# Gujarat Fluorochemicals share price today (Gujarat Fluorochemicals Ltd, NSE: FLUOROCHEM)

> Gujarat Fluorochemicals share price today: ₹4,463.90 at the NSE close on 3 November 2026, up 19.2% in a year. Gujarat Fluorochemicals (NSE: FLUOROCHEM) is worth ₹49,038 crore, trades at a P/E of 79.4 and has closed between ₹2,970.00 and ₹4,773.20 over the past 52 weeks. > Gujarat Fluorochemicals Ltd's results are improving, and its P/E is near the top of its own history, higher than 81% of past readings. FLUOROCHEM · Chemicals - Flourine · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/gujarat-fluorochemicals-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹4,463.90 (+19.2% in a year)
- P/E: 79.4× (higher than 81% of the last 7 years)
- Revenue (Jun 2026): ₹1,588 Cr (+24.0% on a year ago)
- Profit (Jun 2026): ₹219 Cr (+20.3% on a year ago)
- Operating margin: 27.0% (flat on a year ago)
- ROCE: 10%, FY26
- ROIC: 6.5%, against a 12.0% cost of capital: −5.5 points

The main question: results are strong, and the P/E is higher than 81% of its own history. ## What is the Gujarat Fluorochemicals share price today? Gujarat Fluorochemicals Ltd's share price was ₹4,463.90 at the close on 3 November 2026. It has been rising for 22 weeks. That is 9.7% 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 83% of the way up from that low. 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 +521% 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. ## What changed at Gujarat Fluorochemicals this quarter? 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. ## What are Gujarat Fluorochemicals' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,588 crore | ₹1,281 crore | +24.0% |
| Profit | ₹219 crore | ₹182 crore | +20.3% |
| Earnings per share | ₹20.12 | ₹16.57 | +21.4% |
| Operating margin | 27.0% | 27.0% | 0.0 points |

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.)

## What is the Gujarat Fluorochemicals share price history? Gujarat Fluorochemicals closed at ₹4,463.90 on 3 November 2026, up 19.2% from ₹3,743.60 a year earlier (31 October 2025) and up 135.5% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹4,236.10 | +5.4% |
| 1 month ago · 1 Oct 2026 | ₹4,341.50 | +2.8% |
| 6 months ago · 30 Apr 2026 | ₹3,602.00 | +23.9% |
| 1 year ago · 31 Oct 2025 | ₹3,743.60 | +19.2% |
| 3 years ago · 3 Nov 2023 | ₹2,764.80 | +61.5% |
| 5 years ago · 4 Nov 2021 | ₹1,895.90 | +135.5% |
| Earliest weekly close in our records · 18 Oct 2019 | ₹719.40 | +520.5% |
| Highest weekly close since October 2019, also the 52-week high · 11 Sep 2026 | ₹4,773.20 | −6.5% |
| Lowest weekly close since October 2019 · 27 Mar 2020 | ₹277.20 | +1,510.4% |
| 52-week low (weekly close) · 1 Feb 2026 | ₹2,970.00 | +50.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (376 weekly closes from 18 October 2019 to 3 November 2026.)

## What is the latest news on Gujarat Fluorochemicals? 3 Nov 2026: Gujarat Fluorochemicals closed at ₹4,463.90, up 5.4% on the week and up 2.8% 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.)

## What dividend does Gujarat Fluorochemicals pay? Gujarat Fluorochemicals paid ₹3 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.07% at the ₹4,463.90 close on 3 November 2026. The last was a dividend of ₹3 a share, ex-date 17 September 2026. ### Gujarat Fluorochemicals dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 17 Sep 2026 | ₹3 | Dividend | same day |
| 22 Sep 2025 | ₹3 | Dividend | same day |
| 20 Sep 2024 | ₹3 | Dividend | same day |
| 22 Sep 2023 | ₹2 | Dividend | same day |
| 31 Oct 2022 | ₹2 | Interim | 1 Nov 2022 |
| 21 Sep 2022 | ₹2 | Dividend | 22 Sep 2022 |
| 31 Mar 2022 | ₹2 | Interim | 4 Apr 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Gujarat Fluorochemicals management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/37445/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 12 August 2026.)

## What is the future of Gujarat Fluorochemicals? What is changing in the business? 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.)

## What could change the Gujarat Fluorochemicals story? What are the risks? 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.)

## What to watch in Gujarat Fluorochemicals' next results? 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. - What to check (from the call)
- Fluoropolymer approvals and commercial volumes to accelerate in the second half - check delivery against the annual growth guide. - R-32, R-134a and AHF capacity milestones - check commissioning and whether added refrigerant output is absorbed. - Battery-material revenue step-up - check LiPF6, PVDF and LFP CAM contributions and CIF shipment recognition. ## Which stock lists is Gujarat Fluorochemicals on? Gujarat Fluorochemicals is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 201](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Gujarat Fluorochemicals profitable? 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. 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. ## How much revenue does Gujarat Fluorochemicals make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Gujarat Fluorochemicals keep? 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. 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. ## Is Gujarat Fluorochemicals' profit turning into cash? 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. 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. ## Where does Gujarat Fluorochemicals' cash go? 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. 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. ## What is Gujarat Fluorochemicals' P/E ratio, and how does it compare with its own history? Gujarat Fluorochemicals Ltd's P/E is 79.4×, near the high end of its own history: higher than 81% 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. 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 +19.2%. 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 +17.3% a year; about −20.4% a year came from earnings growth and about +37.7 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. ## Is the Gujarat Fluorochemicals business getting better or worse? 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. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Gujarat Fluorochemicals story, and has it been checked? 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. Our read, 22 August 2026. 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. From the research. 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 proven. 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. 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. 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. ## Did Gujarat Fluorochemicals management deliver what it promised? 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. ## How much does Gujarat Fluorochemicals earn on its capital? 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 5.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. 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: 6.5% − 12.0% = −5.5 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. ## Does Gujarat Fluorochemicals have too much debt? 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. ## What is the Gujarat Fluorochemicals shareholding pattern? 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. 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. ## How far is Gujarat Fluorochemicals from balance-sheet trouble? For Gujarat Fluorochemicals Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Gujarat Fluorochemicals rank in its industry? 46.8 out of 100, rank 3 of 4 in Chemicals - Flourine, with 83% of the evidence available. Gujarat Fluorochemicals Ltd scores 46.8 out of 100 against the 4 companies it is compared with in Chemicals - Flourine, ranking 3. Relative strength against the index is 17.2%, and revenue and profit growth are weak. The four parts add up to the total exactly: 12.1 + 12.4 + 8.1 + 14.2 = 46.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Gujarat Fluorochemicals compared with? Gujarat Fluorochemicals ranks 3 of 4 Chemicals - Flourine companies on the 4-Factor Sector Score, with 46.8 out of 100. 1. [Navin Fluorine International Ltd](https://www.sectoralpha.in/stocks/navin-fluorine-international-ltd) NAVINFLUOR · leader · Sector-leading setup · 97% evidence 87.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 33.6/35 · Revenue 45.7% · Profit 100% · Operating margin change 2 points · 100% evidence Capital efficiency 24.1/25 · ROCE 21% · Operating margin 34% · 100% evidence Valuation 10.2/20 · P/E 48.6× · PEG 1.63 · 85% evidence Relative strength 20.0/20 · Lead over its industry 15.7% · Lead over NIFTY 500 30.1% · 1 year 52.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 33.6 + 24.1 + 10.2 + 20 = 87.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [SRF Ltd](https://www.sectoralpha.in/stocks/srf-ltd) SRF · basing · Evidence leans up · 97% evidence 60.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Revenue 19.7% · Profit 41.2% · Operating margin change -2 points · 100% evidence Capital efficiency 17.4/25 · ROCE 14.6% · Operating margin 19% · 100% evidence Valuation 15.0/20 · P/E 29.3× · PEG 0.59 · 85% evidence Relative strength 1.7/20 · Lead over its industry -20% · Lead over NIFTY 500 -8.7% · 1 year -20.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26.6 + 17.4 + 15 + 1.7 = 60.7 · What this means: Earnings are strong; relative strength in its sector is -20% and the one-year return is -20.3%. 3. Gujarat Fluorochemicals Ltd this page FLUOROCHEM · losing its lead · Evidence leans down · 83% evidence 46.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.1/35 · Revenue 9.5% · Profit -3.2% · Operating margin change 0 points · 88% evidence Capital efficiency 12.4/25 · ROCE 9.6% · Operating margin 27% · 100% evidence Valuation 8.1/20 · P/E 75.6× · PEG n/a · 35% evidence Relative strength 14.2/20 · Lead over its industry 4.1% · Lead over NIFTY 500 17.2% · 1 year 13.5% · 100% evidence · 10 of 12 weeks ahead Exact sum: 12.1 + 12.4 + 8.1 + 14.2 = 46.8 · What this means: Relative strength against the index is 17.2%, and revenue and profit growth are weak. 4. Wadala Commodities Ltd(Merged) GFL · Too little evidence to rank firmly · 9% evidence 44.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.9/43.75 · Revenue n/a · Profit n/a · Operating margin change n/a · 0% evidence Capital efficiency 10.3/31.25 · ROCE 7% · Operating margin n/a · 34% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 21.9 + 10.3 + 12.5 = 44.7 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Chemicals - Flourine](https://www.sectoralpha.in/sectors/chemicals-flourine), all 4 compared on one page. ## Which companies are close to Gujarat Fluorochemicals in size? Gujarat Fluorochemicals is the 2nd largest of 3 Chemicals - Flourine companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: SRF. Just below it: Navin Fluorine International. ### Chemicals - Flourine companies close in size

1. [SRF Ltd](https://www.sectoralpha.in/stocks/srf-ltd) ₹69,230 crore
2. Gujarat Fluorochemicals Ltd ₹46,666 crore
3. [Navin Fluorine International Ltd](https://www.sectoralpha.in/stocks/navin-fluorine-international-ltd) ₹44,541 crore

[All 3 Chemicals - Flourine companies, largest first](https://www.sectoralpha.in/sectors/chemicals-flourine#all-companies)

### Companies close in size in other industries

1. [Aditya Infotech Ltd](https://www.sectoralpha.in/stocks/aditya-infotech-ltd) ₹46,739 crore · CCTV Camera
2. [Anthem Biosciences Ltd](https://www.sectoralpha.in/stocks/anthem-biosciences-ltd) ₹46,689 crore · Pharma - API & CRAMS
3. Gujarat Fluorochemicals Ltd ₹46,666 crore
4. [PB Fintech Ltd](https://www.sectoralpha.in/stocks/pb-fintech-ltd) ₹46,280 crore · Insurance - Proxy
5. [Suzlon Energy Ltd](https://www.sectoralpha.in/stocks/suzlon-energy-ltd) ₹46,227 crore · Capital Goods - Engineering Heavy

## What else do people ask about Gujarat Fluorochemicals? ### What is Gujarat Fluorochemicals's share price today? Gujarat Fluorochemicals Ltd's share price is ₹4,463.90, +19.2% over the past year. The whole company is worth ₹49,038 Cr on the market. In the last 52 weeks it traded between ₹2,970 to ₹4,773; today it is 83% of the way up from the low, 9.7% above its 200-day average (as of 3 November 2026). ### What were Gujarat Fluorochemicals's latest quarterly results? Gujarat Fluorochemicals Ltd reported revenue of ₹1,588 Cr and net profit of ₹219 Cr for the Jun 2026 quarter. Revenue rose 24.0% and profit rose 20.3% compared with a year earlier. Earnings per share were ₹20.12. The operating margin was 27.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Gujarat Fluorochemicals's market cap? Gujarat Fluorochemicals Ltd's market capitalisation is ₹49,038 Cr at a share price of ₹4,463.90. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Gujarat Fluorochemicals performing? Gujarat Fluorochemicals Ltd's share price has been rising for 22 weeks. In its latest quarter, revenue rose 24.0% and profit rose 20.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 3 weeks running (as of 3 November 2026). ### Will Gujarat Fluorochemicals's share price go up? This page does not forecast Gujarat Fluorochemicals Ltd's share price. What it shows instead: the share price is ₹4,463.90, and it has been rising for 22 weeks. Its P/E of 79.4× is higher than 81% of its own last 7 years (as of 3 November 2026). ### Who owns Gujarat Fluorochemicals? Promoters own 61.4% of Gujarat Fluorochemicals Ltd, foreign institutions 4.5%, domestic institutions 13.3% and the public 20.7% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 3.8 percentage points over 8 quarters (as of 3 November 2026). ### Does Gujarat Fluorochemicals have too much debt? Gujarat Fluorochemicals Ltd has a moderate amount of debt: its debt is 0.35× its equity, and its operating profit is 9 times its interest bill. FY26 borrowings were ₹2,721 Cr against equity of ₹7,866 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Gujarat Fluorochemicals in its business cycle? Gujarat Fluorochemicals Ltd's FY26 operating margin was 24.0%, against a 9-year range of 17.0% to 35.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 27.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Gujarat Fluorochemicals story? The main question: results are strong, and the P/E is higher than 81% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Gujarat Fluorochemicals a stock worth studying right now? What the numbers show: Gujarat Fluorochemicals Ltd's results are improving, and its P/E is near the top of its own history, higher than 81% of past readings. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Gujarat Fluorochemicals share price forecast for 2026? What management itself guided: Fluoropolymers to grow 17-20% annually, driven by volume and high-value products. 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. What would change the story: 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. ## Lists

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