India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Gujarat Fluorochemicals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a> reported strong consolidated Q4FY25 financials, driven by fluoropolymers, with significant PAT growth and reduced net debt.</li>
<li>This indicates sustained momentum in core fluoropolymers, potential for significant revenue contribution from the new EV business in the coming years, and an improved balance sheet supporting future investments.</li>
<li>Capex of INR 1,600 crs in FY26 funded via external accruals will expand EV and fluoropolymer capacities, enabling long-term growth across energy, mobility, and specialty segments.</li>
</ul>



Gujarat Fluorochemicals (FLUOROCH IN) reported strong consolidated Q4FY25 financials, driven by fluoropolymers, with significant PAT growth and reduced net debt.
This indicates sustained momentum in core fluoropolymers, potential for significant revenue contribution from the new EV business in the coming years, and an improved balance sheet supporting future investments.
Capex of INR 1,600 crs in FY26 funded via external accruals will expand EV and fluoropolymer capacities, enabling long-term growth across energy, mobility, and specialty segments.


Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up

<ul>
<li>GFL is executing a INR 6,000 crore capex plan through FY28 to expand into battery materials, fluorospecialties etc. with commercial production of Battery Chemicals expected to start in Q4 FY25. </li>
<li>This marks a strategic shift from a cyclical chemicals business to a high-margin, clean energy materials play positioning GFL at the core of the EV value chain as China+1 sourcing.</li>
<li>Company is becoming a structural clean-tech growth story. The business could double its revenue base and become global EV materials supplier over the next 3-4 years.</li>
</ul>


GFL is executing a INR 6,000 crore capex plan through FY28 to expand into battery materials, fluorospecialties etc. with commercial production of Battery Chemicals expected to start in Q4 FY25. 
This marks a strategic shift from a cyclical chemicals business to a high-margin, clean energy materials play positioning GFL at the core of the EV value chain as China+1 sourcing.
Company is becoming a structural clean-tech growth story. The business could double its revenue base and become global EV materials supplier over the next 3-4 years.


The Beat Ideas: Gujarat Flurochemicals 2.0: From Fluoropolymer Powerhouse to Battery Technology

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a> new Fluoropolymer(FP) segment is projected to be a key revenue growth driver for the company in the medium term.</li>
<li>The company is committed to significant capacity expansion in the FP segment and aims to commercialize new FP products, particularly EV battery chemicals, in the second half of fiscal 2025.</li>
<li>While the FP segment holds strong growth potential, the ramp-up of new-age FPs and the potential reliance on debt-funded capex are areas to monitor. </li>
</ul>



Gujarat Fluorochemicals (FLUOROCH IN) new Fluoropolymer(FP) segment is projected to be a key revenue growth driver for the company in the medium term.
The company is committed to significant capacity expansion in the FP segment and aims to commercialize new FP products, particularly EV battery chemicals, in the second half of fiscal 2025.
While the FP segment holds strong growth potential, the ramp-up of new-age FPs and the potential reliance on debt-funded capex are areas to monitor. 


Gujarat Fluro's New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

India

Gujarat Fluorochemicals Limited produces and distributes chemicals products. The Company offers polymers, additives, refrigerants, caustic soda lye, flakes, and other specialty chemicals. Gujarat Fluorochemicals markets its products globally.

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Gujarat Fluorochemicals (FLUOROCH IN)

Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up

Gujarat Fluorochemicals (FLUOROCH IN) posts strong Q4FY25 results driven by fluoropolymers, with focus on EV battery material plants for future...

Sudarshan Bhandari

The Beat Ideas: Gujarat Flurochemicals 2.0: From Fluoropolymer Powerhouse to Battery Technology

GFL is investing heavily in clean energy materials, positioning itself as a key player in the EV value chain with plans to double revenue and...

Sudarshan Bhandari

Gujarat Fluro's New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years

Gujarat Fluorochemicals' new Fluoropolymer segment is expected to drive revenue growth, with plans for capacity expansion and new product...

Nimish Maheshwari

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up

​Gujarat Fluorochemicals (FLUOROCH IN) posts strong Q4FY25 results driven by fluoropolymers, with focus on EV battery material plants for future...

Sudarshan Bhandari

The Beat Ideas: Gujarat Flurochemicals 2.0: From Fluoropolymer Powerhouse to Battery Technology

​GFL is investing heavily in clean energy materials, positioning itself as a key player in the EV value chain with plans to double revenue and...

Sudarshan Bhandari

Gujarat Fluro's New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years

​Gujarat Fluorochemicals' new Fluoropolymer segment is expected to drive revenue growth, with plans for capacity expansion and new product...

Nimish Maheshwari

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Gujarat Fluorochemicals (FLUOROCH IN) posts strong Q4FY25 results driven by fluoropolymers, with focus on EV battery material plants for future...

GFL is investing heavily in clean energy materials, positioning itself as a key player in the EV value chain with plans to double revenue and...

Gujarat Fluorochemicals' new Fluoropolymer segment is expected to drive revenue growth, with plans for capacity expansion and new product...