India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Equity Bottom-Up

Gujarat Fluorochemicals / Equity Bottom-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

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.</li><li>GFL highlighted its growth plans at the group level under InoxGFL group which include the chemicals and wind energy businesses.</li><li>Management expects the group’s EBITDA to quadruple over coming 3 years led by ramp up in both, battery chemicals and renewable energy businesses.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.GFL highlighted its growth plans at the group level under InoxGFL group which include the chemicals and wind energy businesses.Management expects the group’s EBITDA to quadruple over coming 3 years led by ramp up in both, battery chemicals and renewable energy businesses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Fluorochemicals - Analyst Meet Update: Aggressive Guidance

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this Insight, we share our channel inputs that might be relevant for <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a>, and <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>.</li>
<li>Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.</li>
<li>Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>.</li>
</ul>


In this Insight, we share our channel inputs that might be relevant for SRF Ltd (SRF IN), Navin Fluorine International (NFIL IN), and Gujarat Fluorochemicals (FLUOROCH IN).
Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.
Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like SRF Ltd (SRF IN).


Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

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)

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

Gujarat Fluorochemicals - Analyst Meet Update: Aggressive Guidance

GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.

Emkay

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Gujarat Fluorochemicals - Analyst Meet Update: Aggressive Guidance

GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.

Emkay

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

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...