SRF Limited (SRF)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹2,775.6 ↓ 13.9% (1Y)

🎯 Key Takeaways

SRF Limited is navigating a phase of strategic consolidation and leadership continuity amid fluctuating profitability. The company has demonstrated strong operational momentum with recent profit growth, yet faces elevated valuation multiples relative to peers.
Revenue grew 2% QoQ to ₹3,491 in Q3FY25.
⚠️ Elevated valuation (P/E of 69.5) relative to sector peers may limit upside despite strong earnings.

Market Cap

₹79,723

P/E Ratio

69.5

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

SRF Limited is navigating a phase of strategic consolidation and leadership continuity amid fluctuating profitability. The company has demonstrated strong operational momentum with recent profit growth, yet faces elevated valuation multiples relative to peers. Management is focused on sustaining governance stability and capital efficiency while preparing for long-term capital deployment through debt issuance.

📰 What's Happening

In Q4 FY2026, SRF reported a 69.9% YoY surge in net profit to ₹1,000 crores, signaling robust earnings expansion. The company reappointed Kartik Bharat Ram as Joint Managing Director for a five-year term through March 31, 2031, and approved the re-appointment of Pramod Gopaldas Gujarathi as Whole Time Director, ensuring leadership continuity. Shareholders ratified cost auditor remuneration and authorized a private placement of up to ₹1,500 crores in redeemable non-convertible debentures, to be executed within one year post-AGM. The 55th AGM, held on June 30, 2026, underscored governance continuity and strategic capital planning ahead of FY2026-27.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	38	3,338	3,177	3,053	3,570	3,464	3,424	3,491
Operating Profit	10	708	655	585	719	629	571	659
OPM %	24.7%	20.9%	19.7%	18.5%	19.5%	17.4%	15.7%	17.8%
Net Profit	6	359	301	253	422	252	201	271
EPS	₹18.97	₹12.12	₹10.15	₹8.55	₹14.24	₹8.51	₹6.79	₹9.15

Operating performance has shown consistent improvement, with operating profit rising from ₹571 crores in Q2FY25 to ₹659 crores in Q3FY25, and net profit peaking at ₹422 crores in Q4FY24 before moderating to ₹271 crores in Q3FY25. While margins remain healthy, the sequential dip in profitability in the latest quarter may reflect macro headwinds or investment timing, though management has not flagged significant concerns. The strong base in FY2024, particularly the ₹719 crores operating profit in Q4FY24, suggests underlying resilience in core operations.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin expectations in the reviewed filings. However, the reappointment of key leadership and authorization for ₹1,500 crores in debentures indicate a focus on long-term capital structure management. The board emphasized governance continuity and compliance, with no disclosed strategic expansion plans beyond routine capital allocation. Investor focus remains on execution of the upcoming debenture issuance and its impact on leverage and returns.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND LINDEINDIA FLUOROCHEM NAVINFLUOR

⚠️ Risk Factors

1. Elevated valuation (P/E of 69.5) relative to sector peers may limit upside despite strong earnings. 2. Dependence on cyclical chemical demand and foreign exchange volatility could pressure margins. 3. The planned ₹1,500 crores debenture issuance introduces refinancing and liquidity risks if market conditions deteriorate. 4. Leadership continuity is positive, but the family-led governance model may limit independent board oversight in future strategic decisions.

📋 Recent Filings

🧠 Analyst's Read

SRF Limited is transitioning into a phase of stable governance and capital planning, with recent earnings momentum supporting its valuation. Investors should monitor the execution of the debenture issuance and its impact on capital structure, as well as any shifts in foreign investor sentiment. The company's trajectory hinges on sustaining profitability amid macro volatility and translating leadership stability into long-term shareholder value.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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