M/s Patankar & Associates has resigned as the statutory auditor of GFCL EV Products Limited, a material subsidiary of Gujarat Fluorochemicals Limited , effective from the conclusion of the forthcoming Fifth Annual General Meeting. The resignation enables the subsidiary to comply with a Shareholders Agreement with International Finance Corporation, which mandates the appointment of a Big Five Accounting Firm. The subsidiary proposes to appoint Walker Chandiok & Co LLP as the new statutory auditor subject to requisite approvals.

The resignation was intimated to the stock exchanges on May 29, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s Patankar & Associates was appointed on September 26, 2022, for a term of five years concluding with the Sixth Annual General Meeting to be held in 2027. The firm confirmed that it has completed the statutory audit for FY 2025-26 and submitted an unmodified audit report dated May 25, 2026.

Reason for Resignation

The primary reason for the resignation is to facilitate a transition to a Big Four auditor as required by the Shareholders Agreement between GFCL EV Products Limited and International Finance Corporation. The auditor confirmed there are no other reasons for the resignation and stated that no concerns were raised prior to the decision.

Auditor Details

The table below outlines the details of the outgoing auditor and their association with the company.

The subsidiary has stated that the change is intended to ensure a smooth transition process and adherence to the terms agreed upon with its investor. The resignation letter and requisite disclosures have been attached to the regulatory filing.

Gujarat Fluorochemicals Limited has reported its audited consolidated financial results for the financial year ended March 31, 2026, revealing a rise in annual revenue alongside a marginal increase in net profit. The Board of Directors approved the results in a meeting held on May 26, 2026. The statutory auditors, M/s Patankar & Associates, issued an unmodified opinion on the financial statements.

FY26 Financial Performance

For the full year FY26, the company reported a revenue from operations of ₹4,996 crore, compared to ₹4,737 crore in the previous year. Net profit for the period stood at ₹574 crore, a slight increase from ₹546 crore in FY25. The profit for the year attributable to the owners of the company was ₹578 crore. Basic and diluted earnings per share for the year were recorded at ₹52.26.

Q4 Performance Highlights

In the fourth quarter ended March 31, 2026, revenue from operations surged to ₹1,369 crore from ₹1,225 crore in the corresponding quarter of the previous year. However, net profit for the quarter declined to ₹109 crore from ₹191 crore in Q4 FY25. The company reported an exceptional item charge of ₹3 crore for the quarter, primarily attributed to the impact of new labour codes on employee benefit obligations.

Segment Performance

The company operates across two reportable business segments: Chemicals and EV Products. The Chemicals segment remained the primary revenue driver, contributing ₹5,030 crore for the year. The EV Products segment reported a revenue of ₹33 crore for FY26. During the quarter, the International Finance Corporation (IFC) invested ₹430 crore in GFCL EV Products Limited via compulsorily convertible preference shares.

Dividend Recommendation

The Board of Directors has recommended a final dividend of ₹3 per equity share, equivalent to 300% of the face value of Re 1 each, for the financial year ended March 31, 2026. This dividend payment is subject to the approval of shareholders at the ensuing Annual General Meeting.