SRF
SRF share price & financials
- Price
- ₹2,709.8
- Market cap
- ₹73.9k Cr
- Sector
- Chemicals
- Calls analysed
- 2
SRF Q3 FY26
What went well
- Gross operating revenue grew 6% to INR3,713 crore, demonstrating healthy performance across key business segments.
- EBIT was up 23% year-on-year from INR529 crore to INR653 crore, reflecting a margin of 18%.
- PAT expanded 60% year-on-year to INR433 crore.
What to watch
- Specialty Chemicals business faced persistent pricing pressure from customers, driven by irrational pricing from Chinese competitors.
- Continued deferment in offtake for certain key agro products was observed.
What SRF Limited does
SRF Limited is a diversified, chemical-based manufacturing group operating through four business segments: Chemicals (fluorochemicals such as refrigerants and pharma propellants, plus specialty chemicals/agrochemical intermediates and contract development & manufacturing), Performance Films & Foil (BOPET, BOPP and CPP films for flexible packaging plus aluminium foil), Technical Textiles (nylon and polyester tyre cord fabric, belting fabric and polyester industrial yarn), and Others (coated and laminated fabrics). It earns by manufacturing these industrial and specialty materials at its own plants and selling them to global industrial, packaging, agrochemical, pharma and tyre-industry customers, exporting to over 90 countries. The company also runs an in-house Chemicals Technology Group focused on developing new process technologies and molecules for its specialty chemicals pipeline.
Segments
- Chemicals Business
- Performance Films & Foil Business
- Technical Textiles Business
- Others
- Manufacturing plants
- 16
- Countries with manufacturing operations
- 5 (India, Thailand, South Africa, Hungary, Dubai)
- Countries served (exports)
- 90+
- Global workforce
- 9,500+
- Patents granted
- 153
- Patents applied
- 506
Guidance record · Q3 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Capex open said Q3 FY26 Promised: INR1,500-2,000 crore for FY27 Q3 FY26: Announced first stage investment for new generation gases site in Odisha for FY27.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 25.1%, net profit up 42.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,704 | 2,762 | 3,496 | 3,040 | 2,853 +6% | 2,952 +7% | 3,576 +2% | 3,802 +25% |
| EBITDA | 490 | 557 | 876 | 724 | 675 +38% | 743 +33% | 881 +1% | 949 +31% |
| Net profit | 225 | 280 | 513 | 397 | 363 +61% | 458 +64% | 507 −1% | 566 +43% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −16.6% 1Y
1Y: ₹2,978.2 on 10 Sept 2025 → ₹2,482.4. High ₹3,190 (16 Oct 2025), low ₹2,391.5 (23 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- −2.7%
- 20 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 5.8% a year over 3 years, FY23 to FY26. Operating margin widened to 24.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹14.9k Cr | ₹10.8k Cr | ₹11.7k Cr | ₹12.4k Cr |
| Operating profit | ₹3.5k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹3.0k Cr |
| Operating margin | 23.7% | 22.1% | 21.0% | 24.3% |
| Interest | ₹204 Cr | ₹235 Cr | ₹297 Cr | ₹204 Cr |
| Depreciation | ₹576 Cr | ₹556 Cr | ₹630 Cr | ₹689 Cr |
| Net profit | ₹2.2k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.7k Cr |
| Net margin | 14.5% | 12.7% | 10.8% | 13.9% |
| Cash from operations | ₹2.8k Cr | ₹1.9k Cr | ₹2.3k Cr | ₹2.3k Cr |
| Free cash flow | ₹430 Cr | ₹52 Cr | ₹1.1k Cr | ₹674 Cr |
| ROCE | 25.0% | 15.0% | 14.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹60 Cr | ₹297 Cr | ₹297 Cr | ₹297 Cr | ₹297 Cr | ₹297 Cr |
| Reserves | ₹6.2k Cr | ₹7.3k Cr | ₹9.0k Cr | ₹10.2k Cr | ₹13.0k Cr | ₹12.4k Cr |
| Borrowings | ₹2.7k Cr | ₹2.9k Cr | ₹3.2k Cr | ₹3.7k Cr | ₹4.6k Cr | ₹3.4k Cr |
| Other liabilities | ₹1.8k Cr | ₹2.4k Cr | ₹3.1k Cr | ₹3.1k Cr | ₹4.4k Cr | ₹3.8k Cr |
| Total liabilities | ₹10.7k Cr | ₹12.9k Cr | ₹15.6k Cr | ₹17.4k Cr | ₹22.3k Cr | ₹19.8k Cr |
| Fixed assets | ₹5.9k Cr | ₹6.1k Cr | ₹7.7k Cr | ₹10.4k Cr | ₹13.9k Cr | ₹10.7k Cr |
| Capital work in progress | ₹436 Cr | ₹1.6k Cr | ₹2.1k Cr | ₹745 Cr | ₹1.2k Cr | ₹1.7k Cr |
| Investments | ₹500 Cr | ₹410 Cr | ₹583 Cr | ₹1.0k Cr | ₹537 Cr | ₹1.4k Cr |
| Other assets | ₹3.9k Cr | ₹4.8k Cr | ₹5.2k Cr | ₹5.1k Cr | ₹6.6k Cr | ₹6.0k Cr |
| Total assets | ₹10.7k Cr | ₹12.9k Cr | ₹15.6k Cr | ₹17.4k Cr | ₹22.3k Cr | ₹19.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +3.59 pp while FIIs trimmed −2.79 pp. The shareholder count shrank 8% to 1,77,423.
- Promoters
- 50.3%
- FIIs
- 15.4%
- DIIs
- 22.4%
- Government
- 0.0%
- Public
- 11.8%
- Others
- 0.0%
Since Jun 2025
- DIIs +3.59 pp
- FIIs −2.79 pp
- Public −0.80 pp
How it drifted, 12 quarters
Over this window DIIs went from 14.1% to 22.4% — +8.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.5%, FIIs 19.8%, DIIs 14.1%, Public 15.6%.Dec '23: Promoters 50.5%, FIIs 19.6%, DIIs 14.5%, Public 15.4%.Mar '24: Promoters 50.3%, FIIs 19.1%, DIIs 16.0%, Public 14.7%.Jun '24: Promoters 50.3%, FIIs 18.8%, DIIs 16.6%, Public 14.4%.Sep '24: Promoters 50.3%, FIIs 18.3%, DIIs 17.8%, Government 0.0%, Public 13.7%.Dec '24: Promoters 50.3%, FIIs 18.4%, DIIs 17.8%, Government 0.0%, Public 13.6%.Mar '25: Promoters 50.3%, FIIs 18.3%, DIIs 18.4%, Government 0.0%, Public 13.0%.Jun '25: Promoters 50.3%, FIIs 18.2%, DIIs 18.9%, Government 0.0%, Public 12.6%.Sep '25: Promoters 50.3%, FIIs 18.0%, DIIs 19.5%, Government 0.0%, Public 12.2%.Dec '25: Promoters 50.3%, FIIs 17.5%, DIIs 20.2%, Government 0.0%, Public 12.1%.Mar '26: Promoters 50.3%, FIIs 16.7%, DIIs 21.2%, Government 0.0%, Public 11.9%, Others 0.0%.Jun '26: Promoters 50.3%, FIIs 15.4%, DIIs 22.4%, Government 0.0%, Public 11.8%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Aggressive Hybrid Fund Mutual fund newly disclosed 4.88% held
- LICI New Endowment Plus-Secured Fund Insurer newly disclosed 3.33% held
- NPS Trust A/C - LIC Pension Fund - Ups Pool Cg Sc Pension / PF newly disclosed 1.42% held
- HDFC Life Insurance Company Limited Insurer newly disclosed 1.04% held
The same filing shows 3 holders trimming and 6 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of SRF Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kama Holdings Limited | 50.21% | unchanged |
| Kotak Aggressive Hybrid Fund Mutual fund | 4.88% | newly disclosed |
| LICI New Endowment Plus-Secured Fund Insurer | 3.33% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.98% | −0.14 pp |
| Government Of Singapore - E Sovereign | 1.75% | −0.05 pp |
| NPS Trust A/C - LIC Pension Fund - Ups Pool Cg Sc Pension / PF | 1.42% | newly disclosed |
| Amansa Holdings Private Limited FPI fund | 1.17% | −0.41 pp |
| HDFC Life Insurance Company Limited Insurer | 1.04% | newly disclosed |
| Arun Bharat Ram | 0.03% | unchanged |
| Kartik Bharat Ram | 0.01% | unchanged |
| Ashish Bharat Ram | 0.01% | unchanged |
| Ahaana Bharat Ram | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SRF
Filings to Aug 2026
1 new, 11 added, 1 trimmed, 0 sold out — net +4.08 L shares (+8.8%).
- Held by funds
- ₹1.3k Cr
- 19 schemes
- Biggest holder
- SBI Midcap Fund
- ₹538 Cr · 2.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Midcap Fund SBI Mutual Fund | ₹538 Cr | held | May '26 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹364 Cr | held | Dec '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹163 Cr | held | Jan '23 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹78 Cr | +2.85 L | Apr '23 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹35 Cr | +0.08 L | Sep '24 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹31 Cr | held | Jul '25 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹28 Cr | held | Aug '25 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹25 Cr | +0.02 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 1 trimmed — net +4.08 L shares (+8.8%)
- Funds are sitting on
- +8%
- vs est. average cost
- Held by funds
- ₹1.3k Cr
- 19 schemes · ≈ 1.9% of the company
- Biggest holder
- SBI Midcap Fund
- ₹538 Cr · 2.2% of that fund
- Longest holder
- Nippon India ETF BSE Sensex Next 50
- 4y 9m · since Dec '21
Shares held by these funds +148%
Aug '23 47.13 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹2482, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~-7%. At that growth it is worth ₹441 — downside of 82%.
- Growth the price implies
- 25.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -7.3% a year
- net profit, FY23–FY26 · EPS -7.3%
- The gap
- 0.3 pp
- -82% downside if it only repeats history
Learn to analyse SRF Limited
Guides on how to read this kind of business and the numbers that matter.