GFCL EV Products Unlisted Shares
BUY
₹ 36.50
SELL
₹ 39.00
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As on 25 Jul 2026, 02:17 PM, we are buying shares of the GFCL EV PRODUCTS LIMITED EQ for ₹ 36.50 and selling them for ₹ 39.00 per share.
About GFCL EV Products Unlisted Shares
GFCL EV Products Limited, a 100% subsidiary of Gujarat Fluorochemicals Limited (GFL), was incorporated on 11th June 2021 to become a globally competitive supplier of battery materials for Electric Vehicles (EVs) and Energy Storage Systems (ESS). Positioned as a key player in India’s energy transition, the company aims to cover over 50% of the Li-ion battery value chain, with a focus on backward integration to reduce China-dependency.
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Business Division
Core Offerings:
- Cathode Active Materials (CAM): Primarily Lithium Iron Phosphate (LFP)
- Electrolytes: Includes salts, additives, and formulations
- Binders: PVDF and PTFE grades
Geographic Focus: India, USA, and EU
Target Customers: EV OEMs & Battery Manufacturers (20+ potential clients in pipeline)
Production Facility: Jolva, Gujarat with support from Dahej & Ranjitnagar
Key Financial Pointers
- Revenue jumped to ₹37 Cr in FY24 from nil in FY23.
- PAT loss widened slightly to ₹300 Cr in FY24 from ₹274 Cr in FY23.
- EBITDA loss reduced to ₹177 Cr in FY24, showing operational improvement.
- Fixed assets rose sharply to ₹44,114 Cr, indicating capex execution.
- Borrowings increased to ₹4,522 Cr in FY24 to fund capacity buildout.
- Negative margins across EBITDA, EBIT, PBT, and PAT due to initial scale-up stage.
- Share capital surged to ₹70,752 Cr post equity raise at ₹35/share.
Pros
-
Strong Parentage: Backed by Gujarat Fluorochemicals with proven chemical expertise.
-
Early Mover Advantage: Among India’s first integrated EV battery material suppliers.
-
Large Market Opportunity: $116B TAM for battery materials by FY31E.
Cons
-
High Valuation Risk: Market cap of ₹25,000 Cr with minimal revenue.
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Execution Risk: Rapid ramp-up may face bottlenecks or delays.
-
Customer Dependency: Relies on US clients and IRA-linked incentives.
Key Details
| Share Name | Particulars |
|---|---|
| GFCL EV PRODUCTS LIMITED | 39 |
| Shares Price | Per Equity Share |
| Minimum Lot Size | Shares Worth Rs. 20000 |
| Depository | NSDL & CDSL |
| PAN Number | AAJCG4540K |
| ISIN Number | INE0KA501014 |
| CIN | U24296GJ2021PLC127819 |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 29548.46 |
| P/E Ratio | -2.83 |
| P/B Ratio | 19.51 |
| Debt to Equity | 0 |
| ROE (%) | -11280.42 |
| Book Value | 2 |
| EPS | -0.14 |
| Face Value | - |
| Total Shares | 7576528648.21 |
Financials
| P&L Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | 3322 | 9.44 | 0.37 | 0 |
| Cost of Material Consumed | 8745 | 65.2 | 6.24 | 0 |
| Gross Profit Margins | -163.25% | -590.42% | -1595.68% | - |
| EBITDA | -8049 | -26.19 | -1.78 | -3.15 |
| EBITDA Margins | -242.29% | -277.33% | -482.56% | - |
| EBIT | -329.53 | -27.62 | -3.1 | -2.36 |
| EBIT Margins | -9.92% | -292.48% | -840.96% | - |
| PBT | - | -30.26 | -3.62 | -2.74 |
| PAT | -10431 | -25.23 | -3.01 | -2.74 |
| NPM | -314.00% | -267.23% | -816.32% | - |
| EPS | -0.14 | - | - | - |
| Cash Flow Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash from Operating Activity | 0 | -157.11 | -60.86 | -43.53 |
| Cash from Investing Activity | 0 | -610.92 | -287.71 | -319.35 |
| Cash from Financing Activity | 0 | 771.54 | 347.3 | 362.62 |
| Net Cash Flow | 0 | 3.5 | -1.26 | -0.26 |
| Assets | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 0 | 487.59 | 448.23 | 7.99 |
| CWIP | - | - | - | - |
| Investments | -53.22 | 195.66 | 1.67 | 0 |
| Trade Receivables | -7.48 | 9.82 | 0.4 | 0 |
| Inventory | -100.33 | 131.82 | 35.03 | 0 |
| Other Assets | 161.03 | 851.1 | 329.06 | 436.81 |
| Total Assets | 0 | 1675.98 | 814.38 | 444.8 |
| Liabilities | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Share Capital | 92.47 | 730.36 | 707.53 | 393 |
| Reserves | 0 | 783.01 | -6.76 | -3.16 |
| Borrowings | 0 | 0 | 45.22 | 11.32 |
| Trade Payables | - | - | - | - |
| Other Liabilities | - | 162.61 | 68.39 | 43.65 |
| Total Liabilities | 0 | 1675.98 | 814.38 | 444.8 |
Peer Comparison
| Company | Market Cap (cr.) | Revenue (cr.) | P/E | P/B | ROE (%) |
|---|---|---|---|---|---|
| GFCL EV PRODUCTS LIMITED | 29548.46 | 3322 | -2.83 | 19.51 | -11280% |
| GKN Driveline India | 2203.35 | 1100.17 | 22.72 | 40.28 | 29% |
| Axles India | 1261.79 | 887.85 | 17.21 | 3.33 | 20% |
| Elofic Industries | 815.22 | 461.54 | 10.59 | 2.38 | 23% |
| Ring Plus Aqua | 539.09 | 441.5 | 10.57 | 2.43 | 24% |
| Hella India Lighting | 344.44 | 416.89 | 11.88 | 1.86 | 17% |
Promoters or Management
| Name | Designation | Share in % |
|---|---|---|
| Manoj Shripati Agrawal | CFO | - |
| Vijay Kumar Soni | Director | - |
| Vivek Kumar Jain | MD | - |
| Promoters | - | 96.89% |
| Public | - | 3.11% |
