Integrated Battery Materials Platform | EV & Energy Storage | INOXGFL Group
CIN: U24296GJ2021PLC127819
ISIN: INE0KA501014
Face Value: ₹1
Incorporated: 2021
Registered Office: Gujarat
Parent: Gujarat Fluorochemicals Limited (GFL)
Group: INOXGFL Group
Status: Unlisted Public Company
Business: Battery Materials / EV / Energy Storage
1. Company Overview
GFCL EV Products Limited is the battery-materials business of Gujarat Fluorochemicals Limited (GFL), part of the INOXGFL Group.
The company is building an integrated manufacturing platform supplying critical materials used in Lithium-ion batteries for electric vehicles (EVs), battery energy-storage systems (BESS) and other advanced energy-storage applications.
Rather than manufacturing complete EV batteries or vehicles, GFCL EV focuses on the materials and chemicals that go inside battery cells.
Its portfolio currently spans:
- Lithium hexafluorophosphate (LiPF6)
- Sodium hexafluorophosphate (NaPF6)
- Electrolytes
- PVDF binders
- PTFE binders
- LFP cathode active material
- Electrolyte additives
- Future natural graphite anode active material
The company’s strategy is to build a substantial portion of the battery-material value chain in-house, using GFL’s existing fluorine chemistry capabilities and backward integration.
2. What Exactly Does GFCL EV Make?
A lithium-ion battery contains several critical components.
GFCL EV is targeting multiple of these categories.
| Battery Material | GFCL EV Position |
|---|---|
| LiPF6 electrolyte salt | Commercial |
| Electrolyte formulations | Qualification / scale-up |
| LFP cathode active material | Commissioned; customer qualification |
| PVDF binder | Qualification completed; commercialisation expected |
| PTFE binder | Portfolio |
| Electrolyte additives | Planned / developing |
| Natural graphite anode | New facility being established |
| NaPF6 | Portfolio / development |
| Cell components | Supporting materials |
The official GFCL EV portfolio covers battery chemicals, fluoropolymers and cathode active materials.
3. Why Battery Materials Matter
The company sits further upstream than a typical battery manufacturer.
The simplified value chain is:
Fluorspar / Fluorine Chemistry
↓
Battery Chemicals
↓
Electrolyte + Salt + Binders + Cathode + Anode
↓
Battery Cell
↓
Battery Pack
↓
EV / BESS
GFCL EV therefore does not need to compete directly with EV manufacturers.
Its opportunity is to supply several critical inputs to battery-cell manufacturers.
4. LiPF6 – The First Major Commercial Product
One of the most important developments is LiPF6, the electrolyte salt used in conventional lithium-ion battery electrolytes.
GFCL EV says its LiPF6 product has been approved by major global electrolyte manufacturers and that commercial supplies began in December 2025.
The company also reported repeat orders during Q4 FY26, with volumes expected to scale as customer offtake increases.
This is significant because LiPF6 has historically had substantial dependence on Asian, particularly Chinese, supply chains.
GFCL EV is positioning itself as an integrated non-Chinese supplier of critical battery materials.
5. LFP Cathode Active Material
The company has commissioned its LFP (Lithium Iron Phosphate) Cathode Active Material facility.
During FY26:
- Plant operations stabilised
- Customer samples were dispatched
- Initial customer approvals were received
- Final qualification is expected during FY27
- Commercial sales are targeted for H2 FY27
LFP is increasingly important because it offers:
- Lower reliance on nickel and cobalt
- Good thermal stability
- Long cycle life
- Lower cost
- Suitability for EVs and stationary storage
6. PVDF & PTFE Battery Binders
GFCL EV also manufactures/develops fluoropolymer binders used in battery electrodes.
PVDF
PVDF is widely used as a binder in lithium-ion battery electrodes.
GFCL EV says the qualification process has been completed, with commercial business expected in the first half of FY27.
PTFE
The company also offers PTFE-based binder solutions, including applications associated with dry-electrode processes.
The parent GFL already has significant fluoropolymer expertise, providing an important technological connection between the established chemicals business and the new battery-materials business.
7. Natural Graphite Anode Material
One of the most important future additions is Natural Graphite Anode Active Material (NGAAM).
Anode materials represent another major portion of battery-cell economics.
GFCL EV is establishing a dedicated NGAAM facility.
Once the broader portfolio is developed, the company expects to address approximately 70% of the value of an LFP battery cell through its battery-material products.
This would substantially increase vertical integration.
Planned value-chain coverage
Cathode → Electrolyte → Binder → Anode
This is one of the most important elements of the GFCL EV story.
8. India’s Integrated Battery Materials Platform
The company describes its strategy as building an integrated battery-materials platform rather than focusing on a single chemical.
The combination includes:
LiPF6
Electrolytes
LFP CAM
PVDF/PTFE Binders
NGAAM
This approach could allow GFCL EV to serve multiple stages of a battery-cell manufacturer’s supply chain.
The company also benefits from GFL’s existing manufacturing ecosystem, including fluorine chemistry and access to critical intermediates.
9. Backward Integration
One of the biggest strategic advantages claimed by GFCL EV is its backward integration.
The INOXGFL ecosystem has:
- Fluorine chemistry expertise
- Fluorspar resources
- Hydrofluoric acid capabilities
- PVDF manufacturing
- Specialty chemicals
- Existing chemical infrastructure
This provides a different starting point compared with a completely new battery-material company.
GFCL EV says backward integration extends from natural minerals to value-added battery materials.
10. Manufacturing Facility – Jolva, Gujarat
The company’s main integrated battery-materials project is located at Jolva, Gujarat, alongside existing GFL manufacturing operations.
The GFCL EV project site covers approximately 25.66 acres within GFL’s larger industrial land parcel.
The co-location allows GFCL EV to use certain products and infrastructure from the established GFL manufacturing ecosystem.
The project is being commissioned in phases.
The IFC disclosed that some production units had already started operations while the wider project was under phased commissioning.
11. Phase-I Progress
The latest company update states that:
All initial Phase-I capacities have been commissioned and contracted.
The company has also stated that it has anchor customers for all products in the initial portfolio.
Current commercialisation status:
| Product | Current Status |
|---|---|
| LiPF6 | Commercial supplies started |
| LFP CAM | Plant commissioned; qualification underway |
| PVDF Binder | Qualification completed; commercialisation FY27 |
| Electrolyte | Customer qualification |
| NGAAM | New facility being established |
This means the company is transitioning from construction → qualification → commercial scale-up.
12. FY26 Financial Performance
This is an important section because many online reports incorrectly use the financials of the listed parent Gujarat Fluorochemicals when discussing GFCL EV.
The standalone FY26 financials of GFCL EV Products Limited itself were:
₹ Crore
| Particular | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 0.37 | 9.44 | 33.22 |
| Other Income | 0.22 | 20.92 | 4.83 |
| Total Revenue | 0.59 | 30.36 | 38.05 |
| EBITDA | -1.56 | -6.87 | -76.95 |
| PBT | -3.62 | -32.03 | -122.57 |
| PAT | -3.01 | -27.01 | -104.31 |
What does this mean?
GFCL EV is not yet a profitable business.
FY26 revenue from operations increased sharply from ₹9.44 Cr to ₹33.22 Cr, but the company was still in the heavy investment and commissioning phase.
Therefore:
P/E = Not meaningful
The investment case is based primarily on future capacity utilisation and commercialisation, rather than current earnings.
13. Balance Sheet
FY26 standalone figures included:
| Metric | FY26 |
|---|---|
| Net Worth | ₹1,513.8 Cr |
| Total Assets | ₹2,806.7 Cr |
| Total Liabilities | ₹1,292.9 Cr |
| Operating Cash Flow | -₹177.1 Cr |
| Investing Cash Flow | -₹822.7 Cr |
| Financing Cash Flow | ₹1,111.9 Cr |
The negative operating and investing cash flows are consistent with a business undergoing major capacity construction and commissioning.
14. Capital Investment Plan
GFCL EV is a highly capital-intensive expansion story.
The company has outlined:
₹2,300 Cr EV/battery-materials capex for FY27
and approximately:
₹6,000 Cr cumulative investment by FY28
The company has indicated a long-term target of approximately:
2x asset turnover
and
25%+ EBITDA margin
once the platform reaches scale, with the full potential of the investment expected to be realised around FY29.
These are management targets, not guaranteed outcomes.
15. Funding & IFC Investment
A major milestone was the entry of the International Finance Corporation (IFC).
IFC invested:
₹430 Cr
through compulsorily convertible preference shares (CCPS).
The investment was approved in October 2025, signed in December 2025 and invested in February 2026.
The IFC investment is intended to support the initial phase of the Gujarat battery-materials project.
The company has also stated that another Middle Eastern sovereign investor has approved approximately:
US$82 million
for the battery-materials business, with documentation being processed.
The company has stated that total funds raised/tied up are approximately ₹3,730 Cr, including Indian investors, IFC, Middle Eastern sovereign funds and parent funding.
16. Shareholding
As of March 31, 2026:
| Shareholder | Approx. Holding |
|---|---|
| Gujarat Fluorochemicals Limited | 96.89% |
| Other investors / holders | ~3.11% |
IFC additionally holds Series A CCPS worth ₹430 Cr, which are compulsorily convertible under specified conditions.
Therefore, GFCL EV remains overwhelmingly controlled by its listed parent Gujarat Fluorochemicals.
17. Oman Expansion
GFCL EV is also expanding internationally.
The company has established GFCL EV (SFZ) LLC in Oman’s Salalah Free Zone.
The proposed project has an initial investment of approximately:
US$216 million
and is intended to manufacture advanced battery materials for:
- EV batteries
- Energy-storage systems
- Lithium-ion battery applications
Oman could provide the company with:
- Access to Middle Eastern markets
- Export advantages
- Potential US/India trade benefits
- Diversification of manufacturing locations
- International customer access
18. Why Oman Could Be Important
The Oman project is not simply an additional factory.
It can potentially become an export-oriented battery-materials manufacturing hub.
The location could help GFCL EV diversify production outside India and potentially serve global battery manufacturers from the Middle East.
The company has specifically highlighted its strategic positioning around global supply-chain diversification.
19. Customer Strategy
Battery materials require extensive customer qualification before commercial volumes can begin.
This creates a longer ramp-up period than conventional chemicals.
GFCL EV has reported:
- Qualification by major global electrolyte players for LiPF6
- Repeat LiPF6 orders
- LFP samples approved by initial customers
- PVDF qualification completed
- Electrolyte samples being evaluated by Indian cell manufacturers
This qualification process is therefore one of the most important milestones to monitor.
20. Market Opportunity
The company’s opportunity is supported by three major structural trends.
🚗 Electric Vehicles
EV adoption increases demand for lithium-ion battery cells.
🔋 Battery Energy Storage
BESS demand is expanding alongside renewable-energy deployment.
GFCL specifically highlights increasing storage requirements linked to renewable integration and data-centre/AI electricity demand.
🇮🇳 India’s Battery Manufacturing
India is attempting to establish domestic battery-cell manufacturing.
Domestic battery-material suppliers can potentially reduce dependence on imports and improve supply-chain security.
GFCL EV says its domestic manufacturing can support India’s ACC battery PLI ecosystem.
21. Competitive Advantage
1. Fluorine chemistry expertise
GFL brings decades of fluorochemistry experience.
2. Backward integration
The business aims to control important raw materials and intermediates.
3. Multiple battery materials
Instead of relying on one product, GFCL EV is building a portfolio.
4. Non-Chinese supply opportunity
The company is targeting customers looking to diversify battery-material supply chains.
5. Parent-company ecosystem
GFCL EV benefits from the existing INOXGFL chemical infrastructure.
6. Global expansion
India + Oman gives the platform an international manufacturing footprint.
22. Key Risks
1. Early-stage profitability
FY26 PAT was a ₹104 Cr loss.
The company still needs substantial capacity utilisation before reaching profitability.
2. Large capex requirement
Approximately ₹6,000 Cr cumulative investment is planned by FY28.
Delays or cost overruns could affect returns.
3. Customer qualification risk
Battery materials require extensive testing and qualification.
Commercialisation can therefore take longer than expected.
4. Technology risk
Battery chemistry is changing rapidly.
LFP, NMC, sodium-ion and next-generation battery technologies may evolve at different speeds.
5. Commodity/raw-material risk
Lithium, fluorine-based inputs and other raw materials can experience price volatility.
6. Chinese competition
China has a dominant position in several battery-material supply chains.
GFCL EV will need to remain competitive on:
- Cost
- Quality
- Scale
- Technology
- Reliability
7. Execution risk
The company is simultaneously building:
- LiPF6
- LFP
- Binders
- Electrolytes
- NGAAM
- Oman capacity
This creates significant execution complexity.
8. Chemical safety
The manufacturing process involves hazardous chemicals, including anhydrous hydrogen fluoride.
IFC’s environmental review specifically identified risks around AHF transportation and recommended additional process-safety and risk-management measures.
23. Unlisted Share Price
GFCL EV Products is currently unlisted.
Private-market indicative prices vary by platform.
Recent September 2026 references include:
- Moneycontrol: approximately ₹39.62
- UnlistedZone: approximately ₹43
- BuyUnlistedShares: approximately ₹42
- Neoma Capital: approximately ₹42.57
These are OTC/private-market reference prices and are not NSE/BSE prices.
Indicative valuation
At approximately ₹40–₹43 per share and roughly 7.3–7.4 billion shares outstanding, the implied equity value is approximately:
₹29,000–₹32,000 Cr
Moneycontrol’s indicative figure around ₹39.62 implies a market capitalisation of approximately ₹29,158 Cr.
This is important because FY26 revenue was only ₹33.22 Cr and the company reported a ₹104.31 Cr loss.
Therefore, conventional P/E valuation is currently not meaningful.
The private-market valuation is effectively pricing in significant future growth from the planned battery-materials capacity.
24. IPO Status
As of September 2026:
No confirmed IPO / DRHP filing
GFCL EV remains an unlisted subsidiary.
IFC’s investment documents provide for conversion of its CCPS upon a qualified public offering or other defined liquidity event, but this should not be interpreted as confirmation of an IPO date.
Therefore:
| IPO Parameter | Status |
|---|---|
| Listed | ❌ No |
| DRHP Filed | ❌ No confirmed filing |
| IPO Date | Not announced |
| Price Band | Not announced |
| Exchange | Not announced |
| IPO Trigger | Possible future liquidity event |
25. Investment Snapshot
| Parameter | GFCL EV Products |
|---|---|
| Group | INOXGFL |
| Parent | Gujarat Fluorochemicals |
| Business | Battery Materials |
| Status | Unlisted |
| Parent Holding | 96.89% |
| FY26 Revenue | ₹33.22 Cr |
| FY26 PAT | -₹104.31 Cr |
| FY26 Net Worth | ₹1,513.8 Cr |
| LiPF6 | Commercial |
| LFP CAM | Commissioned / qualification |
| PVDF Binder | Qualification completed |
| Electrolyte | Qualification |
| NGAAM | Under development |
| FY27 EV Capex | ₹2,300 Cr |
| Cumulative FY28 Capex | ~₹6,000 Cr |
| IFC Investment | ₹430 Cr |
| Oman Project | US$216 Mn |
| Indicative OTC Price | ~₹40–₹43 |
| Indicative Market Cap | ~₹29,000–₹32,000 Cr |
| IPO | Not confirmed |
26. UnlistedCart Takeaway
GFCL EV Products is not an EV company — it is a bet on the materials sitting inside the EV battery.
The opportunity can be understood as:
Fluorine Chemistry
↓
LiPF6 + Electrolyte + Binders
↓
LFP Cathode
↓
Natural Graphite Anode
↓
Integrated Battery Materials Platform
The most important positive development is that the company has moved beyond a pure project-stage concept: LiPF6 commercial supplies have begun, Phase-I capacities have been commissioned, LFP qualification is progressing and PVDF commercialisation is expected in FY27.
At the same time, FY26 financials show that the company is still in the investment and scale-up phase, with ₹33 Cr operating revenue and a ₹104 Cr loss.
The valuation therefore depends heavily on whether the company can successfully execute its ₹6,000 Cr investment programme, ramp capacity utilisation, secure customer qualifications and achieve the targeted 25%+ EBITDA margin at scale.
What to track going forward
1. LiPF6 volume ramp-up
2. LFP customer approvals
3. PVDF commercial sales
4. NGAAM commissioning
5. FY27 revenue growth
6. EBITDA improvement
7. ₹2,300 Cr FY27 capex execution
8. Oman project progress
9. New customer contracts
10. Future IPO / liquidity-event plans
Official & Research Sources
Gujarat Fluorochemicals – Annual Reports & Filings
IFC – GFCL EV Project Disclosure
Moneycontrol – GFCL EV Unlisted Shares
UnlistedZone – GFCL EV Research
Disclaimer: This report is for informational and educational purposes only and is not investment advice. GFCL EV Products is an unlisted, loss-making company in a capital-intensive expansion phase. Unlisted prices are indicative OTC references and may differ materially between buyers and sellers. Investors should independently verify the latest audited financial statements, shareholding, transaction documents and regulatory filings before making any investment decision.
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