GFCL EV Products Limited
vs. prev. close ₹42
52W High
₹48
52W Low
₹40
Market cap
₹31,026 Cr
IPO stage
No DRHP filed
Risk level
Low
CIN
U24296GJ2021PLC127819
Price History
52W High
₹48
52W Low
₹40
About GFCL EV Products Limited
GFCL EV Products Limited, building India's first fully integrated battery materials facility (with commercial LiPF6 supply already underway and a greenfield Oman project in progress), posted FY26 consolidated revenue of Rs 33.22 crore against a widened net loss of Rs 104.31 crore (loss per share Rs 0.14), after raising roughly Rs 430 crore via convertible preference shares and taking on its first-ever borrowings (~Rs 640 crore) to fund a major capacity build-out.
The Short Version :
GFCL EV Products Limited is a battery materials company building India's first fully integrated battery chemicals facility, producing battery salts (including LiPF6, now in commercial supply), LFP Cathode Active Material, and fluoropolymer binders for the EV and energy storage (ESS) ecosystem, alongside a greenfield project underway in Oman. FY26 consolidated revenue grew to Rs 33.22 crore from Rs 9.44 crore, but the company remains loss-making at this stage: the consolidated loss widened to Rs 104.31 crore from Rs 27.01 crore, with loss per share of Rs (0.14) versus Rs (0.04). Book Value per Share stood at Rs 2.07, with ROE at -6.89% (from -1.79% in FY25), reflecting a business still in heavy capex and pre-scale mode.
Why It Trades Where It Does :
This is an early-stage capex story, not yet an earnings one. Property, plant & equipment grew 62.6% to Rs 781.05 crore and capital work-in-progress grew 64.6% to Rs 1,021.41 crore, as the company builds out manufacturing capacity ahead of revenue. The company itself attributes the widening loss to this expansion: depreciation, employee costs, and other fixed operating expenses have already started, while revenue generation is still at an early stage. FY26 also brought a large capital infusion, Rs 430 crore via Series A Compulsorily Convertible Preference Shares plus roughly Rs 640 crore in fresh borrowings (both nil in FY25), funding the build-out. Book Value per Share of Rs 2.07 reflects a very large share count (over 7.3 billion shares at Re 1 face value) rather than a small capital base; equity itself held roughly flat year-on-year at Rs 1,513.80 crore.
Top Risks :
The core business remains loss-making, with the loss widening substantially in FY26, and revenue is still small (Rs 33.22 crore) relative to the scale of capex being deployed.
The company has taken on its first-ever borrowings this year (around Rs 640 crore combined) plus Rs 430 crore of convertible preference capital, materially changing the capital structure and adding financial leverage that didn't exist in FY25.
Commercial success depends on customer qualification processes for LFP Cathode Active Material and fluoropolymer binders that are still in progress, not yet complete.
Top Opportunities :
Commercial supplies of LiPF6 (a core electrolyte salt) have already commenced, a concrete proof point ahead of the other product lines reaching commercial scale.
Building India's first fully integrated battery materials facility, plus a greenfield project in Oman for export competitiveness, positions the company early in a global lithium-ion battery market the report notes exceeded USD 150 billion in 2025 and is growing over 20% annually.
Backing from the broader GFCL group and a large recent capital raise (CCPS plus fresh borrowings) suggest funding is in place to carry the business through to commercial scale-up.
Disclaimer :
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Company Details
Industry
EV Battery Materials, Advanced Battery Chemicals, Clean Energy Manufacturing
Founded
2021
Headquarters
Gujarat, India
Min Lot Size
1
Face Value
₹1.00
Total Shares
7303551584
Regulatory Information
Corporate Identity Number (CIN)
U24296GJ2021PLC127819
PAN Number
AAJCG4540K
ISIN
INE0KA501014
Key Valuation Ratios
Valuation
Market Cap
₹31,025.88 Cr
P/E Ratio
—
Not meaningful — loss-making
P/S Ratio
933.95×
P/B Ratio
20.50×
EV / EBITDA
—
Returns & Per Share
ROE
-6.89%
EPS
₹-0.14
Book Value / Share
₹2.05
Solvency
Debt / Equity
0.42×
Interest Coverage
-6.37×
Company Fundamentals
As of FY2026 Annual · updated 06 Sept 2026Gross Profit
₹-44.51 Cr
EBITDA
₹-76.96 Cr
Revenue Growth
251.91%
Profit Margin
-314.03%
Performance Trends
3 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.42×
EBITDA Margin
-231.67%
Interest Coverage
-6.37×
Financial Statements
| Line item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | |||
| Revenue from operationsDisclosed | 37₹ Lakh | 9.44₹ Crore | 33.22₹ Crore |
| Other incomeDisclosed | 22₹ Lakh | 20.92₹ Crore | 4.83₹ Crore |
| Total IncomeDerived | 59₹ Lakh | 30.36₹ Crore | 38.05₹ Crore |
| Expenses | |||
| Cost of goods soldDisclosed | 6.24₹ Crore | 27.98₹ Crore | 77.73₹ Crore |
| Changes in inventoriesDisclosed | -6.31₹ Crore | -21.17₹ Crore | -46.99₹ Crore |
| Employee benefits expenseDisclosed | 44₹ Lakh | 9.94₹ Crore | 34.62₹ Crore |
| Finance costsDisclosed | 53₹ Lakh | 2.65₹ Crore | 16.63₹ Crore |
| Depreciation and amortization expenseDisclosed | 1.54₹ Crore | 22.52₹ Crore | 28.98₹ Crore |
| Other expensesDisclosed | 1.77₹ Crore | 20.47₹ Crore | 50.94₹ Crore |
| Total ExpensesDerived | 4.21₹ Crore | 62.39₹ Crore | 161.91₹ Crore |
| Profit | |||
| Exceptional itemsDisclosed | — | — | 1.29₹ Crore |
| Profit before taxDerived | -3.62₹ Crore | -32.03₹ Crore | -122.57₹ Crore |
| Deferred tax expenseDisclosed | -62₹ Lakh | -5.03₹ Crore | -18.25₹ Crore |
| Tax expenseDisclosed | -62₹ Lakh | -5.03₹ Crore | -18.25₹ Crore |
| Profit After TaxDerived | -3₹ Crore | -27₹ Crore | -104.32₹ Crore |
| Other comprehensive incomeDisclosed | -59₹ Lakh | 8₹ Lakh | 58₹ Lakh |
| Total Comprehensive IncomeDerived | -3.59₹ Crore | -26.92₹ Crore | -103.74₹ Crore |
Documents Library
Access all financial reports and filings
Document
GFCL EV : Fundraising Announcement
GFCL EV Raises additional $80 Mn from a Global Marquee Investor for scaling Battery Materials Manufacturing Capacity
Download AttachmentGFCL EV's EGM for ₹430 Cr CCPS Issue others Seeking approval to raise ₹430 crore from IFC via private placement of Series A CCPS.
GFCL EV's EGM for ₹430 Cr CCPS Issue others Seeking approval to raise ₹430 crore from IFC via private placement of Series A CCPS.
GFCL EV's EGM for ₹430 Cr CCPS Issue others Seeking approval to raise ₹430 crore from IFC via private placement of Series A CCPS.
GFCL EV's EGM for ₹430 Cr CCPS Issue others Seeking approval to raise ₹430 crore from IFC via private placement of Series A CCPS.
IFC Invests $50M in GFCL EV others International Finance Corporation (IFC) invests USD 50 million ito build India’s first integrated battery materials facility.
IFC Invests $50M in GFCL EV others International Finance Corporation (IFC) invests USD 50 million ito build India’s first integrated battery materials facility.
IFC Invests $50M in GFCL EV others International Finance Corporation (IFC) invests USD 50 million ito build India’s first integrated battery materials facility.
IFC Invests $50M in GFCL EV others International Finance Corporation (IFC) invests USD 50 million ito build India’s first integrated battery materials facility.
EGM Notice of GFCL EV others Company proposed a private placement of 2.64 crore EQ at ₹35/share (₹92.47 crore) to Gujarat Fluorochemicals Ltd.,
EGM Notice of GFCL EV others Company proposed a private placement of 2.64 crore EQ at ₹35/share (₹92.47 crore) to Gujarat Fluorochemicals Ltd.,
EGM Notice of GFCL EV others Company proposed a private placement of 2.64 crore EQ at ₹35/share (₹92.47 crore) to Gujarat Fluorochemicals Ltd.,
EGM Notice of GFCL EV others Company proposed a private placement of 2.64 crore EQ at ₹35/share (₹92.47 crore) to Gujarat Fluorochemicals Ltd.,
GFCL EV Business Update – August 2025 others GFCL’s Aug 2025 investor update on EV materials growth, investments, and expansion strategy.
GFCL EV Business Update – August 2025 others GFCL’s Aug 2025 investor update on EV materials growth, investments, and expansion strategy.
GFCL EV Business Update – August 2025 others GFCL’s Aug 2025 investor update on EV materials growth, investments, and expansion strategy.
GFCL EV Business Update – August 2025 others GFCL’s Aug 2025 investor update on EV materials growth, investments, and expansion strategy.
Allotment of Shares in GFCL EV others Allotment of Shares in GFCL EV
Allotment of Shares in GFCL EV others Allotment of Shares in GFCL EV
Allotment of Shares in GFCL EV others Allotment of Shares in GFCL EV
Allotment of Shares in GFCL EV others Allotment of Shares in GFCL EV
Valuation Report of GFCL EV others Valuation Report of GFCL EV
Valuation Report of GFCL EV others Valuation Report of GFCL EV
Valuation Report of GFCL EV others Valuation Report of GFCL EV
Valuation Report of GFCL EV others Valuation Report of GFCL EV
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Current Price
₹42Secure & Verified Transaction
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About GFCL EV Products Limited unlisted shares
Indicative · updated dailyGFCL EV Products Limited unlisted share price today
GFCL EV Products Limited unlisted share price today is ₹42 as of 16 October 2026.
GFCL EV Products Limited — frequently asked questions
- What is the grey market price for GFCL EV Products Limited?
No IPO is currently announced for GFCL EV Products Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has GFCL EV Products Limited filed for an IPO, and when might it list?
GFCL EV Products Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does GFCL EV Products Limited compare to its listed peers?
There is no closely comparable listed company for GFCL EV Products Limited in India today.
- Is GFCL EV Products Limited on the SME or Mainboard IPO track?
GFCL EV Products Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is GFCL EV Products Limited's CIN and registered office?
GFCL EV Products Limited's Corporate Identity Number is U24296GJ2021PLC127819, registered at Gujarat, India.
- What is GFCL EV Products Limited's market capitalisation?
GFCL EV Products Limited's market capitalisation is approximately ₹31,026 crore, based on its current unlisted share price.
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Submit an Express Sell Interest for GFCL EV Products Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer GFCL EV Products Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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GFCL EV Products Limited has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
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- How are capital gains on GFCL EV Products Limited unlisted shares taxed?
If you sell unlisted shares, including GFCL EV Products Limited, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If GFCL EV Products Limited lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
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