GFCL EV Products Limited

1Company Overview & Business Model GFCL EV Products Limited, a wholly-owned subsidiary of Gujarat Fluorochemicals Limited (GFL), is a strategic supplier of battery materials, positioned to capitalise on the global shift toward electric mobility and energy storage. It operates a fully integrated battery materials complex, positioning itself as a battery-agnostic materials player catering to both LFP and NMC chemistries. Its integrated business model spans over 50% of the lithium-ion battery value chain. Product portfolio: Electrolyte salt (LiPF6) Additives (FEC, VC) Electrolyte formulations (salt + additives + solvents) Cathode Active Material — LFP (CAM) Binders (PTFE, PVDF) Anode Active Material — Natural Graphite (NGAAM) This basket covers ~70% of the value of an LFP cell, making GFCL EV possibly the only company ex-China offering multiple battery chemicals under one roof — versus 1–2 product suppliers typically found across South Korea, Japan and the EU. Problem Being Solved: GFCL EV reduces global (particularly Western) EV/battery makers' dependence on China-dominated battery chemical supply chains by offering a one-stop, ex-China source for multiple battery chemicals — addressing supply-chain security and geographic diversification needs, reinforced by US policy (OBBB, see Section 5). Revenue Model: RoCE-based pricing: pricing is set on an underlying Return on Capital Employed (tied to overall investment), which limits earnings volatility and passes raw-material inflation through to customers Revenue backed by client contracts/approvals rather than speculative capacity — reduces ramp-up risk LiPF6 uses a generic spec supplied across customers; LFP CAM and binders are customer-tailored products

2Value Chain & Product Integration CAM: Lithium Carbonate, Phosphoric Acid, Iron Sulphate → Carbon Precursor + Phosphates of Lithium/Iron → CAM Electrolyte/LiPF6: LiF, Phosphorous Pentachloride, HF → LiPF6 Electrolyte formulations: Electrolyte salt + Additives + Solvents Binders (PVDF/PTFE): HF, Chloromethanes → monomer intermediates → polymerised into Fluoropolymers Anode (NGAAM): Natural Flake Graphite → grinding, shaping, chemical purification, HF-based purification, coating Backward integration: sources lithium carbonate from China but is backward integrated into AHF (currently from parent GFL; dedicated capacity being added in GFCL EV), solvents and additives — de-risking its supply chain. Product-wise Status: Product Qualification Status Commercial Sales Timeline LiPF6 (Electrolyte Salt) Approved/audited by major global players (Japan, Korea); supply into US Scale-up on track, orders in place FY27E+ LFP CAM Initial customer approvals on samples 2HFY27E PVDF/PTFE Binders Qualification complete 1HFY27E NGAAM (Anode) Facility being set up (next key capacity addition) Not yet specified LiPF6 constitutes 10–15% by weight of electrolyte formulation but 50–60% of electrolyte cost; purity requirements exceed pharma-grade in certain respects (impurities <1ppm) Key entry barrier: new entrants need 2–3 years to qualify; any change in Man/Material/Machine/Method triggers full requalification

3Cost Structure of an LFP Cell Component % of Cell Cost Covered by GFCL EV? Cathode 42% Yes — LFP CAM Anode 20% Yes — NGAAM (under development) Separator 12% No Electrolyte 10% Yes — LiPF6, additives, formulations Others (Al foil, Cu foil, etc.) 16% No ~70% of LFP cell cost (Cathode + Anode + Electrolyte, adjusted) is addressable by GFCL EV's current/planned product basket.

4Manufacturing Unit, Capacity & Capex (₹ Cr) Greenfield integrated battery materials complex located at Jolva, Gujarat. Management indicates the business has crossed the hurdle of plant stabilisation, product validation and customer audits for most products. All Phase I capacity is commissioned and contracted with anchor clients. Particulars ₹ Cr Capex spent to date 2,100 — of which Capital WIP (CWIP) 1,000 FY27E capex (targeted) 2,300 Aggregate fund-raise to date 2,300 Total planned capex by FY28–29E 6,000 Target: 2x asset turnover and 25%+ EBITDA margin, with full potential realised only post FY29/30E FY27E capex largely earmarked for growth capex, including NGAAM Existing land bank to be fully utilised with the ₹6,000 Cr capex programme Current capacity across products is fully/completely contracted FY26 Funding Raised / Tied Up (₹ Cr): Source Amount (₹ Cr) Indian investors 3,730 or 1,000* IFC (International Finance Corporation) 430 (~US$50mn) Middle Eastern sovereign funds (OIA and others) 1,200 Infused/committed by parent (GFL) 1,100 Source (360 ONE) prints "Rs 37.3–10.0 bn" for Indian investors — an internally inconsistent range in the original document; shown here at the lower bound (Rs 37.3bn = ₹3,730 Cr would be the upper reading). Treat this line with caution and refer to primary filings. Additional events: ₹92.47 Cr raised via private placement (Nov'25); ₹430 Cr CCPS issue approved via EGM (Jan'26)

5Competitive Positioning, Demand Outlook & Policy Tailwind Setting up HF capacity is difficult in the US, Europe, Korea and Japan — reinforces GFCL EV's backward-integrated HF cost advantage Global electrolyte salt manufacturers: Korea (4), Japan (2), Europe (2) — GFCL EV is the notable ex-China entrant with a full basket US "One Big Beautiful Bill" (OBBB) mandates batteries contain ~60% non-Chinese-origin components, rising to 85% over the next few years — a structural tailwind for non-Chinese suppliers such as GFCL EV Ex-China Li-ion battery cell demand is projected to grow from ~500 GWh (CY26) to ~1.8 TWh (CY30E) — an addressable-market tailwind directly relevant to GFCL EV's product basket. Demand Drivers: Global shift towards LFP chemistry on cost advantage across mass-market EV and ESS segments Pick-up in Battery Energy Storage System (BESS) demand, driven by AI-led power/storage-server growth and BESS-plus-renewables grid stabilisation Global push to de-risk battery supply chains away from China Client Geography: Product