GFCL’s battery materials story now needs the FY27 revenue ramp
GFCL EV Products has invested around Rs 1,900–2,000 crore so far in its battery materials platform.
The portfolio includes LiPF6 salt, LFP cathode active material and PVDF binders.
The March quarter showed wider EBITDA losses.
The main reason was timing.
The LiPF6 plant was capitalised on January 5, 2026.
After that, post-capitalisation expenses started hitting the profit and loss account.
Revenue had not yet fully ramped.
A one-off USD/INR mark-to-market loss on buyer’s credit also added to the reported loss.
The CFO confirmed that this forex loss was non-recurring.
The operating story now shifts to FY27.
Management expects battery materials revenue to exit FY27 at a three-digit crore quarterly run rate.
LiPF6 is already selling commercially.
LFP cathode active material final customer qualification is expected by Q3FY27.
PVDF binders are already fully qualified by major customers.
The company has also added natural graphite anode active material.
Together, these products address an estimated 70% of the value of an LFP battery cell.
FY27 capex is guided at Rs 2,300 crore.
The cumulative investment target is Rs 6,000 crore by FY28.
ICICI Securities’ iDirect values the EV business at Rs 25,000 crore on a comparable transaction basis.
The key point is that GFCL has built the platform.
Now the market wants proof of revenue ramp.
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