NSE: SRF · BSE: 503806
SRF LTD
Sells specialty chemicals, performance films and foil, and technical textiles through three operating segments. The Chemicals Business is the largest at 49.3% of FY26 segment revenue (Rs 7,778.97 cr) and generates the highest EBIT at Rs 2,262.87 cr. Performance Films & Foil contributes 36.5% (Rs 5,764.23 cr) with Rs 507.55 cr EBIT, and Technical Textiles adds 11.9% (Rs 1,877 cr) with Rs 190.08 cr EBIT. In Q1 FY27, all three segments posted sharp year-on-year EBIT growth: Films & Foil up 149%, Technical Textiles up 186%, and Chemicals up 27%. The board has approved a new BOPET thick film line in India with 25,000 MTPA capacity at a projected cost of Rs 250 crore, aimed at industrial and electronic end-use to reduce exposure to commodity thin films. Raw materials are the biggest input cost at 49.9% of revenue, followed by other operating expenses at 21.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals Business (CB) (49%), Performance Films & Foil Business (PFB) (37%), Technical Textiles Business (TTB) (12%), Others (2%). Asset-heavy, multi-segment specialty chemicals, films and textiles manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,434 | 149 | 13,139 | 14,693 | 15,787 |
| EBITDA (ex other income) | 3,176 | 35 | 2,584 | 2,718 | 3,325 |
| margin % | 25.5 | 23.7 | 19.7 | 18.5 | 21.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 63.75 | 72.95 | 45.06 | 42.40 | 61.91 |
| ROE % · ROCE % | 22.1 · 23.8 | 20.9 · 21.9 | 11.6 · 13.3 | 9.9 · 12.9 | 13.1 · 14.6 |
| Debt / equity (x) | 0.41 | 0.42 | 0.43 | 0.37 | 0.36 |
| Cash from operations | 2,106 | 29 | 2,094 | 2,487 | 2,554 |
| Capex | (1,832) | (29) | (2,217) | (1,231) | (1,815) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,424 | 3,491 | 4,313 | 3,819 | 3,640 | 3,713 | 4,615 | 5,033 |
| Profit before tax | 284 | 369 | 707 | 576 | 517 | 452 | 757 | 979 |
| Net profit | 201 | 271 | 526 | 432 | 388 | 433 | 582 | 759 |
| EPS (₹) | 6.79 | 9.15 | 17.75 | 14.58 | 13.10 | 14.60 | 19.63 | 25.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Technical Textiles Business (TTB) | 1,877 | 11.9 |
| Chemicals Business (CB) | 7,779 | 49.3 |
| Performance Films & Foil Business (PFB) | 5,764 | 36.5 |
| Others | 366 | 2.3 |
| Total, before eliminations | 15,787 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD ◆ | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.2 | 23.1 | 65 of 99 | 35% |
| P/B | 5.0 | 2.8 | 77 of 99 | 22% |
| ROCE | 13.1 | 10.1 | 41 of 106 | 62% |
| ROE | 13.1 | 8.1 | 30 of 99 | 70% |
| Debt / Equity | 0.4 | 0.2 | 71 of 99 | 29% |
| EBITDA margin | 25.2 | 15.5 | 23 of 99 | 78% |
| Revenue growth | 31.8 | 24.4 | 33 of 94 | 66% |
| Profit growth | 75.5 | 55.1 | 36 of 92 | 62% |
| Market cap | 69659 | 699 | 2 of 108 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · SRF submits earnings call transcript for September 2026 quarter | investor communications | medium | — | — |
| 23 Oct 2026 · Newspaper notice on shares transferred to investor fund | compliance | minimal | — | — |
| 22 Oct 2026 · Earnings call audio recording filed for Q2 FY27 results | investor communications | low | — | — |
| 22 Oct 2026 · Newspaper publication of Q2 and H1 FY26 unaudited results | compliance | minimal | — | — |
| 22 Oct 2026 · Q2 FY27 revenue rises 35%, PAT rises 31%, margins ease | investor communications | medium | — | — |
| 21 Oct 2026 · SRF Q2 FY27 profit rises 31%; battery foil expansion approved | compliance | low | — | — |
| 21 Oct 2026 · SRF board approves Rs 600 Cr capex for battery aluminium foil facility | capex operations | high | — | — |
| 21 Oct 2026 · Q2 profit rises 31%, but margin narrows | results | high | — | — |
| 16 Oct 2026 · SRF to host Q2 FY27 earnings call on October 22, 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · SRF board meeting on Oct 21 to consider Q2 and H1 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.