Arthneeti

SRF Q2 FY27 Share Price & Earnings Call Analysis

₹2,358.60+0.37% today
Market cap
₹69,915 Cr
P/E
31.20
ROE
14.27%
PEG
-7.59
Price to sales
4.10
Debt to equity
0.36
52W high / low
₹3,112 / ₹2,305
Sales growth (5Y)
13.45%
EBITDA margin
22.45%
Net profit margin
12.05%
Promoter holding
50.26%
Sales (last year)
₹17,001 Cr

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

Guidance scorecard · Q2 FY27 call

What SRF Ltd's management guided
and where it ranks in Chemicals & Petrochemicals

#42of 71 in
Chemicals & Petrochemicals
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Chemicals business expected to grow 15-20% in FY27, with Q1 already achieving 26% growth.
  • Positive volume and price trajectory in Specialty Chemicals and core chemical products; H2 expected stronger than H1.
  • Refrigerant gas volumes and prices remain robust, supporting continued growth through the year.
  • Performance Films segment saw strong Q1 due to reliable supply and some panic buying; margins to normalize but settle higher than last year.
  • Fluoropolymer portfolio (PTFE, PVDF, others) to see meaningful volumes starting end of FY27 into FY28-FY29.
  • Pharmaceutical chemicals expected to grow gradually, targeting 20-30% revenue share by 2030.

2 more points from SRF Ltd's call on revenue

Create a free account to keep reading this call

Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what SRF Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • INR 520 crore capex committed for electronic grade films, specifically capacitor grade and conductor grade films.
  • Capacitor film plant trial runs completed; expecting early-stage revenue in Q3 FY27 and full capacity by Q1/Q2 FY28.
  • PVDF plant commissioning planned by end of Q2 FY27.
  • Progress on PTFE higher grades with small capex underway, on track.
  • Chemours fluoropolymer project slightly delayed (3-4 months) due to design changes; full capacity expected by 2028-29.
  • Focus on expanding aluminum foil exports and higher-grade foil applications (e.g., aseptic packaging); no immediate capacity expansion planned but site at Jetapur has space for future growth.

2 more points from SRF Ltd's call on capex

Create a free account to keep reading this call

Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what SRF Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Increased customer base due to reliability amid market disruptions, especially in packaged films and technical textiles.
  • Long-term contracts in place with no significant directional changes.
  • Pandemic-related panic buying led to some opportunistic orders but managed rationally.
  • Specialty chemicals and active ingredient volumes showing early signs of recovery; steady progress expected through the year.

2 more points from SRF Ltd's call on the order book

Create a free account to keep reading this call

Full Q1 FY27 analysis
Full Chemicals & Petrochemicals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does SRF Ltd rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Chemicals & Petrochemicals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 0–2%₹263 Cr3.4
240%+Flat₹4,375 Cr83.7
340%+Flat₹3,259 Cr4.0
440%+Flat₹145 Cr15.9
520–40%Up 2%+₹1.81L Cr90.9
620–40%Up 2%+₹48,366 Cr78.3

Sign up free to see every company in the sector ranking and track SRF Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals ranking

Financials of SRF Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

SRF Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +50.53%50.31%50.26%50.26%50.26%50.26%50.26%50.26%50.26%50.26%50.26%50.26%
FIIs +19.60%19.09%18.76%18.30%18.37%18.28%18.24%17.98%17.48%16.67%15.45%15.20%
DIIs +14.51%15.97%16.57%17.76%17.78%18.42%18.85%19.53%20.18%21.17%22.44%22.50%
Government +0.00%0.00%0.00%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%
Public +15.36%14.66%14.44%13.66%13.55%13.01%12.61%12.20%12.05%11.87%11.81%12.00%
Others +0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.00%
No. of Shareholders2,59,4572,34,3212,26,9392,11,7492,11,6981,99,5481,92,6181,91,9911,81,2801,80,3411,77,4231,84,708

Pros & Cons

SRF Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 4.47 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
Raw Insights
  • Stock is trading at 4.47 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

Financials of SRF Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3,1773,0533,5703,4643,4243,4914,3133,8193,6403,7134,6155,0334,904
Expenses +2,5512,4872,8742,8612,8862,8723,3562,9892,8662,9333,5893,7973,958
Operating Profit6265666966035386209578307747801,0261,237946
OPM %20%19%19%17%16%18%22%22%21%21%22%25%19%
Other Income +291923253340342926-46133425
Interest79679097949689807166626971
Depreciation161169186188194194195203212217220223229
Profit before tax415348443344284369707576517452757979671
Tax %27%27%5%27%29%26%26%25%25%4%23%22%24%
Net Profit +301253422252201271526432388433582759509
EPS in Rs10.158.5514.248.516.799.1417.7514.5813.1014.6019.6325.6017.18

Financials of SRF Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +4,5404,5934,8225,5897,1007,2098,40012,43414,87013,13914,69315,78718,265
Expenses +3,8223,6303,8524,6835,8035,7546,2679,33011,34110,55411,97512,37714,277
Operating Profit7179639699061,2971,4552,1333,1033,5292,5842,7183,4103,988
OPM %16%21%20%16%18%20%25%25%24%20%18%22%22%
Other Income +652873115781526611675831332226
Interest138130102124198201134116205302376278267
Depreciation245275283316358389453517575673772852888
Profit before tax3995856575828181,0181,6122,5862,8241,6921,7042,3022,859
Tax %24%27%22%21%22%-0%26%27%23%21%27%20%
Net Profit +3034305154626421,0191,1981,8892,1621,3361,2511,8352,283
EPS in Rs10.5514.9717.9416.0822.3335.4640.4463.7272.9545.0642.2061.9177.01
Dividend Payout %19%14%14%15%11%8%12%26%10%16%17%15%

Financials of SRF Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital58585858585860297297297297297297
Reserves2,2382,7053,1243,5064,0714,8756,7968,26810,03011,18212,32913,74515,007
Borrowings +2,4352,5152,3963,1423,7304,1353,4693,6554,4785,0314,7265,0835,375
Other Liabilities +1,1521,1461,3891,6572,0281,7952,5863,5443,9313,9454,1694,9715,157
Total Liabilities5,8836,4246,9688,3639,88810,86212,91115,76518,73620,45421,52124,09725,837
Fixed Assets +3,9224,1134,4055,1225,6096,3687,8278,42510,05013,24213,72013,92614,543
CWIP1041172595597541,3937721,6722,4068058111,8892,122
Investments94165196122101203417321494527827687601
Other Assets +1,7622,0292,1092,5613,4242,8993,8955,3475,7865,8816,1637,5948,571
Total Assets5,8836,4246,9688,3639,88810,86212,91115,76518,73620,45421,52124,09725,837

Financials of SRF Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5421,0906456788961,3041,7722,1062,9022,0942,4872,554
Cash from Investing Activity +-500-667-613-1,174-1,039-1,179-1,499-1,586-2,964-2,231-1,482-1,589
Cash from Financing Activity +-18-182-284495246-199-251-207220-72-1,071-708
Net Cash Flow24241-252-1103-7322312158-209-65256
Free Cash Flow585115-605-157-6956728950-1081,265747
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit87%125%79%88%81%99%95%81%97%96%104%90%

Financials of SRF Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days494150445345555344545459
Inventory Days110105126115113119133129112127111131
Days Payable83112122126127110144126110120111121
Cash Conversion Cycle753454343854455546615569
Working Capital Days101-15-21-17-37-141-6-18-9-12
ROCE %11%14%14%11%14%14%18%24%22%13%12%15%

Guidance history

How SRF Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

19out of 100

Momentum score · price trend

19 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−22.1%34%
Last 6 months−6.4%42%
Last 3 months−9.5%42%

The price is 27% below its all-time high of ₹3,230.5 (4 Jul 2025). Stocks more than 20% below their peak have their score halved, so 39 became 19.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For SRF Ltd: 0.4 × 34 + 0.4 × 42 + 0.2 × 42 = 39, halved to 19 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What SRF Ltd's management said in earlier quarters

Others in Chemicals & Petrochemicals this season

  • POCL Enterprises Ltd (Q1 FY27)

    466.03 crores (Page 12, 17, 11) . Key investor presentation takeaways from POCL Enterprises Ltd's Q1 FY27 investor presentation — and how it ranks against secto

  • Deepak Nitrite Ltd (Q2 FY27)

    Q2 FY27 total revenue: ₹3,091 crore, up 61% YoY (Page 1, 4, 5, 6, 10, 11) . Key investor presentation takeaways from Deepak Nitrite Ltd's Q2 FY27 investor prese

  • Privi Speciality Chemicals Ltd (Q2 FY27)

    19,239.47 lakhs (approximately 33.9% growth). Key results statement takeaways from Privi Speciality Chemicals Ltd's Q2 FY27 results statement — and how it ranks

  • NOCIL Ltd (Q2 FY27)

    427 crores . Key investor presentation takeaways from NOCIL Ltd's Q2 FY27 investor presentation — and how it ranks against sector peers.

Compare:vs Solar Industriesvs Pidilite Inds.vs Linde India Ltd