Promoters held 67.65 per cent stake in the company as of 3, while FIIs owned 3.37 per cent, DIIs 4.11 per cent. Despite the strong earnings outlook, GFL is trading at a reasonable P/E multiple of 20x FY24 vs 42.1x for Navin Fluorine and 27.5x for SRF. It is likely to see its earnings grow at 45.9% CAGR over FY21-FY24E (on low base though), and RoCE (post-tax) improve from 6.7% to 18% over the same period. GFL has laid out a bold capex plan of Rs25bn over the next three years. GFL is also expanding into other fluorine derivatives used in the new-age verticals, which expands the company’s addressable market and provides a vista of sustained growth. GFL is in the process of expanding its capacity in fluoropolymers, which provides visibility on growth during our forecast period (FY21-FY24E). GFL is in a sweet spot with its presence in fluoropolymers, demand for which is increasing driven by the new-age verticals of battery, solar panel and green hydrogen.

The brokerage initiates coverage on Gujarat Fluorochemicals (GFL) with a BUY rating and target price of Rs3,086 (upside 50% from CMP). Company reported net profit after tax of Rs 204.94 Crore in latest quarter. A real-time music creation tool inspired by rack-mount synthesizers. For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 1010.12 Crore, up 7.66 % from last quarter Total Income of Rs 938.27 Crore and up 55.64 % from last year same quarter Total Income of Rs 649.02 Crore.

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