Gujarat Fluorochemicals share price today

Gujarat Fluorochemicals Ltd's share price was ₹4,613.30 at the close on 4 November 2026. It has been rising for 22 weeks. That is 13.4% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹2,970 and ₹4,773, and at that close it sat 91% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Gujarat Fluorochemicals Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 3 weeks in a row.

Over the last 7 years the share price moved +541% while the NIFTY 500 moved +131%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: profit grew again in the June 2026 quarter, highest quarterly profit in 13 quarters and highest quarterly revenue in 15 quarters.

1. Profit grew again in the June 2026 quarter

   Profit was ₹219 crore, +20.3% on a year earlier (₹182 crore), after 2 quarters of decline.

   Why: Profit rose because refrigerant sales jumped, led by R-32, and that helped the chemicals business. Fluoropolymer sales also grew with more high-value grades.

   Next results: check whether the new refrigerant capacity starts up on time and whether customers take the extra output.

   From the earnings call on 12 Aug 2026.

2. Highest quarterly profit in 13 quarters

   Profit of ₹219 crore in the June 2026 quarter is the highest of the last 13 quarters.

   Why: This was the best quarter because the chemicals business had a strong quarter, with refrigerant sales jumping and fluoropolymer sales growing.

   Next results: check whether more high-value fluoropolymer products get approved and sold in the second half.

   From the earnings call on 12 Aug 2026.

3. Highest quarterly revenue in 15 quarters

   Revenue of ₹1,588 crore in the June 2026 quarter is the highest of the last 15 quarters.

   Why: Revenue hit a record because the chemicals business sold more, especially refrigerants like R-32, and fluoropolymer sales also rose.

   Next results: check whether the R-32 expansion starts on time and the extra refrigerant output gets sold.

   From the earnings call on 12 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Gujarat Fluorochemicals reported revenue of ₹1,588 crore, up 24.0% from ₹1,281 crore a year earlier, and a profit of ₹219 crore, up 20.3% from ₹182 crore.

Gujarat Fluorochemicals results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Gujarat Fluorochemicals' management discussed these results on a call held on 12 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Gujarat Fluorochemicals closed at ₹4,613.30 on 4 November 2026, up 27.7% from ₹3,614.00 a year earlier (7 November 2025) and up 143.3% over five years. Its highest weekly close since October 2019 was ₹4,773.20 on 11 September 2026.

Gujarat Fluorochemicals share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

376 weekly closes from 18 October 2019 to 4 November 2026.

4 Nov 2026: Gujarat Fluorochemicals closed at ₹4,613.30, up 8.6% on the week and up 6.3% on the month. 17 Sep 2026: ex-date for a dividend of ₹3 a share.

Earlier

• Our read, 22 Aug 2026: The core chemical business is expanding as R-32 refrigerant capacity scales to 20,000 tonnes and high-value fluoropolymers grow at 17-20% annually.,The battery materials platform provides an integrated China-plus-one alternative addressing 70% of LFP cell chemistry value across LiPF6, PVDF, and cathode active materials.,Execution on the ₹6,000 crore two-year capital spending plan, project relocation from Oman to India, and export working capital normalization are the primary monitorables.
• 12 Aug 2026: Gujarat Fluorochemicals held its results call for April to June 2026. Management guided: Fluoropolymers to grow 17-20% annually, driven by volume and high-value products.
• Results for April to June 2026: Revenue up 24.0% and profit up 20.3% on a year earlier.

Our read of the business

The core chemical business is expanding as R-32 refrigerant capacity scales to 20,000 tonnes and high-value fluoropolymers grow at 17-20% annually.,The battery materials platform provides an integrated China-plus-one alternative addressing 70% of LFP cell chemistry value across LiPF6, PVDF, and cathode active materials.,Execution on the ₹6,000 crore two-year capital spending plan, project relocation from Oman to India, and export working capital normalization are the primary monitorables.

April to June 2026: Chemical Operating Leverage Drives 24% Revenue Expansion and Sequential profit Doubling.

Our read after the April to June 2026 results, written 22 August 2026.

Gujarat Fluorochemicals paid ₹3 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.07% at the ₹4,613.30 close on 4 November 2026. The last was a dividend of ₹3 a share, ex-date 17 September 2026.

Gujarat Fluorochemicals dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Gujarat Fluorochemicals Ltd paid out 6% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 9 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 12 August 2026, Gujarat Fluorochemicals' management guided: Fluoropolymers to grow 17-20% annually, driven by volume and high-value products.

“The Oman project is currently on hold. What we are doing is bringing that capex into India and planning to add those capacities in India.”Bir Kapoor, CEO & Deputy Managing Director, on the call for April to June 2026

What management guided

• Most high-end fluoropolymer approvals by FY27-end, commercial volumes rising in H2 FY27, and AGC qualifications adding traction after 1-2 quarters.
• R-32 expansion expected to commission in July to September 2026.
• Added R-32 capacity expected fully utilized during CY27; AHF first capacity phase by October to December 2026, followed by quarterly additions.
• R-134a brownfield capacity expected by FY27-end, potentially earlier.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 12 August 2026.

What is changing at Gujarat Fluorochemicals, from the latest results and calls: refrigerant portfolio expansion & r-32 scale-up, high-value fluoropolymer value chain climb and integrated battery materials commercialization.

• Refrigerant Portfolio Expansion & R-32 Scale-Up. Commissioning of 20,000-tonne R-32 capacity positions GFL to replace declining R-22 volumes with higher-realization refrigerants. ⚠ estimate
• High-Value Fluoropolymer Value Chain Climb. Transition toward semiconductor-grade PFA, clean-room PTFE, and fluoroelastomers drives 17-20% segment growth. ⚠ estimate
• Integrated Battery Materials Commercialization. Scaling commercial production of LiPF6, LFP cathode material, and PVDF binders addresses 70% of battery cell value. ⚠ estimate
• Operating Leverage from Chemical Integration. Captive chloromethanes, HF integration, and renewable power additions expand chemical operating margin toward 30%. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 22 August 2026.

Failure of R-32 refrigerant capacity to achieve full 20,000-tonne utilization during CY27 combined with battery materials quarterly revenue failing to reach ₹100 crore by January to March 2027 would invalidate the structural inflection thesis.

Each change stops working if

• Refrigerant Portfolio Expansion & R-32 Scale-Up: Refrigerant quota allocations are curtailed or global R-32 pricing collapses due to unconstrained Chinese capacity additions.
• High-Value Fluoropolymer Value Chain Climb: Customer qualification cycles for semiconductor grades stall or export tariffs in goal Western markets are escalated above 25%.
• Operating Leverage from Chemical Integration: Basic chemical feedstock spreads turn negative or renewable energy transition encounters grid integration constraints.

The main risks

• Export Tariff & Trade Policy Uncertainty: Residual US tariffs at 18% and lack of domestic anti-dumping duty protection expose export volumes to policy volatility. ✓ fact
• Chinese Supply Competition in Basic Battery Salts: Chinese production overcapacity in LiPF6 and basic fluoropolymers could depress international spot price benchmarks. ✓ fact
• Working Capital Bloat in Export Distribution Channels: Maintaining overseas stock depots in Europe and the US creates inventory build-up when shipping transit times expand. ✓ fact
• : Relocating the $216 million battery materials project to Dahej requires reconfiguring capital raising without Oman sovereign funds. ✓ fact

Our read after the April to June 2026 results, written 22 August 2026.

When Gujarat Fluorochemicals reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Fluoropolymer approvals and commercial volumes to accelerate in the second half - check delivery against the annual growth guide.

Gujarat Fluorochemicals is on one of our India lists: Small & mid cap stocks.

Gujarat Fluorochemicals Ltd earned ₹219 Cr of net profit in the Jun 2026 quarter, +20.3% on the same quarter a year earlier. Full-year FY26 profit was ₹574 Cr. Over 8 years profit has grown 11.5% a year on average. That is 13.8% of the quarter's revenue. The same quarter a year earlier earned ₹182 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹574 Cr (+5.1% on the year before).

Why profit moved: revenue changed +24.0% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +0.4% and revenue +9.2%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. revenue ₹1,369 Cr and profit ₹100 Cr as reported.

FY27-Q1. revenue ₹1,588 Cr and profit ₹219 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Gujarat Fluorochemicals Ltd reported ₹1,588 Cr of revenue in the Jun 2026 quarter, +24.0% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 8 years it has grown 3.3% a year on average. The last full year, FY26, came in at ₹4,996 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Fluoropolymers generated Rs 848 crore in Q4 FY26 (+19.0% YoY). Approvals in semiconductor fab infrastructure and EV battery binders allow the company to capture market share vacated by exiting legacy western producers such as 3M, lifting blended realizations.

The last four reported quarters add to ₹5,303 Cr.

FY26 revenue was ₹4,996 Cr, +5.5% on the year before.

Recent pace: the last four quarters grew +9.2% on average, against 3.3% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +9.5%, against +11.7% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −3.2%, against +32.5% a year (rolling over).

FY26-Q4. revenue ₹1,369 Cr and profit ₹100 Cr as reported.

FY27-Q1. revenue ₹1,588 Cr and profit ₹219 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Gujarat Fluorochemicals Ltd's operating margin was 27.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 9 years it has been between 17.0% and 35.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Fluorochemical segment revenue expanded 52.0% YoY in Q1 FY27 driven by initial R-32 volumes. The full 20,000-tonne Phase 1 capacity is scheduled for commercial utilization in CY27, supported by domestic cooling demand and global Montreal Protocol phase-out transitions.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed +0.0 percentage points on the year while gross margin changed +3.5 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY26-Q4. revenue ₹1,369 Cr and profit ₹100 Cr as reported.

FY27-Q1. revenue ₹1,588 Cr and profit ₹219 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 137% of Gujarat Fluorochemicals Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹961 Cr of operating cash against ₹574 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹1,236 Cr of spending on assets, free cash was −₹275 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 137% of profit came in as cash: the cash cycle got 123 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 3.4× depreciation over three years. The next section checks what that spending is building.

Gujarat Fluorochemicals Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 417 days in FY26, up from 294 days in FY21. It spent ₹3,461 Cr on assets over the last 3 years. Customers take 94 days to pay, and stock sits for 453 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹4,996 Cr, each day of that cycle ties up about ₹13.7 Cr, so roughly ₹5,708 Cr is tied up in the business at any time.

FY26: customers took 94 days to pay and stock sat for 453 days, about 14.9 months of sales sitting as stock, for a full cycle of 417 days, longer than FY21's 294.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 453 days. Customers pay about 94 days after that. Suppliers are paid at 129 days. Together that makes the 417-day cycle.

Spending on assets: ₹3,461 Cr over the last 3 years, against ₹1,008 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1,900 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Gujarat Fluorochemicals Ltd's P/E is 82.1×, near the high end of its own history: higher than 83% of past readings. Its usual P/E (the middle reading) is 45.3×, over 7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹55.08.

Why the multiple is where it is: over the past year earnings per share moved +5.7% while the price moved +27.7%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +18.6% a year; about −20.4% a year came from earnings growth and about +39.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Gujarat Fluorochemicals Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 11.5%; each line tells part of the story. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Gujarat Fluorochemicals Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID CONTRACTION.

NOT YET CHECKED

From the numbers. Domestic institutional stake expanded by 126 bps from 11.47% in Jun 2025 to 12.73% in Sep 2025, absorbing a 118 bps reduction in promoter stake (62.57% to 61.39%). Total institutional participation reached 17.09%…

From the price. Price stage 2, week 22, above its 200-day line, relative strength falling.

Where they disagree. Domestic institutional stake expanded by 126 bps from 11.47% in Jun 2025 to 12.73% in Sep 2025, absorbing a 118 bps reduction in promoter stake (62.57% to 61.39%). Total institutional participation reached 17.09% (DII 12.73%, FII 4.36%), confirming institutional accumulation during the earnings trough.

What is not proven yet. Failure of R-32 refrigerant capacity to achieve full 20,000-tonne utilization during CY27 combined with battery materials quarterly revenue failing to reach Rs 100 crore by Q4 FY27 would invalidate the structural inflection thesis.

What would change our mind. Failure of R-32 refrigerant capacity to achieve full 20,000-tonne utilization during CY27 combined with battery materials quarterly revenue failing to reach Rs 100 crore by Q4 FY27 would invalidate the structural inflection thesis.

The test written in advance. Failure of R-32 refrigerant capacity to achieve full 20,000-tonne utilization during CY27 combined with battery materials quarterly revenue failing to reach Rs 100 crore by Q4 FY27 would invalidate the structural inflection thesis. Measured by: the thesis as written as stated by the next result.

The test written in advance. Capital Expenditure Gestation & Execution Delay. Measured by: Capital Expenditure Gestation & Execution Delay by the next result.

The test written in advance. Export Tariff & Trade Policy Uncertainty. Measured by: Export Tariff & Trade Policy Uncertainty Re-escalation of US tariff rates above 18% or customer purchase order deferrals in Western export corridors. by the next result.

What the company does. The core chemical business is expanding as R-32 refrigerant capacity scales to 20,000 tonnes and high-value fluoropolymers grow at 17-20% annually. The battery materials platform provides an integrated China-plus-one alternative addressing 70% of LFP cell chemistry value across LiPF6, PVDF, and cathode active materials. Execution on the Rs 6,000 crore two-year capex plan, project relocation from Oman to India, and export working capital normalization are the primary monitorables.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: PAT grew 20.3% YoY and doubled QoQ from Rs 100 crore, suggesting explosive sudden profit acceleration. The research reads it further: Q4 FY26 PAT was depressed by a 42% tax rate and post-commissioning EV expense recognition; Q1 FY27 normalized tax to 29% while chemical EBITDA expanded to Rs 458 crore (+29% YoY) on R-32 volume throughput.

What the surface reading misses. The surface reading is: High OCF/PAT of 1.73 in FY26 indicates 1.73x cash conversion relative to net profit. The research reads it further: OCF was elevated at Rs 961 crore due to Rs 367 crore non-cash depreciation, but capex of Rs 1,235 crore exceeded OCF, resulting in negative Free Cash Flow of Rs -274 crore in FY26 and cumulative 5-year FCF of Rs -1,791 crore.

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 2 · Value-added mix: building. Commissioning of 20,000-tonne R-32 capacity positions GFL to replace declining R-22 volumes with higher-realization refrigerants. What proves it keeps working: Refrigerant Portfolio Expansion & R-32 Scale-Up. It stops working if Refrigerant quota allocations are curtailed or global R-32 pricing collapses due to unconstrained Chinese capacity additions.

Lever 1 · Operating leverage: building. Captive chloromethanes, HF integration, and renewable power additions expand chemical EBITDA margins toward 30%. What proves it keeps working: Operating Leverage from Chemical Integration. It stops working if Basic chemical feedstock spreads turn negative or renewable energy transition encounters grid integration constraints.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Gujarat Fluorochemicals Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Oman Project and Funding Strategy Reversed · 12 August 2026. In Feb 2026, management described Oman as a planned $216 million greenfield battery materials project, and in May 2026 it explicitly said there was no change to the Oman capex plan. In Aug 2026, management said the project was paused, the capacity was being moved to India, and Oman-specific sovereign funding would not be available for India. Management cited geopolitical delays and a stronger Indian environment, but did not provide a revised project schedule or quantify the replacement funding.

Fluoropolymer Near-Term Growth Drivers Became More Constrained · 12 August 2026. In May 2026, management guided to 15%-20% fluoropolymer growth for FY27 and the following couple of years while describing capacity additions as supporting continued growth. In Aug 2026, management said that until new capacity arrives in about a year, growth would depend largely only on pricing and should not include volume or mix growth. This materially weakens the near-term volume and mix assumptions behind the earlier outlook, and the latest call also contains a conflicting closing statement that still attributes 17%-20% annual growth primarily to volume and high-value products.

Significant Escalation in FY27 EV Capex · 26 May 2026. In the Nov 2025 call, management projected that capital expenditure for the EV battery materials segment in FY27 would be close to Rs. 1,500 crore. However, in the May 2026 call, the planned EV capex for FY27 was increased significantly to Rs. 2,300 crore, showing a substantial expansion in their near-term spending plans.

Fluoropolymer Growth Projection Revised Downward · 26 May 2026. During the Nov 2025 call, management confidently maintained their projection of 25% growth in the Fluoropolymer segment, citing tailwinds from a legacy competitor's exit. However, in the May 2026 call, management lowered this growth expectation to 15% to 20% for the current financial year.

Every quote above is taken word for word from the company’s own earnings calls.

Gujarat Fluorochemicals Ltd earned a ROCE of 10% in FY26. That is up from a low of 9% in FY20. Its return on capital used (ROIC) is 4.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 11.5% net margin and 0.42× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 11.5% net margin × 0.42× asset turnover × 1.51× leverage (assets divided by equity) ≈ 7.3% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 7.1% − 12.0% = −4.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Gujarat Fluorochemicals Ltd has total debt of ₹2,290 Cr against shareholder equity of ₹7,913 Cr as of Jun 2026, so its debt is 0.29× its equity, which is very little. Year by year, that ratio went from 0.37 in FY22 to 0.27 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Gujarat Fluorochemicals Ltd by 3.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 13.3% of the company. Promoters moved −1.2 points over the same period, to 61.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +3.8 points over 8 quarters, to 13.3%; Promoters: −1.2 points over 8 quarters, to 61.4%; Foreign institutions: −0.3 points over 8 quarters, to 4.5%.

Why the owners changed: domestic institutions drove it (+3.8 points), with the other side taken by promoters (−1.2 points). They raised their stake step by step.