Chemicals & Petrochemicals
Valuation | |
|---|---|
| Market Cap | 83.05 kCr |
| Price/Earnings (Trailing) | 46.67 |
| Price/Sales (Trailing) | 5.32 |
| EV/EBITDA | 25.82 |
| Price/Free Cashflow | 75.28 |
| MarketCap/EBT | 36.88 |
| Enterprise Value | 87.38 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 3.2% |
| Price Change 1M | -8.4% |
| Price Change 6M | -5.6% |
| Price Change 1Y | -0.30% |
| 3Y Cumulative Return | 8.2% |
| 5Y Cumulative Return | 20% |
| 7Y Cumulative Return | 32.4% |
| 10Y Cumulative Return | 28.5% |
| Revenue (TTM) |
| 15.6 kCr |
| Rev. Growth (Yr) | 5.9% |
| Earnings (TTM) | 1.78 kCr |
| Earnings Growth (Yr) | 59.6% |
Profitability | |
|---|---|
| Operating Margin | 15% |
| EBT Margin | 14% |
| Return on Equity | 13.41% |
| Return on Assets | 7.99% |
| Free Cashflow Yield | 1.33% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -1.48 kCr |
| Cash Flow from Operations (TTM) | 2.49 kCr |
| Cash Flow from Financing (TTM) | -1.07 kCr |
| Cash & Equivalents | 189.89 Cr |
| Free Cash Flow (TTM) | 1.26 kCr |
| Free Cash Flow/Share (TTM) | 42.37 |
Balance Sheet | |
|---|---|
| Total Assets | 22.26 kCr |
| Total Liabilities | 9 kCr |
| Shareholder Equity | 13.26 kCr |
| Current Assets | 6.15 kCr |
| Current Liabilities | 5.53 kCr |
| Net PPE | 13.82 kCr |
| Inventory | 2.73 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.2 |
| Debt/Equity | 0.34 |
| Interest Coverage | 6.37 |
| Interest/Cashflow Ops | 7.92 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 9 |
| Dividend Yield | 0.32% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money has been increasing their position in the stock.
Size: It is among the top 200 market size companies of india.
Profitability: Recent profitability of 11% is a good sign.
Technicals: SharesGuru indicator is Bearish.
Past Returns: In past three years, the stock has provided 8.2% return compared to 12% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money has been increasing their position in the stock.
Size: It is among the top 200 market size companies of india.
Profitability: Recent profitability of 11% is a good sign.
Technicals: SharesGuru indicator is Bearish.
Past Returns: In past three years, the stock has provided 8.2% return compared to 12% by NIFTY 50.
Investor Care | |
|---|---|
| Dividend Yield | 0.32% |
| Dividend/Share (TTM) | 9 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 60.03 |
Financial Health | |
|---|---|
| Current Ratio | 1.11 |
| Debt/Equity | 0.34 |
Technical Indicators | |
|---|---|
| RSI (14d) | 30.84 |
| RSI (5d) | 73.44 |
| RSI (21d) | 34.98 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Sell |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated May 4, 2025
Today, SRF's stock has shown a minor decline of 0.47%.
The stock fluctuated between ?2996.3 and ?3048.95 today, indicating short-term volatility.
Technical analysis shows a pivot level of 3017.4, with support at ?2985.85, suggesting potential challenges.
Summary of SRF's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
During the Q3 FY26 Earnings Call held on January 20, 2026, SRF Limited's management, led by Mr. Ashish Bharat Ram, provided a positive outlook despite certain market challenges. The key points shared include:
Financial Performance: SRF reported a gross operating revenue growth of 6% to INR 3,713 crore, with EBIT rising 23% to INR 653 crore, resulting in an EBIT margin of 18%. Profit After Tax (PAT) surged 60% year-on-year to INR 433 crore.
Chemicals Business Growth: The Chemicals segment posted a robust revenue growth of 22%, up from INR 1,496 crore in Q3 FY25 to INR 1,825 crore in Q3 FY26. Improved operational efficiencies were noted even amidst pricing pressures from Chinese competitors.
Agrochemicals and Phosphonates: Management is optimistic about the upcoming quarter, expecting a strong finish to the year with significant pent-up orders. They are investing INR 180 crore in a new pharma intermediate plant at Dahej, expected to be commissioned in the next 8 months, indicating confidence in growth and diversification strategies.
Capex Plans: The management reiterated their capex guidance for FY27, maintaining a target range of INR 2,200 to INR 2,300 crore, primarily focusing on the new site in Odisha, with potential investments in new generation gases amounting to INR 1,500 crore to INR 2,000 crore.
Market Dynamics: Despite challenges from irrational pricing by Chinese firms, SRF anticipates eventual price corrections, boosting margins once the market stabilizes. Their strategy remains centered on protecting market share while continuing innovations and operational efficiencies.
Sustainability and R&D: The company highlighted its commitment to sustainability and innovation, with 506 patents applied for to date, showcasing an emphasis on developing new technologies.
The management remains optimistic about future growth, supported by strategic investments and an expansive product pipeline.
Understand SRF ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| KAMA HOLDINGS LIMITED | 50.21% |
| KOTAK AGGRESSIVE HYBRID FUND | 5.17% |
| LICI NEW ENDOWMENT PLUS-SECURED FUND | 2.56% |
| AMANSA HOLDINGS PRIVATE LIMITED | 2.5% |
| NPS TRUST A/C - LIC PENSION FUND LIMITED - NPS LIT | 1.21% |
| ARUN BHARAT RAM | 0.03% |
| KARTIK BHARAT RAM | 0.01% |
Detailed comparison of SRF against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| PIDILITIND | Pidilite Industries | 1.45 LCr | 14.09 kCr | -3.90% | -0.80% | 64.9 | 10.26 | - | - |
| UPL | UPL | 58.99 kCr | 49.67 kCr |
Comprehensive comparison against sector averages
SRF metrics compared to Chemicals
| Category | SRF | Chemicals |
|---|---|---|
| PE | 46.67 | 43.09 |
| PS | 5.32 | 4.02 |
| Growth | 10.9 % | 5.8 % |
SRF is a prominent Specialty Chemicals company, represented by the stock ticker SRF. With a market capitalization of Rs. 90,122.1 Crores, SRF Limited focuses on manufacturing, purchasing, and selling a diverse array of products, including technical textiles, chemicals, packaging films, and various polymers.
The company operates through multiple segments:
SRF's product offerings include:
In the realm of chemicals, SRF produces specific fluorochemicals under the FLORON brand, providing refrigerants for air-conditioners and chillers, and propellants for the pharmaceutical sector under the Dymel brand. They also supply industrial chemicals for various applications, such as solvents in pharma, metal de-greasing, and dry-cleaning solutions.
Additionally, the company offers:
SRF operates not only in India but also in various countries, including the United States, South Africa, the United Kingdom, and many others across Europe and Asia.
Originally founded as Shri Ram Fibres in 1970, the company rebranded to SRF Limited in 1990 and is headquartered in Gurugram, India. It is a subsidiary of KAMA Holdings Limited.
Financially, SRF has demonstrated strong performance, with a trailing 12-month revenue of Rs. 14,071.1 Crores. The company distributes dividends to its investors with a yield of 0.36% per year, having provided a dividend of Rs.10.8 per share over the last year. Over the past three years, SRF has witnessed a revenue growth of 21.9%, showcasing its strong position in the market.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
SRF vs Chemicals (2021 - 2026)
Earnings Call Transcript • 28 Jan 2026 Transcript of Earnings Call |
General • 22 Jan 2026 Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 |
General • 21 Jan 2026 Tax Deducted at Source on Dividend |
Newspaper Publication • 21 Jan 2026 Newspaper Publication |
Change in Management • 20 Jan 2026 Appointment of Director (Safety & Environment) & Occupier |
Earnings Call Transcript • 20 Jan 2026 Audio recording of the Earnings Call held on 20th January 2026 |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Question 1: What is the capex outlook given the current global dislocations?
Answer: Broadly speaking, we remain on track for the previously guided capex of INR2,200 crore to INR2,300 crore for FY27. The majority will be invested in our new site in Odisha, focusing on new generation gases. Initially, we expect INR1,500 crore to INR2,000 crore for the first stage of investment in Odisha. The transition to new gases is inevitable despite global volatility.
Question 2: Given the competition from Chinese pricing, how do you anticipate Specialty Chemicals performance in Q4?
Answer: The expected improvement in Q4 stems from accumulated deferred POs from Q2 and Q3. While there remains pricing pressure from Chinese competitors, we are optimistic given that many of them are struggling for profitability. It's not a question of if recovery will occur, but when.
Question 3: Are we seeing enhanced order visibility for agrochemicals?
Answer: Yes, the positive signs of a revival in agrochemicals are evident as we have many delayed POs from previous quarters that need addressing. Customers are cautious about inventory levels, but this pent-up demand should contribute significantly to Q4 performance.
Question 4: What percentage of our Specialty Chemicals revenues comes from pharmaceuticals, and how are we growing that segment?
Answer: Approximately 10% of our Specialty Chemicals business comes from pharmaceuticals, which we aim to grow to at least 20%. We are seeing increased visibility in terms of the number of molecules and customers. The new INR180 crore pharma intermediate plant is crucial for this growth, complementing our existing capacities.
Question 5: What impacts do you foresee from the newly implemented EU carbon tax?
Answer: We do not engage in refrigerant gas business in Europe, so there's no direct impact there. However, our aluminium foil business may face some effects, though we believe current manufacturing costs make it a minimal risk. We flagged this for awareness, but it's not significant at present.
Question 6: How is the inventory situation affecting specialty chemicals and demand deferment?
Answer: The inventory at customer levels is controlled, which has contributed to deferment. The easing of supply chain challenges post-COVID has facilitated quicker access to materials, allowing customers to manage their inventories better. We anticipate demand to normalize with increasing PO fulfillment in Q4.
Question 7: How does the current market for fluorochemicals, particularly for R32, look in terms of demand versus supply?
Answer: The domestic demand for R32 is around 17,000 - 18,000 tonnes, while current capacity exceeds this demand, leading to exports. Market stability should return as Indian consumption grows, but competition and Chinese pricing will play crucial roles in shaping future dynamics.
Question 8: How are tariffs affecting customer buying behavior in the refrigerants market?
Answer: Customer purchases have become more transactional and cautious due to tariff uncertainties. While long-term contracts for R-134a remain unaffected, those for R32 fluctuate, reflecting hesitation in committing to larger volumes amid tariff volatility.
Feel free to ask for more details or another specific section from the transcript!
| ASHISH BHARAT RAM | 0.01% |
| Vasvi Bharat Ram | 0% |
| Radhika Bharat Ram | 0% |
| Kairavi Bharat Ram | 0% |
| Apoorvi Bharat Ram | 0% |
| Maahir Bharat Ram | 0% |
| Ahaana Bharat Ram | 0% |
| SRF Altech Limited | 0% |
| SRF Holiday Home Limited | 0% |
| SRF Global BV | 0% |
| SRF Industries (Thailand) Ltd | 0% |
| SRF Flexipak (South Africa) (Pty) Ltd | 0% |
| SRF Industex Belting (pty) Ltd. | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -13.20% |
| +15.70% |
| 33.46 |
| 1.19 |
| - |
| - |
| PIIND | PI Industries | 46.9 kCr | 7.78 kCr | -5.10% | -11.30% | 31.01 | 6.03 | - | - |
| ATUL | Atul | 17.56 kCr | 6.22 kCr | -2.40% | -5.10% | 29.54 | 2.82 | - | - |
| VINATIORGA | Vinati Organics | 15.51 kCr | 2.31 kCr | -6.60% | -10.60% | 35.02 | 6.72 | - | - |
| AARTIIND | Aarti Industries | 13.52 kCr | 8.05 kCr | -1.10% | -16.10% | 48.01 | 1.68 | - | - |
| 2.1% |
| 3,215 |
| 3,149 |
| 3,272 |
| 3,640 |
| 3,162 |
| 3,174 |
| Profit Before exceptional items and Tax | 1.6% | 525 | 517 | 576 | 707 | 369 | 284 |
| Exceptional items before tax | - | -73.24 | 0 | 0 | 0 | 0 | 0 |
| Total profit before tax | -12.6% | 452 | 517 | 576 | 707 | 369 | 284 |
| Current tax | -8.6% | 118 | 129 | 144 | 183 | 99 | 82 |
| Deferred tax | - | -99.12 | 0 | 0 | -1.83 | -1.43 | 0 |
| Total tax | -85.9% | 19 | 129 | 144 | 181 | 98 | 82 |
| Total profit (loss) for period | 11.6% | 433 | 388 | 432 | 526 | 271 | 201 |
| Other comp. income net of taxes | 143.1% | 48 | -108.12 | 39 | 87 | -152.41 | 124 |
| Total Comprehensive Income | 72% | 481 | 280 | 472 | 613 | 119 | 326 |
| Earnings Per Share, Basic | 12.4% | 14.6 | 13.1 | 14.58 | 17.75 | 9.15 | 6.79 |
| Earnings Per Share, Diluted | 12.4% | 14.6 | 13.1 | 14.58 | 17.75 | 9.15 | 6.79 |
| Debt equity ratio | 0% | 034 | 035 | 035 | 037 | 045 | 0 |
| Debt service coverage ratio | -0.6% | 0.0216 | 0.0277 | 0.0258 | 0.0126 | 0.0181 | 0.02 |
| Interest service coverage ratio | 0.7% | 0.096 | 0.0899 | 0.0855 | 0.0907 | 0.0569 | 0.05 |
| 10% |
| 869 |
| 790 |
| 684 |
| 658 |
| 534 |
| 487 |
| Finance costs | 25.5% | 296 | 236 | 176 | 94 | 111 | 182 |
| Depreciation and Amortization | 13.3% | 630 | 556 | 468 | 419 | 384 | 353 |
| Other expenses | 8.6% | 2,651 | 2,441 | 2,559 | 1,998 | 1,402 | 1,385 |
| Total Expenses | 10.7% | 10,169 | 9,188 | 9,524 | 7,862 | 5,742 | 5,602 |
| Profit Before exceptional items and Tax | -0.8% | 1,704 | 1,718 | 2,656 | 2,155 | 1,310 | 780 |
| Total profit before tax | -0.8% | 1,704 | 1,718 | 2,656 | 2,155 | 1,310 | 780 |
| Current tax | -0.9% | 440 | 444 | 682 | 665 | 386 | 19 |
| Deferred tax | 95.8% | -3.26 | -100.58 | -49.52 | -17.31 | -1.01 | -32.16 |
| Total tax | 26.8% | 436 | 344 | 632 | 648 | 385 | -13.11 |
| Total profit (loss) for period | -7.7% | 1,268 | 1,374 | 2,023 | 1,507 | 925 | 974 |
| Other comp. income net of taxes | -110.2% | -8.16 | 91 | -189.59 | 23 | 88 | -112.54 |
| Total Comprehensive Income | -14% | 1,260 | 1,465 | 1,834 | 1,530 | 1,013 | 862 |
| Earnings Per Share, Basic | -7.9% | 42.78 | 46.35 | 68.26 | 50.86 | 31.744 | 33.896 |
| Earnings Per Share, Diluted | -7.9% | 42.78 | 46.35 | 68.26 | 50.86 | 31.744 | 33.896 |
| Debt equity ratio | -0.1% | 029 | 035 | 0 | 0 | 042 | 059 |
| Debt service coverage ratio | -1.6% | 0.0182 | 0.0334 | 0 | 0 | 0.0174 | 0.0259 |
| Interest service coverage ratio | -0.5% | 0.0689 | 0.0735 | 0 | 0 | 0 | 0.0806 |
| 61.3% |
| 1,132 |
| 702 |
| 799 |
| 745 |
| 2,134 |
| 2,129 |
| Investment property | - | 0 | 0 | 0 | 630 | 0 | 0 |
| Goodwill | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-current investments | 0.4% | 786 | 783 | 631 | 0 | 108 | 93 |
| Loans, non-current | 2% | 53 | 52 | 51 | 50 | 297 | 291 |
| Total non-current financial assets | -2.2% | 951 | 972 | 851 | 241 | 566 | 450 |
| Total non-current assets | 3.8% | 13,362 | 12,872 | 12,476 | 12,375 | 11,518 | 10,548 |
| Total assets | 1.4% | 18,288 | 18,030 | 17,645 | 17,365 | 16,272 | 15,551 |
| Borrowings, non-current | -12.5% | 1,372 | 1,567 | 1,419 | 1,662 | 1,865 | 1,727 |
| Total non-current financial liabilities | -9.6% | 1,482 | 1,640 | 1,500 | 1,745 | 1,982 | 1,983 |
| Provisions, non-current | 3% | 70 | 68 | 65 | 61 | 54 | 52 |
| Total non-current liabilities | -6.2% | 2,654 | 2,828 | 2,607 | 2,809 | 2,967 | 2,813 |
| Borrowings, current | -4.1% | 1,618 | 1,687 | 2,296 | 1,949 | 1,385 | 1,313 |
| Total current financial liabilities | -1.2% | 3,492 | 3,534 | 4,059 | 3,949 | 3,321 | 3,371 |
| Provisions, current | 25.9% | 9.5 | 7.75 | 8.02 | 7.27 | 9.11 | 6.28 |
| Current tax liabilities | 0% | 17 | 17 | 12 | 12 | 12 | 12 |
| Total current liabilities | -0.9% | 3,600 | 3,634 | 4,142 | 4,042 | 3,440 | 3,485 |
| Total liabilities | -3.2% | 6,254 | 6,462 | 6,749 | 6,851 | 6,408 | 6,298 |
| Equity share capital | 0% | 297 | 297 | 297 | 297 | 297 | 297 |
| Total equity | 4% | 12,034 | 11,569 | 10,896 | 10,514 | 9,864 | 9,254 |
| Total equity and liabilities | 1.4% | 18,288 | 18,030 | 17,645 | 17,365 | 16,272 | 15,551 |
| - |
| 0 |
| 0 |
| 0 |
| 362 |
| - |
| - |
| Income taxes paid (refund) | -15.4% | 309 | 365 | 468 | 0 | - | - |
| Net Cashflows From Operating Activities | 19% | 2,264 | 1,903 | 2,788 | 1,638 | - | - |
| Proceeds from sales of PPE | -41% | 9.26 | 15 | 16 | 15 | - | - |
| Purchase of property, plant and equipment | -39.5% | 1,129 | 1,865 | 2,374 | 1,576 | - | - |
| Proceeds from government grants | - | 36 | 0 | 0 | 0 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | -45.2% | 309 | 563 | 405 | 277 | - | - |
| Interest received | 29.8% | 62 | 48 | 37 | 32 | - | - |
| Other inflows (outflows) of cash | -122.6% | -57.01 | -25.06 | 30 | 105 | - | - |
| Net Cashflows From Investing Activities | 36.6% | -1,313.93 | -2,074.04 | -2,328.16 | -1,279.58 | - | - |
| Proceeds from issuing shares | - | 0 | 0 | 0 | 0.2 | - | - |
| Proceeds from borrowings | -45.6% | 491 | 901 | 841 | 613 | - | - |
| Repayments of borrowings | 152% | 931 | 370 | 672 | 414 | - | - |
| Payments of lease liabilities | -5.6% | 35 | 37 | 32 | 26 | - | - |
| Dividends paid | -0.5% | 213 | 214 | 213 | 212 | - | - |
| Interest paid | 12.4% | 309 | 275 | 175 | 86 | - | - |
| Net Cashflows from Financing Activities | -21269.5% | -998.2 | 5.72 | -252.33 | -125.11 | - | - |
| Net change in cash and cash eq. | 70.6% | -47.9 | -165.49 | 208 | 233 | - | - |
General • 20 Jan 2026 Capital Expenditure approved by the Board |
Analysis of SRF's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Chemicals Business (CB) | 49.2% | 1.8 kCr |
| Performance Films & Foil Business (PFB) | 36.2% | 1.3 kCr |
| Technical Textiles Business (TTB) | 12.2% | 453.6 Cr |
| Others | 2.5% | 91.9 Cr |
| Total | 3.7 kCr |