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Stock Analysis

Description

SRF Ltd. is a diversified chemical company manufacturing technical textiles, chemicals, packaging films, and other polymers.

Key Growth Triggers

Expansion in specialty chemicals, including fluoropolymers and fluoroelastomers through a strategic collaboration with The Chemours Company.
Significant capital expenditure plan of ₹745 crore for new specialty product facilities, with capacity additions expected by December 2026.
Land acquisition in Odisha via a ₹282 crore MoU for expanding the Chemicals Business.

Order Book

Currently no data available for Order Book.

Key Red Flags

The company faces a GST demand of ₹15.76 Cr (plus interest and penalty) for ITC reversal.
A customs demand of ₹3.04 Cr (plus interest and penalty) for differential duty on imported yarn.

Key Dates To Watch

January 20, 2026: Board Meeting for Q3 & 9M FY26 results and Investor Conference Call.

Corporate Announcements

7th Apr 26

Impact Rating: 8

SRF Limited has been issued a ₹327.44 crore tax demand by the Income Tax Department, citing a technical error. Management is confident this demand will be reversed.

31st Mar 26

Impact Rating: 7

SRF Limited's trading window will be closed from April 1, 2026, as per SEBI insider trading rules. It reopens 48 hours post the declaration of audited Q4 FY26 financial results.

20th Mar 26

Impact Rating: -

No description available.

7th Mar 26

Impact Rating: -

No description available.

26th Feb 26

Impact Rating: -

No description available.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	SRF	3030.60	57.88	89834.47	0.24	362.66	61.10	2852.96	5.53	13.72	12151.27	23.31	1552.68	362.66	7.45	7.16	0.25
2.	Tata Chemicals	755.60	59.05	19249.68	1.42	154.00	-49.38	3877.00	-3.05	3.96	14695.00	13.25	325.83	98.21	0.88	1.16	0.34
3.	Deepak Fertilis.	1199.00	15.31	15074.59	0.83	214.02	1.48	3005.83	9.43	15.67	10910.95	17.81	984.32	213.20	2.32	7.47	0.68
4.	G N F C	476.15	10.99	6996.57	3.76	179.00	70.48	1968.00	2.66	9.57	7523.00	7.82	636.00	179.00	0.82	5.49	0.00
5.	GHCL	548.85	8.83	5031.21	2.19	106.70	-31.09	721.29	-9.02	24.19	3077.36	26.08	569.50	106.70	1.45	15.10	0.03
6.	Tanfac Inds.	4459.45	47.34	4448.30	0.20	17.18	-11.03	168.69	51.28	41.76	694.82	20.42	94.07	17.18	13.11	23.90	0.09
7.	Chemplast Sanmar	274.85	–	4355.14	0.00	-51.04	-63.28	1033.20	4.07	1.83	4341.53	2.97	-218.28	-51.04	2.22	-1.78	0.97
–	Median: 38 Co.	223.35	17.75	637.28	0.3	8.3	0.73	159.19	3.87	9.5	610.99	10.66	29.24	8.3	1.44	4.85	0.18

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,972	2,857	3,142	2,774	2,587	2,506	2,920	2,736	2,704	2,762	3,496	3,040	2,853
Expenses	2,285	2,090	2,244	2,122	2,013	1,989	2,272	2,204	2,213	2,204	2,620	2,316	2,178
Operating Profit	687	767	899	651	574	517	647	532	490	557	876	724	675
Other Income	41	15	34	21	38	28	33	35	44	53	44	35	30
Profit before tax	572	608	749	491	416	352	459	336	303	375	689	533	483
Tax %	23%	19%	23%	26%	26%	25%	5%	26%	26%	25%	26%	26%	25%
Net Profit	439	495	581	365	309	263	437	250	225	280	513	397	363
EPS in Rs	14.81	16.70	19.59	12.33	10.41	8.87	14.75	8.43	7.59	9.44	17.31	13.39	12.23

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,417	3,614	3,639	3,883	4,582	6,206	6,331	6,988	9,953	12,074	10,787	11,698	12,151
Expenses	2,910	2,957	2,830	3,062	3,797	5,080	5,068	5,247	7,420	8,880	8,397	9,242	9,319
Operating Profit	507	657	810	821	785	1,126	1,263	1,741	2,533	3,194	2,390	2,456	2,832
Other Income	25	47	35	46	104	58	234	63	135	106	119	175	161
Interest	70	100	95	78	98	174	182	111	94	176	236	296	261
Depreciation	190	209	233	242	278	325	353	384	419	468	556	630	652
Profit before tax	271	396	516	548	513	685	961	1,310	2,155	2,656	1,718	1,704	2,080
Net Profit	217	308	372	419	406	517	974	925	1,507	2,023	1,374	1,268	1,553
EPS in Rs	7.54	10.72	12.95	14.59	14.13	18.00	33.90	31.23	50.84	68.26	46.35	42.78	52.37
Dividend Payout %	27%	19%	16%	17%	17%	14%	8%	16%	33%	11%	16%	17%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	58	58	58	58	58	58	58	60	297	297	297	297	297
Reserves	2,105	2,339	2,745	3,086	3,391	3,860	4,626	6,235	7,327	8,956	10,216	11,271	11,737
Borrowings	1,271	1,493	1,707	1,658	2,483	3,103	2,752	2,653	2,891	3,162	3,721	3,337	3,068
Other Liabilities	1,031	977	903	1,165	1,341	1,651	1,383	1,763	2,423	3,136	3,130	3,125	3,187
Total Liabilities	4,465	4,868	5,414	5,968	7,274	8,672	8,820	10,711	12,938	15,551	17,365	18,030	18,288
Fixed Assets	2,760	3,135	3,305	3,617	4,342	4,846	5,648	5,896	6,114	7,674	10,439	10,809	10,798
Gross Block	4,342	4,918	3,537	4,091	5,090	5,915	7,050	7,671	8,237	10,228	13,506	14,474	–
Accumulated Depreciation	1,582	1,784	232	474	747	1,069	1,402	1,775	2,123	2,553	3,067	3,664	–
CWIP	121	118	130	272	557	692	346	436	1,617	2,129	745	702	1,132
Investments	118	178	249	279	205	184	286	500	410	583	1,035	1,487	1,198
Other Assets	1,466	1,437	1,730	1,800	2,169	2,950	2,539	3,879	4,798	5,165	5,146	5,032	5,160
Total Assets	4,465	4,868	5,414	5,968	7,274	8,672	8,820	10,711	12,938	15,551	17,365	18,030	18,288

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	381	508	819	550	606	595	1,216	1,422	1,638	2,788	1,903	2,264
Cash from Investing Activity	-403	-550	-578	-592	-1,187	-847	-422	-1,790	-1,280	-2,328	-2,074	-1,314
Cash from Financing Activity	20	33	-18	-190	601	348	-859	357	-125	-252	6	-998
Net Cash Flow	-3	-10	223	-232	20	95	-65	-12	233	208	-165	-48

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	58	48	37	48	39	50	44	53	50	43	52	55
Inventory Days	114	119	118	141	125	117	127	142	136	120	134	115
Days Payable	105	79	103	125	121	117	109	132	104	107	111	100
Cash Conversion Cycle	67	89	52	64	43	51	62	63	81	56	76	70
Working Capital Days	17	28	20	-2	-15	-12	-26	23	17	15	6	15
ROCE %	10%	13%	15%	13%	11%	13%	16%	17%	23%	25%	15%	14%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	50.53%	50.53%	50.53%	50.53%	50.53%	50.31%	50.26%	50.26%	50.26%	50.26%	50.26%	50.26%
FIIs	18.31%	18.52%	20.04%	19.80%	19.60%	19.09%	18.76%	18.30%	18.37%	18.28%	18.24%	17.98%
DIIs	14.85%	14.92%	13.71%	14.12%	14.51%	15.97%	16.57%	17.76%	17.78%	18.42%	18.85%	19.53%
Public	16.29%	16.01%	15.72%	15.57%	15.36%	14.66%	14.44%	13.66%	13.55%	13.01%	12.61%	12.20%