Gujarat Fluorochemicals

“During the quarter, our focus remained on capacity debottlenecking with plans to undertake additional growth capex over the next 1 year.”

“And so still, there is more investment to come in salt and electrolytes going forward.”

“Once our downstream product capacity is upstream and utilized, some of the capex will go into the backward integration.”

“I think anode project is going on very -- right now, it's slow because we have put some sort of a hold on that”

“So FP, of course, we will get into FP production as well because that's part of our backward integration.”

“Our R-134A project is progressing as a part of our strategy to expand and diversify our refrigerant portfolio and is expected to commence production by quarter 4 FY '27.”

“In view of the strong emerging global market demand, further substantial capacity expansions is underway.”

“So I think we'll see the full utilization of this more or less by quarter 1 next year, quarter 1 next financial year.”

“And a significant capacity will come up by towards quarter 3 of next financial year or towards the end of next year.”

“All I can tell you, Sanjesh, is that in this quarter, the quarter going on, we'll probably reach the full utilization of what we had planned initially.”

“Revenue for quarter 2 FY '27 stood at INR931 crores, registering a growth of 22% year-on-year compared with INR764 crores in quarter 2 FY '26.”

“Revenue for the quarter stood at INR607 crores, registering a growth of 135% year-on-year compared with INR258 crores in quarter 2 FY '26.”

“On a sequential basis, revenue increased by 33% from INR458 crores in quarter 1 FY '27, largely growth driven by growth in refrigerants, particularly R-32.”

“Our Bulk Chemical portfolio reported a revenue of INR151 crores in quarter 2 FY '27 compared with INR158 crores in quarter 2 FY '26, representing a decline of 5% year-on-year.”

“LiPF6 sales is ramping up well with sales to 5 major global electrolyte players.”

“We continue to see healthy demand across several application segments, particularly in high-performance and specialty applications such as FKM in automotive sector and PSA and modified PTFE in semiconductors and data centers.”

“Refrigerant demand and pricing remain stable in near term, providing a supportive operating environment.”

“We expect domestic electrolyte demand to pick up towards the end of next financial year.”

“And several of our grades are at the advanced stage of trial in this case. And certainly, it's a very huge upside for the PTFE business as a whole because the demand, as more and more battery manufacturers move towards the dry electrode systems, the demand for PTFE will continue to pick up.”

“And overall, in terms of gigawatt hours, the battery production is still at very, very low levels, okay?”

“The EBITDA margin for the quarter was steady and stood at 27%.”

“On a sequential basis, revenue declined by 8% from INR164 crores in quarter 1 FY '26, primarily due to lower caustic soda prices and higher captive consumption of Chloromethanes for R-32 production.”

“And in most of our cases, it's passed through. And so overall, the margin remains protected, Sanjesh.”

“these are volume binding with a price -- formula-based pricing, okay?”

“So that's why you see that one of the reason of the higher value is also due to the higher volume, not also because of higher volume, but also the higher value, which we have achieved for some of the applications which we have been always talking about.”

“Sumitomo, we have taken INR600 crores. ICICI, we have taken another INR300 crores.”

“And the debt will be around INR1,500 crores, of which INR900 crores is already raised.”

“So if I add up again INR2,300 crores plus INR900 crores, it makes almost INR3,200 crores already raised in the system.”

“So my estimation is that we will have around INR1,500 crores of loan. We'll have a around INR3,000 crores, INR3,500 crores of total equity.”

“we have not provided any put or any backstop from parent or promoters for any such funding.”

“we'll not be raising all the money at one go, but yes gradually over the period of next 12 to 18 months.”

“So close to INR2,300 crores, we've already raised. So another INR1,200 crores need to be raised over the next 18 to 24 months.”

“we'll probably share it in the next few quarters, Ketan. We are still -- because it's a very early stage of discussion and conceptualization.”

“However, the pace of ramp-up will be linked to the customer qualification time lines, commercial approvals and capacity ramp-up.”

“Unfortunately, because of putting that project on hold and bringing some of that capacity to India, there has been a delay of a quarter or 1.5 quarters.”

“Fortunately or unfortunately, our revenues are tied up to the end product ramp-up where we have seen some delays.”

“The nature of the business is such that one has to commit a large capex in commercial plants before start of revenue.”

“While the segment beholds huge opportunity, the long approval cycles and gestation period is a critical entry barrier. We have successfully crossed all the hurdles and are on the cusp of a major growth journey ahead.”

“Chemical segment revenue increased 42% year-on-year to INR1,723 crores, reflecting a healthy demand across the fluoropolymers and fluorochemicals portfolio.”

“On a consolidated basis, our quarter 2 FY '27 revenue stood at INR1,760 crores, registering a growth of 45% year-on-year and 11% quarter-on-quarter”

“Profit after tax for quarter 2 FY '27 stood at INR240 crores, representing a growth of 42% year-on-year and 10% quarter-on-quarter.”

“EBITDA grew 33% year-on-year to INR505 crores with sequential growth of 10%, demonstrating sustained operating momentum.”

“Chemical segment's PAT increased 46% year-on-year to INR290 crores”