Slides
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Gujarat Fluorochemicals Limited Q2FY27
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2 01 02 03 04 Earnings Update Q2FY27 Financial Trend Company Overview ESG & Awards Content
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Q2FY27 Highlights 3 (Rs. In Cr) Chemical Segment Q2FY27 Q2FY26 YoY Revenue 1,723 1,210 42% EBITDA 505 381 33% EBITDA Margin 29% 31% -218 bps PAT 290 199 46% PAT Margin 17% 16% 38 bps (Rs. In Cr) Battery Materials Q2FY27 Q2FY26 YoY Revenue 37 - - EBITDA -32 -23 - EBITDA Margin - - - PAT -50 -30 - PAT Margin - - - (Rs. In Cr) Consolidated Q2FY27 Q2FY26 YoY Revenue 1,760 1,210 45% EBITDA 473 358 32% EBITDA Margin 27% 30% -271 bps PAT 240 169 42% PAT Margin 14% 14% - Chemical segment revenue increased 42% YoY to ₹1,723 crore, reflecting healthy demand across the fluoropolymers and fluorochemicals portfolio. Segment EBITDA grew 33% YoY to ₹505 crore, reflecting healthy growth across segments. Consolidated revenue for Q2FY27 stood at Rs. 1,760 crore, up by 45% on a YoY basis Consolidated EBITDA stood at Rs.473 crore, up by 32% on a YoY basis. Consolidated PAT stood at Rs.240 crore, up by 42% on a YoY basis. ROCE improved by 312 bps to 17.17% in H1FY27 as compared to 14.05% in FY26. Working capital days reduced by 40 days to 152 days from 192 days in March 2026. ROE improved by 421 bps to 16.38% in H1FY27 as compared to 12.17% in FY26. Chemical Segment PAT increased 46% YoY to ₹290 crore.
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Consolidated Revenue from Operations 4 Figures in Rs. Cr
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EBITDA & EBIDTA Margin 5 Figures in Rs. Cr
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PAT & PAT Margin 6 Figures in Rs. Cr
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Business Vertical – Battery Materials 7 LiPF₆ sales ramping up well, with sales to five major global electrolyte players. Production is being progressively ramped up along with new plants being added to meet strong customer demand, backed by multi-year order visibility. LFP plant samples are progressing through customer qualification programs globally including India. We are now progressing towards development of higher end LFP grades. In view of strong emerging global market demand, further substantial capacity expansions underway. Multiple PVDF and PTFE grades are at advanced stages of customer qualification across both wet and next-generation dry electrode applications. Customer engagement remains strong, particularly in the US and Europe. With customer qualification programs progressing, commercial supplies under long-term supply agreements are now expected to commence from Q4FY27. Electrolyte engagement continues to progress well with domestic cell manufacturers across EV and BESS applications. Customer-specific formulations are being developed and supplied from our commercial plant for evaluation and qualification, priming us for their upcoming cell manufacturing programs. We expect domestic electrolyte demand to pickup towards the end of next financial year.
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Business Vertical – Fluoropolymers 8 Performance and Outlook - Fluoropolymers Performance: • The Fluoropolymers segment continued its growth momentum during Q2 FY27, with revenue increasing 22% YoY to ₹931 crore, compared with ₹764 crore in Q2 FY26. On a sequential basis, revenue grew by 2% QoQ from ₹914 crore in Q1 FY27. The performance reflects sustained demand across key product categories, supported by healthy volumes and an increasing focus on high-value products. Outlook: • Demand momentum is expected to remain resilient, supported by continued volume growth across key fluoropolymer products. • Increasing adoption of high-performance and speciality applications such as FKM in the automotive sector, and PFA and modified PTFE in semiconductors and data centers is expected to support product mix improvement and strengthen realisations • Growing demand from emerging applications, particularly semiconductors, data centers, electric mobility, and automotive, is expected to provide additional growth opportunities.. Revenue (Rs. Crore)
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Business Vertical – Fluorochemicals 9 Performance and Outlook - Fluorochemicals Revenue (Rs. Crore) Performance: • The Fluorochemicals segment delivered an exceptional performance during Q2 FY27, with revenue increasing 135% YoY to ₹607 crore, compared with ₹258 crore in Q2 FY26. • On a sequential basis, revenue grew 33% QoQ from ₹458 crore in Q1 FY27. The strong performance was primarily driven by higher sales of R32, supported by healthy demand across the broader refrigerant portfolio. Outlook: • Refrigerant demand and pricing remain stable in the near term, providing a supportive operating environment. • The full utilization of R32 capacity will further strengthen our market position, driving higher volumes. • R134a is expected to commence production by Q4FY27, which will further drive revenue and profitability from this segment.
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Business Vertical – Bulk Chemicals 10 Performance and Outlook – Bulk Chemicals Revenue (Rs. Crore) Performance: • The Bulk Chemicals segment witnessed a 5% decline in revenue YoY and an 8% decline QoQ, primarily due to lower caustic soda prices and higher captive consumption of chloromethanes for R32 production. Outlook: • Demand for caustic soda is expected to remain stable during FY27, with pricing likely to be influenced by prevailing market dynamics. • Chloromethanes performance is expected to remain range-bound, while higher captive consumption for R32 production will support integration and value creation within the business.
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11 01 02 03 04 Earnings Update Q2FY27 Financial Trend Company Overview ESG & Awards
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Historical Revenue, EBIDTA and PAT Trend 12 Operating Revenues (Rs. Cr) EBITDA (Rs. Cr) and EBITDA Margin PAT (Rs. Cr) and PAT Margin Note: The FY26 EBITDA and PAT figures have been reinstated, as detailed in Note No. 4 to the Published Results
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RoCE, RoE, Working Capital & Capex Trend 13# Excluding capital employed in Capacity expansions in the last two years and Capital Work in Progress (Including EV), which will start generating revenues from next financial year. FY26,includes 4 days of GFCL EV business
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14 01 02 03 04 Earnings Update Q2FY27 Financial Trend Company Overview ESG & Awards
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INOXGFL Group – USD 16 Bn Indian Conglomerate^ 15 INOXGFL Group, with a legacy of over nine decades, and currently with three listed entities, is a leader in energy transition. The Group is a forerunner in diversified business segments spanning fluoropolymers, fluorochemicals, battery chemicals, wind turbines, EPC, renewable O&M, solar cells & modules and renewable power generation. Chemicals Gujarat Fluorochemicals Ltd. is a leading Indian Chemicals Company supplying fluoropolymers and fluorochemicals to the global market. It is the largest PTFE / fluoropolymer manufacturer in India. The company is developing products / grades across segments catering to new age businesses, including EVs, BESS & green hydrogen Inox Wind is one of the leading fully integrated players in the wind energy market in India providing end-to-end turnkey solutions to customers. Its offerings include manufacturing and supplies of 2MW, 3MW and the upcoming 4MW class WTGs, EPC & infrastructure development (through subsidiary IRSL) and O&M (through subsidiary IGESL) Renewables • Battery materials company, a subsidiary of GFL • Catering to the EV/ESS ecosystem through Battery Salts, Additives, Electrolytes, CAM, Cathode Binders and NGAAM (Anode) Subsidiary of GFL providing fluoropolymer solutions for the entire solar and green hydrogen value chain, including proton exchange membranes for electrolysers and fuel cells Subsidiary of IWL; India's leading renewable O&M services player with ~ 13.3 GWp* of assets under management. Inox Green is India’s only listed pure-play renewable O&M service company. Subsidiary of IWL (formerly Resco Global) offering a host of EPC services – resource assessment, site acquisition, project & evacuation infra development, erection and commissioning of WTGs and modules, cranes, transformer and power electronics manufacturing Inox Neo is a RE power generation platform targeting 14 GW of hybrid RE capacity – wind + solar + BESS by FY29. Inox Solar is a fully integrated solar manufacturing player targeting 11 GW of solar cell & module manufacturing capacity across India and the USA # # # Inox Clean is the holding company of Inox Neo Energies, the RE IPP, and Inox Solar, the solar cell & module manufacturing entity ^ As on June 30, 2026; INR:USD: Rs. 96 # Company listed on the Indian stock exchanges * includes investment made by Inox Green to acquire ~ 6.5 GW of wind O&M assets, out of which, approx. 4.5 GW is in the process of being consolidated INOXGFL Group – USD 16 Bn Indian Conglomerate^
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16 FLUOROPOLYMERS FLUOROCHEMICALS Products: • Polytetrafluoroethylene • Micro Powders • Perfluoroalkoxy Alkanes • Polyvinylidene Fluoride • Fluorinated Ethylene • Propylene • Fluoroelastomers • Polyphthalamide Products : • HF-based • TFE-based • KF-based • Refrigerants BULK CHEMICALS BATTERY MATERIALS Products: • Caustic Soda • Chloroform • Methylene Di Chloride • CTC Products: • Lipf6 Salt • LFP CAM • Cathode Binders: PVDF/PTFE • Electrolyte Formulations • High Performance Additives Business Verticals
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17 Core Competencies Integrated Plant Operations Proven Legacy 30 years of expertise in Fluorine Chemistry Three manufacturing facilities in India, Fluorspar mine in Morocco, warehouses in Europe, USA and Middle East Industry Leadership in Fluoropolymers Strategic Foray into High-Growth Battery Materials Global Presence India’s largest integrated fluoropolymer producer and among the leading players globally. Harnessing decades of fluorine chemistry expertise to create next-generation battery materials. A key supplier of fluoropolymers and refrigerant gases worldwide, with a strong focus on the Europe, and the USA Value Proposition Development Building a strong supply chain and advanced R&D capabilities. Core Competencies
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Integrated Operations 18 * * Under Implementation GFL’s vertically integrated facility makes it one of the most reliable producers of a wide range of Fluoropolymers globally. Integration play helps GFL to maximise value addition.
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Manufacturing Facilities 19 RANJIT NAGAR, GUJARAT, INDIA DAHEJ, GUJARAT, INDIA JOLV A, GUJARAT, INDIA Specialty Chemicals & Refrigerants Commissioned in 1989 Largest Refrigerant Capacity in India ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified Fluoropolymers, Specialty & Bulk Chemicals Commissioned in 2007 Largest Fluoropolymer Plant in India ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified Fluoropolymers, Specialty and fully integrated battery complex Largest integrated battery materials manufacturing facility.
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Fluoropolymers Vertical – Products & Applications 20 • Oil & Gas • Pharma & CPI • Food • Automotive • Aero-space & Defense • Electricals • Electronics & Semi- conductors • Cookware • Construction & Mechanical Parts ➢ Entry barriers : ➢ Technical know-how, process safety, raw-material availability, capex intensive. ➢ Customer validation, approvals and qualifications, a time consuming & painstaking process. ➢ Huge growth potential : ➢ 5G, EV Battery, Solar Panel, Hydrogen Fuel Cells, Semi-conductors, Internet of Things, Clean Environment. ➢ Fluoropolymers have unique set of properties with no technically viable substitutes which can impart the same set of properties and performance : ➢ Fire, Weather, Temperature, Wear & Friction Resistant / Non-Wetting / Non-Stick / Dielectric Strength / Durability & Long life. PTFE • Printing Inks • Engineering Plastics • Coatings • Industrial Finishes • Paints • Elastomers • Oils & Greases • Semi-conductors • Aero-space • Chemical Processing • Corrosion Resistant Fluid Transfer • Wire & Cables • Telecom • Chemical Processing • Electronics • Architecture • Pharma • EV Batteries • Solar Panels • Water Treatment Membranes • Oil & Gas • Wire & Cable • Defense • Aerospace • Telecom • Chemical Processing • Automotive • Chemicals • Refineries • Semiconductors • Aviation • Food & Pharma • Improve Surface Finish & Gloss for LLDPE • HDPE & PP Films • Partitioning Agent Micro Powders PFA PVDF FEP PPAFKM
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Fluorochemicals Vertical HF BASED TFE BASED KF BASED REFRIGERANTS APPLICATIONS • Agrochemical majorly Insecticides, Herbicides & Fungicides • Plant Growth Regulators • Pharmaceutical Intermediates, • Agrochemical Pesticide & Intermediates • Air-conditioners APPLICATIONS APPLICATIONS APPLICATIONS • Pharmaceutical Intermediates, • Agrochemical Pesticide & Intermediates ➢ Largest R -22 producer from India. ➢ Other Refrigerant gases in the portfolio includes R32, R125, R410 amongst others. ➢ GFL has been developing its value added product portfolio based on carbon, fluorine, nitrogen, hydrogen and oxygen. These products contribute significantly in the field of agri-chemicals, pharmaceuticals, EV battery materials and several more.
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Bulk Chemicals Vertical CAUSTIC SODA CHLOROFORM METHYLENE DI CHLORIDE Carbon Tetra Chloride (CTC) APPLICATIONS • Textiles • Soaps & Detergents • Alumina • Feedstock for Refrigerant Gas R-22 • Solvent - Pharma • Pharma API • Foam manufacturing • Agri-chem & Pharma Formulation • Pesticides • Agricultural Chemicals • Plastics • Resins APPLICATIONS APPLICATIONS APPLICATIONS Major producer of Chloroform and MDC.
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23 – Uniquely Positioned in the Global EV/ ESS value chain • Battery agnostic offerings; covering both LFP and NMC batteries • Fully integrated battery complex in Jolva, Gujarat. • Tapping significant global opportunities presented by the EV & ESS eco-systems. ABOUT THE COMPANY VISION & STRATEGY • Only global company offering electrolytes salts, formulated electrolytes, cathode active materials, anode active materials and binders under one roof • Current portfolio of products cater to ~ 70% of the cost of an LFP cell • Marquee global customers tie-ups in the offing through long-term agreements PRODUCTS & TARGET MARKET KEY DEVELOPM ENTS • To be the global leader in battery materials garnering the largest share of EV / ESS battery wallet. • Total Capex of Rs.6000 Cr by FY28 with 2 times Asset turnover and 25% + EBITDA margin. • Well positioned to capture sizeable value share in global battery materials industry and be a preferred partner to EV / ESS / cell manufacturers in their quest to secure a sustainable and reliable supply chain • All the initial capacity planned in phase I have been commissioned and contracted for anchor clients for all the products in place. • Setting up NGAAM (Anode) facility.
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24 Indicative Material Intensity per GWh Battery GWh growth translates directly into demand for GFCL EV's product portfolio The portfolio spans high-intensity materials used in lithium-ion cells: electrolyte salt, formulated electrolyte, cathode materials, binders and anode materials. LiPF₆ 70 MT/GWh NMC 150 MT/GWh LFP Electrolyte 600 MT/GWh NMC 1,200 MT/GWh LFP LFP CAM ~2,000 MT/GWh LFP cells PVDF ~40 MT/GWh Binder NGAAM ~200 MT/GWh if ~20% of AAM
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Battery Materials 25 Product % of LFP cell cost Cathode 42% Anode 20% Electrolyte 10% Separator 12% Others* 16% CURRENT PORTFOLIO CATERS TO ~ 70% V ALUE OF LFP CELL COST GFCL EV – PRODUCT PORTFOLIO Electrolyte s Binders Cathode Salts: Li based Electrolyte Formulations High Performance Additives PVDF / PTFE Lithium Iron Phosphate (LFP) Global Lithium Battery Sector: Poised for Strong Growth Ex-China Li-ion cell demand outlook * Includes Al foil, Cu foil etc. Major Demand Drivers LFP to remain the dominant chemistry across mass-market EV & ESS 1. Cost competitiveness of LFP is expected to support its continued dominance in mass-market EVs and Energy Storage Systems (ESS). 2. Growing adoption is being driven by its lower cost, safety, longer cycle life and suitability for high- volume applications. 3. Rapid growth in AI applications and data centres is driving higher and more stable electricity demand, increasing the need for energy storage solutions. 4. BESS, combined with renewable power, enables grid balancing, peak- load management and improved power reliability, supporting faster adoption across utility-scale applications. Natural Graphite Anode Active Material (NG AAM) Anode ~500 GWh CY26 ~1.8 TWh CY30
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Battery Materials: product offering 26 Products offer by GFCL EV Raw Materials Intermediates Battery Materials Battery Cell Integration Value Chain For Cathodes Lithium Carbonate Phosphoric acid Iron Sulphate Carbon Precursor Phosphates of Lithium and Iron Cathode Active Material (CAM) Binders Electrolytes Lithium Ore Lithium Carbonate Lithium Salt Additives Solvents Electrolyte Formulations PVDF Binders Fluorspar Hydrofluoric Acid (HF) Chloromethane / Dichloromethane VDF (vinylidene difluoride) PVDF Binders Binders Anode Natural Flake Graphite Grinding & Shaping Chemical Purification Coating Natural Graphite Anode Active Material
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GFCL EV - State-of-the-art Integrated Manufacturing Facility At Jolva, Gujarat 27 Jolva, Gujarat
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28 01 02 03 04 Earnings Update Q2FY27 Financial Trend Company Overview ESG & Awards
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29 Certifications & Sustainability Disclosure DisclosureCertifications
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30 ESG Ratings Overview Rating Agency ESG Score Remarks Niche99 ESG Ratings 59 Performer NSE Sustainability Ratings and Analytics 61 Adequate CFC Finlease Private Limited 66 Good CRISIL ESG Ratings & Analytics Limited 56 Adequate S&P Global 70 Yearbook Member Ecovadis 66 Bronze CSR Hub 72 — Recognized by seven leading ESG rating agencies, our scores consistently reflect adequate-to-strong sustainability performance — with top marks from S&P Global and CSR Hub.
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31 Sustainability Disclosures & Ratings CSRHub’s ESG data service, which offers business intelligence insights, has assigned us a score of 73 EcoVadis has rated GFL in the Bronze category, placing it among the top 35% of companies assessed for sustainability performance with 66 score out of 100 and ranking us on 71st Percentile In S&P Global Corporate Sustainability Assessment (CSA), GFL has reflected a strong improvement in our sustainability performance, with the score rising to 69 from 44 last year out of 100. This represents an approximately 50% year-on-year improvement, placing us in the 95th percentile, with a 13% increase in percentile ranking compared to the previous assessment
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32 Key Community Development Activities
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33 Awards GFL has been recognized as a Industry Mover and Yearbook Member at 2026 S&P Global Sustainability Yearbook Distinction Ceremony held in New Delhi. Our score rise to 69 from 44 last year out of 100 and placing us in the 95th percentile. The Indian Chamber of Commerce (ICC) recognized our environmental performance at the 19th Environment Partnership Summit & Excellence Awards held in Kolkata in January 2026. Dahej A was awarded the Champion category, Ranjitnagar received the Platinum award, and Dahej B was conferred the Gold award under the ICC Environmental Excellence Awards
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34 THANK YOU Manoj Agrawal Chief Financial Officer E-mail: manojagrawal@gfl.co.in Pallavi Bhalla AVP Head Investor Relations E-mail: pallavi.bhalla@gfl.co.in This presentation and the following discussion may contain “forward looking statements” by Gujarat Fluorochemicals Limited (“GFCL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of GFCL about the business, industry and markets in which GFCL operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond GFCL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of GFCL. In particular, such statements should not be regarded as a projection of future performance of GFCL. It should be noted that the actual performance or achievements of GFCL may vary significantly from such statements. Accordingly, this presentation is subject to disclaimer and qualified in its entirely, by assumptions and qualifications and therefore, the readers are cautioned not to place undue reliance on forward looking statements as a number of factors could cause assumptions, actual future results and events do differs materially from those expressed in the forward looking statements. Bhavin Desai Company Secretary E-mail: bvdesai@gfl.co.in Rohan Gupta Head – Equity Capital Markets E-mail: rohan.gupta@gfl.co.in