Wholly owned subsidiary of Gujarat Fluorochemicals Limited (GFL), incorporated on 11th June 2021.

Focuses on becoming a key global supplier of battery materials for Electric Vehicles (EVs) and Energy Storage Systems (ESS).

Targets global markets including India, USA, and the EU.

🏭 Business Model Highlights
Manufactures battery materials across 50%+ of the lithium-ion battery value chain.

Backward integration strategy to reduce dependence on China and ensure supply chain stability.

Product Portfolio includes:

Cathode Active Material (CAM) – Mainly Lithium Iron Phosphate (LFP)

Electrolytes – Salts, additives, and formulations

Binders – PVDF and PTFE

Products are battery chemistry agnostic, suitable for various battery technologies.

Engaged in long-term supply contracts with major EV OEMs and battery makers.

💰 Fundraising & Valuation
Recently raised ₹800 crore via equity issuance.

Implied valuation: ₹25,000 crore (based on ₹35/share and updated share count).

Investors include:

Sunil Bharti Mittal Family Office – ₹100 crore

Varun Beverages Family Office – ₹100 crore

RPSG Group – ₹100 crore

Manyavar – ₹60 crore

Dalmia – ₹50 crore

Evergrow – ₹5 crore (with option to invest more)

🏗 Production Status & Facilities
Partial commercial production started at Jolva, Gujarat.

Key materials like LiPF6, electrolyte, and binders will begin commercial supply from Q4 FY25.

LFP Cathode plant to be commissioned in Q4 FY25 (longer customer qualification required).

Additional support from Dahej and Ranjitnagar GFL facilities for intermediate inputs.

📊 Market Opportunity
Global Battery Market:

2023 TAM: USD 120.74 Billion

2030E TAM: USD 300 Billion

CAGR: 15.4% (2023–2031)

GFCL EV’s Addressable Market:

FY24: USD 35 Billion

FY31E: USD 116 Billion

Their product mix covers ~40% of an LFP cell’s value.

📈 Capex & Financial Projections
Total Capex Plan: ₹8,100 crore till FY28

FY25: ₹1,500 crore

FY26: ₹3,200 crore

FY28: ₹6,000 crore

Revenue Projections:

FY25E: ₹260 crore

FY26E: ₹2,465 crore

FY27E: ₹8,193 crore

FY28E: ₹13,046 crore

FY29E: ₹18,571 crore

PAT Projections:

FY25E: (₹17 crore) loss

FY26E: ₹548 crore

FY27E: ₹2,731 crore

FY28E: ₹4,482 crore

FY29E: ₹6,457 crore

⚠ Key Risks
Competition from Chinese battery material suppliers.

Delays in customer qualification cycles.

Execution risk in scaling production quickly.

Heavy reliance on USA market & IRA incentives.

High valuation despite limited current revenue.

Raw material supply risks, especially lithium.

🧩 Customer Base
Targeting global and Indian EV OEMs and battery manufacturers.

Actively engaged with 20+ potential customers.

Building strong presence in India, USA, and EU.