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KR Choksey has recommended an "ACCUMULATE" rating for Gujarat Fluorochemicals, setting a target price of Rs 4,550, reflecting strong Q2FY25 earnings with a 25.4% YoY revenue increase to INR 11,880 Mn and a 128.3% YoY rise in PAT to INR 1,210 Mn. The firm anticipates a turnaround in its legacy business by Q4FY25, coinciding with the commercial launch of the GFCL EV business.
Gujarat Fluorochemicals reported a consolidated revenue of Rs 11.8 billion, marking a 25.5% YoY increase. While the Fluoropolymers segment showed flat volumes, higher realizations are anticipated as a competitor exits the market by December 2024. Despite a decline in bulk chemicals due to falling caustic soda prices, growth is expected from high-grade fluoropolymers and battery chemicals, leading to a "REDUCE" rating with a target price of Rs 3,770.
Gujarat Fluorochemicals' EV arm, GFCL EV, has successfully raised Rs 1,000 crore at an equity valuation of approximately Rs 25,000 crore, with backing from prominent investors including the INOXGFL Group. The funds will support capacity expansion and leverage global opportunities in the electric vehicle and energy storage sectors. GFCL EV aims to commence commercial sales by the fourth quarter of this year, positioning itself as a key supplier for major automotive OEMs.
Gujarat Fluorochemicals Limited
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