GFCL EV Products Unlisted Shares
BUY
₹39.00
SELL
₹43.00
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.
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
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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
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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.
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Customer Dependency: Relies on US clients and IRA-linked incentives.
