Gujarat Fluorochemicals Ltd (GFL), an INOXGFL Group chemical company making fluoropolymers, refrigerant gases and battery materials from its Ranjit Nagar, Dahej and Jolva plants in Gujarat, reports its Q2 FY 2026-2027 numbers with the chemicals business carrying the P&L while the EV Products segment is yet to book external revenue. The print will speak to two things: whether the first meaningful battery materials revenue lands this quarter as management guided, and how margins hold up against sharply elevated methanol and sulphur input costs.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,588 Cr (Q1 FY27, +23.97% YoY) |
| Previous quarter PAT | Rs. 219 Cr (Q1 FY27, +20.33% YoY) |
| Market cap | Rs. 47,115.16 Cr |
| CMP | Rs. 4280.2 |
The Board of Directors will meet on Tuesday, 3 Nov 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended 30 Sep 2026 (Regulation 29(1)(a), SEBI LODR). The trading window, closed since 1 Oct 2026, remains shut until 48 hours after the results are declared.
The Q2/H1 FY27 analyst call is scheduled for 3 Nov 2026 at 16:30 IST, hosted by DAM Capital Advisors (Nitin Agarwal). Speakers include Dr. Bir Kapoor, Deputy Managing Director & CEO. An investor presentation is to be submitted after the Board meeting.
Separately, the company declared a final dividend of Rs. 3.00 per equity share (300% on a Re. 1 face value) for FY ended 31 Mar 2026, with a record date of 17 Sep 2026, subject to AGM declaration and TDS. This dividend was approved at the 8th AGM held on 24 Sep 2026.
The Q2 FY27 print is the first quarter where management's guided battery revenue should appear, after EV Products external revenue was nil in Q1 FY27 and management said on 12 Aug 2026 that dispatches were underway with "some revenue reflecting in the next quarter due to CIF terms" en route to a 3-digit revenue exit rate by Q4 FY27. On the core chemicals side, fluoropolymers grew ~15% YoY in Q1 driven "more of mix and some of volume", against guided FY27 growth of 15-20% (20% "visible" for FY27 and FY28), with the Chemicals segment EBITDA margin at 28.84% in Q1. Input costs are a clear headwind this quarter: methanol CFR India averaged $569/t in Q1 FY27 (+114% YoY) and landed sulphur roughly doubled since January to ~$1,050-1,100/t, though management has defended margins via "marginal price corrections" and guided that value-added product price impact will "reflect in the subsequent quarters". Offsetting supports include tariff relief — the 50% US global tariff expired 24 Jul 2026 and was replaced by a 10% Section 301 levy, which management framed as supporting "a recovery in volumes, better pricing stability and margin expansion over the coming quarters" — a weaker rupee around 95.8 at end-September aiding export realizations on a book with FY26 exports of Rs. 3,017 Cr, and the confirmed AGC UK closure (production ending by 31 Dec 2026) supporting the qualification-driven polymer pipeline. The EV segment loss narrowed from Rs. 45 Cr in Q4 FY26 to Rs. 30 Cr in Q1 FY27, and the call will likely test whether the FY27 EBIT break-even and Q4 FY27 3-digit exit-rate commitments are reaffirmed, alongside the R32 ramp that is "almost fully utilized" at current capacity against a 20,000-ton full-utilization target by CY27.
Guidance scorecard: Management's stated targets to track against on the call:
First battery revenue and EV loss trajectory
Margin bridge vs input-cost inflation
Strategic execution and Scheme of Arrangement
Risks and follow-ups to monitor
Management guided on the Q1 FY27 call (12 Aug 2026) that initial battery dispatches were underway with "some revenue reflecting in the next quarter due to CIF terms", meaning Q2 FY27 should show the first meaningful EV Products external revenue after nil in Q1. The company has guided to a 3-digit battery chemicals revenue exit rate by Q4 FY27.
Fluoropolymers grew ~15% YoY in Q1 FY27, driven primarily by higher-grade new fluoropolymer volumes — described by management as "more of mix and some of volume". This is within the guided 15-20% annual growth for FY27, with 20% growth stated as visible for FY27 and FY28.
The standalone-to-consolidated revenue gap was Rs. 286 Cr in Q1 FY27. Management attributed the widening to routing of polymer business through GFL EV, GFL USA LLC and GFL GmbH, CIF consignments, and reversals booked in standalone instead of subsidiaries.
Gross margin improved from 67% to 72% in Q2 FY26, which management attributed to value-added product mix, cost controls including renewable power adoption, and currency. Management stated this improvement is sustainable going forward.
R32 production and sales commenced in March 2026, with production exceeding 10,000 tons as of the Q4 FY26 call and capacity described as "almost fully utilized" in Q1 FY27. Full utilization of the 20,000-ton capacity is targeted by calendar year 2027, with a long-term plan of 30,000 tonnes in phases until December 2027.