GFCL EV Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of GFCL EV Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 |
|---|---|---|
| Revenue | 30.4 | 0.6 |
| Expense | 37.2 | 2.1 |
| EBITDA | -6.9 | -1.6 |
| Other Cost | 25.2 | 2.1 |
| PBT | -32.0 | -3.6 |
| Tax Expense | -5.0 | -0.6 |
| PAT | -27.0 | -3.0 |
| Other Inc./Exp. | 0.1 | -0.6 |
| Net Income | -26.9 | -3.6 |
| Shares O/S | 730.36 | 707.53 |
| EPS (₹) | -0.04 | -0.01 |
| Rev. Growth % | 4966.7% | — |
| EBITDA Mgn % | -22.7% | -266.7% |
| Net Mgn % | -88.5% | -600.0% |
| EPS Growth | 300.0% | — |
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GFCL EV Unlisted Shares Unlisted Shares
GFCL EV Products Limited is an unlisted company incorporated in October 2021 as a wholly owned subsidiary of Gujarat Fluorochemicals Limited (GFL), a flagship chemicals company of the INOXGFL Group. The company was established to build an integrated ecosystem for lithium-ion battery materials, supporting India's rapidly growing electric vehicle (EV) and energy storage industries.
Leveraging GFL's three decades of expertise in fluorine chemistry, GFCL EV manufactures critical battery materials such as PVDF binders, LiPF6 electrolyte salts, electrolyte formulations, sodium battery chemicals, and cathode active materials (LFP). Its manufacturing facilities are located at Dahej and Jolva in Gujarat, with significant capacity expansion planned over the coming years. The company aims to reduce India's dependence on imported battery materials while becoming a global supplier to EV and battery manufacturers.
Year | Milestone |
2021 | GFCL EV Products Limited was incorporated as a wholly owned subsidiary of Gujarat Fluorochemicals Ltd. |
2022 | Began development of India's integrated battery chemicals platform. |
2023 | Started setting up manufacturing facilities for lithium-ion battery materials. |
2025 | IFC invested approximately Rs.430 cr through compulsorily convertible preference shares to support expansion. |
2026 | Commercial operations expanded across battery chemicals, PVDF, electrolytes and cathode materials. |
Business Model of GFCL EV Products Limited
GFCL EV Products operates as a battery materials manufacturer, supplying high-value intermediate chemicals used in lithium-ion and sodium-ion batteries. Instead of manufacturing batteries, the company focuses on producing critical raw materials required by battery cell manufacturers, EV OEMs, and energy storage companies.
Revenue Streams
Business Segment | Description |
LiPF₆ | Electrolyte salt used in lithium-ion batteries. |
NaPF₆ | Electrolyte salt for next-generation sodium-ion batteries. |
Electrolyte Formulations | Ready-to-use electrolyte solutions for battery manufacturers. |
PVDF Binders | High-performance fluoropolymer binders for EV battery cathodes. |
PTFE Binders | Binder materials for advanced battery applications. |
LFP Cathode Active Materials (CAM) | Cathode material used in lithium iron phosphate batteries. |
Battery Chemicals | Integrated portfolio of speciality chemicals for EV and energy storage applications. |
How GFCL EV Generates Revenue
Sale of battery chemicals to lithium-ion battery manufacturers.
Supply of electrolyte salts and formulations to EV cell manufacturers.
Manufacturing and sale of PVDF and PTFE binders.
Supply of cathode active materials for electric vehicles and battery energy storage systems (BESS).
Export of speciality battery materials through its international subsidiaries.
GFCL EV Products Unlisted Share Price Overview
Over the last year, the GFCL EV Products unlisted share price has witnessed a moderate correction. The GFCL EV share price was trading around Rs.46 in December 2025 before gradually declining during the first quarter of 2026. After touching a low of nearly Rs.40 in March-April 2026, the share witnessed a brief recovery in May but remained largely range-bound thereafter. As of July 2026, the unlisted share is trading at Rs.40.03, reflecting a 12-month decline of Rs.5.97 or 12.99%. Despite the correction, investor sentiment continues to be supported by the company's long-term opportunity in India's EV battery materials industry.
GFCL EV Products Financials Overview
Particulars (Rs. Cr) | FY26 | FY25 | YoY |
Revenue from Operations | 33.22 | 9.44 | 252% |
Other Income | 4.83 | 20.92 | -76.9% |
Total Income | 38.05 | 30.36 | 25.3% |
Total Expenses | 159.32 | 62.40 | 155.3% |
Loss Before Tax | (122.57) | (32.03) | NA |
Loss After Tax | (104.31) | (27.01) | NA |
Revenue from operations grew sharply by 252% YoY to Rs.33.22 cr in FY26 as the company ramped up commercial production of battery materials. Total income increased to Rs.38.05 cr, while operating expenses rose significantly due to ongoing investments in manufacturing capacity, research, and infrastructure. Consequently, the consolidated net loss widened to Rs. 104.31 cr, reflecting the company's expansion stage rather than mature profitability.
Milestones Achieved
Established as a dedicated EV battery materials company in 2021.
Part of the INOXGFL Group, which has over 90 years of industrial experience.
Developing India's first fully integrated battery materials manufacturing platform.
Manufacturing a complete portfolio including LiPF₆, NaPF₆, electrolytes, PVDF, PTFE and LFP cathode materials.
Secured US$50 million (around ₹430 crore) investment from IFC to accelerate capacity expansion.
Expanded global footprint through subsidiaries in the United States, Germany, Singapore and Oman.
Supporting India's Make in India and Atmanirbhar Bharat initiatives by reducing dependence on imported battery chemicals
GFCL EV IPO
Many investors are tracking the GFCL EV IPO because of the company's growing presence in India's battery materials industry. As of now, the company has not officially announced its IPO timeline. However, with significant investments in manufacturing capacity and support from IFC, market participants continue to monitor future listing plans. Investors should rely on official announcements from the company regarding any IPO-related developments.
Recent Developments
IFC invested Rs.430 cr through CCPS to support expansion.
Expanding production of PVDF, LiPF₆, electrolyte salts and LFP cathode materials.
Building integrated manufacturing facilities at Jolva and Dahej, Gujarat.
Targeting both Indian EV manufacturers and global battery supply chains
Is the GFCL EV Products Unlisted Share Worth Buying?
1. Strong Parentage
Backed by Gujarat Fluorochemicals Limited (GFL) and the INOXGFL Group, providing technical expertise, financial support, and industry credibility.
2. Operates in a High-Growth Industry
Rising adoption of electric vehicles and battery energy storage systems (BESS) is expected to drive long-term demand for advanced battery materials globally.
3. Integrated Battery Materials Platform
The company is building India's first integrated battery materials ecosystem, manufacturing products such as LiPF₆, electrolytes, PVDF binders, LFP cathode materials, and natural graphite anodes under one platform.
4. Large Capacity Expansion
GFCL EV plans to invest around Rs.6,000 cr by FY28 to expand manufacturing capacity, with management targeting commercial scale-up over the next few years.
5. Global Customer Approvals
Several products have already been qualified or approved by global customers, with commercial supplies expected to ramp up as customer qualifications convert into long-term orders.
6. Strong Institutional Backing
The International Finance Corporation (IFC) invested US$50 million (around Rs.430 cr), validating the company's technology and long-term business potential.
How To Apply For GFCL EV Unlisted Shares Online?
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