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GFCL EV Products Unlisted Shares
BUY
₹ 36.50
SELL
₹ 39.00
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As on 30 Jul 2026, 08:25 PM, we are buying shares of the GFCL EV PRODUCTS LIMITED EQ for ₹ 36.50 and selling them for ₹ 39.00 per share.
About GFCL EV Products Unlisted Shares
GFCL EV Products Limited, a 100% subsidiary of Gujarat Fluorochemicals Limited (GFL), was incorporated on 11th June 2021 to become a globally competitive supplier of battery materials for Electric Vehicles (EVs) and Energy Storage Systems (ESS). Positioned as a key player in India’s energy transition, the company aims to cover over 50% of the Li-ion battery value chain, with a focus on backward integration to reduce China-dependency.
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Business Division
Core Offerings:
- Cathode Active Materials (CAM): Primarily Lithium Iron Phosphate (LFP)
- Electrolytes: Includes salts, additives, and formulations
- Binders: PVDF and PTFE grades
Geographic Focus: India, USA, and EU
Target Customers: EV OEMs & Battery Manufacturers (20+ potential clients in pipeline)
Production Facility: Jolva, Gujarat with support from Dahej & Ranjitnagar
Key Financial Pointers
- Revenue jumped to ₹37 Cr in FY24 from nil in FY23.
- PAT loss widened slightly to ₹300 Cr in FY24 from ₹274 Cr in FY23.
- EBITDA loss reduced to ₹177 Cr in FY24, showing operational improvement.
- Fixed assets rose sharply to ₹44,114 Cr, indicating capex execution.
- Borrowings increased to ₹4,522 Cr in FY24 to fund capacity buildout.
- Negative margins across EBITDA, EBIT, PBT, and PAT due to initial scale-up stage.
- Share capital surged to ₹70,752 Cr post equity raise at ₹35/share.
Pros
- Stock is trading at 1.14 times its book value
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 26.3%
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -6.23% over past five years.
- Company has a low return on equity of 3.68% over last 3 years.
Key Details
| Share Name | Particulars |
|---|---|
| Fly SBS Unlisted | 40.00 |
| Shares Price | Per Equity Share |
| Minimum Lot Size | Shares Worth Rs. 15000 |
| 52 Week High | ₹ 54 |
| 52 Week LoW | ₹ 54 |
| Depository | NSDL & CDSL |
| PAN Number | AAJCG4540K |
| ISIN Number | INE0KA501014 |
| CIN | U24296GJ2021PLC127819 |
| RTA | Link Intime |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 29214.21 |
| P/E Ratio | N/A |
| P/B Ratio | 19.32 |
| Debt to Equity | 0 |
| ROE (%) | -2% |
| Book Value | 2.07 |
| EPS | -0.04 |
| Face Value | 1 |
| Total Shares | 7303551584 |
Financials
| P&L Statement | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | 944 | 37 | 0 |
| Cost of Material Consumed | 6520 | 624 | 0 |
| Gross Margins | 95.76 | -1586.49 | - |
| Change in Inventory | -6480 | -631 | 0 |
| Employee Benefit Expenses | 994 | 44 | 0 |
| Other Expenses | 2689 | 177 | 315 |
| EBITDA | -2779 | -177 | -315 |
| OPM | -294.39 | -478.38 | - |
| Other Income | 2092 | 22 | 79 |
| Finance Cost | 264 | 53 | 38 |
| D&A | 2252 | 154 | 0 |
| EBIT | -5031 | -331 | -315 |
| EBIT Margins | -532.94 | -894.59 | - |
| PBT | -3203 | -362 | -274 |
| PBT Margins | -339.3 | -978.38 | - |
| Tax | -503 | -62 | 0 |
| PAT | -2700 | -300 | -274 |
| NPM | -286.02 | -810.81 | - |
| EPS | -0.04 | -0.01 | -0.01 |
| Financial Ratios | FY25 | FY24 | FY23 |
|---|---|---|---|
| Operating Margin | -97% | -561% | -399% |
| Net Profit Margin | -89% | -508% | -347% |
| Return on Equity | -2% | 0% | -1% |
| Debt-Equity | 0 | 0.06 | 0.03 |
| Current Ratio | 2.32 | 1.68 | 0 |
| Dividend Payout | 0% | 0% | 0% |
| Company | GFCL EV Products | Himadri Speciality Chemical |
|---|---|---|
| Market Cap (₹ Crores) | 35422 | 23117 |
| Profitability Margin (%) | -89% | 12% |
| ROCE (%) | 0% | 22% |
| ROE (%) | -2% | 16% |
| D/E Ratio | 0 | 0.08 |
| P/E Ratio | -1212.5 | 37.6 |
| P/B Ratio | 23.43 | 6.12 |
| Book Value per Share (₹) | 2.07 | 75.4 |
| Assets | 2025 | 2024 | 2023 |
|---|---|---|---|
| Fixed Assets | 48042 | 44114 | 0 |
| CWIP | 57682.5 | 17740 | 32443 |
| Investments | 18834 | 167 | 0 |
| Trade Receivables | 982 | 40 | 0 |
| Inventory | 13182 | 3503 | 0 |
| Other Assets | 27779.5 | 15874 | 12037 |
| Total Assets | 166502 | 81438 | 44480 |
| Liabilities | 2025 | 2024 | 2023 |
|---|---|---|---|
| Share Capital | 73035.52 | 70752.6 | 39299.8 |
| FV | 1 | 1 | 1 |
| Reserves | 78142 | -676 | -316 |
| Borrowings | 0 | 4522 | 1132 |
| Trade Payables | 4436 | 2115 | 103 |
| Other Liabilities | 10888.48 | 4724.4 | 4261.2 |
| Total Liabilities | 166502 | 81438 | 44480 |
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