- CIN
- —
- ISIN
- INE0KA501014
- Incorporated
- —
- Registered state
- —
Key valuation
- Market cap
- ₹31,765 Cr
- P/E
- —
- Debt / equity
- 0.0x
- Shares outstanding
- 7,38,71,15,432
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Price history
Dated dealer-quote averages, plotted on a true time scale. There is no continuous trading behind these numbers.
Business overview
Everyone is excited about electric vehicles. Almost nobody thinks about the chemistry inside the battery, which is exactly where GFCL EV Products lives. It is a wholly owned subsidiary of Gujarat Fluorochemicals, part of the INOXGFL Group, and that group has been in chemicals and renewable energy for more than nine decades. So this is not a startup having a go at batteries. The products are the intermediate materials that lithium ion cells are built from. Electrolyte salts, the LiPF and NaPF kind. Specialised additives and complete electrolyte formulations. LFP cathode active materials. Polymer binders such as PVDF and PTFE, the high performance ones. Because the setup is vertically integrated, most of that gets made in house instead of bought in. Then there is the money. Roughly ₹6,000 crore, about US$720 million, spread over four to five years, with capacity meant to end up somewhere near 200 GWh a year. As of December 2023 around ₹650 crore of it was already committed. That is an enormous bet on demand which does not exist yet. Everybody in the battery business is making the same one.
Key highlights
- Incorporated in 2021
Financial snapshot
FY2026
- Revenue FY2026
- ₹33.22 Cr
- EBITDA
- ₹-80.49 Cr
- PAT
- ₹-103.02 Cr
- Net worth
- ₹2,806.69 Cr
- Total debt
- ₹0.00 Cr
- Cash & equivalents
- ₹117.39 Cr
- Operating cash flow
- ₹-177.12 Cr
- EPS
- ₹-0.14
Reported financials · FY2023–FY2026
Figures in ₹ crore unless stated.
| Particulars | FY2023 | FY2024 | FY2025 | FY2026 | YoY | CAGR |
|---|---|---|---|---|---|---|
| Profit & loss | ||||||
| Revenue from operationsYoY +251.9%CAGR — | 0 | 0 | 9 | 33 | +251.9% | — |
| Other income | 1 | 0 | 21 | 5 | — | — |
| Total expenses | 4 | 4 | 62 | 159 | — | — |
| EBITDA | -3 | -2 | -28 | -80 | — | — |
| Depreciation & amortisation | 0 | 2 | 23 | 29 | — | — |
| EBIT | -3 | -3 | -50 | -109 | — | — |
| Finance cost | 0 | 1 | 3 | 17 | — | — |
| Profit before taxYoY -478.6%CAGR — | -3 | -4 | 32 | -121 | -478.6% | — |
| Tax expense | 0 | 1 | 5 | -18 | — | — |
| Profit after tax | -3 | -3 | -27 | -103 | — | — |
| Earnings per share | ₹-0.00 | ₹-0.00 | ₹-0.04 | ₹-0.14 | — | — |
| Balance sheet | ||||||
| Net worthYoY +85.7%CAGR +93.1% | 390 | 701 | 1,512 | 2,807 | +85.7% | +93.1% |
| Total debt | 11 | 45 | 0 | 0 | — | — |
| Current liabilities | 49 | 60 | 145 | 511 | — | — |
| Cash & equivalents | 2 | 0 | 5 | 117 | — | — |
| Current assets | 46 | 60 | 337 | 684 | — | — |
| Total assetsYoY +68.6%CAGR +84.8% | 445 | 814 | 1,665 | 2,807 | +68.6% | +84.8% |
| Cash flow | ||||||
| Operating activities | -44 | -61 | -154 | -177 | — | — |
| Investing activities | -319 | -288 | -612 | -823 | — | — |
| Financing activities | 363 | 347 | 772 | 1,112 | — | — |
| Net change in cash | -0 | -1 | 5 | 112 | — | — |
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio here is worked out from the reported figures in the Financials tab, and valuation multiples from the indicative price in the header. Nothing is a stored value. A ratio the filings cannot support (a line not reported, or a zero or negative base) is left out or shown as —, never as a misleading number. Balance-sheet ratios use year-end figures.
Valuation multiples
What the indicative price pays for the latest year's earnings, book and cash. On FY2026 figures and the ₹43.00 indicative price.
- Market cap
- ₹31,765 Cr
- Enterprise value
- ₹31,647 Cr
- Price / book (P/B)
- 11.32x
- Price / sales (P/S)
- 956.19x
- EV / sales
- 952.66x
- Earnings yield
- -0.3%
- Cash / market cap
- 0.4%
How these are worked out
- Market cap
- Indicative price × shares outstanding
- Enterprise value
- Market cap + debt − cash
- Price / book (P/B)
- Market cap ÷ net worth
- Price / sales (P/S)
- Market cap ÷ revenue from operations
- EV / sales
- Enterprise value ÷ revenue from operations
- Earnings yield
- PAT ÷ market cap
- Cash / market cap
- Cash & equivalents ÷ market cap
IPO / listing status
The company has not announced IPO details such as a DRHP filing, an expected window or its bankers. This section will update once it does.
Research & news
Information currently unavailable
Nothing has been published on GFCL EV Product LTD yet. Research, news and articles tagged with it will appear here when they are.
Documents
Information currently unavailable
No documents have been catalogued for this company yet.