Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
SRF Ltd.
NSE: SRFIndustrialsConglomerates
- Last close
- ₹2,310.00
- Day change
- −₹20.60 (−0.88%)vs
- Market cap
- ₹72,086 crIndian rupees
- Research updated
- 3 reports
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About SRF
SRF Ltd. is a diversified chemicals company engaged in the manufacturing of industrial and specialty intermediates. Its primary function is the production of fluorochemicals, specialty chemicals, packaging films, and technical textiles, catering to a wide range of industries including automotive, pharmaceuticals, and electronics. SRF Ltd. is notable for its fluorochemical operations, which produce refrigerants and solvents crucial for air conditioning and refrigeration applications. Its packaging films division is a leader in providing innovative and sustainable packaging solutions used widely in food and industrial applications. With technical textiles, SRF Ltd. serves sectors such as automobile, construction, and protective gear. By leveraging its R&D facilities, the company remains at the forefront of technological advancements in the chemical industry. Operating globally, SRF Ltd. plays a significant role in the markets it serves, contributing to modern manufacturing processes and sustainability efforts. Established in 1970, SRF Ltd. continues to expand its global footprint with facilities across multiple countries, impacting economic growth and supporting industrial development worldwide.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: SRF
- Chief executive
- Mr. Prashant Yadav BE
- Employees
- 7,686
- Headquarters
- Gurugram, India
- ISIN
- INE647A01010
- Website
- srf.com
Public research · Report of
Business model & financial foundation
SRF (NSE: SRF), Diversified chemicals, performance films and technical textiles: revenue of ₹15,787 crore in FY26 (+7.4% on FY25), an EBITDA margin of 23.5%, net profit of ₹1,835 crore and net debt of ₹3,854 crore.
- Revenue, FY26 (₹ crore)
- 15,787
- consolidated
- Revenue growth, FY26
- +7.4%
- on FY25
- EBITDA margin, FY26
- 23.5%
- EBITDA (Issuer adjusted EBITDA including other income excluding ECF) / revenue
- Net profit, FY26 (₹ crore)
- 1,835
- to owners
- Return on equity, FY26
- 13.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,854
- Issuer net debt counting liquid investments and deposits
- Market capitalisation (₹ crore)
- 72,086
- at the close of 21 Oct 2026
Company profile
SRF is a diversified industrial materials group producing fluorochemicals and specialty chemical intermediates, performance films and aluminium foil, technical textiles, and coated and laminated fabrics. Consolidated reporting includes international operations in Thailand, South Africa and Hungary and the Indian foil subsidiary. This annual-reader identity records sourced legal, reporting and structure facts; peer selection is reserved for the lead analyst.
| Item | Value |
|---|---|
| Legal name | SRF Limited |
| Exchange and ticker | NSE: SRF; BSE: 503806 |
| ISIN | INE647A01010 |
| CIN | L18101DL1970PLC005197 |
| Sector | Materials |
| Industry | Diversified chemicals, performance films and technical textiles |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹72,086 crore (21 Oct 2026) |
| Shares outstanding | 29.64 crore shares (FY26) |
| Price | ₹2,305 (close, 21 Oct 2026) |
| 52-week range | ₹2,260 - ₹3,201 (to 21 Oct 2026) |
| Website | https://www.srf.com |
Corporate structure and shareholding
Parent: KAMA Holdings Limited.
| Entity | Holding | Business |
|---|---|---|
| SRF Global BV | 100% | Netherlands subsidiary; holds international operating subsidiaries; business detail not fully retrieved. |
| SRF Industries (Thailand) Limited | 100% | Performance films manufacturing, Rayong, Thailand; indirect through SRF Global BV. |
| SRF Flexipak (South Africa) (Pty) Limited | 100% | Performance films manufacturing, Cato Ridge, South Africa; indirect through SRF Global BV. |
| SRF Europe Kft | 100% | Performance films manufacturing, Hungary; indirect through SRF Global BV. |
| SRF Industex Belting (Pty) Limited | 100% | South African subsidiary through SRF Global BV; precise current business activity not retrieved. |
| SRF Altech Limited | 100% | Aluminium foil manufacturing, Jetapur-Palasia, Madhya Pradesh, India. |
| SRF Holiday Home Limited | 100% | Indian subsidiary; precise business activity not retrieved. |
| SRF Middle East LLC | 100% | Sales and marketing office in Dubai; indirect through SRF Global BV. |
| SRF Employees Welfare Trust (Controlled Trust) | n.d. | Controlled employee welfare trust; management control, not ordinary corporate share ownership. |
FY26 eight WOS plus controlledtrust, no divestments or new/ceased JV/associate. KAMA50.21% as31Mar26 (BRSRp112). FY24 Malanpur22.60%/Vaayu26.32% explicitly not consolidated due no significant influence; BRSRassociate label not confirmationofequityaccounting. MiddleEastLLC formed12Mar24, subscriptionAED365000 pending31Mar24. Sharecapital1.02difference is forfeitedcapital, not inferredtrusteffect.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.26% | 50.26% | 50.26% | 50.26% |
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 17.48% | 16.66% | 15.45% | 15.20% |
| Domestic institutions | 20.18% | 21.17% | 22.44% | 22.51% |
| of which mutual funds | 11.67% | 12.33% | 13.47% | 13.60% |
| Retail | 7.69% | 7.63% | 7.56% | 7.75% |
| Other | 4.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
SRF is a consolidated industrial-materials group across Chemicals, Performance Films & Foil (PFB), Technical Textiles and coated/laminated fabrics. Chemicals is the principal profit pool; films and textiles are more exposed to spreads and mix. Q2 FY27 revenue was INR4,904.20cr and PAT INR509.12cr.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | ebit margin, FY26 (%) |
|---|---|---|---|---|---|
| Technical Textiles Business | 1,877 | 11.9% | 190.1 | 6.3% | 10.1% |
| Chemicals Business | 7,779 | 49.3% | 2,263 | 75.2% | 29.1% |
| Performance Films & Foil Business | 5,764 | 36.5% | 507.5 | 16.9% | 8.8% |
| Others | 366.4 | 2.3% | 47.0 | 1.6% | 12.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Navin Fluorine International (NAVINFLUOR) | Fluorochemistry and specialty/CDMO capacity ramp; closer chemicals comparator. |
| Gujarat Fluorochemicals (FLUOROCHEM) | Fluoropolymers, refrigerants and battery-material investment exposure. |
| PI Industries (PIIND) | Agrochemical custom synthesis; customer inventory and recovery comparator. |
| Aarti Industries (AARTIIND) | Export specialty-chemical spreads and capex cycle. |
| Uflex (UFLEX) | Diversified packaging films and international manufacturing. |
| Jindal Poly Films (JINDALPOLY) | BOPET/BOPP supply and spread-cycle comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating revenues | 12,313 | 14,592 | 13,139 | 14,693 | 15,787 |
| Cost of revenue (vendor classification) * | 6,149 | 7,479 | 6,803 | 7,802 | 7,912 |
| Other operating costs (vendor classification) * | 2,288 | 2,799 | 2,594 | 2,855 | 2,954 |
| EBITDA (vendor classification) * | 3,189 | 3,550 | 2,621 | 2,762 | 3,459 |
| Statutory EBIT after exceptional items including other income | 1,995 | 2,080 | 2,580 | ||
| Reported finance costs including leases and other charges | 302.3 | 376.0 | 278.0 | ||
| Profit before tax after exceptional items | 2,586 | 2,824 | 1,692 | 1,704 | 2,302 |
| Total tax expense net of prior year adjustments | 696.6 | 661.7 | 356.5 | 452.9 | 466.5 |
| Consolidated profit after tax | 1,889 | 2,162 | 1,336 | 1,251 | 1,835 |
| Diluted EPS (₹) | 63.75 | 72.95 | 45.06 | 42.20 | 61.91 |
| Cost of materials consumed | 6,696 | 7,574 | 7,879 | ||
| Purchases of stock in trade | 118.6 | 124.9 | 244.4 | ||
| Change in finished goods WIP and traded stock | -105.4 | 0.10 | -326.1 | ||
| Materials plus purchases plus signed inventory change | 6,709 | 7,699 | 7,798 | ||
| Employee benefit expense before Labour Codes exceptional | 935.0 | 1,042 | 1,148 | ||
| Other expenses including power fuel and ECF | 2,911 | 3,233 | 3,431 | ||
| Issuer adjusted EBITDA including other income excluding ECF | 2,744 | 2,970 | 3,705 | ||
| Other income | 83.0 | 132.7 | 107.1 | ||
| Depreciation and amortisation expense | 672.6 | 771.5 | 852.1 | ||
| Exceptional item signed for addition to PBT | 0.00 | 0.00 | -85.0 | ||
| Profit attributable to owners | 1,336 | n.r. | n.r. | ||
| Profit attributable to non-controlling interests | n.r. | n.r. | n.r. | ||
| Share of associates and joint ventures | n.r. | n.r. | n.r. | ||
| Signed exchange currency fluctuation expense | 76.7 | 119.2 | 188.3 | ||
| Basic EPS (₹) | 42.40 | 61.91 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including forfeited share capital | 8,565 | 10,327 | 11,479 | 12,626 | 14,043 |
| Total borrowings including lease liabilities | 5,031 | 4,726 | 5,083 | ||
| Cash and cash equivalents only | 450.5 | 608.0 | 399.3 | 334.0 | 590.5 |
| Trade receivables | 1,792 | 1,786 | 1,943 | 2,169 | 2,562 |
| Inventories | 2,138 | 2,274 | 2,326 | 2,349 | 2,789 |
| Trade payables including MSME and other suppliers | 2,198 | 2,332 | 2,585 | ||
| Net property plant and equipment excluding ROU and intangibles | 12,845 | 13,358 | 13,578 | ||
| Capital work in progress excluding capital advances | 805.3 | 811.0 | 1,889 | ||
| Total consolidated assets | 15,777 | 18,755 | 20,482 | 21,557 | 24,147 |
| Issuer net debt counting liquid investments and deposits | 4,200 | 3,612 | 3,854 | ||
| Current investments counted as liquidity in issuer net debt | 405.6 | 704.5 | 563.3 | ||
| Bank balances other than cash equivalents | 8.21 | 19.8 | 20.5 | ||
| Noncurrent borrowings excluding leases | 2,251 | 1,981 | 1,953 | ||
| Current borrowings including current term debt maturities | 2,669 | 2,660 | 3,051 | ||
| Noncurrent lease liabilities | 82.8 | 56.1 | 48.6 | ||
| Current lease liabilities | 27.5 | 28.7 | 29.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after taxes | 2,094 | 2,487 | 2,554 | ||
| Free cash flow (vendor definition) * | 273.7 | 36.0 | -123.1 | 1,256 | 738.3 |
| Cash dividends paid positive outflow | -211.7 | -213.3 | 213.7 | 213.2 | 266.3 |
| Gross cash purchase of PPE CWIP and intangibles positive outflow | -1,817 | -2,852 | 2,217 | 1,231 | 1,815 |
| Gross repayment of long term borrowings positive cash outflow | 497.2 | 1,109 | 798.8 | ||
| CFO less gross cash capex | -123.1 | 1,256 | 738.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Fully paid shares outstanding at year end | 29.63 | 29.64 | 29.64 | 29.64 | 29.64 |
| Weighted average diluted shares | 29.64 | n.r. | n.r. | ||
| Preexception PBIDT including other income and ECF expense | 2,667 | 2,851 | 3,517 | ||
| Preexception PBIDT plus ECF bridge | 2,744 | 2,970 | 3,705 | ||
| CFO after tax divided by consolidated PAT | 1.57x | 1.99x | 1.39x | ||
| Issuer annual net debt divided by issuer EBITDA (x) | 1.53x | 1.22x | 1.04x | ||
| Statutory EBIT divided by reported finance costs (x) | 6.60x | 5.53x | 9.28x | ||
| Cogs rate (fraction) | 0.51 | 0.52 | 0.49 | ||
| Othercost rate (fraction) | 0.22 | 0.21 | 0.21 | ||
| Tax rate (fraction) | 0.21 | 0.27 | 0.20 | ||
| Elimination | 11.2 | 8.03 | 0.09 | ||
| Receivables days | 54 | 54 | 59 | ||
| Inventory days | 127 | 111 | 131 | ||
| Payables days | 120 | 111 | 121 | ||
| Payout (fraction) | 0.16 | 0.17 | 0.15 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,424 | 3,491 | 4,313 | 3,819 | 3,640 | 3,713 | 4,615 | 5,033 |
| Cost of revenue (vendor classification) * | 1,834 | 1,806 | 2,232 | 1,911 | 1,836 | 2,282 | 2,457 | |
| Other operating costs (vendor classification) * | 776.2 | 771.2 | 802.2 | 809.5 | 775.9 | 867.8 | 918.7 | |
| EBITDA (vendor classification) * | 571.4 | 659.2 | 991.9 | 859.0 | 807.3 | 1,051 | 1,271 | |
| Statutory EBIT after exceptional including other income | 377.4 | 465.0 | 796.8 | 655.7 | 587.7 | 517.2 | 819.1 | 1,048 |
| Finance costs | 93.8 | 96.3 | 89.4 | 79.9 | 70.7 | 65.5 | 62.0 | 68.6 |
| Profit before tax | 283.7 | 368.7 | 707.4 | 575.8 | 517.1 | 451.7 | 757.1 | 979.2 |
| Total tax including prior-year adjustments | 82.2 | 97.6 | 181.3 | 143.5 | 128.9 | 19.0 | 175.1 | 220.3 |
| Consolidated net profit after tax | 201.4 | 271.1 | 526.1 | 432.3 | 388.2 | 432.7 | 582.0 | 758.9 |
| Diluted EPS (nonannualised) (₹) | 6.79 | 9.15 | 17.75 | 14.58 | 13.10 | 14.60 | 19.63 | 25.60 |
| Materials, purchases and signed inventory change | 1,834 | 1,806 | 2,232 | 1,911 | 1,769 | 1,836 | 2,282 | 2,457 |
| Employee benefits expense | 253.4 | 260.8 | 276.2 | 277.3 | 277.1 | 280.8 | 313.1 | 318.7 |
| Other operating expenses including power and ECF | 798.8 | 805.4 | 847.3 | 800.8 | 819.9 | 816.1 | 994.0 | 1,021 |
| Issuer adjusted EBITDA including other income excluding ECF | 594.0 | 693.4 | 1,037 | 850.3 | 830.5 | 847.5 | 1,177 | 1,373 |
| Other income | 33.3 | 39.6 | 34.5 | 29.1 | 25.7 | 27.3 | 24.9 | 33.9 |
| Depreciation and amortisation | 193.9 | 194.3 | 195.2 | 203.2 | 212.1 | 216.9 | 219.8 | 222.9 |
| Exceptional items (signed PBT contribution) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -73.2 | -11.7 | 0.00 |
| Exact legal fully paid shares outstanding, not diluted | 29.64 | 29.64 | 29.64 | 29.64 | 29.64 | 29.64 | 29.64 | 29.64 |
| Signed exchange currency fluctuation expense | 22.6 | 34.2 | 45.1 | -8.69 | 30.6 | 40.2 | 126.2 | 102.0 |
| Profit attributable to owners | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 17.75 | 14.58 | 13.10 | 14.60 | 19.63 | 25.60 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 48.4% | 18.5% | -10.0% | 11.8% | 7.4% |
| EBITDA margin | 20.9% | 20.2% | 23.5% | ||
| Net margin | 15.3% | 14.8% | 10.2% | 8.5% | 11.6% |
| Return on equity | 24.5% | 22.9% | 12.3% | 10.4% | 13.8% |
| Return on capital employed | 12.1% | 12.3% | 14.1% | ||
| Return on assets | 13.2% | 12.5% | 6.8% | 6.0% | 8.0% |
| Net debt (₹ crore) | 4,200 | 3,612 | 3,854 | ||
| Net debt / EBITDA | 1.53x | 1.22x | 1.04x | ||
| Interest cover | 6.60x | 5.53x | 9.28x | ||
| Asset turnover | 0.86x | 0.85x | 0.67x | 0.70x | 0.69x |
| Receivable days | 53 | 45 | 54 | 54 | 59 |
| Inventory days (on revenue) | 63 | 57 | 65 | 58 | 64 |
| Payable days (on revenue) | 61 | 58 | 60 | ||
| Cash conversion | 1.57x | 1.99x | 1.39x | ||
| Capex intensity | 14.8% | 19.5% | 16.9% | 8.4% | 11.5% |
| Free cash flow (₹ crore) | -123.1 | 1,256 | 738.3 | ||
| Dividend payout | 11.2% | 9.9% | 16.0% | 17.0% | 14.5% |
| EPS, diluted (₹) | 63.75 | 72.95 | 45.06 | 42.20 | 61.91 |
| Book value per share (₹) | 289.1 | 348.4 | 387.2 | 425.9 | 473.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer adjusted EBITDA including other income excluding ECF) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Issuer net debt counting liquid investments and deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Issuer adjusted EBITDA including other income excluding ECF).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on SRF includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on SRF
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.