Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Gujarat Fluorochemicals Limited (FLUOROCHEM)
Large CapChemicals stocks · Large cap · NSE
Gujarat Fluorochemicals Ltd. (GFCL) is a leading Indian chemicals company, India's largest integrated fluoropolymer producer, supplying fluoropolymers and fluorochemicals globally. It is developing products for new-age businesses like EVs, BESS, and green hydrogen, leveraging its 30 years of fluorine chemistry expertise.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 01:55 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.0 (n=45)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -3.9% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
FLUOROCHEMD candles · FIT view+28.2%Latest close ₹4368.30 on 2026-10-21
Bar
-1.9%
RSI
43
MACD hist
-7.06
52W pos
71%
2026-10-21O ₹4454.00H ₹4465.40L ₹4295.30C ₹4368.30Vol 65,703 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FLUOROCHEMNifty ChemicalsNifty 500
- FLUOROCHEM
- -5.2%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- +1.3 pp
Chart stats
21 Oct 2026- From 52W high
- -11.9%
- 52W range position
- 71%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.71x
- Avg traded value
- ₹39.5 Cr
- 20D price channel
- ₹4,225.4 - ₹4,680
₹4,958.9
₹2,916.6 - ₹4,958.9
₹146.7
Latest completed session
20-session average
27.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +24.0% · PAT +20.3% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model-76.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 62/100Rev +24% YoY · PAT +20% YoY · +16% QoQ · margin compression
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,588 Cr | +24.0% | +16.0% |
| EBITDA | ₹426 Cr | +23.8% | +38.8% |
| Operating margin | 27.0% | +0 bps | +500 bps |
| PAT | ₹219 Cr | +20.3% | +119.0% |
| PAT margin | 13.8% | -42 bps | +649 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 82.20
- P/B
- 6.46
- EV/EBITDA
- 30.56
- Market Cap
- 50789.00Cr
Profitability
- ROE
- 7.82%
- ROCE
- 9.64%
- ROA
- 5.06%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- -24.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 10.24×
- Altman Z
- 8.00
- Book Value
- 716.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 961.00 Cr
- EPS TTM
- 55.08
Shareholding
- Promoter Hold
- 61.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 1,588+16.0% vs prev
Net Profit
₹ CrLatest: 219+119.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.0% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 50% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.2%
3M return
-5.2%
6M return
+31.8%
1Y return
+20.3%
RS 1D
0
RS 20D
+7
Sector rank
#15
Industry rank
#16
Stage evidence
- Price is 8.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.1%.
50-DMA
price below
200-DMA
price above
S2 entered
25 Jun 2026
S2 age
82 trading sessions
Sector
lagging
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 123.74-1.01%
RS vs Nifty 500124
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality0/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -76.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
82.2
PB
6.5
EV/EBITDA
30.6
ROE
7.8%
ROCE
9.6%
FCF Yield
—
Debt/Equity
0.3
MoS
-76.2%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-76.2%
Previous: -76.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
36
36
36
36
36
36
36
36
36
36
36
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹941.99
-363.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,478.6
-76.2% MoS
PEG
2.28
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NAVINFLUOR
Small
Navin Fluorine International Limited
Specialty Chemicals
match 159
46
52.5
19.6%
-16%
FAIR VALUE
JUBLINGREA
Large
Jubilant Ingrevia Limited
Specialty Chemicals
match 159
51
32.0
9.5%
+32%
FAIR VALUE
SRF
Mid
SRF Limited
Specialty Chemicals
match 158
43
30.0
14.3%
+4%
WATCHLIST
DEEPAKNTR
Large
Deepak Nitrite Limited
Specialty Chemicals
match 158
27
28.3
9.8%
-479%
OVERVALUED
ATUL
Large
Atul Limited
Specialty Chemicals
match 157
37
22.1
11.5%
-177%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-12T08:40:19.040Z
Management commentary snapshot
Q4FY26 consolidated revenue grew 12% YoY to Rs. 1,369 Cr, driven by the Chemical segment (up 11%). Consolidated EBITDA rose only 1% YoY to Rs. 308 Cr, while PAT declined 32% YoY to Rs. 112 Cr, impacted by losses in the new Battery Materials segment.
Consolidated PAT declined sharply due to significant losses in the nascent Battery Materials segment, which is still in its pre-commercialization phase. While the Chemical segment showed robust growth, the substantial capex in battery materials is yet to yield returns, impacting near-term profitability.
Current business mix
Revenue by Segment (Q4FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Chemical Segment99.2%
Battery Materials0.8%
Growth engines
Fluoropolymers Demand
Global fluoropolymer demand is expected to remain strong, driven by rising applications in semiconductors, EVs/BESS, and clean energy sectors.
R32 Production & Sales
R32 production and sales commenced from March 2026. Demand for refrigerants is expected to remain healthy, supported by increasing penetration of residential air-conditioning and cooling infrastructure for AI/Data centers.
Battery Materials
EV/BESS demand is growing rapidly, with ex-China LiB cell demand expected to grow from 500 GWh in CY26 to ~1.8 TWh by CY30. LiPF6 has orders in place for FY27 and beyond.
High-Performance Fluoropolymers
High-performance fluoropolymers like PFA and FKM are expected to grow faster, led by semiconductor fabs, AI-driven data center expansion, and advanced automotive applications.
Capacity and execution
R32 Production Commencement
R32 production and sales commenced from March 2026.
Battery Materials Phase I Commissioning
All the initial capacity planned in Phase I for battery materials has been commissioned and contracted for.
NGAAM Facility Setup
The company is setting up an NGAAM (Anode) facility, which will cover 70% value of LFP cell cost.
LFP CAM Commercial Sales
Samples from the LFP (CAM) plant have received initial approvals, with commercial sales expected to start in H2FY27.
Tailwinds
Rapid EV/BESS Demand Growth
EV/BESS demand is growing at a rapid pace, with ex-China LiB cell demand expected to grow from 500 GWh in CY26 to ~1.8 TWh by CY30.
Firming Battery Materials Prices
Prices have firmed up for all battery materials over the last two quarters.
Strong Fluoropolymer Demand
Global fluoropolymer demand is expected to remain strong, driven by rising applications in semiconductors, EVs/BESS, and clean energy sectors.
Favorable HFC Pricing
The pricing environment for HFCs remains favorable, supported by disciplined global supply dynamics and healthy demand across key end markets.
Headwinds
Weakness in Middle East Market
The Fluorochemicals segment faced a challenging global environment and weakness in the Middle East market.
Domestic Caustic Soda Capacity Additions
Demand outlook for caustic soda is expected to remain stable in FY27, but pricing is likely to remain range-bound due to domestic capacity additions.
Risk radar
New Segment Profitability
The Battery Materials segment reported significant negative EBITDA of Rs. -45 Cr and PAT of Rs. -57 Cr in Q4FY26, impacting consolidated results.
Capex Realization Timeline
The full potential of the Rs. 6,000 Cr capex for battery materials is expected to be realized only in FY29, indicating a long gestation period.
Customer Qualification for New Products
LFP CAM and PVDF Binder are still in qualification/approval stages, with commercial sales expected in H2FY27 and H1FY27 respectively, posing execution risk.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential to account for potential seasonality in chemical demand and pricing. QoQ comparison is also relevant to assess sequential momentum, particularly for new product ramp-ups like R32 and the nascent Battery Materials segment.
Sector KPIs management disclosed
Consolidated EBITDA Margin
Consolidated EBITDA Margin for Q4FY26 stood at 22%, a decrease of 248 bps compared to 25% in Q4FY25.
Chemical Segment EBITDA Margin
Chemical segment EBITDA Margin for Q4FY26 stood at 26%, an increase of 52 bps compared to 25% in Q4FY25.
Working Capital Days
Working Capital Days remained stable at 100 days in FY26, consistent with FY25.
Capex Plan FY27
Planned Rs. 2,300 Cr capex for FY27 across the battery material portfolio, largely growth capex including for NGAAM.
Management forward view
Battery Materials Commercialization
LFP CAM samples received initial approvals, commercial sales expected in H2FY27. PVDF Binder qualification complete, commercial business expected in H1FY27.
Battery Materials Capex & Returns
Planned Rs. 2,300 Cr capex for FY27. Overall capex Rs. 6,000 Cr by FY28, targeting 2x Asset turnover and 25%+ EBITDA margin by FY29.
Fluorochemicals Strategy
Continued focus on optimizing HFC production and incremental capacity expansion to utilize entitlements under the Kigali Amendment.
Integrated Battery Complex Vision
To be the global leader in battery materials, garnering the largest share of the EV/ESS battery wallet, with a fully integrated complex in Jolva.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Battery Materials Commercial Sales | LFP CAM samples approved, PVDF Binder qualification complete. | Commencement and ramp-up of commercial sales for LFP CAM (H2FY27) and PVDF Binder (H1FY27). |
| Battery Materials Capex Utilization & Returns | Rs. 2,300 Cr capex planned for FY27, Rs. 6,000 Cr by FY28. | Progress on capex deployment and achievement of 2x asset turnover and 25%+ EBITDA margin by FY29. |
| Consolidated Profitability | Q4FY26 Consolidated PAT down 32% YoY. | Improvement in consolidated PAT as the Battery Materials segment scales up and turns profitable. |
| Fluoropolymers Growth | Revenue up 19% YoY and 14% QoQ. | Sustained strong growth in fluoropolymers, especially high-performance grades, driven by new applications. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
Gujarat Fluorochemicals Limited plans to invest approximately Rs 6,000 crore over the next 4-5 years to build large-scale battery materials manufacturing capacity.
Timeframe: next 4-5 yearsDirection: increaseConfidence: implied high
"Investing ~ Rs 6,000 crs over the next 4-5 years"
capex timelinenot yet verifiablequantified
Gujarat Fluorochemicals Limited plans to invest approximately Rs 6,000 crore over the next 4-5 years to build large-scale battery materials manufacturing capacity.
Timeframe: next 4-5 yearsDirection: increaseConfidence: implied high
"Investing ~ Rs 6,000 crs over the next 4-5 years"
capex timelinenot yet verifiable
The company is further expanding its LiPF6 capacities to meet growing demand.
Timeframe: ongoing/futureDirection: increaseConfidence: implied high
"are further expanding our capacities to meet growing demand"
capex timelinenot yet verifiable
The company is further expanding its LiPF6 capacities to meet growing demand.
Timeframe: ongoing/futureDirection: increaseConfidence: implied high
"are further expanding our capacities to meet growing demand"
revenue outlooknot yet verifiable
LiPF6 sales are expected to commence soon.
Timeframe: soonDirection: increaseConfidence: expected
"In LiPF₆ sales to commence soon"
revenue outlookpartially delivered
LiPF6 sales are expected to commence soon.
Timeframe: soonDirection: increaseConfidence: expected
"In LiPF₆ sales to commence soon"
Outcome check: Revenue YoY averaged 5.4% across 2 later quarter(s).
revenue outlooknot yet verifiable
Sales of fluoropolymer binders are expected to commence from first half of CY26.
Timeframe: first half of CY26Direction: increaseConfidence: expected
"expecting sales to commence from first half of CY26"
revenue outlookpartially delivered
Sales of fluoropolymer binders are expected to commence from first half of CY26.
Timeframe: first half of CY26Direction: increaseConfidence: expected
"expecting sales to commence from first half of CY26"
Outcome check: Revenue YoY averaged 5.4% across 2 later quarter(s).
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 66th percentile of the scored universe and 47th percentile within Chemicals. Main check: financial discipline is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
100 docs text-extracted · 41 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Chemicals: 47th pctile, median 73 · Large: 42nd pctile, median 73
Evidence depth
Financial-only
100 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 61.4%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 7.8%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gujarat Fluorochemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Company to attend Motilal Oswal 22nd Annual Global Investor Conference on 19 August 2026 in Mumbai.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 10 Jul - BSE and NSE issued no-objection letters for GFCL’s composite scheme on 9 July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Jun - GFL plans refrigerant capacity expansion, adding R134A, to fully utilize Kigali Amendment entitlement.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jun - Advertisement in newspapers for opening of another Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 3 Jun - GFCL EV Products incorporated step-down subsidiary GFCL EV New Age Materials SAOC in Oman.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 May - Company to attend two investor conferences in Mumbai and share FY26 financial results presentation.
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 29 Apr - Gujarat Fluorochemicals submits FY26 annual secretarial compliance report, noting resolved board-independence non-compliance and prior penalties.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.