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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +32% YoY · PAT +76% YoY · margin expansion · +9% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Business Segment (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
38Bearishfull bear SMA stack · SMA20 -4.6% / mo · MACD +
Technical chart
SRFdaily · 1Y · AUTO-0.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.8% over last month) — short-term momentum negative.
- RSI(14) at 40 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 3.4% of the 30-week proxy.
- The 30-week proxy changed -1.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -11.8%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Chemicals: 77th pctile, median 73 · Mid: 58th pctile, median 76
91 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 33.70
- P/B
- 5.37
- EV/EBITDA
- 17.19
- Market Cap
- 75499.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 14.60%
- ROA
- 8.97%
- Dividend Y
- 0.35%
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
- 6.74
- Book Value
- 474.00
Cash Flow
- FCF Yield
- 1.42%
- FCF Positive Y
- 8/5
- OCF
- 2554.00 Cr
- EPS TTM
- 72.93
Shareholding
- Promoter Hold
- 50.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable names in Chemicals, ranked by similarity
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.