Gujarat Fluoroch Q1 FY27 Results (NSE: FLUOROCHEM)

12 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The quarter marks a sharp revenue rebound from Q3FY26's -1.1% YoY to +24.0%, led by Chemicals EBITDA growth of 29.4%, but consolidated EBITDA margin stayed around 26.9% YoY and the ₹42 crore EV Products loss remains the key thesis risk despite rising EV assets to ₹3,361 crore.

P&L walk

Revenue rose to ₹1,588 crore, +24.0% YoY, with Chemicals EBITDA up 29.4% to ₹458 crore and consolidated EBITDA up 24.4% to ₹428 crore; PAT increased 20.3% to ₹219 crore despite a ₹42 crore EV Products loss.

Segments

Chemicals drove the recovery with revenue of ₹1,610 crore, +25.1% YoY, and PBT of ₹352 crore versus ₹261 crore, but EV Products remained the drag with revenue of ₹29 crore and a ₹42 crore PAT loss versus a ₹14 crore loss YoY.

Key positives

• Consolidated revenue rose to ₹1,588 crore, +24.0% YoY, accelerating from the -1.1% YoY decline in Q3FY26.
• Chemicals EBITDA increased 29.4% YoY to ₹458 crore, ahead of Chemicals revenue growth of 25.1%, lifting segment EBITDA margin to 28.4% from 27.5%.
• Power and fuel cost declined to 12.5% of revenue from 15.0% YoY, while finance costs fell 13.3% YoY to ₹26 crore.
• Segment assets increased 20.4% YoY to ₹12,597 crore, supporting the group's expansion into EV and advanced materials.

Key concerns

• EV Products generated only ₹29 crore of revenue but reported a ₹42 crore PAT loss and a ₹30 crore EBITDA loss, showing that the new-energy platform remains materially loss-making.
• Consolidated EBITDA margin was approximately flat YoY at 26.9% despite 24.0% revenue growth because employee benefits and other expenses increased 38.0% YoY to ₹439 crore.
• Standalone revenue growth was only 10.9% YoY and standalone PAT growth was 7.5%, substantially below the consolidated growth rate.

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