Gujarat Fluorochemicals Q4 Results Review: ICICI Securities Downgrades Rating To 'Hold', Reduces Target Price

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ICICI Securities Report

Gujarat Fluorochemicals Ltd.’s Q4 FY25 print was impacted by lower sales of bulk chemicals with production disrupted for 20days due to incident in Dahej.

It expects fluoropolymers revenue to grow 25% in FY26 with higher volume in new fluoropolymers, and steady rise in PTFE volume. R-32 capacity commissioning has been expedited, and may now start in H2FY26, therefore, supporting fluorochemicals.

Gujarat Fluorochemicals remains confident of approvals, and contracts in battery chemicals for LiPF6 salt, and binders immediately with potential billing to commence in H2 FY26. We cut our EPS for FY26/27E by 3-9% and reduce target price to Rs 3,790 (from Rs 4,160), valuing the stock at FY28E P/E multiple of 30x (unchanged); downgrade to Hold (from Buy).

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