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SRF

SRF NSE

Key Fundamentals

MidcapSpecialty ChemicalsChemicals
Market Cap
₹73,309 Cr
Volatility
Moderate
P/E Ratio
34.09
EBITDA
₹3,517 Cr
Return on Equity
13.07%
Debt to Equity
0.36
Book Value
₹473.7
EPS
₹41.45
52W High
₹3,210
52W Low
₹2,355

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

3
  • Stock is trading at 5.25 times its book value
  • Company has a low return on equity of 12.4% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
7.2% higher than 3Y
Net Income Growth
46.72% higher than 3Y
Cash Flow Change
2.66% lower than 3Y
ROE
31.89% higher than 3Y
ROCE
13.49% higher than 3Y
EBITDA Margin (Avg.)
15.08% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

SRF Ltd has a market capitalisation of about ₹74,901 crore and trades at a P/E of 34.6x and a price-to-book of 5.33x. Over the trailing twelve months, profit grew 57% and sales grew 13%, after three weak years in which profit fell at a -4% CAGR and sales grew at only a 2% CAGR. Return on equity was 14% last year, compared with a 3-year average of 12% and a 10-year average of 17%.

Bull Case 7
  • TTM profit grew 57% and TTM sales grew 13%, a sharp pickup from the 3-year profit CAGR of -4% and sales CAGR of 2%. This suggests earnings are recovering from the recent downcycle.
  • Over the long term, the business has compounded sales at 13% and profit at 16% a year over 10 years. That record spans several chemical and industrial cycles.
  • The stock has returned a 22% CAGR over 10 years, which reflects long-term value creation for shareholders despite recent weakness.
  • ROE rose to 14% last year from a 3-year average of 12%. The 10-year average of 17% and 5-year average of 16% show the business has earned higher returns before.
  • The 5-year sales CAGR of 13% matches the 10-year rate. The 3-year slowdown to 2% may therefore be cyclical rather than structural.
  • At about ₹74,901 crore market cap, SRF is spread across fluorochemicals, specialty chemicals, packaging films and technical textiles. This spread reduces its dependence on any single end-market.
  • The stock is down 10% over 1 year and has returned only 3% CAGR over 5 years. Part of the earnings downturn may already be reflected in the price.
Bear Case 8
  • The P/E of 34.6x is a premium multiple. It assumes the 57% TTM profit rebound will continue, even though the 3-year profit CAGR is -4%.
  • The stock trades at 5.33x book value while ROE has averaged 12.4% over 3 years. That is a high multiple for returns at this level.
  • Profit fell at a -4% CAGR over 3 years and sales grew at only 2% a year. This shows the business is exposed to pricing and demand cycles in chemicals and packaging films.
  • ROE has trended down, from a 10-year average of 17% to 16% over 5 years and 12% over 3 years. This points to heavy capex that has not yet earned returns at past levels.
  • The company may be capitalising interest costs. If so, reported profit could be higher than underlying profitability while projects are under construction.
  • Shareholder returns have been weak recently: -10% over 1 year, 4% CAGR over 3 years and 3% CAGR over 5 years. These are well below the 22% 10-year CAGR.
  • The 57% TTM profit growth comes off a low base after three years of decline. It may partly reflect a cyclical recovery rather than a lasting structural improvement.
  • The dividend yield of 0.2% gives investors little income support if earnings recover more slowly than expected.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 2
  • 81,000-tonne Indian R32 capacity overhang Sep 17

    HSBC flagged an 81,000-tonne refrigerant capacity addition in India as a concern going into 2027. The extra domestic supply could pressure R32 pricing and margins.

  • Stock down 17% YTD Sep 17

    SRF has fallen about 17% since January despite positive analyst sentiment, and closed at ₹2,480.10 on Sep 16, well below its 52-week high of ₹3,210. Eight of 35 covering analysts still rate it 'Sell'.

Positives 4
  • HSBC Buy, ₹3,300 target Sep 17

    HSBC kept its 'Buy' rating with a ₹3,300 target, implying about 33% upside from ₹2,480.10. Shares rose as much as 3% to an intraday high of ₹2,554.

  • Chinese R32 exports fall 17,000 tonnes Sep 17

    China's R32 exports dropped by 17,000 tonnes in January-July 2026, which supports Indian refrigerant producers in the near term. Shifting production quota toward R134a could partly offset excess R32 capacity.

  • Specialty chemicals recovery as catalyst Sep 17

    HSBC expects a pickup in SRF's specialty chemicals business to act as a catalyst for momentum, adding a growth lever beyond refrigerants.

  • Street consensus leans bullish Sep 17

    Of 35 analysts covering SRF, 22 rate it 'Buy', 5 'Hold' and 8 'Sell'. The 12-month consensus target of ₹2,935.7 implies over 18% upside.

Neutral 2
  • Promoter inter-se stake transfer Sep 19

    KAMA Realty plans to acquire up to 32,00,000 shares (1.08%) from KAMA Holdings with no change in control (announced Sep 10). The first tranche of 10,00,000 shares (0.34%) was completed off-market on Sep 19.

  • CHRO Geeta Jadhav resigns Sep 23

    President and CHRO Geeta Shamrao Jadhav resigned for personal reasons, effective September 23, 2026. The departure is unlikely to affect operations materially.

TL;DR: SRF has fresh analyst support, with HSBC's ₹3,300 target and 22 of 35 analysts at 'Buy'. Near-term refrigerant conditions also look better as Chinese R32 exports fall. The risks are an 81,000-tonne domestic R32 capacity addition heading into 2027 and a share price still down about 17% YTD, which shows lingering investor doubt. Promoter stake changes and the CHRO exit are housekeeping events. Sentiment looks to be improving, and the direction from here likely depends on a visible specialty chemicals recovery and on how the 2027 refrigerant supply glut plays out.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,338
3,177
3,053
3,570
3,464
3,424
3,491
4,313
3,819
3,640
3,713
4,615
5,033
Expenses
2,642
2,551
2,487
2,874
2,861
2,886
2,872
3,356
2,989
2,866
2,933
3,589
3,797
Operating Profit
696
626
566
696
603
538
620
957
830
774
780
1,026
1,237
OPM %
21%
20%
19%
19%
17%
16%
18%
22%
22%
21%
21%
22%
25%
Other Income
12
29
19
23
25
33
40
34
29
26
-46
13
34
Interest
66
79
67
90
97
94
96
89
80
71
66
62
69
Depreciation
157
161
169
186
188
194
194
195
203
212
217
220
223
PBT
486
415
348
443
344
284
369
707
576
517
452
757
979
Tax %
26%
27%
27%
5%
27%
29%
26%
26%
25%
25%
4%
23%
22%
Net Profit
359
301
253
422
252
201
271
526
432
388
433
582
759
EPS in Rs
12.12
10.15
8.55
14.24
8.51
6.79
9.14
17.75
14.58
13.1
14.6
19.63
25.6
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,540
4,593
4,822
5,589
7,100
7,209
8,400
12,434
14,870
13,139
14,693
15,787
17,001
Expenses
3,822
3,630
3,852
4,683
5,803
5,754
6,267
9,330
11,341
10,554
11,975
12,377
13,185
Operating Profit
717
963
969
906
1,297
1,455
2,133
3,103
3,529
2,584
2,718
3,410
3,817
OPM %
16%
21%
20%
16%
18%
20%
25%
25%
24%
20%
18%
22%
22%
Other Income
65
28
73
115
78
152
66
116
75
83
133
22
27
Interest
138
130
102
124
198
201
134
116
205
302
376
278
267
Depreciation
245
275
283
316
358
389
453
517
575
673
772
852
872
PBT
399
585
657
582
818
1,018
1,612
2,586
2,824
1,692
1,704
2,302
2,705
Tax %
24%
27%
22%
21%
22%
0%
26%
27%
23%
21%
27%
20%
—
Net Profit
303
430
515
462
642
1,019
1,198
1,889
2,162
1,336
1,251
1,835
2,162
EPS in Rs
10.55
14.97
17.94
16.08
22.33
35.46
40.44
63.72
72.95
45.06
42.2
61.91
72.93
Div. Payout %
19%
14%
14%
15%
11%
8%
12%
26%
10%
16%
17%
15%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
58
58
58
58
58
58
60
297
297
297
297
297
Reserves
2,238
2,705
3,124
3,506
4,071
4,875
6,796
8,268
10,030
11,182
12,329
13,745
Borrowings
2,435
2,515
2,396
3,142
3,730
4,135
3,469
3,655
4,478
5,031
4,726
5,083
Other Liabilities
1,152
1,146
1,389
1,657
2,028
1,795
2,586
3,544
3,931
3,945
4,169
4,971
Total Liabilities
5,883
6,424
6,968
8,363
9,888
10,862
12,911
15,765
18,736
20,454
21,521
24,097
Fixed Assets
3,922
4,113
4,405
5,122
5,609
6,368
7,827
8,425
10,050
13,242
13,720
13,926
CWIP
104
117
259
559
754
1,393
772
1,672
2,406
805
811
1,889
Investments
94
165
196
122
101
203
417
321
494
527
827
687
Other Assets
1,762
2,029
2,109
2,561
3,424
2,899
3,895
5,347
5,786
5,881
6,163
7,594
Total Assets
5,883
6,424
6,968
8,363
9,888
10,862
12,911
15,765
18,736
20,454
21,521
24,097
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
542
1,090
645
678
896
1,304
1,772
2,106
2,902
2,094
2,487
2,554
Investing
-500
-667
-613
-1,174
-1,039
-1,179
-1,499
-1,586
-2,964
-2,231
-1,482
-1,589
Financing
-18
-182
-284
495
246
-199
-251
-207
220
-72
-1,071
-708
Net Cash Flow
24
241
-252
-1
103
-73
22
312
158
-209
-65
256
Free Cash Flow
58
511
5
-605
-157
-69
567
289
50
-108
1,265
747
CFO/OP
87
125
79
88
81
99
95
81
97
96
104
90
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
41
50
44
53
45
55
53
44
54
54
59
Inventory Days
110
105
126
115
113
119
133
129
112
127
111
131
Days Payable
83
112
122
126
127
110
144
126
110
120
111
121
Cash Conversion Cycle
75
34
54
34
38
54
45
55
46
61
55
69
Working Capital Days
10
1
-15
-21
-17
-37
-14
1
-6
-18
-9
-12
ROCE %
11%
14%
14%
11%
14%
14%
18%
24%
22%
13%
12%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.08%Govt.0.04%Promot.50.26%Public8.74%FIIs15.45%DIIs22.44%As ofJun 2026

Documents

Frequently Asked Questions about SRF

What does SRF Ltd do?
Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers[1]
Where is SRF Ltd (SRF) listed?
SRF Ltd trades as SRF on the NSE and under code 503806 on the BSE.
Which sector does SRF Ltd belong to?
SRF Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of SRF Ltd?
SRF Ltd has a market capitalisation of ₹73,309 Cr, which places it in the Large Cap band.
What is the PE ratio of SRF Ltd?
SRF Ltd trades at a PE ratio of 34.09, on earnings per share of ₹41.45, against a book value of ₹473.7 per share.
What is the 52-week high and low of SRF Ltd?
Over the last 52 weeks SRF Ltd has traded between ₹2,355 and ₹3,210.
Does SRF Ltd pay dividends?
SRF Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of SRF Ltd?
SRF Ltd reported a return on equity of 13.07%. Its debt-to-equity ratio is 0.36.

Company Information

Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers[1]

Website srf.com
CEO Mr. Ashish Bharat Ram MBA
Employees 7,625
Listed 2003-08-18
Face Value ₹ 10
Issued Size 29,64,24,825

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