India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Gujarat Fluorochemicals / Equity Bottom-Up

<ul>
<li>GFL is executing a INR 6,000 crore capex plan through FY28 to expand into battery materials, fluorospecialties etc. with commercial production of Battery Chemicals expected to start in Q4 FY25. </li>
<li>This marks a strategic shift from a cyclical chemicals business to a high-margin, clean energy materials play positioning GFL at the core of the EV value chain as China+1 sourcing.</li>
<li>Company is becoming a structural clean-tech growth story. The business could double its revenue base and become global EV materials supplier over the next 3-4 years.</li>
</ul>


GFL is executing a INR 6,000 crore capex plan through FY28 to expand into battery materials, fluorospecialties etc. with commercial production of Battery Chemicals expected to start in Q4 FY25. 
This marks a strategic shift from a cyclical chemicals business to a high-margin, clean energy materials play positioning GFL at the core of the EV value chain as China+1 sourcing.
Company is becoming a structural clean-tech growth story. The business could double its revenue base and become global EV materials supplier over the next 3-4 years.


The Beat Ideas: Gujarat Flurochemicals 2.0: From Fluoropolymer Powerhouse to Battery Technology

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a> new Fluoropolymer(FP) segment is projected to be a key revenue growth driver for the company in the medium term.</li>
<li>The company is committed to significant capacity expansion in the FP segment and aims to commercialize new FP products, particularly EV battery chemicals, in the second half of fiscal 2025.</li>
<li>While the FP segment holds strong growth potential, the ramp-up of new-age FPs and the potential reliance on debt-funded capex are areas to monitor. </li>
</ul>



Gujarat Fluorochemicals (FLUOROCH IN) new Fluoropolymer(FP) segment is projected to be a key revenue growth driver for the company in the medium term.
The company is committed to significant capacity expansion in the FP segment and aims to commercialize new FP products, particularly EV battery chemicals, in the second half of fiscal 2025.
While the FP segment holds strong growth potential, the ramp-up of new-age FPs and the potential reliance on debt-funded capex are areas to monitor. 


Gujarat Fluro's New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.</li><li>GFL highlighted its growth plans at the group level under InoxGFL group which include the chemicals and wind energy businesses.</li><li>Management expects the group’s EBITDA to quadruple over coming 3 years led by ramp up in both, battery chemicals and renewable energy businesses.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.GFL highlighted its growth plans at the group level under InoxGFL group which include the chemicals and wind energy businesses.Management expects the group’s EBITDA to quadruple over coming 3 years led by ramp up in both, battery chemicals and renewable energy businesses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Fluorochemicals - Analyst Meet Update: Aggressive Guidance

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Thematic (Sector/Industry)

<ul>
<li>Fluorine chemistry is gaining strategic importance across sectors like pharma, agrochemicals, EVs, and semiconductors, driven by the superior thermal, chemical, and biological properties of fluorinated compounds. </li>
<li>India is emerging as a global hub in fluorination, supported by backward-integrated capacities, decades of handling expertise, and the global China+1 diversification strategy. </li>
<li>Companies like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a>, and <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a> are scaling up across the value chain from fluoropolymers to battery-grade electrolytes.</li>
</ul>


Fluorine chemistry is gaining strategic importance across sectors like pharma, agrochemicals, EVs, and semiconductors, driven by the superior thermal, chemical, and biological properties of fluorinated compounds. 
India is emerging as a global hub in fluorination, supported by backward-integrated capacities, decades of handling expertise, and the global China+1 diversification strategy. 
Companies like SRF Ltd (SRF IN), Gujarat Fluorochemicals (FLUOROCH IN), and Navin Fluorine International (NFIL IN) are scaling up across the value chain from fluoropolymers to battery-grade electrolytes.


Thematic Report: All You Need to Know About Fluorination Industry in India

India

Gujarat Fluorochemicals Limited produces and distributes chemicals products. The Company offers polymers, additives, refrigerants, caustic soda lye, flakes, and other specialty chemicals. Gujarat Fluorochemicals markets its products globally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Gujarat Fluorochemicals (FLUOROCH IN)

The Beat Ideas: Gujarat Flurochemicals 2.0: From Fluoropolymer Powerhouse to Battery Technology

GFL is investing heavily in clean energy materials, positioning itself as a key player in the EV value chain with plans to double revenue and...

Sudarshan Bhandari

Gujarat Fluro's New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years

Gujarat Fluorochemicals' new Fluoropolymer segment is expected to drive revenue growth, with plans for capacity expansion and new product...

Nimish Maheshwari

Gujarat Fluorochemicals - Analyst Meet Update: Aggressive Guidance

GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.

Emkay

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report: All You Need to Know About Fluorination Industry in India

Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Gujarat Flurochemicals 2.0: From Fluoropolymer Powerhouse to Battery Technology

​GFL is investing heavily in clean energy materials, positioning itself as a key player in the EV value chain with plans to double revenue and...

Sudarshan Bhandari

Gujarat Fluro's New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years

​Gujarat Fluorochemicals' new Fluoropolymer segment is expected to drive revenue growth, with plans for capacity expansion and new product...

Nimish Maheshwari

Gujarat Fluorochemicals - Analyst Meet Update: Aggressive Guidance

GFL conducted an analyst meet, which was represented by Chairman Vivek Jain, Executive Director Devansh Jain, and Dy MD and CEO Dr Bir Kapoor.

Emkay

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report: All You Need to Know About Fluorination Industry in India

​Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Nimish Maheshwari

GFL is investing heavily in clean energy materials, positioning itself as a key player in the EV value chain with plans to double revenue and...

Gujarat Fluorochemicals' new Fluoropolymer segment is expected to drive revenue growth, with plans for capacity expansion and new product...

Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...