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Company Overview
Incorporated on June 11, 2021, GFCL EV Products Limited is a wholly-owned subsidiary of Gujarat Fluorochemicals Limited (GFL). The company has been established to play a strategic role in the global transition toward clean energy, focusing on the manufacturing and supply of advanced battery materials for Electric Vehicles (EVs) and Energy Storage Systems (ESS).
🔋 Business Model & Strategy
Integrated Battery Materials Player covering 50%+ of Li-ion battery value chain.
Backward Integration to reduce dependency on China and secure supply chain.
Diverse Product Portfolio:
Cathode Active Material (CAM) – Primarily LFP
Electrolytes – Lithium salts, additives, formulations
Binders – PVDF & PTFE
Chemistry-Agnostic product development
Target Markets: India, USA, EU
Customer Focus: Long-term partnerships with global EV OEMs & battery manufacturers
🌍 Market Opportunity
Global Battery Market TAM:
2023: USD 120.74 Billion
2030E: USD 300 Billion (CAGR: 15.4%)
LFP CAM Demand (Ex-China):
FY24: 21 kT → FY31: 169 kT (CAGR: 34%)
GFCL EV’s Addressable Market:
FY24: USD 35 Billion
FY31E: USD 116 Billion
Covers ~40% of LFP cell value
💰 Fundraising & Valuation
Recent Equity Raised: ₹800 crore
Share Price: ₹35
Implied Valuation: ₹25,000 crore
Pre-issue Shares: 707.5 crore
Post-issue Shares: 730.35 crore
Investors:
| Investor | Amount (₹ Cr) |
|---|---|
| Sunil Bharti Mittal Family | 100 |
| Varun Beverages Family | 100 |
| RPSG Group Family | 100 |
| Manyavar Family | 60 |
| Dalmia Family | 50 |
| Evergrow | 5 |
Parent GFL Investment: ₹800 crore (₹650 crore infused till Dec 2023)
🏭 Manufacturing Facilities
Main Plant: Jolva, Gujarat – Integrated battery material complex
Support Plants (via GFL):
Dahej, Gujarat
Ranjitnagar, Gujarat
🛠️ Production & Commercialisation
Commercial Operations Started at Jolva
Q4 FY25 Rollout:
Electrolyte
LiPF6
PVDF Binders
LFP Cathode: Commissioning expected by Q4 FY25 (after qualification cycle)
Fundamentals
| Particulars | Details | Particulars | Details |
|---|---|---|---|
| Share Price | ₹54 per equity share | Lot Size | 1000 shares |
| 52-Week High | ₹54 | 52-Week Low | ₹54 |
| Market Cap | ₹39,439 crore | Face Value | ₹1 |
| Book Value | ₹0.96 | P/B Ratio | 56.25 |
| P/E Ratio | N/A | ROE (%) | -0.43 |
| Debt to Equity | 0.06 | Total Shares | 7,30,35,50,984 |
| ISIN Number | INE0KA501014 | PAN Number | AAJCG4540K |
| CIN | U24296GJ2021PLC127819 | Depository | NSDL & CDSL |
| RTA | Link Intime |
Promoters & Managements
| Name | Designation |
|---|---|
| Vivek Kumar Jain | MD |
| Vijay Kumar Soni | Director |
| Manoj Shripati Agrawal | CFO |
Profit & Loss Statement (₹ in Crores)
| Particulars | FY 2023 | FY 2024 |
|---|---|---|
| Revenue | 0 | 37 |
| Cost of Material Consumed | 0 | 624 |
| Gross Margins | - | -1586.49 |
| Change in Inventory | 0 | -631 |
| Employee Benefit Expenses | 0 | 44 |
| Other Expenses | 315 | 177 |
| EBITDA | -315 | -177 |
| Operating Profit Margin (%) | - | -478.38 |
| Other Income | 79 | 22 |
| Finance Cost | 38 | 53 |
| Depreciation & Amortization | 0 | 154 |
| EBIT | -315 | -331 |
| EBIT Margin (%) | - | -894.59 |
| Profit Before Tax (PBT) | -274 | -362 |
| PBT Margin (%) | - | -978.38 |
| Tax | 0 | -62 |
| Profit After Tax (PAT) | -274 | -300 |
| Net Profit Margin (%) | - | -810.81 |
| Earnings Per Share (EPS) | -0.01 | 0 |
Balance Sheet (₹ in Crores)
Assets
| Particulars | FY 2023 | FY 2024 |
|---|---|---|
| Fixed Assets | 0 | 44,114 |
| Capital Work-in-Progress (CWIP) | 32,443 | 17,740 |
| Investments | 0 | 167 |
| Trade Receivables | 0 | 40 |
| Inventory | 0 | 3,503 |
| Other Assets | 12,037 | 15,874 |
| Total Assets | 44,480 | 81,438 |
Liabilities and Equity
| Particulars | FY 2023 | FY 2024 |
|---|---|---|
| Share Capital | 39,299.8 | 70,752.6 |
| Face Value (₹) | 1 | 1 |
| Reserves | -316 | -676 |
| Borrowings | 1,132 | 4,522 |
| Trade Payables | 103 | 2,115 |
| Other Liabilities | 4,261.2 | 4,724.4 |
| Total Liabilities | 44,480 | 81,438 |
Cash Flow Statement (₹ in Crores)
| Particulars | FY 2023 | FY 2024 |
|---|---|---|
| Profit Before Tax (PBT) | -274 | -364 |
| Operating Profit Before WC Changes (OPBWC) | -240 | -160 |
| Change in Receivables | 0 | -40 |
| Change in Inventories | 0 | -3,502 |
| Change in Payables | 98 | 2,011 |
| Other Working Capital Changes | -4,208 | -4,390 |
| Working Capital Change | -4,110 | -5,921 |
| Cash Generated from Operations | -4,350 | -6,081 |
| Tax Paid | -3 | -4 |
| Cash Flow from Operating Activities | -4,353 | -6,085 |
| Purchase of Property, Plant & Equipment (PPE) | -31,531 | -28,771 |
| Sale of PPE | 0 | 0 |
| Cash Flow from Investing Activities | -31,935 | -28,771 |
| Borrowings (Net) | 1,102 | -1,109 |
| Equity Raised | 39,299 | 31,452.8 |
| Other Financing Activities | -4,139 | 4,386.2 |
| Dividend | 0 | 0 |
| Cash Flow from Financing Activities | 36,262 | 34,730 |
| Net Cash Generated | -26 | -126 |
| Opening Cash Balance | 183 | 157 |
| Closing Cash Balance | 157 | 31 |
Share Holding Pattern
Shareholding Pattern (as on 31-Mar-2025)
Promoter Shareholding
| Category | No. of Shares | % Holding |
|---|---|---|
| Gujarat Fluorochemicals Ltd (Corporate Body) | 7,075,265,304 | 96.87% |
| Promoter Individuals/Nominees (combined) | 639 | ~0.00% |
| Total Promoters | 7,075,265,943 | 96.87% |
Public & Other Shareholders
| Category | No. of Shares | % Holding |
|---|---|---|
| Individuals (Indian & NRI) | 82,850,981 | 1.14% |
| Other Bodies Corporate | 144,157,128 | 1.97% |
| Alternate Investment Fund (AIF) | 1,278,571 | 0.02% |
| Total Public/Non-Promoters | 228,286,680 | 3.13% |
