SRF Ltd(SRF)

NSE: SRFBSE: 503806

₹ 2,339.55+1.32%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 69,350 crWebsite: www.srf.comUpdated: 24 Oct 2026

About

SRF Ltd is an Indian multi-business chemicals and technical textiles manufacturer operating across fluorochemicals, specialty chemicals, performance films, and technical textiles. In FY26 it reported revenue of ₹15,787 cr, with the Chemicals Business contributing 49.3% of segment revenue. The company operates manufacturing plants across India, Thailand, Hungary, and South Africa, and is expanding into next-generation fluorochemicals and fluoropolymers.^[1][2]

Business segments

Chemicals Business (CB): 49.3% of FY26 segment revenue at ₹7,779 cr; EBIT margin 29.1%. Covers fluorochemicals (refrigerant gases, fluoropolymers) and specialty chemicals (agro, pharma intermediates).^[2]
Performance Films & Foil Business (PFB): 36.5% of FY26 segment revenue at ₹5,764 cr; EBIT margin 8.8%. Makes BOPP, BOPET, BOPA films and aluminium foil across India, Thailand, Hungary and South Africa.^[2]
Technical Textiles Business (TTB): 11.9% of FY26 segment revenue at ₹1,877 cr; EBIT margin 10.1%. Produces nylon tyre cord fabric, polyester tyre cord fabric, belting fabrics and polyester industrial yarn.^[2]
Technical Textiles' share of total segment revenue fell by 24.7 percentage points over FY2018-FY2026 as the mix shifted toward Chemicals.^[2]

Key operating numbers

Chemicals revenue grew 25% YoY to ₹2,079 cr in Q2 FY27 on higher HFC volumes and better realisation; operational EBIT ₹528 cr vs ₹481 cr, margin 25% vs 29%.^[3]
PFB revenue rose 51% to ₹2,122 cr in Q2 FY27 and EBIT rose 73% to ₹206 cr; margin 10% vs 8%, led by offline-coated and metallized products.^[3]
TTB revenue grew 25% to ₹595 cr in Q2 FY27 and EBIT rose 71% to ₹72 cr; margin 12% vs 9%. Belting fabrics had a record quarter.^[3]
Chemicals revenue grew 16% YoY to ₹7,779 cr in FY26, EBIT margin 29.1% vs 24.9%; fluorochemicals delivered record volumes and realisations.^[4]
Net debt to EBITDA was 1.02x in FY26 vs 1.19x earlier; net debt to equity 0.27x as of FY26.^[3][5]

Products and portfolio

Fluorochemicals portfolio spans HFC refrigerant gases, HFO (4th-generation) refrigerants, PTFE and other fluoropolymers, hydrofluoric acid and industrial chemicals.^[4]
Specialty chemicals covers agro active ingredients, agro intermediates and pharma intermediates; 1 new AI, 3 new agro products and 1 new pharma product were launched in H1 FY26.^[6]
Performance Films portfolio includes BOPP, BOPET, BOPA, BOPP-BOPE and CPP films plus aluminium foil; KAPLAR is the brand for capacitor-grade BOPP film.^[4]
PTFE mix moving toward value-added fine-cut, micropowder and pre-sintered grades as of Q2 FY27.^[3]
Strategic multi-year collaboration with The Chemours Company for manufacture, supply and distribution of certain fluoropolymers and fluoroelastomers.^[6]

Operations and capacity

HFC refrigerant gas manufacturing is at Dahej; a ₹88 cr debottlenecking project will take HFC capacity beyond 65,000 MTPA.^[4]
Performance Films plants operate in India, Thailand, Hungary and South Africa; new metallizers in Thailand and South Africa and an offline coating machine in India are planned.^[5]
Technical Textiles has a plant at Manali, where a new NTCF dipping line is being commissioned.^[4]
Capacitor-grade film was commissioned in Q1 FY27 and commercial sales have started.^[3]

Customers and markets

Expansion into new refrigerant markets offset a softer US market in Q2 FY27.^[3]
Aluminium foil qualified for aseptic packaging with Tetra Pak as of Q2 FY27.^[3]
Domestic leadership in room and mobile air-conditioning refrigerant segments as of Q2 FY26.^[6]
Specialty chemicals customers include global innovator agrochemical companies; 7-8 advanced-stage agro products in pipeline as of Q4 FY26. Agro volumes recovering in select pockets in Q2 FY27.^[4][3]

Expansion and capex

Subsidiary SRF Altech approved 12,000 MTPA battery aluminium foil capacity at Jetapur, Madhya Pradesh, for Rs. 600 Crores; Phase I by 30 September 2028, funded by debt and internal accruals.^[7]
Odisha greenfield site: ₹2,300 cr for 20,000 MTPA HFO, 30,000 MTPA HF backward integration and electronic-grade HF; HFO capitalisation on track for Q4 FY28, environmental clearance received.^[4][3]
PVDF to be capitalised in Q3 FY27; FEP for wire and cable insulation in Q1 FY28; EHF for semiconductors in Q3 FY28 (as of Q2 FY27).^[3]
Fluoropolymer capex raised to ₹745 cr (from ₹595 cr) to include Chemours collaboration products.^[6]
BOPA film line approved at ₹180 cr, targeted operational by September 2027; BOPET thick film line approved at ₹250 cr in Q1 FY27.^[4][5]
Second pharma intermediates plant at Dahej under construction; benefits expected from FY27.^[4]
FY27 planned capex is approximately ₹2,500 cr.^[4]

Recent developments

21 Oct 2026: board of subsidiary SRF Altech approved the battery aluminium foil project (Phase 1 over 23 months).^[7][3]
FY26 annual report: board seeks approval to raise up to ₹1,500 crore via private placement NCDs for capex, refinancing and general purposes.^[8]
Kartik Bharat Ram re-appointed Joint Managing Director from June 2026 to March 2031.^[8]
Capacitor aluminium foil commercial sales expected from Q3 FY27.^[3]
PIY benefited in Q1 FY27 from a Quality Control Order stay effective May 2026.^[5]
CFO Rahul Jain stepped down on 12 December 2025.^[6]

Market Cap

₹69,350 Cr

High / Low

₹3,197 / 2,177

Stock P/E

30.0

Price / Book

4.5

Book Value

₹474

EPS

₹61.9

No. of Shares

29.64 Cr

ROCE

14.6%

ROE

13.8%

OPM

16.8%

Debt / Equity

0.36

Sales

₹15,787 Cr

Net Profit

₹1,835 Cr

Promoter holding

50.3%

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SRF Ltd(SRF)

About

Business segments

Key operating numbers

Products and portfolio

Operations and capacity

Customers and markets

Expansion and capex

Recent developments

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