Whalesbook
SRF ne Q4FY26 mein revenue toh 7% badha kar ₹46 billion kar liya, jismein Chemicals aur Performance Films ne achha kaam kiya. Par asli picture thodi alag hai. Specialty chemicals mein global prices par lagatar pressure bana hua hai aur China se aati oversupply ne situation aur kharab kar di hai. Is wajeh se company ko prices manage karne mein dikkat ho rahi hai.
Isi situation ko dekh kar, Prabhudas Lilladher jaise brokerage ne SRF ke stock ko 'REDUCE' rating di hai. Unka kehna hai ki jab tak yeh price pressure aur China oversupply ka issue solve nahi hota, tab tak stock mein zyada upside nahi hai. Unhone target price ₹2,579 rakha hai, jabki share abhi ₹2,150 ke aas paas trade kar raha hai. Company ka P/E ratio 35-40x chal raha hai, jo future growth dikha raha hai, par woh growth ab risky lag rahi hai.
Indian specialty chemical sector already ek tough phase se guzar raha hai. Competition tez hai aur demand bhi uncertain hai. SRF ₹22.9 billion invest kar raha hai HFO aur HFC capacity mein, lekin market mein Chinese rivals aggressive pricing kar rahe hain. Aarti Industries aur PI Industries jaise competitors bhi isi daud mein hain. Technical Textiles segment mein toh EBIT margins improve hue hain, par overall outlook filhaal cautious hi hai.
SRF chahe jitni bhi efforts kar le, capacity badha le, par China se aati oversupply aur price competition ek bada challenge hai. Agrochemical sector toh waise bhi weather aur policies par depend karta hai. SRF ko yeh sab manage karna hoga, warna profit margins par asli asar pad sakta hai.
Prabhudas Lilladher ka 'REDUCE' call clear signal de raha hai ki abhi stock mein zyada potential nahi hai. Baaki analysts ke views mix hain, par yeh specific concerns investors ko zaroor dhyan mein rakhni chahiye.