SRF Ltd

- SRF's capex outlook remains strong for FY27, focusing primarily on a new site in Odisha. - Planned investments include two plants for new generation gases, with ancillary plants subject to Board approval. - Expected investment at the Odisha site in the first stage is approximately INR 1,500 crore to INR 2,000 crore. - The total capex guidance for FY27 is around INR 2,200 crore to INR 2,300 crore. - The company is proactive in expanding pharma intermediate capacity, with a planned second pharma intermediate plant involving a capex of INR 180 crore. - SRF emphasizes the strategic importance of the transition to new generation gases aligned with the Kigali Amendment. - No current expansions in HFC capacity are planned, consistent with international quota regulations.

- Chemicals Business: Revenue grew 22% YoY in Q3 FY26, driven by refrigerant volumes and realizations. - Specialty Chemicals: Facing pricing pressure due to Chinese competition; volumes protected, but growth delayed. Expect better demand in Q4 FY26 due to deferred orders. - Agrochemicals: Signs of revival noticed; strong pipeline of new molecules gives confidence for a strong finish to the year. - Pharma Segment: Positive traction with increased molecules and customers; second pharma intermediate plant (INR180 crore capex) commissioning in 8 months to support growth. - Fluorochemicals (Refrigerants): Record quarter with firm global HFC prices; fully utilized capacities with limited scope for volume growth due to quota regime. - New Generation Gases: Capex focused on new gen gas plants; expected demand growth as HFCs decline under Kigali Amendment. - Overall: Sustainable growth expected through new products, capacity optimization, and transitioning to new-generation gases despite near-term market challenges.

- SRF is confident about sustainable growth driven by its robust pipeline, clear strategy, and committed execution team. - Chemicals business revenue grew 22% in Q3 FY26, aided by higher refrigerant volumes and operational efficiencies. - Specialty Chemicals faces pricing pressure but expects improvement with deferred demand and new molecule launches. - Agrochemical demand shows signs of revival, boosting confidence for a strong finish in FY26. - Fluorochemicals delivered a record quarter, supported by firm global HFC prices and quota-led supply restrictions. - New generation refrigerants and fluoropolymer projects under development will aid future growth. - Capex in Odisha site will support expansion, especially in new generation gases, capped by quota regimes. - Margins expected to improve as Chinese imports moderate and pricing stabilizes. - Overall, SRF anticipates better demand and earnings growth in Q4 and beyond, with a focus on innovation and capacity utilization.

- In Specialty Chemicals, there was a demand deferment from H1, with much of the expected revival shifting to Q4 FY26. - The company has POs (purchase orders) on hand for Q4, indicating a stronger orderbook for that quarter. - For agrochemicals, there are signs of pickup; increased demand for crop chemicals suggests that companies are starting to rebuild inventories. - In performance films, some price improvements from China and signs of recovery in the domestic market from December onwards imply improving order momentum. - Overall, the company indicated that although some segments remain challenged (due to Chinese imports/tariffs), the orderbook is supported by deferred orders, especially in Specialty Chemicals for Q4.

- The transcript does not mention any current or future plans for fundraising through debt or equity. - The focus is primarily on ongoing capex plans, especially related to new generation gases and the new site in Odisha. - Capex for FY27 is expected to be in the range of INR 1,500 crore to INR 2,000 crore for new plants and ancillary units, but no mention of funding strategy is made. - Management emphasizes the need to be proactive with capex but does not discuss raising funds through external sources such as debt or equity. - Overall, no explicit indication of any new fundraising activity through debt or equity is provided in the transcript.