GFCL EV Products revenue reaches Rs 70 crore as loss widens

Gujarat Fluorochemicals Limited's GFCL EV Products segment reported Rs 70 crore of revenue in the six months ended 30 September 2026, compared with Rs 4 crore a year earlier, while its pre-tax loss widened to Rs 92 crore from Rs 48 crore as its operating loss, depreciation and financing-related charges increased.

How much revenue did GFCL EV Products report in the first half?

GFCL EV Products reported segment revenue of Rs 70 crore for the six months ended 30 September 2026, compared with Rs 4 crore in the six months ended 30 September 2025 and Rs 33 crore for the year ended 31 March 2026. The latest six-month revenue was therefore above the revenue recorded in the preceding full financial year.

GFCL EV Products recorded Rs 41 crore of revenue in the quarter ended 30 September 2026, after Rs 29 crore in the quarter ended 30 June 2026. The September quarter represented the larger portion of the Rs 70 crore first-half total, while the comparable quarter ended 30 September 2025 had recorded Rs 3 crore.

GFCL EV Products revenue is reported before inter-segment eliminations in the segment note. Total segment revenue was Rs 3,423 crore in the six months ended 30 September 2026, comprising Rs 3,353 crore from Chemicals and Rs 70 crore from GFCL EV Products, before Rs 75 crore of inter-segment revenue was eliminated.

Why did GFCL EV Products' pre-tax loss widen to Rs 92 crore?

GFCL EV Products' pre-tax loss before exceptional items widened to Rs 92 crore in the six months ended 30 September 2026 from Rs 48 crore a year earlier, as its earnings before interest, tax, depreciation and amortisation, or EBITDA, loss increased to Rs 62 crore from Rs 38 crore. The segment reported no tax expense in either first-half period, leaving its loss after tax at Rs 92 crore in the latest period.

The quarter ended 30 September 2026 accounted for Rs 50 crore of the first-half pre-tax loss, compared with Rs 42 crore in the quarter ended 30 June 2026. The segment's pre-tax loss was Rs 30 crore in the quarter ended 30 September 2025, making the latest quarterly loss Rs 8 crore higher sequentially and Rs 20 crore higher year on year.

Depreciation and amortisation at GFCL EV Products was Rs 22 crore in the six months ended 30 September 2026, compared with Rs 12 crore a year earlier. Finance costs rose to Rs 9 crore from Rs 1 crore, and the segment recorded Rs 7 crore of transaction costs or fair-value loss on a financial liability measured at fair value through profit or loss, or FVTPL, relating to compulsorily convertible preference shares, or CCPS.

How did GFCL EV Products compare with Chemicals?

GFCL EV Products remained smaller than Chemicals by revenue in the six months ended 30 September 2026, reporting Rs 70 crore against Rs 3,353 crore for Chemicals. The segments also reported different earnings outcomes: Chemicals generated EBITDA of Rs 963 crore and pre-tax profit of Rs 741 crore, while GFCL EV Products reported an EBITDA loss of Rs 62 crore and a pre-tax loss of Rs 92 crore.

The year-on-year changes also differed. Chemicals revenue rose from Rs 2,502 crore in the six months ended 30 September 2025 to Rs 3,353 crore in the latest period, while its pre-tax profit increased from Rs 530 crore to Rs 741 crore. GFCL EV Products revenue rose from Rs 4 crore to Rs 70 crore over the same periods, but its pre-tax loss expanded from Rs 48 crore to Rs 92 crore.

GFCL EV Products reported Rs 8 crore of other income in the latest six-month period, compared with Rs 2 crore a year earlier. This amount was lower than the Rs 22 crore depreciation and amortisation charge and did not offset the Rs 62 crore EBITDA loss, Rs 9 crore finance costs and Rs 7 crore FVTPL-related charge.

What changed in GFCL EV Products' assets and liabilities?

GFCL EV Products had segment assets of Rs 3,286 crore at 30 September 2026, compared with Rs 1,762 crore at 30 September 2025 and Rs 2,747 crore at 31 March 2026. The asset base increased by Rs 1,524 crore year on year and by Rs 539 crore from the preceding financial year-end.

GFCL EV Products segment liabilities were Rs 1,390 crore at 30 September 2026, up from Rs 220 crore a year earlier and Rs 1,193 crore at 31 March 2026. That represents a year-on-year increase of Rs 1,170 crore and a six-month increase of Rs 197 crore; the segment disclosure does not provide a separate detailed schedule of its assets or liabilities.

At the consolidated level, capital work-in-progress was Rs 2,457 crore at 30 September 2026, compared with Rs 1,868 crore at 31 March 2026. The balance sheet also showed Series A CCPS of Rs 437 crore and total borrowings of Rs 2,234 crore, comprising Rs 651 crore of non-current borrowings and Rs 1,583 crore of current borrowings; these are group figures rather than amounts assigned to GFCL EV Products.

What should readers monitor in GFCL EV Products' next results?

Readers should monitor whether GFCL EV Products can extend revenue beyond the Rs 70 crore recorded in the six months ended 30 September 2026 and whether its quarterly pre-tax loss changes from Rs 50 crore in the September 2026 quarter. For comparison, the segment reported Rs 33 crore of revenue and a Rs 143 crore post-exceptional pre-tax loss for the year ended 31 March 2026.

Readers can also track the relationship between the segment's Rs 3,286 crore asset base, Rs 1,390 crore liabilities and future operating charges. In the latest first half, depreciation and amortisation was Rs 22 crore, finance costs were Rs 9 crore and the FVTPL-related CCPS charge was Rs 7 crore, together with the underlying Rs 62 crore EBITDA loss.

Conclusion

GFCL EV Products' disclosure shows sales growing alongside a larger operating deficit and higher depreciation and financing-related charges. Its asset base increased by Rs 539 crore from 31 March 2026 to Rs 3,286 crore at 30 September 2026, while liabilities increased by Rs 197 crore to Rs 1,390 crore over the same period.

The filing does not disclose a separate revenue target, profitability timetable, project-completion schedule or future reporting date for GFCL EV Products. The unresolved issue for subsequent disclosures is whether revenue growth from the Rs 41 crore September-quarter level can be accompanied by a change in the Rs 50 crore quarterly pre-tax loss and the cost items reported in the six months ended 30 September 2026.