Strong start masks execution risks ahead in battery capex.

Consolidated ₹1,588 Cr YoY +24%; chemical ₹1,574 Cr +23% (matches); R32-driven.

PAT ₹219 Cr +19% YoY; chemical segment ₹261 Cr (+33%); EBITDA margin Q1 27% (vs 22% Q4).

Management claims 15% YoY achieved via mix and new grades, not pricing; deferred pricing uplift to Q2+.

~10,000 tons peak utilization confirmed; R134A brownfield at existing site, capacity TBD.

Q1 revenue only ₹20–30 Cr; capex ₹2,300 Cr deployed but 1.5-year qualification lag expected.

₹216M USD Oman plant put on hold due to geopolitical delays; ₹2,300 Cr capex now focused on Dahej B (Jolva) and additional Dahej site. ₹1,200 Cr OIA sovereign funding for Oman will not come to India project.

Q4 FY27 targeting 3-digit revenue (₹100+ Cr); FY28 significant ramp expected. Consistent with prior guidance; no numeric upgrade but execution confidence growing.

Brownfield 134A capacity at existing refrigerant site to be commissioned by end-FY27. Capacity not yet disclosed; part of full quota utilization strategy (R32, 134A, R22, R125).

Q1 delivered 15%; management attributes gap to mix timing and deferred pricing to Q2+. Prior guidance 17–20% annually held for FY27 onwards.

Moved up value chain, took only marginal pricing to offset input costs. Formula-based contracts with customers protect margins. Price uplift to show in subsequent quarters.

Keeping specifics confidential. 20% growth targeted for new fluoropolymers this year and next, driven by semiconductors, data centers, green hydrogen.

By end of FY27. Haven't announced capacity because product mix flexibility needed. Will share capacity over next few quarters.

Significant growth end-FY27 and FY28. LiPF6 in growth phase, PVDF near finalization, cathode CAM maybe end-FY27. Full potential FY28 onwards due to 1.5-year stabilization.

Capacity not yet announced due to product mix flexibility across refrigerant bouquet. Will announce over next quarters.

Combination of price realization and debottlenecking. Debottlenecking is continuous process happening every quarter.

CIF consignments booked in Germany and US LLC subsidiaries instead of standalone this quarter. Fluoropolymer business routed through Germany/US subsidiaries.

Yes. AHF needed for R32, 134A, and other products. First phase by end-Q3, then every quarter matched to refrigerant capacity. Announcement already made.

Right now, captive only.

Gross block ~₹836 Cr now. Expect CWIP to reach ₹1,200 Cr by end-FY27. Capitalization depends on quality stabilization, which varies by plant.

Put on hold. Relocating capacities to India due to geopolitical delays. ₹1,200 Cr OIA sovereign funding (Oman-specific) will not be available for India project.

PVDF driven by battery requirements. PFA, FKM driven by semiconductor sector. Also green hydrogen and data centers emerging.

Already fundraising. No constraint to put up projects or add capacity.

Phase 1 has land at Dahej B (Jolva). Adding one more site in Dahej area by FY27 end/FY28. Land is not a constraint.

Product-specific capex not announced. It is confidential.

Global market legacy. Approximately 40–50% long-term contracts, rest spot or contract-to-contract.

Almost fully utilized with current ~10,000-ton capacity.

Pricing is very close between domestic and export.

Difficult to share specifically. Primarily driven by new fluoropolymer volumes and higher-value grades (mix). So more of mix and volume, not price.

Brownfield at existing refrigerant production site.

Import from outside India. Suppliers identified. No constraint.

Formula-based customer contracts protect us. We manage pricing or seek customer understanding to mitigate risk.

Taken marginal corrections to offset input volatility (methanol, sulfur). These are small and to maintain target margins, distinct from growth. Corrections ongoing from March 2026.

Yes. In midst of getting approvals. Most will be in place by end-FY27. Commercially ramping volumes in H2.

Combination of both. Marketing across globe, not focused on specific geography. R32 also sold as 410 blend with R125; unique positioning.

Yes, on track and meeting targets.

Yes, based on market understanding.

3M impact mostly absorbed over 2 years; we captured high-end market they vacated. AGC just announced closure; fielding customer inquiries, we have equivalent grades, starting qualifications.

Q1 delivered 15% (mix-driven, pricing deferred). Dependent on new capacity commissioned, competitive wins from 3M/AGC, approval ramps. Guidance reaffirmed but execution-dependent.

Currently ₹20–30 Cr. LiPF6 near qualification, PVDF close, cathode CAM maybe end-FY27. Management flagged 1.5-year lag for full potential.

~40–50% long-term contracted, rest spot. Current 10,000 tons fully utilized. New capacity expected Q2, full ramp CY27 based on market demand.

Q1 EBITDA margin 27% (up from 22% Q4). Raw material inflation (sulfur 3–4x, fluorspar) managed through pricing mechanisms. Mix improvement supporting margins.

Contingent on rapid ramp-up post-qualification. Currently ₹20–30 Cr revenue, 1.5-year lag to commercialization. High execution risk.

Reaffirmed. CWIP expected ₹1,200 Cr by end-FY27. Capitalization dependent on quality stabilization timelines per plant.

Oman project relocated to India; timeline and funding adjustments likely. Fundraising ongoing; stated no constraint.

₹6,000 Cr planned capex with ₹2,300 Cr in battery materials FY27. Oman project relocation adds complexity. Quality stabilization timelines unpredictable; lag between capex and capitalization creates P&L volatility.

Battery materials currently ₹20–30 Cr despite ₹2,300 Cr capex. 1.5-year qualification and stabilization lag expected. LiPF6 near qualification, PVDF close, cathode CAM maybe end-FY27. 3-digit revenue Q4 FY27 targeted but dependent on sample shipments (CIF terms, revenue recognition lag).

R32, 134A, R22, R125 quotas determined by central government based on baseline and production. New competitors' quota allocation unknown. GFL plans based on baseline entitlement but cannot control quota policy. Supply to international markets (majority of R32 sales) not impacted by domestic quota but domestic expansion could be constrained.

15% Q1 YoY growth attributed to product mix (higher-value grades) and new fluoropolymer volumes, NOT pricing. Despite sulfur and fluorspar costs 3–4x higher, only marginal price increases taken (formula-based contracts cap pricing power). New fluoropolymer ramp dependent on customer approvals and qualification cycles; approval volume may not scale linearly with demand.

Some Q1 consignments booked as CIF (Cost, Insurance, Freight) at overseas subsidiaries (Germany, US LLC) rather than standalone. Revenue recognized in subsidiary books but cash and profit flow delayed. Gap between standalone (₹1,574 Cr) and consolidated (₹1,588 Cr) ₹14 Cr, higher than just EV segment growth, suggests timing volatility.

₹216M USD (~₹1,800 Cr) Oman battery materials project put on hold due to geopolitical delays. Relocated to India (Dahej B) for faster execution. ₹1,200 Cr OIA (Oman Investment Authority) sovereign funding approved for Oman, now unavailable for India project. Relocation adds complexity; alternative funding models yet to be finalized.