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SRF Limited (SRF)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 16 June 2026

₹2,720.5 ↓ 12.19% (1Y)

🎯 Key Takeaways

SRF Limited is transitioning from a mature chemical producer to a growth-oriented specialty chemicals player, with recent financial performance reflecting improved profitability and strategic capital allocation. The company has shifted focus from capital-intensive BOPP film expansion to higher-margin refrigerant and HFC projects, signaling a strategic pivot toward value-driven growth in emerging segments like refrigeration and sustainable materials.
Revenue grew 2% QoQ to ₹3,491 in Q3FY25.
⚠️ Geopolitical exposure in export markets, particularly in Europe and North America, where SRF faces regulatory scrutiny and trade barriers in specialty

Market Cap

₹79,723

P/E Ratio

69.5

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About SRF 📊 Interactive Charts

📖 The Story

SRF Limited is transitioning from a mature chemical producer to a growth-oriented specialty chemicals player, with recent financial performance reflecting improved profitability and strategic capital allocation. The company has shifted focus from capital-intensive BOPP film expansion to higher-margin refrigerant and HFC projects, signaling a strategic pivot toward value-driven growth in emerging segments like refrigeration and sustainable materials.

📰 What's Happening

In Q4 FY26, SRF reported a 69.9% YoY surge in net profit to ₹1,000 crores, driven by 7% revenue growth to ₹4,615 crores and a 29% jump in EBIT to ₹3,008 crores. Management deferred a ₹490 crore BOPP plant in Indore due to market reassessment but approved ₹2,300 crores in capex for a new refrigerant project in Odisha, targeting completion by February 2028. HFC capacity at Dahej is set to expand to 65,000 tons/year, supported by secured environmental clearance. The Board also authorized up to ₹1,500 crores in redeemable NCDs post-AGM. These moves reflect a deliberate reallocation of capital toward higher-growth, lower-capex-intensity segments with better margins and alignment with global decarbonization trends.

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

Profitability has accelerated sharply, with PAT rising 47% YoY to ₹1,835 crores annually and EBIT up 29%, despite only 7% revenue growth, indicating strong operating leverage and margin expansion. Sequential quarterly trends show improving operational efficiency, with OPM holding steady at ~17-19% and EPS rising from ₹6.79 in Q2FY25 to ₹9.15 in Q3FY25. The surge in PAT growth outpacing revenue reflects cost discipline, product mix optimization, and better utilization of existing assets, particularly in core segments like polyester and chemicals. However, the deferred BOPP investment and reliance on niche, capital-heavy refrigerant projects introduce execution and timing risks that temper the bullishness in profitability trends.

🔮 Management Outlook & What's Next

Management has explicitly signaled confidence in the refrigerant and HFC segment as the primary growth engine, with plans to scale capacity to 65,000 tons/year and complete the Odisha project by February 2028. They emphasized that the BOPP plant delay was due to 'material changes in the operating environment,' reflecting a data-driven reassessment rather than a strategic retreat. The Board’s approval of ₹2,300 crores in capex for the refrigerant project and continued focus on downstream diversification underscore a shift toward higher-margin, technology-driven growth. Management also highlighted improved cash flow generation and capital efficiency as enablers of this new phase, with no mention of dividend increases but emphasis on reinvestment for sustainable 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. Geopolitical exposure in export markets, particularly in Europe and North America, where SRF faces regulatory scrutiny and trade barriers in specialty chemicals. 2. Execution risk in the new refrigerant project, including regulatory delays, technology integration, and market adoption of next-gen refrigerants amid global F-gas regulations. 3. Commodity price volatility in key feedstocks like propylene and chlorine, which could pressure margins despite current stability. 4. Over-reliance on a few high-margin segments (refrigerants, HFCs) that are subject to evolving environmental regulations and potential future restrictions.

📋 Recent Filings

🧠 Analyst's Read

SRF is repositioning for growth through strategic capex in high-potential segments, supported by strong profitability trends and disciplined capital allocation. The key watchpoint is the successful ramp-up of the Odisha refrigerant project and how quickly the new HFC capacity translates into revenue and margin accretion, while navigating regulatory and geopolitical headwinds.

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

✨ Deep Dive with AI on SRF

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.