within the Chemicals & Petrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Gujarat Fluorochemicals Ltd?
Gujarat Fluorochemicals Ltd has a market capitalisation of approximately ₹42684.41 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Gujarat Fluorochemicals Ltd?
The Price-to-Earnings (PE) ratio of Gujarat Fluorochemicals Ltd is 74.82. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Gujarat Fluorochemicals Ltd?
Over the past 52 weeks, Gujarat Fluorochemicals Ltd has traded between a low of ₹2,916.6 and a high of ₹3,948. This range helps investors understand the stock's price volatility and recent trading levels.
Does Gujarat Fluorochemicals Ltd pay dividends?
Yes, Gujarat Fluorochemicals Ltd has a dividend yield of 0.08%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Gujarat Fluorochemicals Ltd?
Gujarat Fluorochemicals Ltd has a Return on Equity (ROE) of 23.97%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Gujarat Fluorochemicals Ltd on Tapetide?
On Tapetide, you can view Gujarat Fluorochemicals Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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.

Website gfl.co.in
CEO Mr. Vivek Kumar Jain
Employees 3,405
Listed 2019-10-16
Face Value ₹ 1
Issued Size 10,98,50,000

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