Gujarat Fluorochemicals
Gujarat Fluorochemicals
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Key Insights
Weaknesses
4- Stock is trading at 6.06 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
Gujarat Fluorochemicals has a market cap of about Rs 49,439 Cr and trades at a P/E of 82.3x and a P/B of 6.31x, while its return on equity (ROE) has averaged 7.94% over the last 3 years. Over 5 years, sales grew at a 14% CAGR and profit at a 36% CAGR. Over 3 years, sales fell at a 4% CAGR and profit fell at a 24% CAGR. TTM sales are up 10% but TTM profit growth is flat at 0%.
- Over 5 years, sales grew at a 14% CAGR and profit at a 36% CAGR. This shows how much earnings can rise when the fluorochemicals cycle is favourable.
- TTM sales growth of 10% is a turn from the 3-year sales CAGR of -4%. That points to demand and volumes starting to recover after the downcycle.
- The 5-year average ROE of 13% is well above the current 8%. This suggests today's returns reflect cyclical pressure and new capacity that isn't fully used yet, rather than a permanent drop in profitability.
- The stock has returned a 20% CAGR over 5 years and 21% over the last year, a sign of lasting market interest in its fluoropolymer and battery-chemicals plans.
- Because the dividend payout is only 6.44% of profits, most earnings are kept and reinvested in capacity expansion. That could support growth if the new capacity earns good returns.
- The flag on capitalized interest cost suggests large capex projects are still being built. If they are commissioned and run at good utilization, they could add to future revenue on a Rs 49,439 Cr market-cap base.
- A market cap of Rs 49,439 Cr makes it one of the larger listed Indian fluorochemical companies. That scale may help it win long-term supply contracts in specialty chemicals.
- A P/E of 82.3x on TTM profit growth of 0% means the valuation already assumes a strong earnings recovery. If that recovery comes late, the stock has little cushion.
- The stock trades at 6.31x book value while the 3-year average ROE is only 7.94%. Paying that much over book is hard to justify at that level of return.
- Over 3 years, profit fell at a 24% CAGR and sales at a 4% CAGR. Earnings have shrunk a lot from their peak.
- An ROE of 8% last year is probably below a typical cost of equity for Indian equities of about 12-14%. On that basis, the business is not currently earning back its cost of capital.
- The company may be capitalizing interest cost. That can make reported profit look better and push costs into future depreciation once projects are commissioned.
- The dividend yield is 0.07% and the payout has averaged 6.44% of profits over 3 years. Shareholders get almost no cash return while they wait for capex to pay off.
- The 3-year stock CAGR of 13% is well below the 5-year CAGR of 20%. The market has already started pricing in slower growth.
- The data provided has no debt-to-equity figure. Combined with signs of capitalized interest, this makes it hard to judge leverage from these metrics alone.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rich valuation, little margin for error Sep 11
The stock trades at a P/E of 87, against an industry average of 37.5, and is near its record high of ₹4,958.90. PL Capital notes that investors are already paying for FY28-FY29 profits.
- Price above top analyst target Sep 11
At a record high of ₹4,958.90, the stock sits above the highest verified price target of ₹4,800 (Uniresearch), which limits near-term upside from consensus.
- Weak return ratios from battery losses Sep 11
Trailing ROE is about 7.1% (7.6% in FY26). Battery business losses and a large capital base that isn't earning yet are pulling it down.
- Heavy capex and execution risk Sep 11
The company plans ₹6,000 crore of capex over two years, including ₹2,300 crore on EV projects in FY27. Benefits from battery materials are expected to arrive with a lag, and meaningful scale is only expected from FY28.
- Strong Q1 FY27 earnings growth Sep 11
Q1 FY27 revenue rose about 24% YoY to ₹1,588 crore and EBITDA grew 24% to ₹428 crore at a margin near 27%. Net profit rose about 20% to ₹219 crore, up from ₹100 crore in the March quarter.
- Refrigerant sales surge 52% YoY Sep 11
Refrigerant gas sales climbed 52% YoY and 44% QoQ to ₹458 crore, led by R32. R32 capacity is fully utilised, new capacity is due by the end of the September quarter and R134a capacity is due by the end of FY27.
- Battery materials nearing commercialisation Sep 11
LiPF6 has orders secured from FY27, PVDF binder sales are expected in H1 FY27 and LFP cathode has initial approvals. Management sees three-digit crore quarterly battery revenue by Q4 FY27.
- Fluoropolymers guided 17-20% growth Sep 11
Fluoropolymers revenue reached ₹914 crore (+15% YoY), or 58% of revenue. Management guides 17-20% annual growth, driven by high-end products for semiconductors, data centres and green hydrogen.
- Stock up 53% in six months Sep 11
Shares rose from about ₹3,122 in early March to a record ₹4,958.90, a 34% gain in three months, for a market cap of about ₹52,220 crore.
- EPS seen rising to ₹86.5 Sep 11
PL Capital projects EPS rising from ₹52.5 in FY26 to ₹86.5 in FY28, with ROE improving to 10.4% from 7.6%.
- EV unit raises USD 130M Sep 11
Subsidiary GFCL EV raised USD 80 million from a global investor on Mar 27, 2026, on top of USD 50 million from IFC, for a total of USD 130 million.
- Integration moat, low leverage Sep 11
A captive fluorspar mine in Morocco and in-house HF and chloromethanes help protect margins when Chinese prices swing. Debt-to-equity is a comfortable 0.29, and DII stake rose from 11.47% to 13.33%.
- AGM approves FY26 results, dividend Sep 24
At the eighth AGM on Sep 24, 2026, shareholders approved the FY26 financials and a final dividend of ₹3 per share.
- Low FII ownership at 4.4% Sep 11
Foreign ownership is about 4.4%, which leaves room for fresh FII buying if earnings momentum holds.
- Refrigerant expansion under Kigali entitlements Sep 11
On Jun 29, 2026, the company announced it would expand refrigerant capacity using its Montreal Protocol and Kigali Amendment entitlements. It aims to offer a broader global refrigerant range by the end of FY27.
TL;DR: Gujarat Fluorochemicals is executing well: Q1 FY27 revenue grew 24% and profit 20%, R32 refrigerants are running at full capacity, and battery materials are moving toward commercial sales, which has driven a 53% six-month rally to record highs. The main risks are valuation and execution. At 87x P/E, ROE near 7% and the price above the top ₹4,800 target, the stock leaves little room for disappointment on its ₹6,000 crore capex plan. The trend is improving, and the next big test is whether battery revenue hits the three-digit crore quarterly target by Q4 FY27 and R32 capacity additions arrive on schedule.
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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63 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about Gujarat Fluorochemicals
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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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