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  3. GFCL EV Products Limited
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GFCL EV Products Limited

2.6K

₹ 54 0.00 (0.00) 1 M

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About GFCL EV Products Limited

1. What is the business model of GFCL EV Products Limited?

GFCL EV Products Limited is a wholly-owned subsidiary of Gujarat Fluorochemicals Limited (GFL). Its business model is centred around capitalising on the global energy transition by becoming a key supplier of battery materials to Electric Vehicle (EV) and Energy Storage System (ESS) manufacturers globally.

Key Highlights of Business Model:

  • Manufacturing & supply of battery materials across 50%+ of the lithium-ion battery value chain.

  • Backward integration strategy to ensure supply chain resilience and reduce dependence on China.

  • Product Portfolio includes:

    • Cathode Active Material (CAM) — Mainly Lithium Iron Phosphate (LFP).

    • Electrolytes — Salts, Additives, Formulations.

    • Binders — PVDF and PTFE.

  • Battery chemistry agnostic product development.

  • Target Geographies: India, USA, and EU.

  • Long-term supply contracts with leading EV OEMs and battery manufacturers.


2. Is GFCL EV a 100% subsidiary of Gujarat Fluorochemicals Limited (GFL)?

Yes.
GFCL EV Products Limited was incorporated on 11th June 2021 as a wholly-owned subsidiary of Gujarat Fluorochemicals Limited (GFL).


3. What is the opportunity size and Total Addressable Market (TAM)?

Global Battery Market:

  • 2023 TAM: USD 120.74 Billion

  • 2030E TAM: USD 300 Billion

  • Expected CAGR: 15.4% (2023-2031)

Li-Battery Materials Market (Ex-China):

  • LFP CAM demand (Ex-China) is expected to grow from 21 kT in FY24 to 169 kT in FY31 (34% CAGR).

GFCL EV's Addressable Market:

  • TAM of Global EV Li Battery Materials —

    • FY24: USD 35 Billion

    • FY31E: USD 116 Billion

  • GFCL EV's product portfolio caters to ~40% of the value of an LFP cell.


4. What valuation did GFCL EV achieve in its recent fundraise?

  • GFCL EV has raised ₹800 crore recently through equity issuance. 

  • Implied Valuation: As on 31.02.2024, total outstanding shares are 707,52,65,304 and shares are issued at INR 35 per share. So, Mcap is ~25000 Cr. After fund raise total shares outstanding are; 730,35,50,984

  • It is subsidiary of GFCL ( Listed Player ). 

5. What is the expected Asset Turnover Ratio?

  • Management has guided for a minimum of 2x asset turnover.


6. Has commercial production started?

Yes, partially.

Status:

  • Initial capacities have been commercialised at Jolva, Gujarat.

  • Commercial supplies to start from Q4 FY25 for:

    • Lithium Hexafluorophosphate (LiPF6)

    • Electrolyte

    • PVDF Binders

  • LFP Cathode Plant is expected to be commissioned in Q4 FY25 (post longer qualification cycle).


7. Who are the investors in the recent funding round?

GFL has invested ₹650 crore (till Dec 2023) and is expected to infuse ₹800 crore by FY24 end.

External Investors:

Investor Investment Amount
Sunil Bharti Mittal Family Office ₹100 crore
Varun Beverages Family Office ₹100 crore
RPSG Group Family Office ₹100 crore
Manyavar Family Office ₹60 crore
Dalmia Family Office ₹50 crore
Evergrow ₹5 crore (Opportunity to invest)

 


8. What are the key risks involved?

  • Competition from global players, especially China.

  • Delays in customer qualification processes.

  • Execution risk in scaling production rapidly.

  • Heavy dependence on USA market & IRA incentives.

  • High valuation risk considering minimal current revenue.

  • Supply chain risk — securing raw materials (especially lithium).


9. Who are the potential customers of GFCL EV?

GFCL EV is targeting:

  • Global & domestic EV OEMs.

  • Battery manufacturers for long-term supply contracts.

  • Actively engaged with 20+ potential customers globally.

  • Focus geographies — India, USA, and EU.


10. What is the total Capex plan for the next 2-3 years?

Timeline Capex Planned
By FY25 ₹1,500 crore
By FY26 ₹3,200 crore
By FY28 ₹6,000 crore
Total Projected Capex ₹8,100 crore
  • Future Capex partially funded through internal accruals.


11. What are the revenue and PAT projections of GFCL EV?

Revenue Projections:

Financial Year Revenue (₹ crore)
FY25E 260
FY26E 2,465
FY27E 8,193
FY28E 13,046
FY29E 18,571

PAT Projections:

Financial Year PAT (₹ crore)
FY25E (17) Loss
FY26E 548
FY27E 2,731
FY28E 4,482
FY29E 6,457
  • EBITDA CAGR (FY26E-FY29E) is expected to be ~100%.

  • Revenue CAGR (FY26E-FY29E) expected at ~95%.


12. Where are GFCL EV's manufacturing facilities located?

Primary Facility:

  • Jolva, Gujarat — Fully Integrated Battery Materials Complex.

Support from Parent GFL Facilities:

  • Dahej, Gujarat

  • Ranjitnagar, Gujarat

(For production of intermediates & battery materials)


Summary View:

Particulars Details
Business Model Integrated battery materials player with backward integration strategy.
Parent Company Gujarat Fluorochemicals Limited (GFL)
Valuation ₹25,000 crore (Recent round)
Capex Plan ₹8,100 crore till FY28
Revenue Target ₹18,571 crore by FY29E
PAT Target ₹6,457 crore by FY29E
Risks Execution risk, China competition, Supply chain challenges, High valuation risk.
Customers Global & Domestic EV OEMs, Battery Makers
... Read more

Fundamentals

GFCL EV Products Limited Price
₹ 54
Per Equity Share
Lot Size
1000 Shares
52 Week High
₹ 54
52 Week Low
₹ 54
Depository
NSDL & CDSL
PAN Number
AAJCG4540K
ISIN Number
INE0KA501014
CIN
U24296GJ2021PLC127819
RTA
Link Intime
Market Cap (in cr.)
₹ 39439
P/E Ratio
N/A
P/B Ratio
0
Debt to Equity
N/A
ROE (%)
N/A
Book Value
N/A
Face Value
1
Total Shares
7303550984
GFCL EV Products Limited

₹54


GFCL EV Products Limited

*Best In Industry


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Financials (Figures in )

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Frequently Asked Questions

Find answers to common questions that you may have in your mind.

Please find below the procedure for buying GFCL EV Products Limited at UnlistedZone.

  1. 1. You confirm booking of GFCL EV Products Limited Unlisted Shares with us at a trading price.

  2. 2. You provide your client master report (ask the broker if not available) along with PAN Card and Cancelled Cheque in case you are not transferring funds from the bank account as mentioned in the CMR Copy. These are KYC documents required as per SEBI regulations.
  3.  
  4. 3. We Will Provide the Bank details. You need to transfer funds to that account.

  5. 4. Payment has to be done in RTGS/NEFT/IMPS CHEQUE TRANSFER. No CASH DEPOSIT.

  6. 5. Payment has to be done from the same account in which shares are to be credited.

  7. We will transfer the shares in 24 hours if funds are credited before 2 pm. Important

    Note: Please note that the lock-in period for selling GFCL EV Products Limited Unlisted Shares is 6 months after listing. Hence, you can’t sell GFCL EV Products Limited Unlisted Shares which you bought in Pre-IPO for 6 months after its listing. i.e., You can sell it only after 6 months calculated from the listing date. For any queries, please contact us at sales@unlistedzone.com

Please find below the procedure for selling GFCL EV Products Limited at UnlistedZone.


  1. 1. We will confirm our buying price of GFCL EV Products Limited.

  2. 2. We will give you our client master report and you will transfer GFCL EV Products Limited to our demat account.

  3. 3. We will ask for your bank details once GFCL EV Products Limited are received in our demat account.

  4. 4. We will transfer the funds to your bank account within 24 hrs of receiving GFCL EV Products Limited.

  5. 5. Payment will be made in RTGS / NEFT / CHEQUE TRANSFER/IMPS. No CASH DEPOSIT.

  6. 6. Payment will be given in the same account which is linked to the demat account or you need to provide the cancelled cheque showing your name to verify. As per SEBI regulations, the transfer of funds to a third-party account is not legal and our policy refrains us from doing so.

    Note:
    The price at which we are buying is fixed for 3 days. If you can't sell your stock within 3 days, then the price of that day will be applicable when we receive the shares in our demat.

The lock-in period for GFCL EV Products Limited varies depending on the category of investors:

  1. 1. For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of GFCL EV Products Limited.

  2. 2. For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period.

  3. 3. For other types of investors, which include Retail Investors, High Net-worth Individuals (HNIs), or Body Corporates, the lock-in period is 6 months from the date of the IPO listing of GFCL EV Products Limited.

This regulation was introduced by SEBI in August 2021. The rule change, which reduced the lock-in period from one year to six months, was aimed at encouraging more investments in startups that are preparing for public offerings or IPOs. This reduction in the lock-in period is seen as a significant step forward, and since its introduction, many Portfolio Management Services (PMS) have been advising their clients to invest in Pre-IPO shares to capitalize on the benefits of early-stage investments.

However, for SME IPOs, the lock-in period is of One year.

DIS, or Delivery Instruction Slip, is a tool used by investors to sell or transfer GFCL EV Products Limited from their demat account to another. There are two types of DIS Methods:

1. Offline-DIS: This is a traditional, paper-based method for transferring shares. When using Offline-DIS, investors are required to fill out a DIS form and submit it to their broker. The necessary fields in the form include:

a. ISIN number of GFCL EV Products Limited.

b. Name of GFCL EV Products Limited.

c. Quantity of GFCL EV Products Limited.

d. Consideration Amount.

e. Target DP ID and Client ID.

f. Annexure.

2. Online DIS: Some brokers offer the facility to transfer GFCL EV Products Limited through an online DIS system. It's advisable to check with your broker if such a facility is available.

For instance, platforms like Angel Broking provide an Online-DIS feature. In this method, an investor simply needs to add a beneficiary and transfer GFCL EV Products Limited by filling in details similar to those required in the Offline-DIS.

For a more comprehensive understanding of this process, you can refer to our detailed article: https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/

 

In recent years, the unlisted share market has expanded significantly, leading to a reduction in the minimum investment amount. Previously, the typical investment ticket size ranged from 5-10 Lakhs, but in the current market scenario, it has decreased to between 35-50k. Therefore, through our UnlistedZone platform, if someone wishes to invest in GFCL EV Products Limited, the minimum investment required would now be in the range of 35-50k

Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely

When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.

Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:

    • 1. Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%. However, it has now changed in Budget 2024 from 23rd July 2024 to 12.5%.

    • 2. Indexation Benefit
      : This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain. However, This has removed in the Budget 2024 from 23rd July 2024.

    • 3. Importance for Investors
      : Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.

    • 4. Calculation
      : New LTCG will be calculated from 23rd July 2024 as flat rate of 12.5%.

    • 5. Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.

    • 6. Relevance
      : This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.

When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:

Transition to Listed Market Tax Rates: 
Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favorable tax treatments for listed shares, as per the prevailing tax laws, will apply.

Taxation Based on Holding Period: 
The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.

Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.

Conversely, if sold within one year, Short-term Capital Gains (STCG) tax rates apply.

Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.

Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance.

When you purchase GFCL EV Products Limited through UnlistedZone, it's important to note that, as per SEBI regulations, these shares can only be transferred to a demat account.

There are two primary ways to check the credit of GFCL EV Products Limited in your account:

1. Using NSDL or CDSL Applications:

Download the NSDL or CDSL application from the Google Play Store.

To determine whether your stock broker is registered with NSDL or CDSL, you can examine the format of your Demat Account number. The Demat Account number consists of 16 characters, combining the DP ID and Client ID.

DP ID is the unique identification number of the Broker, assigned by CDSL or NSDL.

Client ID is the unique identification number of the Client, representing their portfolio.

In CDSL, the Demat Account number is entirely numeric (e.g., 12345678 for DP ID and 91234567 for Client ID).

In NSDL, the first two characters are alphabetic, representing the country (e.g., 'IN' for India), followed by a 6-digit unique number for the Broker (DP ID) and an 8-digit Client ID (e.g., IN123456 for DP ID and 78912345 for Client ID).

2. Checking in Broker's Application:

The credit of GFCL EV Products Limited can also be checked in your broker's application. However, it's important to note that it may take T+2 days for the shares to show up in the application after the transaction.

The GFCL EV Products Limited are credited in the demat account on the same day as the transfer of funds into our company's bank account.

"The price of GFCL EV Products Limited can be checked in two ways. First, you can join our Telegram channel, where we share the latest prices of all unlisted shares daily in the morning. Secondly, you can check price on our UnlistedZone platform to view historical graphs and prices of all shares in one place."

Investing in GFCL EV Products Limited, like any investment, carries certain risks that should be carefully considered:

1. Liquidity Risk: Unlisted shares, by their nature, are not traded on public stock exchanges. This can result in lower liquidity compared to listed shares, meaning it might be more challenging to find buyers when you wish to sell your shares.

2. Price Volatility: The price of GFCL EV Products Limited can be more volatile compared to listed shares. This is partly due to the lack of regular public trading and potentially limited information available about the company's financial health and performance.

3. Regulatory Risk: Unlisted shares are subject to different regulatory frameworks than listed shares. Any changes in regulations or compliance requirements can impact the value and tradeability of these shares.

4. Limited Information: There may be less publicly available information about unlisted companies. This can make it more difficult to assess the company's true value and potential for growth, increasing the risk of investment.

5. No Guarantee of Future Listing: Investing in GFCL EV Products Limited with the expectation of future listing on a public exchange carries the risk that the listing may not occur. This can affect both the liquidity and potential value appreciation of the shares.

6. Company-Specific Risks: Each company has its own set of risks based on its industry, management, financial health, and market position. These risks can significantly impact the performance of your investment in GFCL EV Products Limited.

UnlistedZone: Pioneering Excellence in India's Unlisted Share Market

UnlistedZone stands as India's fastest-growing and leading marketplace for buying and selling unlisted shares. Over the past 5 years, we have carved a niche in the financial market, website hit user inflows over a 2 million users on our platform since inception. This remarkable journey is underscored by the sheer volume of transactions facilitated through UnlistedZone, which has already surpassed the 300 Crore mark.

At the helm of our success are our esteemed co-founders, Mr. Umesh Paliwal and Dinesh Gupta. Their insights and expertise are regularly sought after by leading financial publications such as MoneyControl, Business Standard, and The Economic Times, particularly for their authoritative views on IPOs and the unlisted market. Our journey over these 5 years has not just been about numbers; it's been about building trust and reliability.

UnlistedZone has established a formidable reputation in the industry, earning the trust and confidence of our users. This trust is our cornerstone, ensuring that new investors can engage with us without the apprehensions of fraud that are often associated with unknown brokers in the market.

At UnlistedZone, we are committed to maintaining the highest standards of transparency and integrity, ensuring that your investment journey is not just profitable but also secure and trustworthy.

Valuation Methodology at UnlistedZone for GFCL EV Products Limited

At UnlistedZone, we employ a meticulous and strategic approach to valuing GFCL EV Products Limited, utilizing two primary methods: Benchmark Valuation Based on Latest Funding:

1. Our first step is to examine the most recent funding round for GFCL EV Products Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts. This method is particularly effective in capturing the latest market sentiment and financial health of the company.

2. Comparison with Listed Peers: In cases where there hasn't been recent funding for GFCL EV Products Limited, we adopt a comparative approach. This involves identifying a business in the listed market that closely resembles GFCL EV Products Limited in terms of industry, size, and business model. By comparing and contrasting the two, we can ascertain a fair valuation for GFCL EV Products Limited, drawing on the market data and performance metrics of its listed counterpart.

Investor Advisory: As experts in the unlisted space, we at UnlistedZone emphasize the importance of thorough risk assessment to all our investors. It's crucial to evaluate all risk parameters carefully before investing in unlisted shares. This due diligence is key to making informed and strategic investment decisions in the dynamic and evolving unlisted market.

"At UnlistedZone, our approach to sourcing GFCL EV Products Limited involves a strategic and direct method. Primarily, we acquire these shares from two key groups:

1. Employees of the Company: Often, employees of a company receive shares as part of their compensation or through employee stock option plans (ESOPs). Over time, some of these employees may decide to liquidate their holdings for various reasons, such as financial needs or portfolio diversification. We engage with these employees, providing them a platform to sell their shares.

2. Initial Investors: These are the early-stage investors or angel investors who provided capital to the company during its initial phases. As the company grows and evolves, these initial investors might look to sell part or all of their stake in the company. This could be for reasons like capitalizing on their investment, reallocating assets, or other strategic financial decisions.

By connecting with these groups, UnlistedZone ensures a reliable and consistent supply of GFCL EV Products Limited for our clients. This method not only helps employees and initial investors in liquidating their assets but also provides our clients with access to shares that are not readily available in the public market. It's a win-win for both the sellers and buyers, facilitated efficiently through our platform."

"The Securities and Exchange Board of India (SEBI) does have a regulatory influence on the unlisted market, though it's not as comprehensive as its oversight of the listed markets.

Key aspects of SEBI's involvement in the unlisted space include:

1. Applicable Rules and Regulations: Certain SEBI regulations are indeed applicable to transactions in the unlisted market. This includes the mandatory lock-in period of 6 months, the requirement to pay stamp duty, and depository participant (DP) charges for every transaction. These measures are in place to ensure a certain level of standardization and protection in the unlisted market, similar to those in the listed markets.

2. Lack of Specific Regulation for Unlisted Brokers: As of now, SEBI does not have specific regulations for becoming an unlisted broker. This means that while certain SEBI rules apply to transactions within the unlisted market, the process of becoming a broker in this space is not directly regulated by SEBI. This lack of direct regulation highlights the importance of due diligence by investors when engaging with brokers in the unlisted market.

3. Investor Protection and Transparency: The regulations that do apply, such as the lock-in period and transaction charges, are designed to protect investors and add a layer of transparency to these transactions. They aim to mitigate some of the risks inherent in trading unlisted securities, which typically don't have the same level of public scrutiny and regulatory oversight as listed securities. In summary, while SEBI's regulatory framework does extend to certain aspects of the unlisted market, it does not comprehensively regulate all aspects of it, particularly concerning the accreditation of unlisted brokers. This underscores the need for investors to exercise caution and conduct thorough research when participating in the unlisted market."

"For comprehensive and up-to-date news and information about GFCL EV Products Limited, we have several platforms to keep you informed. Our website is regularly updated with the latest insights and developments. For real-time updates and engaging discussions, you can join our Telegram channel. Additionally, follow us on Twitter for quick news bites and industry trends. And for more in-depth analysis and informative content, subscribe to our YouTube channel. These resources are designed to provide you with a well-rounded understanding of the unlisted market, ensuring you have access to all the information you need about GFCL EV Products Limited."

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