TANFAC INDUSTRIES LTD.

Manufactures fluorochemicals at an integrated 60-acre facility in Cuddalore with 135,000 MTPA of installed capacity, producing hydrofluoric acid (HF), solar-grade DHF (dihydrogen fluoride), sulphuric acid, and specialty fluorides. The company is the first and only solar-grade DHF manufacturer in India and is building a 20,000 MTPA HFC-32 refrigerant gas plant targeted for Q3 FY27 commissioning. Revenue grew roughly 5x from ₹148 cr (FY21) to ₹711 cr (FY26), with FY26 revenue up 28% year-on-year; the solar-grade DHF plant commissioned in FY26 alone has an order book of ₹1,068 cr to be executed over 3.5 years. HFC-32 is the next growth engine — the 20,000 MTPA plant has 65% of capacity pre-contracted, with three long-term supply arrangements aggregating ~₹3,612 cr over 5-7 years plus an indefinite BlueStar agreement. Raw materials (fluorine, chlorine, sulphur-based inputs) make up 63.8% of revenue and are the dominant cost line, while planned capex of ₹495 cr for HFC-32 plus an additional ₹500-700 cr over 3-5 years is being funded via a ₹250 cr QIP, a ₹100 cr promoter preferential, and term debt. FY26 EBITDA margin was 16%, guided at 15-18% for the existing business with a 3-4% uplift expected post HFC-32 commissioning.