Gujarat Fluorochemicals Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Gujarat Fluorochemicals Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gujarat Fluorochemicals reported Q1 FY27 consolidated revenue growth of 24% year-on-year to INR 1,588 crores, with Chemical segment revenue up 23% to INR 1,574 crores driven by fluoropolymer and fluorochemical businesses. Management highlighted a 52% year-on-year jump in fluorochemicals revenue led by R32 refrigerant sales, alongside improvements in ROCE, ROE and working capital days. The company also discussed capacity expansion plans in refrigerants, fluoropolymers and battery materials, including the relocation of a planned Oman battery materials project to India.
Numbers mentioned
Chemical segment revenue: INR 1,574 crores (Q1 FY27)
p. 3
“revenue from our Chemical segment increased 23% to INR 1,574 crores, compared to INR 1,281 crores in Q1 FY26”
Bir Kapoor, page 3 of the filed PDF · View the filing
Chemical segment EBITDA: INR 458 crores (Q1 FY27)
p. 3
“Chemical segment EBITDA grew 29% to INR 458 crores from INR 354 crores, while segment PAT increased 33% to INR 261 crores”
Bir Kapoor, page 3 of the filed PDF · View the filing
Consolidated revenue: INR 1,588 crores (Q1 FY27)
p. 3
“At the consolidated level, revenue from operations grew 24% year-on-year to INR 1,588 crores”
Bir Kapoor, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR 428 crores (Q1 FY27)
p. 3
“EBITDA increased 24% to INR 428 crores, while consolidated PAT stood at INR 219 crores, representing 19% growth over the same period last year”
Bir Kapoor, page 3 of the filed PDF · View the filing
Chemical segment EBITDA margin: 29% (Q1 FY27)
p. 4
“EBITDA margin improved from 26% in Q4 FY26 to 29% in Q1 FY27, reflecting the benefits of higher volumes, improved product mix and operating leverage”
Bir Kapoor, page 4 of the filed PDF · View the filing
Consolidated PAT margin: 14% (Q1 FY27)
p. 4
“consolidated PAT more than doubled to INR 219 crores, resulting in a PAT margin improvement from 7% to 14%”
Bir Kapoor, page 4 of the filed PDF · View the filing
ROCE: 16.6% (Q1 FY27)
p. 4
“ROCE improved by 258 basis points to 16.6% in Q1 FY27 compared to 14% in FY26”
Bir Kapoor, page 4 of the filed PDF · View the filing
ROE: 15.18% (Q1 FY27)
p. 4
“ROE improved by 301 basis points to 15.18% from 12.17% in FY26”
Bir Kapoor, page 4 of the filed PDF · View the filing
Working capital days: 149 days (Q1 FY27)
p. 4
“working capital days reducing by 43 days to 149 days as of Q1 FY27 compared to 192 days as of Q4 FY26”
Bir Kapoor, page 4 of the filed PDF · View the filing
Fluoropolymer revenue growth: 15% YoY, 8% QoQ (Q1 FY27)
p. 4
“fluoropolymer revenue grew 15% year-on-year and 8% sequentially during the quarter”
Bir Kapoor, page 4 of the filed PDF · View the filing
Fluorochemicals revenue growth: 52% YoY, 44% QoQ (Q1 FY27)
p. 4
“Revenue increased 52% year-on-year and 44% quarter-on-quarter, driven primarily by R32 refrigerant sales, along with healthy growth across our refrigerant portfolio”
Bir Kapoor, page 4 of the filed PDF · View the filing
Bulk chemicals revenue growth: 11% YoY, 1% QoQ (Q1 FY27)
p. 5
“revenue increasing 11% year-on-year and 1% sequentially, primarily driven by improved realizations”
Bir Kapoor, page 5 of the filed PDF · View the filing
Gross block: INR 836 crores
p. 10
“right now, our gross block is around INR836 crores”
Bir Kapoor, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
R32 capacity expansion commissioning — Q2 FY27
stated firmly by Bir Kapoor
p. 4
“we are expanding our R32 capacity, which is expected to be commissioned in Q2 FY27”
Bir Kapoor, page 4 of the filed PDF · View the filing
R134A project commissioning — this financial year
stated firmly by Bir Kapoor
p. 4
“Our R134A project remains on track and is expected to be commissioned during this financial year”
Bir Kapoor, page 4 of the filed PDF · View the filing
Fluoropolymer growth — 17% to 20% annually
stated as an aspiration by Bir Kapoor
p. 17
“Fluoropolymers has done well and expected to grow, as we had said earlier, 17% to 20% annually going forward as well, again, primarily on volume as well as the high-value products”
Bir Kapoor, page 17 of the filed PDF · View the filing
AHF capacity addition — end of this year or third quarter, phased
stated firmly by Bir Kapoor
p. 9
“The first set of capacities will be there probably by the end of this year or the third quarter. And then subsequently, every quarter, some capacity will be added”
Bir Kapoor, page 9 of the filed PDF · View the filing
CWIP — around INR1,200 crores · by the end of this year
stated firmly by Bir Kapoor
p. 10
“we expect, by the end of this year, these numbers to be around INR1,200 crores”
Bir Kapoor, page 10 of the filed PDF · View the filing
Chemical business capex — approximately INR800 crores · FY27
stated firmly by Bir Kapoor
p. 10
“in our chemical business, it's approximately INR800 crores”
Bir Kapoor, page 10 of the filed PDF · View the filing
EV segment capex — INR2,300 crores · FY27
stated firmly by Bir Kapoor
p. 10
“this year, our capex spending plan in EV is INR2,300 crores”
Bir Kapoor, page 10 of the filed PDF · View the filing
Battery chemicals revenue — 3-digit revenue number · Q4
stated firmly by Bir Kapoor
p. 17
“We are on track and meeting our targets, what you said, 3 digit in quarter 4 and significant ramp-up in the following financial year”
Bir Kapoor, page 17 of the filed PDF · View the filing
R32 utilization — full utilization of 20,000 tons capacity · calendar year '27
stated firmly by Bir Kapoor
p. 17
“Yes, we expect full utilization. Based on our understanding of the market, as and when we have the capacities, we are looking at able to market it, full utilization of R32”
Bir Kapoor, page 17 of the filed PDF · View the filing
Battery materials significant growth — end of this financial year and FY28
stated conditionally by Bir Kapoor
p. 7
“if we talk about the significant growth, we probably will be seeing towards the end of this financial year and FY28”
Bir Kapoor, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there has been a marginal price increase to offset input costs, with more visible pricing/mix benefits in subsequent quarters.
Answered by Kapil Malhotra
Asked by Sanjesh: Has GFL taken price increases in fluoropolymers similar to Chinese peers?
p. 6
“There has been a marginal price increase to come back with whatever input prices have taken place.”
Kapil Malhotra, page 6 of the filed PDF · View the filing
Management said capacity is expected by end of the financial year but declined to disclose exact capacity figures.
Answered by Bir Kapoor
Asked by Sanjesh: When will R134A be commercialized and what is the expected revenue size?
p. 7
“we are expecting to have this capacity by the end of this financial year. In fact, we are targeting earlier than that.”
Bir Kapoor, page 7 of the filed PDF · View the filing
Management indicated significant growth would emerge toward the end of this financial year and into FY28 due to qualification timelines.
Answered by Bir Kapoor
Asked by Sanjesh: When will battery chemicals revenue see a step-up?
p. 7
“if we talk about the significant growth, we probably will be seeing towards the end of this financial year and FY28”
Bir Kapoor, page 7 of the filed PDF · View the filing
Management said the Oman project has been put on hold and capex is being redirected to India due to geopolitical delays.
Answered by Bir Kapoor
Asked by Tejas: What is the status of the Oman battery materials project?
p. 11
“the Oman project right now, we have put on hold, okay? And we are -- in fact, what we are doing is that those capex is now -- we are bringing it to India and planning to add those capacities in India.”
Bir Kapoor, page 11 of the filed PDF · View the filing
Management explained they use formula-based pricing understandings with prime customers to protect margins.
Answered by Kapil Malhotra
Asked by Meet: How is fluoropolymer margin protected given rising sulfur and fluorspar prices without visible price hikes?
p. 15
“whenever we have some formula-based understanding with our prime customers. So whenever such things happen, we always have those formulas which are there to protect us.”
Kapil Malhotra, page 15 of the filed PDF · View the filing
Management said the 3M impact has largely been absorbed already and early customer inquiries are being seen following AGC's announcement.
Answered by Kapil Malhotra
Asked by Rohit Nagraj: Is GFL seeing benefit from 3M's exit and AGC's potential UK plant closure in fluoropolymers?
p. 17
“3M is now event of the past now. In the last 2 years, we have more or less taken the full impact of whatever 3M exit happened.”
Kapil Malhotra, page 17 of the filed PDF · View the filing
Risks flagged
Global business environment challenges including supply chain disruptions and commodity price volatility
p. 3
“The global business environment remains challenging with ongoing supply chain disruptions, commodity price volatility and an increasingly complex operating landscape.”
Bir Kapoor, page 3 of the filed PDF · View the filing
Long gestation period and delayed revenue recognition in battery materials due to qualification timelines
p. 7
“there's a long gestation period in building and setting up capacities”
Bir Kapoor, page 7 of the filed PDF · View the filing
Geopolitical reasons caused delays in the Oman project
p. 11
“There have been certain, of course, geopolitical reasons, which was causing certain delays in our project.”
Bir Kapoor, page 11 of the filed PDF · View the filing
TCE for R134A production is a restricted product requiring import dependency
p. 15
“we are not planning to go backward integration right now, and we'll be importing it from outside India”
Bir Kapoor, page 15 of the filed PDF · View the filing
Uncertainty over whether new players will receive HFC production quota, which is decided externally
p. 10
“I cannot comment on the -- who will get quota or not because that's a decision which is not resting with us.”
Bir Kapoor, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.