Incorporated in 1987, Gujarat Fluorochemicals (GFL) started as a refrigerants manufacturer and, thereafter, diversified into other areas like speciality chemicals, fluoropolymers, new fluoropolymers and bulk chemicals like caustic soda and chloromethane. FY23 segmental mix: Bulk chemicals ~19%, Fluorochemicals ~27%, Fluoropolymers ~52% and others ~2% • FY22 Geography mix: India ~49%, Europe ~22%, US ~12%, RoW~16%.
OutlookWe initiate coverage under the Stock Tales format with a BUY rating and a target price of Rs 4000. We value Gujarat Fluorochemicals at 27x FY25E EPS of Rs 148.2 to arrive at a target price of Rs 4000/share.
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