Interim report
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GFCL: BRD: 2026-27 3rd November, 2026 The Secretary BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001 Scrip Code: 542812 The Secretary National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E), Mumbai 400 051 Symbol: FLUOROCHEM Dear Sir/Madam, Sub: Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2026 Ref.: Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This has reference to our intimation dated 26 th October, 2026 regarding intimation of Board Meeting and pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we enclose herewith the Unaudited Standalone and Consolidated Financial Results along with the Limited Review Reports issued by the Statutory Auditors of the Company f or the quarter and half year ended 30th September, 2026, which have been reviewed and recommended by the Audit Committee and approved by the Board of Directors, at their respective Meetings held today 3rd November, 2026. The said Financial Results are also being made available on the website of the Company at www.gfl.co.in. The Meeting of the Board of Directors commenced at 12:00 noon and concluded at 2:00 p.m. We request you to take the above on your record. Thanking you, Yours faithfully, For Gujarat Fluorochemicals Limited Bhavin Desai Company Secretary FCS 7952 Encl.: As above
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Sr. No. I II Ill IV V VI VII GUJARAT FLUOROCHEMICALS LIMITED GUJARAT FLUOROCHEMICALS VA,UE iHROUGH GREEII CHEM STRY Particulars Revenue from operations Other income Total Income {1+11) Expenses Cost of materials consumed Changes in inventories of finished goods, work-in- progress and by products Power and fuel Employee benefits expense Foreign exchange fluctuation (gain)/loss (net) Finance costs Depredation & amortisation expense Other expenses Total expenses (IV) Profit before exceptional items and tax (Ill-IV) Exceptional items (see note 3) Profit before tax (V-VI) CIN:L24304HP2018PLC011898 Registered Office : Plot No. 1, Khasra Nos. 264 to 267, Industrial Area, Village Basal, Una, Himachal Pradesh - 174303 Tel: +911975297843 Website: www .gfl.co.in, email: contact@gfl.co .in STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2026 Quarter ended Quarter ended Quarter ended Six months ended 30 September 2026 30 June 2026 30 September 2025 30 September 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 1,700 1,302 1,131 3,002 5 7 7 12 1,705 1,309 1,138 3,014 609 480 382 1,089 (12) (62) (103) (91) 238 194 189 432 130 118 107 248 (18) (13) (29) (31) 27 20 30 47 82 80 74 162 232 249 184 481 1,288 1,037 875 2,325 417 272 263 689 - - - - 417 272 263 689 Page 1 of 7 BEYOND INFINITY (Rs in Crores) Six months ended Year ended 30 September 2025 31 March 2026 (Unaudited) (Audited) 2,305 4,542 24 35 2,329 4,577 752 1,463 (35) (50) 378 738 200 407 (48) (94) 59 117 148 295 365 764 1,819 3,640 510 937 - (18) 510 919
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Sr. No. Particulars VIII Tax expenses (1) Current tax (2) Deferred tax (3) Tax pertaining to earlier periods Tax expenses IX Profit for the period/year (VII-VIII) X Other Comprehensive Income A) Items that will not be reclassified to profit or loss Gains/(losses) on remeasurement of the defined benefit plan Income tax on above Total other comprehensive income Total comprehensive income for the XI period/year (Comprising Profit and Other Comprehensive Income for the period/year) (IX+X) Paid-up equity share capital XII (face value of Re 1 each) Other Equity (excluding revaluation reserves) as XIII shown in the Audited Balance Sheet of the previous year XIV Basic and Diluted earnings per equity share of Re. 1 each (in Rs.) ** (*) Amount is less than Rs. a.so Crore. (**) Not Annualised Quarter ended Quarter ended 30 September 2026 30June 2026 (Unaudited) (Unaudited) 104 71 4 * - - 108 71 309 201 3 (5) (1) 1 2 {4) 311 197 11 11 28.12** 18.35** Page 2 of 7 (Rs. in Crores) Quarter ended Six months ended Six months ended Year ended 30 September 2025 30 September 2026 30 September 2025 31 March 2026 (Unaudited) (Unaudited) (Unaudited) (Audited) 62 175 120 220 6 4 10 21 * - - 68 179 130 241 195 510 380 678 (2) (2) 1 2 1 * - * (1) (2} 1 2 194 508 381 680 11 11 11 11 7,099 17.93** 46.47** 34.59** 61.69
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STANDALONE UNAUDITED STATEMENT OF ASSET AND LIABILITIES AS AT 30 SEPTEMBER 2026 (Rs in Crores) Sr. Asat As at No. Particulars 30 September 2026 31 March 2026 (Unaudited) {Audited) ASSETS (1) Non-current assets (a) Property, plant & equipment 3,554 3,628 (b) Capital work-in-progress 996 856 (c) Right of use assets 116 107 (d) Other intangible assets 117 126 (e) Intangible assets under development 16 10 (f) Financial assets (i) Investments 1,388 1,082 (ii) Loans 21 17 {iii) Other non-current financial assets 14 14 (g) Income tax assets (net) 12 12 (h) Other non-current assets 429 253 Sub-total 6,663 6,105 (2) Current assets (a) Inventories 1,455 1,322 (b) Financial assets (i) Trade receivables 1,654 1,682 {ii) Cash & cash equivalents 76 88 (iii) Bank balances other than (ii) above 173 135 (iv) Loans 24 49 (v) Other current financial assets 205 227 (c) Other current assets 263 246 Sub-total 3,850 3,749 Total assets 10,513 9,854 ( Page 3 of 7
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(Rs. in Crores) Sr. As at As at No. Particulars 30 September 2026 31 March 2026 (Unaudited) (Audited) EQUITY & LIABILITIES Equity (a) Equity share capital 11 11 (b} Other equity 7,575 7,099 Sub-total 7,586 7,110 LIABILITIES (1) Non-current liabilities (a} Financial liabilities (i} Borrowings 210 225 (ii) Lease liabilities 11 4 (b) Provisions 95 81 (c} Deferred tax liabilities (Net) 293 291 Sub-total 609 601 (2} Current liabilities (a) Financial liabilities (i) Borrowings 1,193 1,334 (ii) Lease liabilities 5 1 (iii) Trade payables a) total outstanding dues of micro enterprises and small enterprises 84 83 b) total outstanding dues of creditors other than micro enterprises and small enterprises 624 407 {iv) Other current financial liabilities 291 237 (b) Other current liabilities 16 15 (c) Provisions 25 19 (d) Current tax liabilities (net) 80 47 Sub-total 2,318 2,143 Total equity & liabilities 10,513 9,854 ' Page 4 of 7
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UNAUDITED STANDALONE STATEMENT OF CASH FLOWS FOR PERIOD ENDED 30SEPTEMBER 2026 (Rs. in Crores) Period ended Period ended Particulars 30 September 2026 30 September 2025 (Unaudited) (Unaudited) A Cash flow from operating activities Profit for the period 510 380 Adjustments for: Tax expenses 179 130 Depreciation and amortisation expense 162 148 Loss on retirement/disposal of property, plant and equipment (net) * - Impairment loss recognized in trade receivables, advances and other financial assets (net) 7 5 Liabilities and provisions no longer required, written back {8) {8) (Gain)/loss on fair value changes in investments carried at FVTPL (net) (1) * Deposits & Advances written off 9 - Unrealised foreign exchange gain (net) * (28) Interest income (7) {19) Finance costs 47 59 Operating profit before working capital changes 898 667 Movements in working capital: lncrease/(decrease) in provisions 16 (4) lncrease/(decrease) in trade payables 223 (62) Increase /(decrease) in other financial liabilities 32 14 Increase /(decrease) in other liabilities (5) 3 (lncrease)/decrease in inventories (132) (43) (lncrease)/decrease in trade receivables 31 161 {lncrease)/decrease in other financial assets (7) (17) (lncrease)/decrease in other assets {25) 111 Cash generated from operations 1,031 830 Income-tax paid {net) {141) (106) Net cash generated from operating activities / 890 724 ~ r Page 5 of 7 V
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(Rs. in Crores) Period ended Period ended Particulars 30 September 2026 30 September 2025 (Unaudited) (Unaudited) B Cash flow from investing activities Purchase of property, plant & equipment (including changes in capital work in progress and capital creditors/capital advances) (373) (195) Proceeds from sale/disposal of property, plant and equipment (net) 2 Proceeds from slump sale - 190 Payments for acquiring intangible assets (including intangible assets under development) - (18) Investment in subsidiary companies (290) (7) Investment in associates (52) (185) Sale of current investments 90 Inter-corporate deposits given to subsidiary companies (6) (18) Inter-corporate deposits received back from subsidiary company 17 - Government Grant Interest subsidy received 22 - Interest received 21 3 Movement in other bank balances (35) 31 Net cash used in investing activities (694) (109} C Cash flow from financing activities Repayment of non-current borrowings (8) (228) Proceeds from/(repayment of) current borrowings (net) (146) (313) Payment of lease liabilities (3) (1) Finance costs (51) (66) Net cash used in financing activities (208) {608) Net increase in cash and cash equivalents (12) 7 Cash and cash equivalents as at the beginning of the year 88 24 Cash and cash equivalents as at the end of the year 76 31 (*) Amount is less than Rs. 0.50 Crore. Note: The Standalone Statement of Cash Flows has been prepared in accordance with "indirect method" as set out in Ind AS - 7 "Statement of Cash Flows". Page 6 of 7
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1. The above results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their meeting held on 3 November 2026. The same have been subjected to Limited Review by the statutory Auditors and they have issued an unmodified review report. 2. The Company has received a No Objection Letter on 9 July 2026 from BSE Limited and National Stock Exchange of India Limited in respect of the Composite Scheme of Arrangement between lnox Leasing and Finance Limited, ("Demerged Company" or "Transferor Company" or "ILFL"), Holding Company of Gujarat Fluorochemicals Limited, lnox Holdings and Investments Limited, ("Resulting Company" or "IHIL") and Gujarat Fluorochemicals Limited ("Transferee Company" or "GFCL") and their respective Shareholders under the provisions of Sections 230 to 232 and other applicable provisions of the Act ("Scheme") which envisages the following: (a) Part A-Demerger of Wind Business ("Demerged Undertaking") of ILFL into IHIL; and (b) Part B-Amalgamation of ILFL into GFCL (after demerger of Demerged Undertaking of ILFL into IHIL). All the Companies involved in the Scheme are in process of taking further actions for obtaining the approval of Regulatory Authorities to implement the Scheme. 3. Effective 21 November, 2025, the Government of India has consolidated multiple existing labour legislations into a unified framework comprising four labour Codes collectively referred to as the 'New Labour Codes'. Under Ind AS 19, changes to employee benefit plans arising from legislative amendments constitute a plan amendment, requiring recognition of past service cost immediately in the statement of profit and loss. The Company has assessed and estimated the impact of increase in employee benefit obligations arising from the New Labour Codes. The impact of the same is recognised and presented as 'Exceptional Item' in the above results amounting to Rs. 18 crores for the year ended 31 March 2026. 4. With respect to the fire incident in December 2021 at Ranjitnagar plant, the Company had recognized a total amount of Rs. 70 Crores towards insurance claim lodged in that year. After the receipt of interim claim amount, sale of related scrap etc., The Company has received Rs. 11 crores on 24 April 2026 towards full and final claim for loss of PPE. Now the balance of insurance claim lodged is Rs. 28 Crores. The insurance company is in the process of determining the final claim amount for loss of profit. Difference, if any, which in the opinion of management may not be significant, will be recognized upon the final determination of the claim amount. 5. Since the segment information as per Ind-AS 108 'Operating Segments' is provided on the basis of consolidated financial results, the same is not provided separately for the standalone financial results. Place: Naida Date: 3 November 2026 Page 7 of 7 On bet;::Jt Di C rs Vivek Jain {Chairman and Managing Director) DIN: 00029968
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PATANKAR & ASSOCIATES Chartered Accountants Office No. 19 to 23, 4th floor, 'Gold Wings', S.No. 118/A, Plot No.543, Sinhgad Road, Parvati Nagar, Pune - 411030 Telefax: 020 - 24252118 / 020 - 79630645 email : sanjay@patankarassociates .in Independent Auditor's Review Report on Quarterly and Vear to Date Unaudited Standalone Financial Results of Gujarat Fluorochemicals Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To the Board of Directors of Gujarat Fluorochemicals Limited We have reviewed the accompanying statement of unaudited standalone financial results of Gujarat Fluorochemicals Limited (the "Company") for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. This Statement which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standard 34 on 'Interim Financial Reporting' (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatements . A review is limited primarily to ;nquiries of the Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards i.e. Indian Accounting Standards ("Ind AS") issued under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Patankar & Associates Chartered Accountants Firm Registration No. 107628W ~ Sanjay S Agrawal Partner Mem. No. 049051 Place: Pune Date: 3 November 2026 UDIN: 26049051SOUJWT1897
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GUJARAT FLUOROCHEMICALS LIMITED CIN:L24304HP2018PLC011898 GUJARAT FLUOROCHEMICALS Registered Office: Plot No. 1, Khasra Nos. 264 to 267, Industrial Area, Village Basal, Una, Himachal Pradesh -174303 Tel: +911975297843 Website : www .gfl.co .in, email: contact@gfl.co .in VALUE iHROUGH GREEt' CHEM STRY Sr. No. I II Ill IV V VI VII VIII STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2026 Quarter ended Quarter ended 30 September Quarter ended 30 September Particulars 30 June 2026 2026 {Unaudited) 2025 {Unaudited) {Unaudited) Revenue from operations 1,760 1,588 1,210 Other income 10 12 6 Total Income {1+11) 1,770 1,600 1,216 Expenses Cost of materials consumed 681 504 440 Changes in inventories of finished goods, work-in-progress (61) 25 (100) and by products Cost of raw ore, material extraction and processing cost 7 6 9 Power and fuel 243 199 191 Employee benefits expense 158 147 131 Foreign exchange fluctuation (gain)/loss (net) (18) (13) (29) Finance costs 40 26 33 Depreciation & amortisation expense 104 102 91 Other expenses 277 292 210 Total expenses {IV) (see Note 4) 1,431 1,288 976 Share of loss of associates/Joint Venture * (2) - Profit before exceptional items and tax {111-IV+V) 339 310 240 Exceptional items (see note 3) - - - Profit before tax (11I-IV+V) 339 310 240 Page 1 of 13 BEYOND F I N I T Y (Rs. in Crores) Six months Six months ended ended Year ended 30 September 30 September 31 March 2026 2026 2025 {Audited) {Unaudited) {Unaudited) 3,348 2,491 4,996 22 29 42 3,370 2,520 5,038 1,185 846 1,635 (36) (66) 7 13 16 33 442 383 756 305 239 496 (31) (48) (89) 66 63 138 206 181 367 569 424 889 2,719 2,038 4,232 (2) - (1) 649 482 805 - - (20) 649 482 785
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(Rs. in Crores) Quarter ended Quarter ended Six months Six months Quarter ended ended ended Year ended Sr. Particulars 30 September 30 June 2026 30 September 30 September 30 September 31 March 2026 No. 2026 (Unaudited) 2025 2026 2025 (Audited) {Unaudited) (Unaudited) (Unaudited) (Unaudited) IX Tax expenses (1) Current tax 105 79 66 184 130 238 (2) Deferred tax {see Note 4) (6) 12 5 6. 6 13 {3) Tax pertaining to earlier periods - * * * * * Tax expenses 99 91 71 190 136 251 X Profit for the period/year (VI-VII) 240 219 169 459 346 534 XI Other comprehensive income A) Items that will not be reclassified to profit or loss Gains/(losses) on remeasurement of the defined benefit plan 3 {5) (2) (2) * 2 Income tax on above (1) 1 1 * * * B) Items that will be reclassified to profit or loss Exchange differences in translating the financial statements of 8 (5) 16 3 30 59 foreign operations Income tax on above - - - - Total other comprehensive income 10 (9) 15 1 30 61 Total comprehensive income for the period/year XII (Comprising Profit and Other Comprehensive Income for the 250 210 184 460 376 595 period/year) (X+XI) Profit/(loss) for the period/year attributable to: - Owners of the Company 243 221 169 464 346 539 - Non-controlling interests (3) (2) * (5) * (5) Other comprehensive income for the period/year attributable -to: - Owners of the Company 10 (9) 15 1 30 61 Non-controlling interests * * * * * * Total comprehensive income for the period/year attributable to: - Owners of the Company 253 212 184 465 376 600 - Non-controlling interests (3) (2) * (5) * (5) ~r ' Pa e 2 of 13 g
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Sr. Particulars No. XII Paid-up equity share capital (face value of Re 1 each) XIII Other Equity (excluding revaluation reserves) as shown in the audited Balance Sheet of previous year XIV Basic & Diluted earnings per equity share of Re. 1 each (in Rs.) (see Note 4) {*) Amount is less than Rs. a.so Crore. (**) Not Annualised Quarter ended Quarter ended 30 September 30 June 2026 2026 (Unaudited) (Unaudited) 11 11 22.11 ** 20.17 ** Page 3 of 13 (Rs. in Crores) Quarter ended Six months Six months ended ended Year ended 30 September 30 September 30 September 31 March 2026 2025 2026 2025 (Audited} (Unaudited) (Unaudited) (Unaudited) 11 11 11 11 7,760 15.38** 42.28** 31.S0** 48.99
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STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED AND SIX MONTHS ENDED 30 SEPTEMBER 2026 (Rs. in Crores) Quarter ended Quarter ended Quarter ended Six months ended Six months ended Year ended Sr. 30 September 30 September No. Particulars 2026 30 June 2026 30 September 2025 30 September 2026 2025 31 March 2026 (Unaudited) (Unaudited) (Unaudited} (Unaudited) (Unaudited) {Audited) A Segment Revenue 1 Chemicals 1,743 1,610 1,215 3,353 2,502 5,030 2 EV Products 41 29 3 70 4 33 Total Segment Revenue 1,784 1,639 1,218 3,423 2,506 5,063 less: Inter Segment Revenue (24) (51) (8) (75) (15) (67) Total External Revenue 1,760 1,588 1,210 3,348 2,491 4,996 B Segment Results I Earnings Before Interest, Tax, Depreciation (EBITDA) 1 Chemicals SOS 458 381 963 735 1,371 2 EV Products (32) (30) {23) (62) (38) (102) EBITDA 473 428 358 901 697 1,269 II Other income 1 Chemicals 6 8 6 14 27 37 2 EV Products 4 4 - 8 2 5 Total Other Income 10 12 6 22 29 42 lll(a} Finance costs 1 Chemicals 29 21 32 50 62 122 2 EV Products 4 5 1 9 1 6 Total Finance Cost 33 26 33 59 63 128 lll(b) Transaction costs/Fair value loss in respect of financial liability at FVTPL (CCPS) Chemicals - - - - - EV Products 7 - - 7 10 Total Transaction costs in respect of financial 7 7 10 liability at FVTPL - - - Total Finance Cost 40 26 33 66 63 138 IV Profit/(loss} before tax and depreciation (PBDT) (1+11-111) 1 Chemicals 482 445 355 927 699 1,286 2 EV Products {39) (31) {24) (70) (36) (113) PBDT 443 414 331 ,/ 857 663 1,173 Page 4 of 13 (
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(Rs. in Crores) Quarter ended Quarter ended Quarter ended Six months ended Six months ended Year ended Sr. Particulars 30 September 30June 2026 30 September 2025 30 September 2026 30 September 2025 31 March 2026 No. 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited} (Audited) (Unaudited) V Depreciation and amortisation expense 1 Chemicals 93 91 85 184 169 338 2 EV Products 11 11 6 22 12 29 Total Depreciation and amortisation expense 104 102 91 206 181 367 VI Share of profit/(loss) from associates 1 Chemicals * (2) - (2) - (1) 2 EV Products - - - - - - Total share of profit/(loss) from associates * (2) - (2) (1} VII Profit/(loss} before tax {PBT) (IV-V-VI) - before Exceptional item 1 Chemicals 389 352 270 741 530 947 2 EV Products (SO} (42} (30) (92) {48) (142} PST before Exceptional item 339 310 240 649 482 805 VII Exceptional item 1 Chemicals - - - - - (19} 2 EV Products - - - (l} Total Exceptional item - - - - - {20) IX Profit/(loss} before tax (PBT) (IV-V-VI) - after Exceptional item 1 Chemicals 389 352 270 741 530 928 2 EV Products (SO) (42) (30) (92) (48) {143) PBT after Exceptional item 339 310 240 649 482 785 X Tax Expenses 1 Chemicals 99 91 71 190 136 251 2 EV Products - - - - - - Total Tax Expenses 99 91 71 190 136 251 XI Profit/(loss) after tax {PAT) (VII-VII) 1 Chemicals 290 261 199 551 394 677 2 EV Products (SO) (42} (30) (92) (48) {143) PAT 240 219 169 459 346 534 Page 5 of 13
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Sr. No. Particulars C Segment Assets 1 Chemicals 2 EV Products Total Segment Assets D Segment Liabilities 1 Chemicals 2 EV Products Total Segment Liabilities (*) Amount is less than Rs. 0.50 Crore. See Note 4 for the impact of restatement Quarter ended Quarter ended 30 September 2026 30 June 2026 (Unaudited) (Unaudited) 9,555 9,236 3,286 3,361 12,841 12,597 2,999 2,980 1,390 1,304 4,389 4,284 Page 6 of 13 (Rs. in Crores} Quarter ended Six months ended Six months ended Year ended 30 September 2025 30 September 2026 30 September 2025 31 March 2026 (Unaudited) (Unaudited) (Unaudited) (Audited) 8,833 9,555 8,833 9,090 1,762 3,286 1,762 2,747 10,595 12,841 10,595 11,837 2,736 2,999 2,736 2,777 220 1,390 220 1,193 2,956 4,389 2,956 3,970
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CONSOLIDATED UNAUDITED STATEMENT OF ASSET AND LIABILITIES AS AT 30 SEPTEMBER 2026 {Rs. in Crores) As at Asat Sr No Particulars 30 September 2026 31 March 2026 (Unaudited) (Audited) ASSETS (1) Non-current assets {a) Property, plant & equipment 4,424 4,509 (b) Capital work-in-progress (see Note 4) 2,457 1,868 (c) Right of use assets 185 183 (d) Other intangible assets 120 129 (e) Intangible assets under development 16 10 (f) Investments accounted using equity method 31 21 (g) Financial assets (i) Investments 19 15 (ii) Other Non-current financial assets 29 29 (h) Income tax assets (net) 21 15 (i) Other non-current assets 891 650 Sub-total 8,193 7,429 (2) Current Assets (a) Inventories 1,988 1,933 (b) Financial assets (i) Investments - 243 (ii) Trade receivables 1,511 1,282 (iii) Cash & cash equivalents 299 215 (iv) Bank balances other than (iii) above 281 135 (v) Loans 11 16 (vi} Other financial assets 184 220 (c} Current tax assets - * (d) Other current assets 374 364 Sub-total 4,648 4,408 Tota I Assets ',. 12,841 11,837 r Page 7 of 13
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(Rs. in Crores) As at As at Sr No Particulars 30 September 2026 31 March 2026 (Unaudited) (Audited) EQUITY & LIABILITIES Equity (a) Equity share capital 11 11 (b) Other equity (see Note 4) 8,381 7,760 (c} Money received against share warrants issued by a subsidiary company - so (d) Non-controlling interest (see Note 4} 60 46 Sub-total 8,452 7,867 LIABILITIES (1) Non-current liabilities (a} Financial liabilities (i} Series 'A' Compulsorily Convertible Preference Shares (CCPS} 437 430 (ii} Borrowings 651 566 (iii) Lease liabilities 79 77 (b) Provisions 103 88 (c) Deferred tax liabilities (net) 254 249 Sub-total 1,524 1,410 (2) Current liabilities (a) Financial liabilities (i} Borrowings 1,583 1,633 (ii) Lease liabilities 18 14 (iii} Trade payables a} total outstanding dues of micro enterprises and small enterprises 96 90 b) total outstanding dues of creditors other than micro enterprises and small enterprises 630 462 (iv) Other financial liabilities 329 257 (b) Other current liabilities 90 30 (c) Provisions 27 21 (d) Current tax liabilities (net) 92 53 Sub-total 2,865 2,560 Total Equity & Liabilities ✓ 12,841 11,837 Page 8 of 13
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UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2026 (Rs. in Crores) Period ended Period ended Particulars 30 September 2026 30 September 2025 (Unaudited) (Unaudited) A Cash flow from operating activities Profit for the period 459 346 Adjustments for: Tax expense 190 136 Depreciation and amortisation expense 206 181 Liabilities and provisions no longer required written back (8) (11) Deposits and advances written off 9 - Exchange difference on translation of assets and liabilities 10 30 Loss on retirement/disposal of property, plant and equipment (net) * - Unrealised foreign exchange gain (net) (2) (28) Gain on fair value changes in investments carried at FVTPL (net) (4) (2) Share based payment expenses 7 3 Impairment loss recognised in trade receivables, advances & other financial assets (net) 7 5 Share of loss of associates /joint venture 2 Interest income (14) (19) Fair Value loss in respect of financial liability at FVTPL (CCPS) 7 - Finance costs 59 63 Operating profit before working capital changes 928 704 Adjustment for: lncrease/{decrease) in provisions 18 (2) lncrease/(decrease) in trade payables (77) (19) Increase /(decrease) in other financial liabilities 67 19 Increase /(decrease) in other liabilities 38 (3) (lncrease)/decrease in loans - * {lncrease)/decrease in inventories (55) (156) (lncrease)/decrease in trade receivables 33 196 (lncrease)/decrease in other financial assets (16) (71) (Increase)/ decrease in other assets (47) 71 Cash generated from operations 889 739 Income-tax paid (net) (151) (125) Net cash generated from operating activities - 738 614 Page 9 of 13 '
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(Rs. in Crores) Period ended Period ended Particulars 30 September 2026 30 September 2025 (Unaudited) (Unaudited) B Cash flow from investing activities Purchase of property, plant and equipment (including changes in capital work in progress and capital creditors/capital advances) (841) {463) Payments for acquiring intangible assets (including intangible assets under development) - (18) Proceeds from sale/disposal of property, plant and equipment 2 - Proceeds from slump sale - 190 Investment in associates (52} (185) Purchase of current investments {325) - Redemption of current investments 570 281 Government Grant - Interest subsidy received 22 - Interest received 22 4 Movement in other bank balances (140) 30 Net cash used in investing activities (742) (161) C Cash flow from financing activities Proceeds from issue of shares by a subsidiary company {net of expenses) 150 - Proceeds from non-current borrowings 107 67 Repayment of non-current borrowings (8) (233) Proceeds from/(repayment of) current borrowings (net) (61) {213) Payment of lease liabilities (17) {14) Finance costs {83) (66) Net cash generated from/ (used in) financing activities 88 (459) Net increase/ (decrease) in cash and cash equivalents 84 (6) Cash and cash equivalents as at the beginning of the year 215 55 Cash and cash equivalents as at the end of the period 299 49 (*) Amount is less than Rs. 0.50 Crores. Note: The Consolidated Statement of Cash Flows has been prepared in accordance with "indirect method" as set out in Ind AS - 7 "Statement of Cash Flows". Page 10 of 13
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Notes: 1. The above results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective Meeting held on 03 November 2026. The Statutory Auditors have carried out Limited Review of the aforesaid results and issued an unmodified review report. 2. The Company has received a No Objection Letter on 9 July 2026 from BSE Limited and National Stock Exchange of India Limited in respect of the Composite Scheme of Arrangement between lnox Leasing and Finance Limited, {"Demerged Company" or "Transferor Company" or "ILFL''), Holding Company of Gujarat Fluorochemicals Limited, lnox Holdings and Investments Limited, ("Resulting Company" or "IHIL") and Gujarat Fluorochemicals Limited ("Transferee Company" or "GFCL") and their respective Shareholders under the provisions of Sections 230 to 232 and other applicable provisions of the Act {"Scheme") which envisages the following: (a} Part A-Demerger of Wind Business ("Demerged Undertaking") of ILFL into IHIL; and {b) Part B-Amalgamation of ILFL into GFCL (after demerger of Demerged Undertaking of ILFL into IHIL). All the Companies involved in the Scheme are in process of taking further actions for obtaining the approval of Regulatory Authorities to implement the Scheme. 3. Effective 21 November 2025, the Government of India has consolidated multiple existing labour legislations into a unified framework comprising four labour Codes collectively referred to as the 'New Labour Codes'. Under Ind AS 19, changes to employee benefit plans arising from legislative amendments constitute a plan amendment, requiring recognition of past service cost immediately in the statement of profit and loss. The Group has assessed and estimated the impact of increase in employee benefit obligations arising from the New Labour Codes. The impact of the same is recognised and presented as 'Exceptional Item' in the above results amounting to Rs. 20 crores for the year ended 31 March 2026. 4. In respect of one of the subsidiaries, GFCL EV Products Limited, the management has derecognised the deferred tax asset of Rs. 24 crores recorded in earlier years on account of re-estimation of future taxable profits and its impact on utilization of unabsorbed losses in accordance with the principles of Ind AS 12: 'Income Taxes'. However, this does not affect the subsidiary's statutory entitlement to carry forward and set off the unabsorbed tax losses against future taxable income, subject to the applicable provisions and specified time I imits under the Income tax Act. Further, during the current period, pursuant to a review of capital work-in-progress (CWIP), the said subsidiary has identified certain expenditure aggregating to Rs. 22 crores included in CWIP in prior year that did not meet the recognition criteria for capitalisation under Ind AS 16: 'Property, plant and Equipment'. The said subsidiary has, accordingly, restated the comparative financial information for the year ended 31st March 2026, in accordance with the applicable requirements of Ind AS 8: 'Accounting policies, Changes in Accounting Estimates and Errors' and Ind AS 1: 'Presentation of Financial Statements'. The impact of this restatement on the above financial results is as under: Consolidated unaudited statement of assets and liabilities (Rs.in Crores) Particulars 31 March 2026 Adjustments 31 March 2026 (Audited) (Restated) Non-current assets Capital work-in-progress 1,890 (22) 1,868 Deferred tax assets (net) 24 (24) - EQUITY (a) Other Equity 7,805 (45) 7,760 {b) Non-Controlling Interest 47 (1) 46 Page 11 of 13
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Statement of unaudited consolidated financial results (Rs. in crores) Particulars Quarter ended 30 September Six months ended 30 Sept. Year ended 31 March 2026 2025 (Unaudited) 2025 (Unaudited) (Audited) As Adjust- Resta- As Adjust- Resta- As Adjust- Resta- reported ment ted reported ment ted reported ment ted earlier earlier earlier Impact on Profit before tax 246 (6) 240 493 (11) 482 807 {22) 785 Impact on Profit after tax 179 (10} 169 363 {17) 346 574 (40} 534 Impact on Total comprehensive income 194 {10) 184 393 (17) 376 635 {40) 595 Impact on Basic & Diluted earnings per equity share 16.31 (0.93) 15.38** 33.06 {1.56) 31.50** 52.56 {3.57) 48.99 (in Rs.) (**) Not annualised 5. With respect to the fire incident in December 2021 at Ranjitnagar plant, the Company recognized a total amount of Rs. 70 Crores towards insurance claim lodged in that year. After the receipt of interim claim amount, sale of related scrap etc., the Company has received Rs. 11 crores on 24 April 2026 towards full and final claim for loss of PPE. Now the balance of insurance claim lodged is Rs. 28 Crores. The insurance company is in the process of determining the final claim amount for loss of profit. Difference, if any, which in the opinion of management may not be significant, will be recognized upon the final determination of the claim amount. 6. The Company has following Subsidiary/Associate/Joint Venture companies, as at 30 September 2026: Sr. No Name of Subsidiary/Associate/Joint Venture companies Relationship Country of Incorporation 1 Gujarat Fluorochemicals Americas LLC Wholly-owned subsidiary USA 2 Gujarat Fluorochemicals GmbH Wholly-owned subsidiary Germany 3 Gujarat Fluorochemicals Singapore Pte. Limited (including its following wholly-owned subsidiary) Wholly-owned subsidiary Singapore a) GFL GM Fluorspar SA Step down subsidiary Morocco 4 GFCL EV Products Limited (including its following subsidiaries) Subsidiary India a) GFCL EV Products Americas LLC Step down subsidiary USA b) GFCL EV (SFZ) LLC Step down subsidiary Oman c) GFCL EV Products GmbH Step down subsidiary Germany d) GFCL EV Products Pte. Ltd. Step down subsidiary Singapore e) GFCL EV Advanced Materials (SFZ) LLC Step down subsidiary Oman f) GFCL EV New Age Materials SAOC (incorporated on 3 June 2026) Step down subsidiary Oman 5 GFCL Solar and Green Hydrogen Products Limited Wholly-owned subsidiary India 6 Gujarat Fluorochemicals FZE Wholly-owned subsidiary Dubai 7 GFCL Semiconductor and Advanced Materials Limited (incorporated on 26 June 2026) Wholly-owned subsidiary India 8 Swarnim Gujarat Fluorspar Private Limited Joint Venture India 9 IGREL Mahidad Limited Associate India 10 Flurry Wind Energy Private Limited Associate Jngi.a ·v Page 12 of 13 ~
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7. New companies incorporated in the Group during the six months ended 30 September 2026: Name of the Company Purpose GFCL Semiconductor and Advanced Materials Specialty chemicals and semiconductor devices, integrated circuits Limited etc. GFCL EV New Age Materials SAOC Manufacturing and trading of battery chemicals. 8. The Group is having two reportable business segments viz. 'Chemicals' and 'EV Products'. Place: Naida Date: 3 November 2026 Vivek Jain {Chairman and Managing Director) Page 13 of 13
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PATANKAR & ASSOCIATES Chartered Accountants Office No. 19 to 23, 4th floor, 'Gold Wings', S.No. 118/A, Plot No.543, Sinhgad Road, Parvati Nagar, Pune - 411030 Telefax: 020 - 24252118 / 020 - 79630645 email : sanjay@patankarassociates.in Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of Gujarat Fluorochemicals Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To the Board of Directors of Gujarat Fluorochemicals Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results of Gujarat Fluorochemicals Limited (the "Parent"), its subsidiaries (the Parent and its subsidiaries together referred to as the "Group") and its share of the net profit/(loss) after tax and total comprehensive income of its associates and jointly controlled entity for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (the "Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 2. This Statement which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standard 34 on 'Interim Financial Reporting' (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of Gujarat Fluorochemicals Limited and of the following entities : Subsidiaries: i) Gujarat Fluorochemicals Americas LLC ii) Gujarat Fluorochemicals GmbH iii) Gujarat Fluorochemicals Singapore Pte. Limited iv) GFCL EV Products Limited v) GFCL Solar and Green Hydrogen Products Limited vi) Gujarat Fluorochemicals FZE vii) GFCL Semiconductor and Advanced Materials Limited (incorporated on 26 June 2026)
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Independent Auditor's Review Report on Quarterly and Vear to Date Unaudited Consolidated Financial Results of Gujarat Fluorochemicals Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) - continued Step-down subsidiaries: i) GFL GM Fluorspar SA ii) GFCL EV Products Americas LLC iii) GFCL EV (SFZ) LLC iv) GFCL EV Products GmbH v) GFCL EV Products Pte. Ltd. vi) GFCL EV Advanced Materials (SFZ) LLC vii)GFCL EV New Age Materials SAOC (incorporated on 3 June 2026) Associates: i) IGREL Mahidad Limited ii) Flurry Wind Energy Private Limited Jointly controlled entity: i) Swarnim Gujarat Fluorspar Private Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial information of four subsidiaries which reflect total assets (before consolidation adjustments) of Rs 3,631 Crores as at 30 September 2026 and total revenue (before consolidation adjustments) of Rs. 42 Crores and Rs. 70 Crores, total net loss after tax (before consolidation adjustments) of Rs. 51 Crores and Rs. 92 Crores and total comprehensive loss (before consolidation adjustments) of Rs. 49 Crores and Rs. 91 Crores for t he quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively and cash inflows of Rs. 84 Crores for the period from 1 April 2026 to 30 September 2026 as considered in the Statement . These financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. 7. The Statement includes the interim financial information of three subsidiaries, which have not been reviewed by their auditors, whose financial information reflect(s) total assets of Rs. 18 Crores as at 30 September 2026, and total revenues of Rs. 0.18 Crores and Rs. 0.43 Crores, net profit after tax of Rs. 1 Crore and net loss after tax Rs. 1 Crore, total comprehensive income of Rs. 0.47 Crores and total comprehensive loss Rs. 1 Crore for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash inflows (net) of Rs. 0.07 Crores for the period from 1 April 2026 to 30 September 2026 as considered in
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Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of Gujarat Fluorochemicals Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) - continued the Statement, and have been furnished to us by the Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, are based solely on such unreviewed financial information. According to the information and explanations given to us by the Parent's management, these financial information are not material to the Group. Our conclusion on the Statement is not modified in respect of this matter. 8. The Statement also include interim financial information of two associates and one joint venture which have not been reviewed by their auditors, whose interim financial information reflects Group's share of net loss after tax and total comprehensive loss of Rs. 0.28 Crores and Rs 2 Crores for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, as considered in the Statement . According to the information and explanations given to us by the Parent's management, these financial information is not material to the Group. Our conclusion on the Statement is not modified in respect of this matter . For Patankar & Associates Chartered Accountants Firm Registration No. 107628W ~ Sanjay S Agrawal Partner Mem. No. 049051 Place: Pune Date: 3 November 2026 UDIN: 26049051QNOMQA3653