SRF Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Chemicals & Polymers Business (CPB): 62.2% • Packaging Films Business (PFB): 19.7% • Technical Textiles Business (TTB): 15.1%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Latest quarter profit grew 42.6% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.49x)
- Stock looks reasonably valued - P/E of 38.9 is below its historical median
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (11.6x coverage)
- Company generates healthy free cash flow
CONS
- Stock is trading at 5.7x its book value
- Operating margins have contracted to 23.8% from 26.9%
- Growth is decelerating - 3Y profit CAGR (-5.2%) trails the 5Y trend (13.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22307.50 | 101.37 | 201860.69 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1567.45 | 60.23 | 159547.55 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2483.00 | 34.05 | 73602.28 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4771.75 | 85.23 | 52417.67 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8541.10 | 55.49 | 43822.77 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1127.00 | 32.29 | 37963.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| AETHER | 1672.95 | 94.41 | 22204.70 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| DEEPAKNTR | 1587.10 | 27.64 | 21646.94 | 0.47 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| ATUL | 6244.55 | 23.11 | 18385.05 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 492.15 | 33.62 | 17851.59 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1320.45 | 17.00 | 16725.20 | 0.76 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| BASF | 3665.15 | 24.67 | 15864.84 | 0.68 | 360.29 | 162.22 | 4824.26 | 24.57 | 15.23 | 10.46 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,727 | 2,533 | 2,449 | 2,858 | 2,677 | 2,616 | 2,682 | 3,403 | 2,966 | 2,751 | 2,856 | 3,499 | 3,802 | |
| 2,122 | 2,013 | 1,989 | 2,272 | 2,204 | 2,213 | 2,204 | 2,620 | 2,321 | 2,178 | 2,208 | 2,695 | 3,082 | |
| Operating Profit | 604 | 520 | 460 | 585 | 472 | 403 | 478 | 782 | 645 | 573 | 647 | 804 | 720 |
| OPM % | 22.15% | 20.53% | 18.78% | 20.48% | 17.65% | 15.39% | 17.81% | 22.99% | 21.75% | 20.84% | 22.67% | 22.98% | 18.95% |
| 21 | 38 | 28 | 33 | 35 | 44 | 53 | 44 | 40 | 30 | -40 | 19 | 39 | |
| Interest | 52 | 63 | 52 | 68 | 76 | 72 | 76 | 73 | 60 | 52 | 48 | 44 | 50 |
| Depreciation | 129 | 133 | 141 | 153 | 155 | 158 | 159 | 158 | 166 | 170 | 176 | 177 | 178 |
| Profit before Tax | 491 | 416 | 352 | 459 | 336 | 303 | 375 | 689 | 533 | 483 | 480 | 678 | 760 |
| Tax % | 25.59% | 25.75% | 25.34% | 4.78% | 25.68% | 25.79% | 25.44% | 25.56% | 25.51% | 24.85% | 4.55% | 25.23% | 25.45% |
| Net Profit | 365 | 309 | 263 | 437 | 250 | 225 | 280 | 513 | 397 | 363 | 458 | 507 | 566 |
| 12.33 | 10.42 | 8.87 | 14.75 | 8.43 | 7.59 | 9.44 | 17.31 | 13.39 | 12.23 | 15.45 | 17.11 | 19.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,883 | 4,582 | 6,206 | 6,331 | 6,988 | 9,953 | 12,074 | 10,787 | 11,698 | 12,421 | 12,908 | |
| 3,062 | 3,797 | 5,080 | 5,068 | 5,247 | 7,420 | 8,880 | 8,397 | 9,242 | 9,397 | 10,163 | |
| Operating Profit | 821 | 785 | 1,126 | 1,263 | 1,741 | 2,533 | 3,194 | 2,390 | 2,456 | 3,023 | 2,745 |
| OPM % | 21.16% | 17.13% | 18.14% | 19.94% | 24.92% | 25.45% | 26.45% | 22.16% | 20.99% | 24.34% | 21.27% |
| 46 | 104 | 42 | 53 | 63 | 135 | 106 | 119 | 175 | 45 | 49 | |
| Interest | 78 | 98 | 174 | 182 | 111 | 94 | 176 | 236 | 296 | 206 | 195 |
| Depreciation | 242 | 278 | 325 | 353 | 384 | 419 | 468 | 556 | 630 | 689 | 701 |
| Profit before Tax | 548 | 513 | 669 | 780 | 1,310 | 2,155 | 2,656 | 1,718 | 1,704 | 2,173 | 2,400 |
| Tax % | 23.58% | 20.87% | 25.04% | -1.68% | 29.38% | 30.07% | 23.82% | 20.02% | 25.60% | 20.65% | 21.09% |
| Net Profit | 419 | 406 | 502 | 794 | 925 | 1,507 | 2,023 | 1,374 | 1,268 | 1,725 | 1,894 |
| EPS | 72.94 | 70.65 | 90.01 | 169.48 | 31.33 | 50.86 | 68.26 | 46.35 | 42.78 | 58.18 | — |
| Dividend Payout % | 16.45% | 16.99% | 13.75% | 10.14% | 15.37% | 32.95% | 10.55% | 15.53% | 16.83% | 15.47% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 12%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 17%
- 5 Years:
- 13%
- 3 Years:
- -5%
STOCK PRICE CAGR
- 10 Years:
- 23%
- 5 Years:
- 4%
- 3 Years:
- 2%
- 1 Year:
- -17%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 17%
- 3 Years:
- 13%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 57 | 57 | 57 | 57 | 59 | 296 | 296 | 296 | 296 | 296 |
| 3,086 | 3,391 | 3,860 | 4,624 | 6,232 | 7,324 | 8,944 | 10,196 | 11,243 | 12,347 | |
| 1,664 | 2,498 | 3,105 | 2,761 | 2,639 | 3,024 | 3,324 | 2,910 | 2,908 | 2,952 | |
| Trade Payables | 645 | 805 | 1,092 | 957 | 1,196 | 1,340 | 1,649 | 1,568 | 1,570 | 1,654 |
| 515 | 523 | 558 | 419 | 584 | 954 | 1,337 | 2,394 | 2,012 | 2,589 | |
| Total Liabilities | 5,968 | 7,274 | 8,672 | 8,820 | 10,711 | 12,938 | 15,551 | 17,365 | 18,030 | 19,838 |
| 3,617 | 4,342 | 4,846 | 5,648 | 5,896 | 6,114 | 7,674 | 10,439 | 10,809 | 10,702 | |
| Capital Work in Progress | 265 | 557 | 692 | 346 | 436 | 1,617 | 2,129 | 745 | 702 | 1,744 |
| 279 | 205 | 184 | 286 | 500 | 410 | 583 | 1,035 | 1,487 | 1,350 | |
| 727 | 828 | 1,099 | 1,110 | 1,287 | 1,751 | 1,849 | 1,901 | 1,805 | 2,124 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,538 | 1,765 | 1,948 | |
| Cash & Bank | 56 | 77 | 172 | 107 | 230 | 329 | 536 | 370 | 329 | 506 |
| 1,022 | 1,264 | 1,679 | 1,322 | 2,362 | 2,718 | 2,781 | 1,337 | 1,133 | 1,465 | |
| Total Assets | 5,968 | 7,274 | 8,672 | 8,820 | 10,711 | 12,938 | 15,551 | 17,365 | 18,030 | 19,838 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 665 | 723 | 745 | 1,357 | 1,651 | 2,000 | 3,256 | 1,903 | 2,264 | 2,346 | |
| Cash from Investing | -592 | -1,187 | -847 | -422 | -1,790 | -1,280 | -2,328 | -2,074 | -1,314 | -1,432 |
| Cash from Financing | -190 | 601 | 348 | -859 | 357 | -125 | -252 | 6 | -998 | -734 |
| -232 | 20 | 95 | -65 | -12 | 233 | 208 | -165 | -48 | 180 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-07-29 - SRF Limited has informed the Exchange about Transcript
2026-07-27 - SRF Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-07-23 - SRF Limited has informed the Exchange regarding 'Tax Deducted at Source (TDS) on Dividend'.
2026-07-23 - SRF Limited has informed the Exchange about Link of Recording
2026-07-23 - SRF Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-22 - SRF Limited has informed the Exchange about Investor Presentation
2026-07-22 - SRF Limited has informed the Exchange that Record date for the purpose of Dividend is 28-Jul-2026.
2026-07-22 - SRF Limited has informed the Exchange regarding a press release dated July 22, 2026, titled "Press Release".
2026-07-22 - SRF Limited has informed the Exchange about Capacity addition
News
Recent coverage and analyst commentary for SRF
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SRF Ltd.
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