| Fluoropolymers | Manufacture of advanced fluoropolymer products for diverse industrial applications including semi-conductors and automotive. | Integrated manufacturing, technical know-how, customer approvals, and limited global competition create robust moat. | B2B industrial manufacturers in electronics, chemicals, automotive, and aerospace sectors globally. | Specialty fluoropolymers and high purity grades for electronics and EV applications deliver highest margins. | 2630 | 55 | Sales of fluoropolymer products to global customers, long-term contracts, and value-added specialty grades. | Contract and spot sales with premium pricing for specialty grades. | Strong global demand in electronics, automotive, EV battery sector, and specialty applications drives growth. | PTFE, PVDF, Micro Powders, PFA |
| Fluorochemicals | Production of refrigerant gases, specialty fluorochemicals and intermediates for pharmaceuticals and agrochemicals. | Refined chemical technology and export approvals, niche product portfolio with regulatory barriers safeguard position. | Global HVAC, pharmaceutical, agrochemical companies and industrial clients (B2B). | Specialty fluorochemicals and value-added refrigerant gases have higher profitability. | 1237 | 26 | Contract manufacturing and supply agreements primarily B2B with global export markets. | Sales volumes governed by regulatory quotas and market demand with premium on specialty chemicals. | Demand for refrigerants replacing phased-out gases and specialty chemical applications in pharma and agro sectors. | R-22, R-32, R-125 refrigerants and specialty fluorochemicals |
| Bulk Chemicals | Manufacture of bulk chemicals serving industries such as textiles, soaps, pharmaceuticals, and agrochemicals. | Backward integration with fluorochemical production lines reduces raw material costs, plus scale benefits. | Industrial clients in textiles, chemicals, pharmaceuticals, and agriculture (B2B). | Operational efficiencies in chloromethanes production enhance margins. | 746 | 16 | Sales based on volume and market pricing in domestic and export markets. | Market-driven pricing with volume contracts and spot sales. | Price increases and steady industrial demand for bulk chemicals in various sectors. | Caustic Soda, Chloromethane, Carbon Tetrachloride |
| Battery Chemicals | Integrated manufacturing of lithium battery materials for electric vehicles and energy storage. | Only integrated LiPF6 producer outside China with growing capacity and industry partnerships. | EV OEMs, battery cell manufacturers, energy storage system providers (B2B). | Specialty battery binders and electrolyte formulations command premium margins. | 1 | 0 | Sales via long-term supply contracts to EV and ESS manufacturers as well as customized formulations. | Contractual pricing often linked with volume and quality specifications. | Rapid growth in EV and energy storage battery demand globally, government incentives, and capacity expansion. | LiPF6, LFP Cathode Active Material, Cathode Binders, Electrolyte Formulations |
