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SRF

SRF NSE

Key Fundamentals

MidcapSpecialty ChemicalsChemicals
Market Cap
₹72,995 Cr
Volatility
Moderate
P/E Ratio
34.04
EBITDA
₹3,517 Cr
Return on Equity
13.07%
Debt to Equity
0.36
Book Value
₹473.7
EPS
₹41.45
52W High
₹3,210
52W Low
₹2,355

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

3
  • Stock is trading at 5.24 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

Growth Rate

Revenue Growth
7.2% higher than 3Y
Net Income Growth
46.72% higher than 3Y
Cash Flow Change
2.66% lower than 3Y
ROE
31.89% higher than 3Y
ROCE
13.49% higher than 3Y
EBITDA Margin (Avg.)
15.08% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

SRF Ltd is a diversified chemicals and packaging films company with a market cap of ~₹72,995 Cr, trading at a P/E of 34.4x and P/B of 5.29x. TTM profit growth has rebounded sharply at 57%, though 3-year compounded profit growth remains negative at -4%, and the stock has underperformed over the past year with a -16% return.

Bull Case 8
  • Strong TTM profit growth of 57% signals a meaningful earnings recovery after a cyclical downturn in the chemicals segment
  • Consistent long-term sales compounder — 10-year revenue CAGR of 13% demonstrates durable demand across its business verticals
  • 10-year compounded profit growth of 16% reflects the company's ability to grow earnings through multiple cycles
  • 10-year stock CAGR of 23% indicates significant long-term wealth creation for shareholders
  • 10-year ROE averaging 17% shows the business has historically generated healthy returns on shareholder capital
  • TTM sales growth of 13% suggests revenue momentum is tracking back toward its long-term trend line
  • 5-year compounded profit growth of 10% and sales growth of 13% demonstrate a reasonable medium-term track record despite recent cyclical headwinds
  • Last year ROE of 14% has improved from the 3-year average of 12%, suggesting improving capital efficiency
Bear Case 8
  • P/B ratio of 5.29x is elevated — the stock trades at over 5 times book value, which leaves limited margin of safety if earnings disappoint
  • 3-year compounded profit growth is negative at -4%, indicating a prolonged earnings contraction before the recent TTM recovery
  • 3-year ROE of only 12% is below the 10-year average of 17%, suggesting returns on capital have structurally compressed in recent years
  • P/E of 34.4x is demanding and prices in significant forward growth, leaving the stock vulnerable to earnings misses
  • Stock has delivered -16% return over the past 1 year, significantly underperforming broader market indices
  • Potential capitalization of interest costs could be flattering reported profitability and understating true operating expenses
  • Dividend yield of just 0.2% offers negligible income support to shareholders during periods of capital depreciation
  • 3-year stock CAGR of only 2% suggests the market has de-rated the stock meaningfully from its prior peak valuations

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 3
  • Stock drops on bearish sentiment Aug 19

    SRF shares fell 2.02% to ₹2,577 despite mixed financials, reflecting broader bearish market sentiment in the mid-cap segment.

  • Net profit dipped in FY25 Aug 19

    Net profit declined to ₹1,250.78 crore in March 2025 before recovering to ₹1,835.18 crore in March 2026, showing earnings volatility.

  • Rising total liabilities Aug 19

    Total liabilities increased 11.96% to ₹24,146 crore by March 2026 from ₹21,557 crore in March 2025, with interest expenses at ₹68 crore in Q1 June 2026.

Positives 5
  • Strong Q1 Jun 2026 results Aug 19

    Q1 June 2026 sales rose 9.06% QoQ to ₹5,033 crore and net profit surged 30.24% QoQ to ₹758 crore, with EBIT at ₹1,047 crore.

  • Revenue up 27% over five years Aug 19

    Consolidated revenue grew 26.97% from ₹12,433.66 crore in March 2022 to ₹15,786.51 crore in March 2026, with EPS reaching ₹61.91.

  • Improved margins and ROE Aug 19

    Net profit margin recovered to 11.62% in FY26 from 8.51% in FY25, a 3.11pp improvement, with ROE at 13.06% and BVPS growing to ₹472.12.

  • Cash flow turns positive Aug 19

    Net cash flow turned positive at ₹256 crore in FY26 versus negative ₹65 crore in FY25, while operating cash flow rose 2.65% to ₹2,553 crore.

  • Consistent dividend payouts Aug 19

    SRF declared an interim dividend of ₹5.00/share (50%) effective July 28, 2026, following ₹5.00/share in January 2026 and ₹4.00/share in July 2025.

Neutral 1
  • KAMA Realty stake acquisition Sep 10

    KAMA Realty plans to acquire up to 32 lakh equity shares (1.08% stake) in SRF via inter-se transfer from KAMA Holdings, with no change in control.

TL;DR: SRF is showing strong operational momentum with Q1 June 2026 net profit up 30% QoQ and a meaningful recovery in margins from FY25 lows. Five-year revenue growth of 27% and positive net cash flow signal improving fundamentals. Key risks include earnings volatility seen in the FY25 dip and rising total liabilities. The trend is clearly improving, and sustained quarterly performance should support re-rating if market sentiment stabilizes.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,338
3,177
3,053
3,570
3,464
3,424
3,491
4,313
3,819
3,640
3,713
4,615
5,033
Expenses
2,642
2,551
2,487
2,874
2,861
2,886
2,872
3,356
2,989
2,866
2,933
3,589
3,797
Operating Profit
696
626
566
696
603
538
620
957
830
774
780
1,026
1,237
OPM %
21%
20%
19%
19%
17%
16%
18%
22%
22%
21%
21%
22%
25%
Other Income
12
29
19
23
25
33
40
34
29
26
-46
13
34
Interest
66
79
67
90
97
94
96
89
80
71
66
62
69
Depreciation
157
161
169
186
188
194
194
195
203
212
217
220
223
PBT
486
415
348
443
344
284
369
707
576
517
452
757
979
Tax %
26%
27%
27%
5%
27%
29%
26%
26%
25%
25%
4%
23%
22%
Net Profit
359
301
253
422
252
201
271
526
432
388
433
582
759
EPS in Rs
12.12
10.15
8.55
14.24
8.51
6.79
9.14
17.75
14.58
13.1
14.6
19.63
25.6
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,540
4,593
4,822
5,589
7,100
7,209
8,400
12,434
14,870
13,139
14,693
15,787
17,001
Expenses
3,822
3,630
3,852
4,683
5,803
5,754
6,267
9,330
11,341
10,554
11,975
12,377
13,185
Operating Profit
717
963
969
906
1,297
1,455
2,133
3,103
3,529
2,584
2,718
3,410
3,817
OPM %
16%
21%
20%
16%
18%
20%
25%
25%
24%
20%
18%
22%
22%
Other Income
65
28
73
115
78
152
66
116
75
83
133
22
27
Interest
138
130
102
124
198
201
134
116
205
302
376
278
267
Depreciation
245
275
283
316
358
389
453
517
575
673
772
852
872
PBT
399
585
657
582
818
1,018
1,612
2,586
2,824
1,692
1,704
2,302
2,705
Tax %
24%
27%
22%
21%
22%
0%
26%
27%
23%
21%
27%
20%
—
Net Profit
303
430
515
462
642
1,019
1,198
1,889
2,162
1,336
1,251
1,835
2,162
EPS in Rs
10.55
14.97
17.94
16.08
22.33
35.46
40.44
63.72
72.95
45.06
42.2
61.91
72.93
Div. Payout %
19%
14%
14%
15%
11%
8%
12%
26%
10%
16%
17%
15%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
58
58
58
58
58
58
60
297
297
297
297
297
Reserves
2,238
2,705
3,124
3,506
4,071
4,875
6,796
8,268
10,030
11,182
12,329
13,745
Borrowings
2,435
2,515
2,396
3,142
3,730
4,135
3,469
3,655
4,478
5,031
4,726
5,083
Other Liabilities
1,152
1,146
1,389
1,657
2,028
1,795
2,586
3,544
3,931
3,945
4,169
4,971
Total Liabilities
5,883
6,424
6,968
8,363
9,888
10,862
12,911
15,765
18,736
20,454
21,521
24,097
Fixed Assets
3,922
4,113
4,405
5,122
5,609
6,368
7,827
8,425
10,050
13,242
13,720
13,926
CWIP
104
117
259
559
754
1,393
772
1,672
2,406
805
811
1,889
Investments
94
165
196
122
101
203
417
321
494
527
827
687
Other Assets
1,762
2,029
2,109
2,561
3,424
2,899
3,895
5,347
5,786
5,881
6,163
7,594
Total Assets
5,883
6,424
6,968
8,363
9,888
10,862
12,911
15,765
18,736
20,454
21,521
24,097
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
542
1,090
645
678
896
1,304
1,772
2,106
2,902
2,094
2,487
2,554
Investing
-500
-667
-613
-1,174
-1,039
-1,179
-1,499
-1,586
-2,964
-2,231
-1,482
-1,589
Financing
-18
-182
-284
495
246
-199
-251
-207
220
-72
-1,071
-708
Net Cash Flow
24
241
-252
-1
103
-73
22
312
158
-209
-65
256
Free Cash Flow
58
511
5
-605
-157
-69
567
289
50
-108
1,265
747
CFO/OP
87
125
79
88
81
99
95
81
97
96
104
90
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
41
50
44
53
45
55
53
44
54
54
59
Inventory Days
110
105
126
115
113
119
133
129
112
127
111
131
Days Payable
83
112
122
126
127
110
144
126
110
120
111
121
Cash Conversion Cycle
75
34
54
34
38
54
45
55
46
61
55
69
Working Capital Days
10
1
-15
-21
-17
-37
-14
1
-6
-18
-9
-12
ROCE %
11%
14%
14%
11%
14%
14%
18%
24%
22%
13%
12%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.08%Govt.0.04%Promot.50.26%Public8.74%FIIs15.45%DIIs22.44%As ofJun 2026

Documents

Frequently Asked Questions about SRF

What does SRF Ltd do?
Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers[1]
Where is SRF Ltd (SRF) listed?
SRF Ltd trades as SRF on the NSE and under code 503806 on the BSE.
Which sector does SRF Ltd belong to?
SRF Ltd is classified under the Commodities sector, in the Chemicals & Petrochemicals industry.
What is the market capitalisation of SRF Ltd?
SRF Ltd has a market capitalisation of ₹72,995 Cr, which places it in the Large Cap band.
What is the PE ratio of SRF Ltd?
SRF Ltd trades at a PE ratio of 34.04, on earnings per share of ₹41.45, against a book value of ₹473.7 per share.
What is the 52-week high and low of SRF Ltd?
Over the last 52 weeks SRF Ltd has traded between ₹2,355 and ₹3,210.
Does SRF Ltd pay dividends?
SRF Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of SRF Ltd?
SRF Ltd reported a return on equity of 13.07%. Its debt-to-equity ratio is 0.36.

Company Information

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

Website srf.com
CEO Mr. Ashish Bharat Ram MBA
Employees 7,625
Listed 2003-08-18
Face Value ₹ 10
Issued Size 29,64,24,825

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