Event Type: Post-results earnings conference call to discuss Q2 and H1 FY27 financial performance

Date and Time: November 3, 2026 at 16:30 Hrs IST

Purpose: Discussion of quarterly results and strategic updates across all business segments

Management Participants:

  • Dr. Bir Kapoor – Chief Executive Officer and Deputy Managing Director
  • Mr. Akhil Jindal – Group Chief Financial Officer
  • Mr. Manoj Agrawal – Chief Financial Officer
  • Mr. Kapil Malhotra – Business Head, Fluoropolymers
  • Mr. Rajiv Rao – Business Head, Battery Materials

Moderator: Mr. Karan Talwar from DAM Capital Advisors

Availability of Materials: The transcript will be made available on the company website at www.gfl.co.in

Financial Period Discussed: Q2 and H1 FY27 (April-September 2026)

Key Financial Highlights:

  • Consolidated Q2 FY27 revenue: ₹1,760 crores (45% YoY growth, 11% QoQ growth)
  • Consolidated Q2 FY27 EBITDA: ₹473 crores (32% YoY growth, 11% QoQ growth)
  • Consolidated Q2 FY27 PAT: ₹240 crores (42% YoY growth, 10% QoQ growth)
  • EBITDA margin: 27%
  • Chemical segment revenue: ₹1,723 crores (42% YoY growth)
  • Chemical segment EBITDA: ₹505 crores (33% YoY growth)
  • Chemical segment PAT: ₹290 crores (46% YoY growth)

Segment-wise Performance:

Fluoropolymers Business:

  • Q2 FY27 revenue: ₹931 crores (22% YoY growth, 2% QoQ growth)
  • Healthy demand across high-performance applications including FKM in automotive, PSA and modified PTFE in semiconductors and data centers
  • Annual growth guidance of 17-20% maintained

Fluorochemicals Business:

  • Q2 FY27 revenue: ₹607 crores (135% YoY growth, 33% QoQ growth)
  • Strong performance driven by refrigerants, particularly R-32
  • R-32 capacity expected to reach full utilization in Q3 FY27
  • R-134A project progressing, expected production commencement by Q4 FY27

Bulk Chemicals:

  • Q2 FY27 revenue: ₹151 crores (5% YoY decline, 8% QoQ decline)
  • Decline due to lower caustic soda prices and higher captive consumption of Chloromethanes

Battery Materials Business (GFCL EV):

  • LiPF6 sales ramping up with supplies to 5 major global electrolyte players
  • Production being progressively ramped up with new plants being added
  • LFP plant samples progressing through customer qualification programs globally
  • Multiple PVDF and PTFE grades at advanced stages of customer qualifications
  • Commercial supplies under long-term agreements expected from Q4 FY27
  • Domestic electrolyte demand expected to pick up towards end of FY28

Capex Guidance:

  • FY27 capex guidance: ~₹3,000 crores total
  • ~₹800 crores for core standalone business (including fluoropolymers)
  • ~₹2,100 crores for battery materials
  • Battery materials capex delayed by 1.5 quarters due to shift from Oman project to India
  • Total battery materials investment target: ₹6,000 crores

Funding Strategy for Battery Materials:

  • Equity raised: ~₹2,300 crores (including GFL contribution, external investors, IFC)
  • Debt raised: ₹900 crores (Sumitomo Bank: ₹600 crores, ICICI Bank: ₹300 crores)
  • Additional equity of ₹500-700 crores expected over next 3-4 months
  • Target funding mix: ~₹3,500 crores equity, ~₹1,500 crores debt, ~₹1,000 crores internal accruals

Forward-looking Statements:

  • Fluoropolymers growth trajectory of 17-20% expected to sustain
  • Battery materials transitioning from development to commercialization stage
  • Significant growth opportunity over medium to long term
  • Pace of ramp-up linked to customer qualification timelines and capacity ramp-up

Additional Notes Section

Attachments: The document includes the full transcript of the conference call with analysts/institutional investors

Financial Data Disclosure: The announcement contains detailed financial results for Q2 and H1 FY27 with segment-wise breakdowns

Regulatory Reference: Filed pursuant to Regulation 30(6) read with sub-para 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015