Thanks, Parvi. We thank Gujarat Fluorochemicals management for providing us the opportunity to host their 1Q FY27 conference call.

We have with us Dr. Bir Kapoor, CEO and Deputy Managing Director, along with the senior members of the management team from Gujarat Fluorochemicals.

I would like to hand over the call now to Dr. Bir sir for his opening remarks, post which we will have Q&A session.

Thanks, and over to you, sir.

Thanks, Rohit. Good afternoon, everyone, and a very warm welcome to all of you for GFL's Quarter 1 FY27 earnings call.

For this call, I have with me my colleagues Mr. Manoj Agrawal, who is CFO of GFL; Mr.

Kapil Malhotra, who is the Business Head of Fluoropolymers; and Mr. Rajeev Rao, who is the Business Head of Battery Materials.

The company announced its Quarter 1 FY27 results at the board meeting held today. The results, along with the earnings presentations, are already available on the stock exchanges and on our website.

I'll briefly take you through the key financial highlights, followed by an update on our business performance, demand environment, and outlook. The global business environment remains challenging, with ongoing supply chain disruptions, commodity price volatility, and an increasingly complex operating landscape.

At the same time, the businesses are adapting to these evolving conditions, creating both challenges and opportunities across market for us. Despite these specific, market-specific challenges, GFL has delivered a strong start to FY27.

Healthy demand across key product categories, disciplined execution, and improving operating leverage enabled us to deliver broad-based growth across our core chemical businesses. On a year-on-year basis, revenue from our chemical segments increased 23% to ₹1,574 crore compared to ₹1,281 crore in Quarter 1 FY26.

Chemical segment EBITDA grew 29% to ₹458 crore from ₹354 crore, while segment PAT increased 33% ₹261 crore. This performance was primarily driven by strong growth in fluoropolymers and fluorochemical businesses.

At the consolidated level, revenue from operations grew 24% year-on-year to ₹1,588 crore. EBITDA increased 24% to ₹428 crore, while consolidated PAT stood at ₹219 crore, representing 19% growth over the same period last year.

Our performance was even stronger on a sequential basis. Within the chemical segment, revenue grew 16% quarter-on-quarter to ₹1,574 crore, while EBITDA increased 30% to ₹458 crore.

EBITDA margin improved from 26% in Quarter 4 FY26 to 19% in Quarter 1 FY27, reflecting the benefits of higher volumes, an improved product mix, and operating leverage. Segment PAT increased 56% sequentially to ₹261 crore, with PAT margins expanding from 12% to 17%.

At the consolidated level, revenue increased 16% quarter-on-quarter to ₹1,588 crore, while EBITDA grew 39% to ₹428 crore. EBITDA margin also expanded from 22% to 27%, and consolidated PAT more than doubled to ₹219 crore, resulting in a PAT margin improvement from 7% to 14%.

We also continued to make progress on key return and efficiency matrices across the quarter during the quarter, I'm sorry. ROCE improved by 258 basis point to 16.6% in Quarter 1 FY27 compared to 14% in FY26, while ROE improved by 301 basis point to 15.18% from 12.17% in FY26.

Our focus on working capital efficiency has also yielded strong results, with working capital days reducing by 43 days to 149 days as of Quarter 1 FY27 compared to 192 days as of Quarter 4 FY26. These improvements reflect not only the segment strength of our operating performance, but also our continued focus on capital efficiency, cash generation, and disciplined execution across the organization.

Let me now take you through the performance and outlook of our key businesses. Starting with fluoropolymers, we continue to see encouraging demand trend across the portfolio, supported by improving volumes across fluoropolymers.

The expansion of new age applications is creating attractive growth opportunities, particularly in areas such as semiconductors, data centers, electronics, automotive, green hydrogen, and advanced industrial applications. We are also seeing a gradual improvement in product mix, supported by increasing contributions from higher-value grades.

Reflecting these trends, fluoropolymer revenue grew 15% year-on-year and 8% sequentially during the quarter. This growth achieved despite a challenging global environment.

Moving to fluorochemicals, the business delivered an exceptionally strong quarter. Revenue increased 52% on year-on-year and 44% quarter-on-quarter, driven primarily by R-32 refrigerant sales along with healthy growth across our refrigerant portfolio.

As previously communicated, we are expanding our R-32 capacity, which is expected to be commissioned in Q2 FY27. With existing capacity utilization already at peak levels, this expansion will enhance our ability to participate in growing global R-32 market and support future demand growth.

In parallel, we continue to expand our refrigerant portfolio. Our R-134a project remains on track and is expected to be commissioned in this financial year.

Combined with our integrated manufacturing capabilities, established global marketing network, and longstanding customer relationships, this will further strengthen our ability to serve growing refrigerant demand across both domestic and international markets. A more complete bouquet of products will enable us to leverage our strong brands that we built over last three decades globally.

Turning to bulk chemicals, the segment delivered a steady performance during the quarter, with revenue increasing 11% year-on-year and 1% sequentially, primarily driven by improved realizations. Moving on to battery materials, we continue to make steady progress in building a differentiated and integrated platform.

In LiPF6 salt, we are advancing both capacity expansion and customer commercialization efforts with leading global electrolyte manufacturers. In electrolytes, qualification activities and sample development with Indian cell manufacturers are also progressing well, supported by customer audits and plant visits.

Across LFP cathode active materials and PVDF binders, our focus remains on product consistency, customer qualification, and commercial scale-up. While these businesses are at different stage of qualification and commercialization, we remain encouraged by the long-term opportunity driven by growing EV adoption, increasing deployment of battery energy storage system, and the ongoing localization of battery supply chain.

As we look ahead, FY27 is shaping up to be an important year in GFL's growth journey. Our established fluorochemical and fluoropolymer businesses continue to generate healthy growth and strong cash flows, while battery materials provide multiple avenues for the next phase of growth for GFL.

Our priorities remain clear: executing our capacity expansion projects, deepening customer engagement, accelerating qualification and commercialization of new products, and scaling our emerging platforms in line with market demand. At the same time, we remain committed to disciplined capital allocation and a strong focus on returns.

While the external environment remains dynamic, we are confident in the underlying fundamentals of our business. With a diversified portfolio, integrated manufacturing capabilities, strong customer relationships, and exposure to multiple long-term growth themes, we believe GFL is well positioned to deliver sustainable growth and create long-term value for all stakeholders.

With that, I would like to thank all our stakeholders, customers, employees, and partners for their continued support. We will now open the floor for questions.

Thank you.

Thank you. Good evening, sir.

A couple of questions from my side. First on the fluoropolymer, a 15% growth is good, but I think there was a price increase also in the segment by some of our Chinese peer.

Have we seen those price increases being taken by GFL as well? What would be the blended price increase if at all we have taken?

Sanjesh, thank you for your question. I am requesting Kapil to answer this question.

Kapil, please.

Sanjesh, thanks for your question. See, first of all, we have been also making this commentary from last few quarters that we are trying to move up the value-added chain into the fluoropolymer products, and hence we do not have much of a competition with Chinese people.

Our moving to the high value-added chain has given us these additional revenues and profit which we are talking about. Chinese were much anyway on a different scale of prices, we don't compete with them in those segments.

Does it mean the price increase what has gone into commodity, equivalent doesn't show in specialty because the margins or probably the prices are already better in those segment? That's the way to look at it?

Yeah. Sanjesh, this is going to reflect in the subsequent quarters.

No,

no, I am not getting it. Is there a price increase, or there is no price increase?

No, there has been a marginal price increase to combat with whatever input prices have taken place, but however, whatever price increase is small we have taken, it's going to reflect. The value-added product which we have taken, where we are going for newer application, that will start reflecting in subsequent quarters also.

Got it.

Got it. Second on the capacity expansion, which we also spoke in the previous quarter on the fluoropolymer side, Kapil, where are the opportunity we are seeing within the fluoropolymer, and what are the capacities are we looking at probably product-wise in this new way of growth in the fluoropolymer side?

Sanjesh, coming back to the opportunities, as if you recall, we have always been saying that there are emerging opportunity from the sunrise sectors, okay, whether these are batteries or semicon. We'll be adding capacities going forward mostly in new set of fluoropolymers, which we have categorized it earlier.

We will continue to add capacity, but specific which we will focus on, I think I would like to keep that confidential from our standpoint. There's a tremendous growth opportunities there, Sanjesh, okay.

As I had said it earlier also that we had put the capacities on new fluoropolymers, which is almost to the point of not getting fully utilized. We will making investments in adding more capacities in these fluoropolymer, which will be catering to these new opportunities, okay.

Clearly, wherever we will be adding, it'll all be at a very high-end product range.

Earlier we were targeting a 20% kind of a growth. That's now visible for this year and a year after this?

Absolutely visible, absolutely.

Got it. Second, on the ref gas side, now when is this R-134 expected to get commercialized?

What is the revenue size we are looking at with this expanded base of capacity in the refrigerant gas for us?

Sanjesh, we are expecting to have this capacity by the end of this financial year. Where in fact we are targeting earlier than that.

We have not yet announced capacities yet, okay, because we are have a refrigerant multiple products. It's a bouquet.

Depending upon the product mix, we'll probably be going to the market. We have not announced the capacities yet, and probably next few quarters we'll share that, okay.

Got it.

Got it. One last on the battery chemical side.

Where are we exactly in the cycle of commercial supplies? Because right now what we see is a ₹20-30 crore of revenue while the capacity what we have put appears to be a much larger capacity.

When are we looking or expecting a step-up jump in the revenue from the battery chemical side? What are the segments which will contribute to this growth?

Let me take step-by-step, okay. What we have always stated is that initially we build certain capacities for qualifications, and then subsequently capacity addition is done to grow.

If we talk about the significant growth, we are probably will be seeing toward the end of this financial year and FY28, okay. You'll see a significant traction because the capacity that we have added, if you look at our gross block which has been capitalized, is still not that very large, okay.

While we have making investment in terms of building capacities, but the capacity which has come on ground and which are actually being commercialized is still because there's a long gestation period in building and setting up capacities, okay. To answer your question, we'll see a ramp-up.

In fact, unfortunately, the numbers this quarter also we had dispatches, but because some of them are not reflecting in our revenue numbers because those are all the CIF terms, they'll probably reflect in the next quarter. That journey will continue.

You will see a significant growth quarter by quarter in the revenue as we go along. Clearly, the first and the foremost in this is growth in LiPF6, which we started very early, if you recall, and that has now almost finished qualification, it's going through its growth phase.

The second one is LFP and PVDF. PVDF is very close to getting finalize its qualification.

We'll see a revenue coming from it. Finally, the cathode active material, I think that'll probably we'll see maybe towards the end of this financial year.

The full potential, if you're talking about the investment that we are making, it will start reflecting from FY28 onwards. Because there is almost a 1.5 year, I can say, in stabilization and getting the qualification done.

This is the nature of this industry.

Will that same apply for the incremental ₹2,300 crore of CapEx, or that ramp-up will be faster because the qualification round is over?

That is expected to be faster, Sanjesh, because once we have qualified, the initial plant's fit for qualification, stabilization, establishing our supply chain and credibility with the customer, and then the next phase is because the battery market itself has a strong growth potential, okay. Initially we were talking globally, and we're talking about reaching almost 1,800 GWh by 2030.

Now when we look at our domestic market itself, domestic market also driven primarily by BESS is almost looking at 220 to 250 GWh by 2030. We are seeing a huge market potential, which I think we will capture as we go along, primarily in '28, '29.

Of course, that will be much faster than the rate that we have seen now so far.

Got it. Got it.

Clear, sir. Thanks.

Thanks for answering all those questions, and best of luck for the coming quarters.

Thanks, Sanjesh. Thank you.

Thank you, sir.

Thank you for the opportunity. Good evening to everyone.

Sir, my first question is on the 134a plant announcement. Earlier in the call you said that capacity has not been announced.

In our late June filing, we have indicated we are going to add on 134a capacity. Can you just clarify this point, please?

Yes.

Arun, capacity we have not announced yet, okay, but we will have whatever our plans are, we will have this capacity by this financial year. That's what we have stated.

That's what I think we said in our press release, what we communicated earlier. So 134a, we're setting up the capacity.

I think we have said this last time also, that with these we will probably be utilizing our entire entitlement quota with R-32, 134a, 22, 125. We have a very large bouquet of products that we'll have by the end of this financial year to offer to our customers.

Right, sir. What is the reason for entering 134a so late in our journey into the HFCs?

Is it a sign that the quota will be allocated on a pro-rata basis on the capacity held by the players? Is that the takeaway?

No,

no, the decision is the strong market opportunity that it face. I think as refrigerants towards end of their cycle, it becomes a valuable business proposition.

We see an opportunity in getting into 134a for multiple reasons, and, of course, some of them are strategic reason which I cannot share. We think it's a wonderful opportunity to be there.

It's a space where the supply in future would be restricted. We do not see several other supplies coming in.

Demand will continue to be there. It's a robust demand, and the alternate to 134a are HFOs, which at a very high price point.

We see a strong market potential and opportunity for us to be there.

Right. Understood.

Secondly on [unclear] 6 to 12 months till our new capacity [unclear] our growth will be Arun,

Arun, we lost around 10 seconds. Could you repeat your question, please?

Right,

right, sir. I was talking about the fluoropolymer business.

Now that we are very close to our utilization levels, and so till we get our new capacities in place, probably in a year or so, our growth in this segment will be largely dependent only on the pricing-related actions that will be taken? We should not expect any volume growth or any mix change-led growth?

I'll request Kapil to take this, Arun. Please, Kapil.

See, Arun, it's a combination of both: the price realizations as well as some of the debottlenecking which we keep on doing to enhance our capacities to match the market requirements. That keeps on happening in these products, which is happening now also.

Okay.

Any timeline for capacity debottlenecking?

It keeps on happening, every second quarter we keep on debottlenecking whenever we see that we are reaching our capacity utilization, then we balance our capacities accordingly to the market requirement. It's a continuous process.

Understood. Understood, yeah.

One bookkeeping question to Manoj. We have seen the difference between standalone and consol is increasing on a sequential basis.

Is there anything else that's just contributing to this increase?

Arun, your voice is breaking. Could you come up again?

Manoj is here listening.

Put the

question for Manoj, please. Yeah.

The difference between the standalone and consol is increasing much higher than the EV segment top-line growth. Is there anything else just contributing to this increase?

No. See, standalone and consol also reflects our GFL EV, GFL USA LLC, and GFL GmbH, where we do all our polymer business that are routed through Germany subsidiary and the US subsidiary.

That business doesn't reflect in the standalone, whereas in consol business it comes. That is also the reason, not only the EV.

Why in last two quarters this is increasing, sir, especially if it is coming from only fluoropolymer business? Last quarter,

this quarter that some of the CIF consignments were there, and GIT earlier which were booked in Germany and LLC, instead of that, we have booked in standalone itself, reversed in the standalone itself. The gap between standalone and consol is higher on account of that.

Understood. Understood.

Thank you very much. I'll get back in line.

Thanks, Arun. Thank you.

Hello, am I audible?

Yes, please continue.

Congratulations on

good You're audible, please.

Basically, sir, I wanted to know on your R-32 side expansion. Are you planning for any additional HF expansion on your side, or AHF expansion on your side, or because R-32 has R-32 has immense demand, and your competitors are also increasing the capacity for R-32?

Are you planning for any additional R-32 or additional backward integration HF plant?

I think we mentioned that last time as well, Meet, that we'll be adding AHF capacities because, as we are adding capacities in 134- R-32 as well as 134a, it will require significant AHF for these refrigerants, and AHF is also required for our other products as well. We'll be adding capacity, and we've already announced, I think, that capacity.

By what time that will be live?

It'll be in different phases. The first set of capacities will be there probably by the end of this year, the third quarter, and then subsequently every quarter there will be some capacity will be added because it'll be matched with our refrigerant capacity being added.

You will not sell HF or AHF outside. You will only use for internal purpose only.

Right now our aim is to look at the captive, okay, because that's our purpose at the moment.

One more question on the quota side. The base players which are there will definitely get quota, but will the new players get quota or will we only gain quota?

Can you give some clarity on that side? The existing players which have produced R-32 will R-22 will get quota, or will new players also be able to get quota from us or they will also able to participate, as R-32 has massive demand, and supply is currently limited if new players are not given quota because any new capacity is not coming?

Of course, I cannot comment on who will get quota or not because that's a decision which is not resting with us. All we can say that the past precedents indicate that this is given based on the baseline, okay.

There's

a formula which is there. From our side, we know what is our entitlement, and our expansion plan is based on that we will be utilizing at least whatever our entitlement is based on the GWP number that we have, and the formula you are already aware of.

Yes, yes.

Correct. It has two components to it.

I cannot really comment on who in the new player will get quota or not because that's a decision which is resting with somewhere else. However, from our side, we are already adding capacities based on what we think is our entitlement based on the past precedents.

Thank you. Thank you for answering my questions.

Hi, sir. I had a question on CapEx.

Out of this CWIP of ₹1,900 crore, how much is expected to get capitalized in FY27?

I think we expect right now our gross block is around 836, and because the capitalization happens on two there are two triggers to it, okay, Omkar. The first trigger, of course, is when we start the plant, and second is when the plant is giving its product based on what the intent is for it to produce, which means it gets the right quality or so, okay.

While mechanical completion of the plant is in our hand, the quality stabilization often varies from plant to plant. We expect by the end of this year these numbers to be around ₹1,200 crore.

This will be of CWIP amount you are talking about?

Which amount, I'm sorry?

The capital work in progress, ₹1,200 crore. Right, right, right,

right.

This will be inclusive of this ₹3,000 crore of CapEx also, right, which will be incurred in FY27? That'll

be added further, Omkar, because see, we have a plan of adding total what we have announced is ₹6,000 crore, okay. Today, there are certain CapEx which we have already capitalized, which is reflecting in our gross block, then we have CWIP, and then we have a plan to add more CapEx as I had announced in the last quarter call, in next two years,

okay.

This year our CapEx spending plan in EV is ₹2,300 crore, and in our chemical business, it's approximately ₹800 crore. That's what we had said earlier, and we are holding on to that CapEx plan as of now.

What will be capitalization for this two CapEx?

Capitalization for these two will come later on because we also have CWIP at this point from the earlier years, which will get capitalized going forward in this year, okay, because the CapEx spending and capitalization there is a lag, as I indicated earlier. Okay?

Thank you.

Good evening. Thank you for the opportunity.

Firstly, you had indicated about the CapEx of close to $216 million in Oman for setting up a battery materials project. Just wanted to understand what is the status of this project.

The Oman project right now we have put on hold, okay, and in fact, what we are doing is that those CapEx is now we are bringing it to India and planning to add those capacities in India. There are multiple reasons for it.

There has been a certain, of course, geopolitical reasons, which was causing certain delays in our project, and in view of that, we decided to move those capacities to India so that we can move faster and meet the customer commitment that we have given, okay. Oman, I think project of course, will come back to it, but as of now, we have put that on hold.

Got it. There was related to the Oman project, there was a funding of close to ₹1,200 crores, which was also expected to come from OIA.

With now the project shifting to India, does this funding round also get sort of cancelled?

Yes, at least the funding that was from sovereign fund that we had said earlier, specific to the Oman project, that was approved for that particular project. When we bring it to India, we'll have to look at the separate funding, and we have those things in place.

I think we will, but those funding will not be taking for the Oman project. Those are again also on hold.

Those are already approved, and we have it, but since we have relocated the project as of now to India, at least the funding that was approved for the Oman project would not be available for the India project.

Got it. Does this shifting of your Oman CapEx to India, does it also is on account of the battery components PLI, which is expected to sort of come through for these battery chemicals?

There are multiple reasons. Of course, the overall environment in India for the battery industry is looking much better now than what it was last year or a year before.

Part of the reason is driven by the domestic, as I said earlier, is the projection for the domestic market, which is driven by the BESS. There are other push which is coming from the policy side is also making this market opportunity very attractive for us to be in India.

Understood. One last question on the new-age fluoropolymers side.

Last quarter, we had indicated a CapEx of close to ₹350 crores for these debottlenecking activities. Within the new-age fluoropolymer space, could you just highlight which products are we seeing higher traction and where we are planning to expand capacities on?

Yes, I think I'll request Kapil for the fluoropolymer capacities. I think you want to add or should I go

ahead?

In fluoropolymers, obviously, our growth opportunities was primarily in the new fluoropolymers, which I think I said earlier also. We'll continue to focus on these opportunities.

When we say debottlenecking, those are related to some very specific grades and products where we see certain more growth opportunity. The focus going forward continued to be the new fluoropolymers.

Okay.

Understood. No, I just wanted to know within the new-age fluoropolymers, which all products, like PVDF, FKM, PFA, amongst these products which we have under new-age fluoropolymers, where are we seeing the highest traction and where are we expanding on the capacity side?

I just wanted on the product-specific side. See,

obviously, PVDF is driven by the battery requirements. PFA, FKM, they're all driven by the requirement that we are seeing from semicon sector.

Kapil, you want to add more?

As we have mentioned that some of the new sunrise sectors, we're talking about some expansions are coming up in semiconductors in India and also in part of the world. We're also seeing green hydrogen also coming up very nicely now, the pilot projects have started coming up with commercial projects to follow, and then also in the data centers also, we have seen some of our fluoropolymers getting approved and some commercial business coming now with us.

Future business is also going to come as the projects get approved. We are focusing on those products which are going to get aligned with these sunrise sectors, as Dr.

Kapoor is mentioning. Our products will keep on getting added as and when we keep on getting the traction from these sectors, and based on that, we'll do our CapExs and debottlenecking.

Understood. That's all from my side.

Thank you so much.

Thank you.

Hi. Thank you for the opportunity, and congrats to the team for decent set of numbers.

Follow-up on the Oman funding as we have now shifted the plant from Oman to India and though that fund would not come, would it trigger fundraising or internally we can manage this investment?

Thanks, Naushad. We are already, our fundraise process is on, and we are raising as we are going along in terms of our fund requirement.

Clearly, the fund in Oman was raised with a very specific to Oman project, okay. Now coming back to India, we will, I think, continue to raise funding for these projects.

As of now, we do not see that as any constraint to put up the project or add capacities.

Okay. For additional deployment of roughly ₹4,000 crore in the battery chemical, how much land would require, and how much do we have, and how much we need to buy more?

While moving Oman project, the first phase of the project, we have land available in our existing Dahej B plant, which we call Jolva plant. We have all the elements are in place.

We have the required approvals and clearances to execute these projects, availability of the land, infrastructure, and the site infrastructure support to execute it. We are also adding one more site again in Dahej area, which will probably be utilized.

Land we do not see as a constraint, Naushad, going forward because our immediate expansions will be done in Dahej B site, and subsequently, we'll be adding one more site in the Dahej area to take care of our expansion, which will be in FY27 towards the end and '28.

Last on the anode active material we announced last quarter, wanted to understand what would be the size of CapEx for this particular product, and what is the synergy we have on this versus our base business?

I think, Naushad, we have not given any CapEx which is product-specific for right reasons. For anode, we have not announced the CapEx or specific CapEx that we talk about because I believe it's confidential in a way because

it's

something which is a confidential information for us.

All right. Thank you so much.

All the best to the team.

Thank you for the follow-up opportunity. Sir, my question on the [unclear] plant.

Now that we have the plant, are we selling it primarily in the domestic markets or export markets? Going forward also, what will be the combination of spot and contracts in R-32?

Any clue on this?

Arun, could you come again, please? Because again we lost in between your question.

Your question is specific to refrigerant or battery materials?

Sorry, sir, I'll just repeat. For some reason, the connectivity is not so good here today.

The primary question was on the R-32.

Are we,

now that we have started the plant, are we selling it primarily in the domestic market or are we exporting also? Second, what is the nature of the sales?

Is it spot or contract? How you think this will shape up when the new plant also comes up?

Again,

this R-32 is for the global market, because we have a legacy and experience in marketing these refrigerant products across the globe. When we are looking at R-32 as a product, we are looking not only domestic market, but international market as well.

Now coming back to what kind of whether it's a long-term contract, it's a combination of both, okay. It would be difficult for me to give the percentage, but asks me to probably I can say probably 40-50% would be our long-term contract and then remaining one would be on spot or contract to contract.

Understood. Since it is largely for global markets and the sales in domestic will be limited, does it also mean we will not be gaining any consumption quota in the whatever we are selling in 2026?

I think the quota is based on the production capacities, and which we already discussed earlier. It has two components.

One is based on a baseline, and then the actual production between 25 24, 25, 26, these three years, okay. I do not understand your question regarding the consumption quota.

It's all on the production, and that quota applies to us whether we are selling in domestic market or exporting it.

Understood. Our understanding is that producers are entitled for production quota, and whatever you sell in the domestic market, that gives you consumption quota.

Is it any different?

I think I am not really clear about it, Arun. Let me check and come back to you on this.

You can connect with [unclear] on this.

We'll

clarify. I'm a little bit confused about the consumption quota right now because my understanding is for the manufacturing and the production quota,

and that is

what we always talked about, which is based on certain formula and the GWP basis.

Understood, sir. We'll connect later.

Thank you very much. All the best.

Thanks, Arun.

Sir. Thank you so much.

Sir, can you say what was your R-32 utilization this quarter?

It's almost fully utilized with the capacity that we have, Dhruv. So

10,000 tonnes almost fully utilized for the quarter?

I think because as we are adding capacities, but whatever capacity we have currently is fully utilized. Got it.

Sir, given that you are exporting primarily, will there be a lot of difference because now we don't get the data, is there a lot of difference between the domestic pricing and the export pricing? I'm just trying to understand how should I think of the numbers.

Normally we don't comment on the pricing, but in this particular case, I can say they're very close.

Okay. Sir, last question, your polymer business has grown by about 15%, there was a question earlier, but is it possible to split it between volume, pricing, and mix?

The growth Y-o-Y?

Difficult to give, Dhruv, but I don't think we can share. We have never shared the very specific like that, but primarily this is driven by, as I said, two things: higher grades, which is new fluoropolymer volumes, and in some cases within the existing products that we have, some of them we are going for the higher and higher grade to get a better value.

I would not call it a price. I would call it the value.

Where we go up the value chain in terms of the product mix.

More of mix and some of volume?

Correct, right.

Got it. Sure.

Sir. Thank you so much and all the best.

Thank you.

Hi, sir. Thanks for the opportunity.

First question was on R-134a. Are we putting up this plant as a greenfield or a brownfield expansion?

Also, how are we planning to source trichloroethylene, because I believe it is a fairly restricted product globally? Are we planning to backward integrate into that as well?

It's a brownfield expansion, 134a. It's in one of our existing site, which is producing refrigerants.

As far as the TCE concerned, we are not planning to go backward integration right now, and we'll be importing it from outside India. We have identified suppliers, and we do not see that as a constraint going forward,

Meet. TCE import from China is at this point of time being freely done into India?

Yes, it'll be imported from outside India.

Sure, sir. Sir, second question, just wanted to understand how do we structure our fluoropolymer contracts, because in 1Q, despite sulfur prices going up by around three, four times and fluorspar prices also going up, we have not taken any price hikes in our core fluoropolymers portfolio.

Does that mean that margins in 1Q in fluoropolymers would be lower than what we have seen previously? Because of mix only, we have seen this improvement?

Meet, we have some formula-based understanding with our customers, prime customers. Whenever such things happen, we always have those formulas which are there to protect us.

That is why you must have seen the results also of the last quarter that we have been able to protect our margins.

We would have taken formula-based price hikes as far as the raw material price increase is concerned?

We have been able to manage whatever cost increases were there through either formula-based pricing or with an understanding with the customers to mitigate our risk accordingly.

Understood. Sure, sir.

That's all from my side.

Thank you.

Hi, sir. Thanks for the opportunity.

Sorry, I joined the call a bit late, pardon if there is a repetition. First on the fluoropolymers growth, was there any price hike that we took?

I'm not asking for magnitude, but have we taken a price hike or, let's say, probably it's more Q2 onwards that there'll be a price hike impact coming in?

Hello? Hello?

Sorry, Ankur.

Sir. Sorry.

The thing is

I hope I was audible?

Yeah. I can hear you, Ankur.

Typically, what we do is, when there's a volatility in certain prices, as Kapil was explaining, we typical tend to pass on that price increase to our customer, okay. These are essentially to address some of the input costs, okay, whether, for example, when the oil prices went up and there's certain raw material that we have, for example, like methanols and sulfur, which went up.

Those price corrections normally we take. Those are small corrections, and that's a common practice we continue to, and there were volatility, as and from March '26 onwards.

Those corrections that we have taken. However, I would like to emphasize here that those are the corrections typically done to ensure our margins and maintain our target margin that we have, okay.

Now, a lot of the growth that we are seeing right now in fluoropolymers that we have indicated 15% to 20% annually is driven by two things, okay. Let's understand.

One is the product mix that we change, go for the higher and higher grade product. Second is adding volume from our existing new fluoropolymers, which we expect to get fully utilized very soon.

However, a lot of it is coming because there is a regular growth, because when we make a particular grade, it gets qualified, and then slowly the volume ramped up. What you see today is a combination of the two, Ankur, because price hike when we talk about because of the inputs is marginal,

okay,

because that's just to cover what the input costs are, okay. The product that we make are all high-end materials, okay, where the input costs are there, but there is a lot of component in it is for the know-how, which goes into these high-end products.

Kapil, you want to add?

Also one thing, as we have been mentioning, that these high-end grades and high-end products, obviously the approval process is slightly longer from the niche applications, and now we are in the cycle where we are constantly having these approvals from our customers globally. Every quarter we keep on adding those approvals, and every quarter we keep on adding those commercial volumes also as and when we keep on getting the approvals.

That's how we balance our capacities, and that is how we balance our margins also in the growth. Sure, sir.

That's very clear. Just from an approval perspective, as you said, all these approvals should be in place within this financial year so that when the new capacity comes in, there could be a quicker ramp-up there.

Would that be a right understanding? Yes, you are absolutely on the dot.

We are in the midst of getting approvals, and yes, by the end of this financial year, most of the approval will be in place, and commercially also we will be taking the volumes on further up in the second half of this financial year.

Sure, because there's no follow-up approval because it's a newer site or new production, you don't need a follow-up approval for these products?

Just clarifying that.

No, it's just a follow-up of whatever approvals we have got, and then the capacity additions to just take the volumes further up as the demand keeps on ramping up.

Great. Just second bit on R-32, I know you answered that question partially.

A combination of long-term and spot sales is what we are doing right now, probably more on the export side. For the incremental additional capacity that will be coming in, will that be also similarly largely contractual, or how are you looking at it?

Amongst the global markets, which geographies are we focusing on if you can help on that? Thanks.

It's a combination of the both, because as we get more and more materials, we are looking at marketing it across the globe. I think it goes into different geography.

We're not particularly focusing R-32 for a very specific geography, okay. All I would like to add is that R-32, from our perspective, also goes in combination to 410, because we are one of the few players who has 125 and R-32 both available.

We are in a very unique position, Ankur, to not only sell R-32 as it is, but also as 410 blend, okay. It's a combination of the two.

Sure, sir. That's helpful.

That's it from my side. Thank you.

Thank you.

Thanks for the opportunity, and congrats on good set of numbers. Sir, first question on the battery chemicals.

Given the scale-up that we are expecting, are we on track in terms of getting that three-digit revenue number by Q4 and a significant scale-up in FY28? Thank you.

Yes, Rohit, we are on track and meeting our targets, what you said, three-digit in Quarter 4 and significant ramp-up in the following financial year. Thanks, Rohit.

Yes.

Sure. Second, on R-32, once the additional capacity is commissioned, again based on our contracts in terms of domestic as well as exports, do we expect full utilization during calendar year '27 for the incremental 20 total 20,000 tonnes of R-32 capacity?

Thanks.

We expect full utilizations based on our understanding of the market as and when we have the capacities. We are looking at able to market it.

Full utilization

is our target. Right.

One last question on fluoropolymers. Given that 3M had exited last year, and AGC has also indicated that they want to shut down the UK facility, are we experiencing the impact of 3M now, and if the AGC facility goes off-stream, will we see additional demand for our products given that the void created by them should be taken by the incumbents?

Thank you.

Yes, Kapil, please.

Yeah. Rohit, 3M is now a event of the past now.

In the last two years, we have more or less taken the full impact of whatever 3M exit happened. Whatever growth we are seeing in the higher value-added chain, a couple of reasons are because of that also.

Because they vacated the high-end market, we are entering into that high-end market because they vacated that space. Now coming to AGC, that announcement has just come yet.

We have started getting some queries and inquiries from the customers who were using their material. Again, the good part is that, more or less, whatever they were making, we have the grades available with us.

Our qualification process also has started with the customers who were their customers. That also traction we'll see, not immediately, but probably a quarter or two down the line.

Perfect, sir. Thanks a lot, and all the best.

Thank you.

Thank you.

Thank you.

Thank you very much. I would like to thank you all for your continued patronage.

As we have been guiding in the past, the CapEx we have incurred over the past couple of years have now started to contribute to our financials meaningfully, and we expect to grow further from here on. Fluoropolymers has done well and expected to grow, as we had said earlier, 17% to 20% annually going forward as well, again, primarily on volume as well as the high-value products.

Fluorochemical segment has emerged as a very strong contributor to our financials and is expected to contribute meaningfully to our profitability going forward. Advanced battery materials segment, after a very rigorous qualification and approval process, will now start to contribute to our financials and growth.

This segment will see a sticky growth over the next few years, driven by demand explosion and our global positioning in this segment. I can say with confidence, we are very well placed to witness strong growth going forward, and with this, I would like to thank you all for your interest in GFL.

Thank you. Thank you, everyone.