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GFCL EV Products Unlisted Shares
BUY
₹ 36.75
SELL
₹ 38.50
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As on 03 Sep 2026, 10:41 AM, we are buying shares of the GFCL EV PRODUCTS LIMITED EQ for ₹ 36.75 and selling them for ₹ 38.50 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.
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Early Mover Advantage: Among India’s first integrated EV battery material suppliers.
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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.
Fundamentals
| Share Name | Particulars |
|---|---|
| GFCL EV PRODUCTS LIMITED | 38.5 |
| 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.) | 28220.38 |
| P/E Ratio | -275 |
| P/B Ratio | 18.64 |
| Debt to Equity | 6.92 |
| ROE (%) | -112.8 |
| Book Value | 2.07 |
| EPS | -0.14 |
| Face Value | 1 |
| Total Shares | 7329970000 |
Financials
| P&L Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | 33.22 | 9.44 | 0.37 | 0 |
| Cost of Material Consumed | 87.45 | 65.2 | 6.24 | 0 |
| Gross Profit Margins | -163.25% | -590.42% | -1595.68% | - |
| EBITDA | -80.49 | -27.79 | -1.78 | -3.15 |
| EBITDA Margins | -242.29% | -294.33% | -482.56% | - |
| EBIT | -109.47 | -29.39 | -3.1 | -2.36 |
| EBIT Margins | -329.53% | -311.23% | -840.96% | - |
| PBT | -122.56 | -32.03 | -3.62 | -2.74 |
| PAT | -104.31 | -27.01 | -3.01 | -2.74 |
| NPM | -314.00% | -285.99% | -816.32% | - |
| EPS | -0.14 | -0.04 | 0 | -0.01 |
| Cash Flow Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash from Operating Activity | -177.12 | -154.48 | -60.86 | -43.53 |
| Cash from Investing Activity | -822.74 | -612.06 | -287.71 | -319.35 |
| Cash from Financing Activity | 1111.94 | 771.54 | 347.3 | 362.62 |
| Net Cash Flow | 112.08 | 5 | -1.26 | -0.26 |
| Assets | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 781.05 | 487.6 | 448.23 | 7.99 |
| CWIP | 1021.41 | 576.83 | 177.4 | 324.43 |
| Investments | 241.56 | 188.34 | 0 | 0 |
| Trade Receivables | 17.62 | 9.82 | 0.4 | 0 |
| Inventory | 188.53 | 131.82 | 35.03 | 0 |
| Other Assets | 556.52 | 270.61 | 151.67 | 112.38 |
| Total Assets | 2806.69 | 1665.02 | 812.71 | 444.8 |
| Liabilities | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Share Capital | 733 | 730.36 | 707.53 | 393 |
| Reserves | 780.81 | 781.42 | -6.76 | -3.16 |
| Borrowings | 640.25 | 0 | 45.22 | 11.32 |
| Trade Payables | 150.82 | 44.36 | 21.15 | 1.03 |
| Other Liabilities | 501.81 | 108.88 | 45.57 | 42.62 |
| Total Liabilities | 2806.69 | 1665.02 | 812.71 | 444.8 |
Peer Comparison
| Company | Market Cap (cr.) | Revenue (cr.) | P/E | P/B | ROE (%) |
|---|---|---|---|---|---|
| GFCL EV PRODUCTS LIMITED | 28220.38 | 33.22 | -275 | 18.64 | -113% |
Promoters or Management
| Name | Designation |
|---|---|
| Manoj Shripati Agrawal | CFO |
| Vijay Kumar Soni | Director |
| Vivek Kumar Jain | MD |
