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Swing Capital

Gujarat Fluorochemicals Ltd

NSE: FLUOROCHEM BSE: 542812

Incorporated in 2018, Gujarat Fluorochemicals Limited, earlier known as Inox Fluorochemicals Limited, is a part of the INOX Group of Companies and has been demerged from GFL Ltd, into a separate legal entity. It is one of the leading producers of Fluoro-polymers, Fluoro-specialities, Chemicals and Refrigerants in India. It is one of the top five global players in the fluoropolymers market with exports to Europe, Americas, Japan and Asia.

₹3,726
52W: ₹2917 — ₹4054
PE 59.7 · Book ₹620 · +501% vs book
Market Cap₹40,929 Cr
Stock P/E59.7Price to Earnings
ROCE11%Return on Capital
ROE9.28%Return on Equity
Div. Yield0.08%Face Value ₹1

Strengths

  • +Company has reduced debt.

Weaknesses

  • −Company has a low return on equity of 14.0% over last 3 years.
  • −Dividend payout has been low at 5.62% of profits over last 3 years

Shareholding Pattern

Promoters61.39%
FIIs4.28%
DIIs13.48%
Public20.85%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.57%62.57%62.57%62.57%62.57%61.39%▼1.261.39%61.39%
FIIs5.2%4.88%▼0.34.61%▼0.34.63%▲0.04.25%▼0.44.36%▲0.14.31%▼0.14.28%▼0.0
DIIs9.6%9.56%▼0.010.05%▲0.510.74%▲0.711.47%▲0.712.73%▲1.312.81%▲0.113.48%▲0.7
Public22.62%22.98%▲0.422.77%▼0.222.05%▼0.721.69%▼0.421.51%▼0.221.49%▼0.020.85%▼0.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales9269081,0431,0851,1991,1231,1581,1741,1311,026
Expenses753745841841901816871841771740
Operating Profit173163202244298307287333360286
OPM %19%18%19%22%25%27%25%28%32%28%
Net Profit625686111144153167185195127
EPS ₹5.645.17.8310.113.1113.9315.216.8417.7511.56

AI Insights

Revenue Trend

TTM revenue at ₹4,489Cr, down 1.7% YoY. OPM at 28%.

Debt Position

Borrowings at ₹1,465Cr. Debt-to-equity ratio: 0.22x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,011Cr (28% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 13.48% (+7.62pp change). FIIs: 4.28% (-2.16pp change). Promoters hold 61.39%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 11% (Mar 2025). Working capital days: 98.

Valuation

PE 59.7x with 11% ROCE. Price is 501% above book value of ₹620. Dividend yield: 0.08%.

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