GFCL EV Products Limited
1 MAbout GFCL EV Products Limited
A Comprehensive Overview of Price & Journey
Understanding GFCL EV Products Limited Inception and Growth
GFCL EV Products Limited__ is an unlisted company trading in the private market. Unlike listed companies, the valuation and share price of unlisted or Pre-IPO companies are determined via negotiation and demand & supply. GFCL EV Products Limited_ unlisted share.
Investors looking for diversification of their portfolio should carefully analyze GFCL EV Products Limited Unlisted Share Price, valuation, and research report for the latest year. This is the comprehensive coverage of the GFCL EV Products Limited unlisted share that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of GFCL EV Products Limited, what GFCL EV Products Limited does, and How GFCL EV Products Limited has performed in recent years.
Overview
GFCL EV Products Ltd is a 100% subsidiary of GFL (Gujrat Fluorochemical Limited), part of INOXGFL Group. The company is involved in manufacturing intermediate materials for lithium-ion batteries. The business focuses on chemicals and renewable energy that includes Fluoropolymers, Specialty Chemicals, Wind Energy & Renewables. The company operates in India but also focuses on US and EU catering to EV OEMs and battery manufacturers globally. It is one of the few large manufacturers globally covering 50% plus of LFP cell bill of materials. Growing interest in the GFCL EV Products Ltd. share and the GFCL EV Products Unlisted Share reflects a strong market focus on its future growth and potential listing journey.
How the Company Makes Money?
2A – Operational Model
-
Procurement of Raw Materials & Backward Integration
This is the first and foremost step; here the company procures raw materials such as fluor spar mines and in-house Anhydrous Hydrofluoric Acid / AHF via their parent, GFL. It helps the company minimize raw material price volatility risk, reduce reliance on global suppliers, and provide protection from other players in the market.
-
Advanced Chemical Processing
After the raw material is procured, the company proceeds with the manufacturing of internal materials required in the making of the battery cell. It includes:
- Electrolyte Salts & Additives (LiPF6, NaPF6, LiFSI, VC)
- Fluoropolymers—Inoflar PVDF binders
- Cathode Active Material—Lithium Ferro Phosphate (LFP) as Cathode Active Material (CAM)
- Quality Testing combined with R&D
Internal materials required for battery manufacturing are hazardous and require quality testing. Quality assurance is of the utmost importance; hence, the final product goes through rigorous in-house lab testing.
-
Customer Audit
Once the final product is tested and ensured that quality meets the global standard, the customer audit and validation stage follows. This part involves a deep vetting process by the global OEM. Customer audits may take months and even years before placing a commercial order.
-
Supply and B2B Distribution
Here, the commercial orders are placed by automakers and gigafactories across the domestic and global landscape. Apart from India, GFCL also targets US and EU markets, providing opportunity to de-risk their supply chain—which is dominated by China, which commands more than 95% of the global battery material supply.
2B – Revenue Model
Global concern for the environment stimulated EV adoption—and EVs run on batteries. The revenue model of GFCL runs on manufacturing internal chemicals and materials required in the formation of a battery that forms up to 50% of the battery cost. Since the battery is the powerhouse for EV, the business and revenue model of GFCL is sustainable and future-oriented. Sectoral Tailwinds are in favor.
GFCL generates revenue from the following streams:
- Fluoropolymers: 40-50% of the company’s revenue comes from fluoropolymers—they are highly known for their outstanding chemical resistance, durability, and thermal stability.
- Refrigerants: GFCL is one of the largest refrigerant gas manufacturers in India, producing gases like R22, R32, R125, and R410A and selling them under the brand Rafron. It targets industries like air conditioning, refrigeration, automotive HVAC systems, etc. It constitutes up to 25% of the total revenue.
- Fluorospecialities: It also supports other industries like pharma and agrochemicals. Combining the molecule of fluorine with drugs and pesticides increases the metabolic stability and effectiveness. It constitutes 10-15% of the total revenue.
- Bulk Orders: The Company also makes money by securing bulk orders of low-margin chemicals such as caustic soda, chlorine, and chloromethanes. This segment constitutes up to 5-10% of the revenue.
Competitive Landscape
India is a minority supplier in the fluorochemical global market. It accounts for approx. 5-7% of global supply. India is a rising hub within the Asia-Pacific region and is expected to scale at 10% CAGR.
Global Players
Chemours (US), Daikin (Japan), AGC (Japan), and Syensqo (Belgium) are some of the major global players in the fluorochemical industry. They are highly specialized and advanced material producers.
-
Chemours (US): The company produces and sells chemical and related products such as refrigerants, titanium dioxide pigment, and industrial fluoropolymer resins. It has global footprints in more than 110 countries. It commands approx. 12% of global market share.
-
Daikin (Japan): Daikin is the world's leading manufacturer of heating, ventilation, air conditioning, and refrigeration (HVAC&R) solutions. Headquartered in Osaka, Japan. The company has a presence in more than 170 countries and employs 96000 employees. It commands appr. 11% of market share.
-
Syensqo (Belgium): Established and headquartered in Brussels, Belgium, the company is involved in the production of specialty polymers and chemicals and aids in industries like automotive, aerospace, and electronics. It constitutes approx. 8% of market share.
While all of these global players command the international market, GFCL has been able to compete on GFCL EV Products Limited Unlisted Share Price due to the domestic supply of raw material with the backing of its parent.
Domestic Peers
- Neogen Ionics: It is a fully owned subsidiary of Neogen Chemicals that specially focuses on the manufacturing of battery chemicals and intermediate materials such as lithium battery ions, electrolyte salts, and additives.
- Himadri Specialty Chemical Ltd.: With the market capitalization of approx. INR 30,000 Cr., the company operates in two verticals: Carbon material & Chemicals and Power. The company is a market leader, holding almost 70% of the domestic market share in coal tar pitch manufacturing.
GFCL stands apart from its competitors due to its combining ability of electrolyte cells, PVDF binders, and cathode materials under one roof. GFCL EV is heavily funded—INR 6000 Cr, the company is absorbing losses to secure its long-term position and market share.
4 Key People
Following are the key managerial persons defining the growth story of GFCL:
Vivek Kumar Jain
Managing Director, GFL
Devansh Jain
Executive Director, InoxGFL Group
Dr. Bir Kapoor
CEO & Whole-Time Director, GFL
Manoj Agrawal
Chief Financial Officer (CFO), GFL
SHOW MORE...
GFCL EV Products Limited__ is an unlisted company trading in the private market. Unlike listed companies, the valuation and share price of unlisted or Pre-IPO companies are determined via negotiation and demand & supply. GFCL EV Products Limited_ unlisted share.
Investors looking for diversification of their portfolio should carefully analyze GFCL EV Products Limited Unlisted Share Price, valuation, and research report for the latest year. This is the comprehensive coverage of the GFCL EV Products Limited unlisted share that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of GFCL EV Products Limited, what GFCL EV Products Limited does, and How GFCL EV Products Limited has performed in recent years.
Overview
GFCL EV Products Ltd is a 100% subsidiary of GFL (Gujrat Fluorochemical Limited), part of INOXGFL Group. The company is involved in manufacturing intermediate materials for lithium-ion batteries. The business focuses on chemicals and renewable energy that includes Fluoropolymers, Specialty Chemicals, Wind Energy & Renewables. The company operates in India but also focuses on US and EU catering to EV OEMs and battery manufacturers globally. It is one of the few large manufacturers globally covering 50% plus of LFP cell bill of materials. Growing interest in the GFCL EV Products Ltd. share and the GFCL EV Products Unlisted Share reflects a strong market focus on its future growth and potential listing journey.
How the Company Makes Money?
2A – Operational Model
-
Procurement of Raw Materials & Backward Integration
This is the first and foremost step; here the company procures raw materials such as fluor spar mines and in-house Anhydrous Hydrofluoric Acid / AHF via their parent, GFL. It helps the company minimize raw material price volatility risk, reduce reliance on global suppliers, and provide protection from other players in the market.
-
Advanced Chemical Processing
After the raw material is procured, the company proceeds with the manufacturing of internal materials required in the making of the battery cell. It includes:
- Electrolyte Salts & Additives (LiPF6, NaPF6, LiFSI, VC)
- Fluoropolymers—Inoflar PVDF binders
- Cathode Active Material—Lithium Ferro Phosphate (LFP) as Cathode Active Material (CAM)
- Quality Testing combined with R&D
Internal materials required for battery manufacturing are hazardous and require quality testing. Quality assurance is of the utmost importance; hence, the final product goes through rigorous in-house lab testing.
-
Customer Audit
Once the final product is tested and ensured that quality meets the global standard, the customer audit and validation stage follows. This part involves a deep vetting process by the global OEM. Customer audits may take months and even years before placing a commercial order.
-
Supply and B2B Distribution
Here, the commercial orders are placed by automakers and gigafactories across the domestic and global landscape. Apart from India, GFCL also targets US and EU markets, providing opportunity to de-risk their supply chain—which is dominated by China, which commands more than 95% of the global battery material supply.
2B – Revenue Model
Global concern for the environment stimulated EV adoption—and EVs run on batteries. The revenue model of GFCL runs on manufacturing internal chemicals and materials required in the formation of a battery that forms up to 50% of the battery cost. Since the battery is the powerhouse for EV, the business and revenue model of GFCL is sustainable and future-oriented. Sectoral Tailwinds are in favor.
GFCL generates revenue from the following streams:
- Fluoropolymers: 40-50% of the company’s revenue comes from fluoropolymers—they are highly known for their outstanding chemical resistance, durability, and thermal stability.
- Refrigerants: GFCL is one of the largest refrigerant gas manufacturers in India, producing gases like R22, R32, R125, and R410A and selling them under the brand Rafron. It targets industries like air conditioning, refrigeration, automotive HVAC systems, etc. It constitutes up to 25% of the total revenue.
- Fluorospecialities: It also supports other industries like pharma and agrochemicals. Combining the molecule of fluorine with drugs and pesticides increases the metabolic stability and effectiveness. It constitutes 10-15% of the total revenue.
- Bulk Orders: The Company also makes money by securing bulk orders of low-margin chemicals such as caustic soda, chlorine, and chloromethanes. This segment constitutes up to 5-10% of the revenue.
Competitive Landscape
India is a minority supplier in the fluorochemical global market. It accounts for approx. 5-7% of global supply. India is a rising hub within the Asia-Pacific region and is expected to scale at 10% CAGR.
Global Players
Chemours (US), Daikin (Japan), AGC (Japan), and Syensqo (Belgium) are some of the major global players in the fluorochemical industry. They are highly specialized and advanced material producers.
-
Chemours (US): The company produces and sells chemical and related products such as refrigerants, titanium dioxide pigment, and industrial fluoropolymer resins. It has global footprints in more than 110 countries. It commands approx. 12% of global market share.
-
Daikin (Japan): Daikin is the world's leading manufacturer of heating, ventilation, air conditioning, and refrigeration (HVAC&R) solutions. Headquartered in Osaka, Japan. The company has a presence in more than 170 countries and employs 96000 employees. It commands appr. 11% of market share.
-
Syensqo (Belgium): Established and headquartered in Brussels, Belgium, the company is involved in the production of specialty polymers and chemicals and aids in industries like automotive, aerospace, and electronics. It constitutes approx. 8% of market share.
While all of these global players command the international market, GFCL has been able to compete on GFCL EV Products Limited Unlisted Share Price due to the domestic supply of raw material with the backing of its parent.
Domestic Peers
- Neogen Ionics: It is a fully owned subsidiary of Neogen Chemicals that specially focuses on the manufacturing of battery chemicals and intermediate materials such as lithium battery ions, electrolyte salts, and additives.
- Himadri Specialty Chemical Ltd.: With the market capitalization of approx. INR 30,000 Cr., the company operates in two verticals: Carbon material & Chemicals and Power. The company is a market leader, holding almost 70% of the domestic market share in coal tar pitch manufacturing.
GFCL stands apart from its competitors due to its combining ability of electrolyte cells, PVDF binders, and cathode materials under one roof. GFCL EV is heavily funded—INR 6000 Cr, the company is absorbing losses to secure its long-term position and market share.
4 Key People
Following are the key managerial persons defining the growth story of GFCL:
| Vivek Kumar Jain | Managing Director, GFL |
| Devansh Jain | Executive Director, InoxGFL Group |
| Dr. Bir Kapoor | CEO & Whole-Time Director, GFL |
| Manoj Agrawal | Chief Financial Officer (CFO), GFL |
About GFCL EV Products Limited
IPO Details, Price movement
Financial and Shareholding Pattern
Market participants continue to monitor GFCL EV Products for potential future listing developments, including a possible GFCL EV Products IPO, given its concentrated promoter holding and strategic sector positioning.
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of GFCL EV varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.