GFCL EV Products Ltd
INOXGFL group's battery-materials venture, backed by IFC and Oman's OIA, investing ₹6,000 Cr to become the largest non-Chinese supplier.
Market cap
₹5,700 Cr
150.00 Cr shares
P/E ratio
Loss making
Sector average 50
Book value
₹12.00
P/B 3.17
1-year return
+5.26%
52w ₹30 – ₹48
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
+8.88% ₹35 → ₹38
52-week band in this window: ₹34.90 – ₹46.44. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 96.87% subsidiary of Gujarat Fluorochemicals; IFC and OIA are minority investors.
- ₹6,000 Cr investment plan and a ~$216 million Oman plant announced in February 2026.
- FY26 segment PBDT loss of ₹91 Cr; still in ramp-up.
About GFCL EV
GFCL EV Products Ltd is the battery-materials subsidiary of Gujarat Fluorochemicals (GFL), part of the INOXGFL group. It makes and is scaling up lithium-ion cell materials - PVDF binders, electrolyte salts such as LiPF6, cathode-active-material precursors, and fluoropolymer components - for EV and energy-storage cells, with plants at GFL's Dahej and Ranjitnagar sites in Gujarat and a greenfield project of about $216 million at Salalah Free Zone in Oman announced in February 2026.
GFL held 96.87% at March 2025 after the International Finance Corporation (IFC) and Oman Investment Authority (OIA) invested; a further $80 million raise in early 2026 took total external funding to about $130 million. Management has outlined ₹6,000 Cr of investment over four to five years. The business is still in build-out: GFL's EV Products segment reported a loss before depreciation and tax of ₹91 Cr in FY26 and ₹31 Cr in the June 2026 quarter.
Dealer quotes of ₹38-42 in lots of 1,000 give the company a market value in the thousands of crores on the estimated share base, a bet on India's cell-manufacturing PLI programme and on Western customers seeking non-Chinese supply. Subsidiaries in the US, Germany, Singapore and Oman handle overseas sales and projects.
Revenue, loss, the share count and balance-sheet lines are estimates built from GFL's segment disclosures; the incorporation date is approximate. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Binders and fluoropolymers (PVDF)45%
Cathode binders and separator coatings
- Electrolyte salts and additives30%
LiPF6 and fluorinated additives
- Cathode-active-material precursors25%
LFP and other CAM under development
Products & services
PVDF binders
Fluoropolymer binders for lithium-ion cathodes and separators.
LiPF6 electrolyte salt
Fluorinated electrolyte salts and additives.
Cathode-active materials
LFP and precursor materials under development.
What works
- • Parentage of Gujarat Fluorochemicals, a global fluoropolymer leader, with feedstock, technology and site integration.
- • Institutional backing from IFC and OIA and a large capex programme already under way, including the Oman plant.
- • Positioned as a non-Chinese supplier of PVDF, LiPF6 and CAM at a time of supply-chain diversification.
What to watch
- • Operating losses during ramp-up; FY26 PBDT loss of ₹91 Cr and continued losses in FY27.
- • Battery-material prices and Chinese overcapacity could compress margins before Indian cell demand matures.
- • Minority position in a group subsidiary with no announced listing; dealer quotes are indicative.