AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 23 Sep - SRF CHRO Geeta Shamrao Jadhav resigned effective close of business September 23, 2026.
Source: Bse
SRF Limited (SRF)
Mid CapChemicals stocks · Mid cap · NSE
SRF Limited is a diversified chemicals conglomerate established in 1970, with global operations across Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles, and Coated/Laminated Fabrics. It serves over 90 countries from 16 manufacturing facilities in India, Thailand, South Africa, and Hungary.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result22 Jul, 08:19 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -2.3% / mo · MACD + · near 52W low · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SRFD candles · FIT view-2.5%Latest close ₹2432.00 on 2026-10-19
Bar
-1.6%
RSI
38
MACD hist
0.69
52W pos
9%
2026-10-19O ₹2472.10H ₹2474.70L ₹2415.10C ₹2432.00Vol 2.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SRFNifty ChemicalsNifty 500
- SRF
- -15.3%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -9.7 pp
Chart stats
19 Oct 2026- From 52W high
- -24.2%
- 52W range position
- 9%
- ATR (14)
- 2.1%
- Volume vs 20D
- 1.09x
- Avg traded value
- ₹46.7 Cr
- 20D price channel
- ₹2,415.1 - ₹2,563
₹3,210
₹2,355 - ₹3,210
₹52.1
Latest completed session
20-session average
19.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +31.8% · PAT +75.7% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-6.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +32% YoY · PAT +76% YoY · margin expansion · +9% QoQ · operating leverage
Filed 22 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,033 Cr | +31.8% | +9.1% |
| EBITDA | ₹1,237 Cr | +49.0% | +20.6% |
| Operating margin | 25.0% | +300 bps | +300 bps |
| PAT | ₹759 Cr | +75.7% | +30.4% |
| PAT margin | 15.1% | +377 bps | +247 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.20
- P/B
- 5.13
- EV/EBITDA
- 16.46
- Market Cap
- 72091.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 14.60%
- ROA
- 8.97%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -4.00%
Balance Sheet
- Debt/Equity
- 0.36
- Interest Coverage
- 14.30×
- Altman Z
- 6.54
- Book Value
- 474.00
Cash Flow
- FCF Yield
- 1.49%
- FCF Positive Y
- 8/5
- OCF
- 2554.00 Cr
- EPS TTM
- 72.93
Shareholding
- Promoter Hold
- 50.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,033+9.1% vs prev
Net Profit
₹ CrLatest: 759+30.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.3% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
34
RS percentile
Stage 1 Base / Transition
1M return
-3.2%
3M return
-15.3%
6M return
-2.4%
1Y return
-19.7%
RS 1D
-4
RS 20D
+4
Sector rank
#13
Industry rank
#15
Stage evidence
- Price is within 6.7% of the 30-week proxy.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 89.28-0.60%
RS vs Nifty 50089
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation1/30
Growth11/25
Quality8/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -6.8%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
32.2
PB
5.1
EV/EBITDA
16.5
ROE
14.3%
ROCE
14.6%
FCF Yield
1.5%
Debt/Equity
0.4
MoS
-6.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-6.8%
Previous: -6.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹881.93
-175.8% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹2,276.87
-6.8% MoS
PEG
3.22
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NAVINFLUOR
Small
Navin Fluorine International Limited
Specialty Chemicals
match 161
46
52.5
19.6%
-18%
FAIR VALUE
AARTIIND
Small
Aarti Industries Limited
Specialty Chemicals
match 161
20
35.0
7.1%
-538%
OVERVALUED
FLUOROCHEM
Large
Gujarat Fluorochemicals Limited
Specialty Chemicals
match 159
36
82.2
7.8%
-80%
WATCHLIST
HSCL
Small
Himadri Speciality Chemical Limited
Specialty Chemicals
match 156
55
39.0
17.8%
+21%
FAIR VALUE
ATUL
Large
Atul Limited
Specialty Chemicals
match 154
38
22.1
11.5%
-179%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-23T08:17:39.012Z
Management commentary snapshot
SRF reports robust Q1 FY27 results with Gross Operating Revenue up 31.8% YoY to Rs 5,033.3 Cr, EBIDTA surging 61.4% YoY to Rs 1,372.6 Cr, and PAT increasing 75.5% YoY to Rs 758.9 Cr, driven by strong performance across all segments and margin expansion.
SRF delivered strong Q1 FY27 results, with significant revenue and profit growth driven by robust performance in Performance Films & Foil and Technical Textiles, and steady Chemicals Business. Margin expansion across segments is notable. Ongoing capex and new product launches support future growth, though pricing pressure in Specialty Chemicals and geopolitical risks remain.
Current business mix
Revenue by Business Segment (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
Chemicals Business46.0%
Performance Films & Foil Business40.1%
Technical Textiles Business11.8%
Others2.1%
Growth engines
High-end Value-Added Products
Focus on building high-end value-added products and repositioning portfolio towards knowledge-based products.
New Competencies & R&D
Continue to build new competencies in Chemicals Technology space; nurture innovation through R&D with 528 patents applied, 159 granted.
Fluorochemicals Capacity Utilization
Continued focus on full utilization of HFC capacities and PTFE ramp-up progressing as planned.
Sustainable Product Offerings
Continued emphasis on expanding sustainable product offerings and increasing value-added product (VAP) sales in Performance Films.
Capacity and execution
Fluorochemicals Capex
Newly approved capex in Odisha is progressing as per plan, with site regulatory approvals being applied for as per schedule.
BOPET Thick Film Line
Board approved capex to set up a BOPET Thick Film Line in India at a projected cost of Rs 250 crores.
Metallizers & Coating Machine
Commissioning of new metallizers in Thailand and South Africa and offline coating machine in India likely to provide some cushion.
Laminated Fabrics Looms
Start-up of two new looms in June’26, which will further augment inhouse textile manufacturing capacity.
Tailwinds
Geopolitical Factors (Films)
Supply disruptions linked to geopolitical factors positively impacted margins across all regions for Performance Films & Foil.
Agrochemical Demand Recovery
Early signs of recovery are emerging in agrochemical demand.
Belting Fabrics Export Demand
Belting Fabrics is expected to benefit from higher export demand, while domestic demand remains stable.
PIY Seatbelt Demand
Strong demand in the seatbelt segment is expected to offset seasonal slowdown in geotextiles during monsoon.
Headwinds
Pricing Pressure (Specialty Chemicals)
Pricing pressure continues across both our and customers’ end-markets due to competition from Chinese players.
Geopolitical Tensions (Supply Chains)
Ongoing geopolitical tensions may continue to disrupt some global supply chains and drive volatility in raw material costs.
Raw Material Costs (Fluorochemicals)
Prolonged Middle east conflict may exert pressure on key RM prices.
Generics Pressure (Agrochemicals)
Generics pressure on innovator Agrochemical players continues.
Risk radar
Geopolitical Disruptions
Ongoing geopolitical tensions may continue to disrupt some global supply chains and drive volatility in raw material costs.
Raw Material Price Volatility
Prolonged Middle east conflict may exert pressure on key RM prices, while business continues mitigation measures to manage potential volatility.
Chinese Competition
Pricing pressure continues across both our and customers’ end-markets due to competition from Chinese players.
Demand Normalization
Global demand for both BOPET and BOPP expected to revert to normal levels as customers rationalize inventories.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly compares Q1 FY27 results with Q1 FY26, indicating a year-on-year comparison is primary. This is suitable for assessing performance trends in a diversified industrial business, accounting for potential seasonality.
Sector KPIs management disclosed
Gross Operating Revenue Growth
Gross Operating Revenue increased 31.8% YoY to Rs 5,033.3 Cr in Q1 FY27.
EBIDTA Growth
EBIDTA grew 61.4% YoY to Rs 1,372.6 Cr in Q1 FY27.
Profit After Tax Growth
Profit After Tax rose 75.5% YoY to Rs 758.9 Cr in Q1 FY27.
EBIDTA Margin
EBIDTA Margin expanded to 27.3% in Q1 FY27 from 22.3% in Q1 FY26.
Management forward view
New Pharma Products
New pharma products are demonstrating early market acceptance, with volumes expected to scale up in the medium term.
Product Portfolio Expansion
The product portfolio is set to expand further, with new launches planned for the coming quarters.
Cost Reduction Focus
Continued efforts on cost reduction through operational excellence and technology-driven initiatives.
PTFE Growth
PTFE growth to be driven by ramp-up, export mix and value-added capacity, supporting margin improvement.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Specialty Chemicals Pricing | Pricing pressure continues due to Chinese competition. | Signs of stabilization or improvement in pricing environment and impact of cost reduction initiatives. |
| Agrochemical Demand | Early signs of recovery, but broad-based demand yet to pick up. | Acceleration in broad-based agrochemical demand and new product acceptance. |
| Performance Films Demand | Global demand expected to revert to normal as customers rationalize inventories. | Impact of inventory rationalization on volumes and sustained profitability from value-added products. |
| Capex Execution | Ongoing capex projects progressing as per schedule. | Timely commissioning and ramp-up of new capacities, especially Odisha Fluorochemicals and BOPET Thick Film Line. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 77th percentile within Chemicals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
106 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Chemicals: 77th pctile, median 73 · Mid: 57th pctile, median 76
Evidence depth
Financial-only
106 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching SRF Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Company Ir
Concall transcriptJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Earnings Call Transcript 29 Jul - Transcript of the Earnings Call held on 23rd July 2026
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 23 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - In compliance with the Regulation 30 of SEBI (LODR) Regulations, 2015, we hereby inform you that SRF Limited will participate in an investor ....
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 5h - SRF reports Q1FY27 revenue up 32%, PAT up 76%; approves ₹250 crore capex and ₹5 interim dividend.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jun - Shareholders reappointed Kartik Bharat Ram as Joint MD from June 1, 2026 to March 31, 2031.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Newspaper Advertisement for 55th AGM of SRF Limited to be held on Tuesday 30.06.2026 at 11 a.m.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.