GFCL EV Products Unlisted Shares
GFCL EV Products makes battery chemicals, binders, electrolytes and LFP cathode material for lithium-ion cells used in electric vehicles and energy storage. It is a subsidiary of Gujarat Fluorochemicals and is still building its plants.
Read the full company profile
Key facts
GFCL EV Products share details
- Lot size
- 1,000 shares
- Min. investment
- ₹42,000
- Face value
- ₹1
- Implied market cap
- ₹31,026 Cr
- Shares outstanding
- 7,387,115,432
- Founded
- 2021
- Headquarters
- Noida, Uttar Pradesh
- Website
- gfclev.co.in
- ISIN
- INE0KA501014
- CIN
- U24296GJ2021PLC127819
- Lock-in after IPO
- 6 months
Price history
GFCL EV Products share price chart
1Y change
-6.67%
High
₹48.00
Low
₹40.00
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About GFCL EV Products
GFCL EV Products Limited is building what it calls India's first fully integrated battery materials facility. It makes the chemicals that go inside lithium-ion battery cells: LiPF6 salt, PVDF and PTFE binders, electrolyte formulations, additives, LFP cathode active material and natural graphite anode material. These serve electric vehicles and battery energy storage systems. Its plants are in Gujarat, with a registered office at Ranjitnagar in Panchmahals district and a plant at Dahej. The annual report says the LiPF6, binder and electrolyte plants have been audited and approved by global customers, and the LFP cathode plant has been commissioned and stabilised.
The company is early in its life, so the numbers are small against the money going in. On a consolidated basis, revenue from operations for the year ended 31 March 2026 was ₹3,322.16 lakh, up from ₹944.30 lakh a year earlier. The loss for the year was ₹10,431.36 lakh, against ₹2,700.57 lakh in the previous year. Total assets stood at ₹2,80,668.61 lakh, most of it plant and capital work-in-progress. The company plans capital spending of about ₹6,000 crore over the next 2-3 years and is also developing a greenfield project in Oman.
Gujarat Fluorochemicals Limited, part of the INOX group, is the promoter and held 96.89% of the equity shares on 31 March 2026. The company has also secured funding from International Finance Corporation, and the books show Series A compulsorily convertible preference shares of ₹43,000.00 lakh. Total borrowings were ₹64,025.56 lakh at year end. Mr. Vivek Jain is Chairman and Managing Director.
The company has not filed for an IPO as per our records. Unlisted shares of a company like this are dealt off-market, between private buyers and sellers, so the price shown on this page is indicative and not an exchange price. The current indicative price is ₹42 per share with a lot size of 1000 shares. Figures here are consolidated and taken from the FY26 annual report on the company's own website.
Strengths
- Revenue from operations grew from ₹944.30 lakh to ₹3,322.16 lakh in FY26 on a consolidated basis, as the first plants started selling.
- The parent, Gujarat Fluorochemicals Limited, held 96.89% of the equity shares on 31 March 2026, so the company has an established chemicals group behind it.
- Total equity was ₹1,51,380.22 lakh at 31 March 2026, and the net debt to equity ratio was 0.35 times, which leaves room to fund the build-out.
- The company has secured funding from International Finance Corporation, and cash and cash equivalents rose to ₹11,738.85 lakh from ₹530.38 lakh a year earlier.
- Its LiPF6, binder and electrolyte plants have been audited and approved by global customers, and the LFP cathode plant has been commissioned, as stated in the annual report.
- The range covers salts, binders, electrolytes, additives, cathode and anode materials, so it can sell several products to the same cell makers.
Risks
- The company is loss making. The consolidated loss for FY26 was ₹10,431.36 lakh, against ₹2,700.57 lakh in FY25, and the loss per share was ₹0.14.
- Operations burn cash. Net cash used in operating activities was ₹17,711.87 lakh in FY26 and ₹11,085.49 lakh in FY25 on a consolidated basis.
- Debt is rising. Total borrowings were ₹64,025.56 lakh at 31 March 2026 against nil a year earlier, and finance costs rose to ₹1,663.15 lakh.
- Spending plans are large. The company plans capital spending of about ₹6,000 crore over the next 2-3 years, and the plan depends on funding and execution.
- Customers are few. Three external customers accounted for ₹2,815.18 lakh of revenue in the standalone accounts, so losing one would hurt sales.
- Most of the asset base is under construction. Capital work-in-progress was ₹1,02,140.78 lakh out of total assets of ₹2,80,668.61 lakh, so delays would push back earnings.
- The annual report says battery prices fell in 2025 and several producers run at thin or negative margins, which can pressure pricing for a new entrant.
- The company also has Series A compulsorily convertible preference shares of ₹43,000.00 lakh, which can dilute existing shareholders when converted.
- Unlisted shares trade off-market with indicative prices and low liquidity, so the price you see may not be the price you can transact at.
Financials
GFCL EV Products financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 |
|---|---|---|
| Revenue (₹ Cr) | 33.22 | 9.44 |
| PAT (₹ Cr) | -104 | -27 |
| PAT Margin (%) | -314.00 | -286.12 |
| RoNW (%) | -6.89 | -1.79 |
| EPS (₹) | -0.14 | -0.04 |
| Debt / Equity | 0.42 | — |
| Total Assets (₹ Cr) | 2,807 | 1,665 |
| Net Worth (₹ Cr) | 1,514 | 1,512 |
Swipe the table sideways for earlier years →
Leadership
Management team
Vivek Jain
Chairman & Managing Director
Chairman and Managing Director on the board and a key managerial person.
Bir Kapoor
Non-Independent Director
Non-independent director, chairs the Stakeholders Relationship Committee.
Vijay Kumar Soni
Non-Independent Director
Non-independent director, proposed for re-appointment by rotation.
Sanjay Bhan
Whole-time Director
Whole-time director appointed for two years from 1 September 2025.
Shailendra Swarup
Independent Director
Independent director from 8 May 2026, chairs the Nomination, Remuneration and Corporate Governance Committee.
Vanita Bhargava
Independent Director
Independent director, chairperson of the Audit Committee.
Manoj Agrawal
Chief Financial Officer
Chief Financial Officer since 20 May 2026.
Bhavin Desai
Company Secretary
Company Secretary and key managerial person.
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GFCL EV Products unlisted shares: common questions
Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
