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SRF

SRF NSE
₹2,458.70 No trade today
P/E
33.71
View as Markdown
MCP
Close 4 Nov 2026 ₹2,458.70 −440.60 −15.2% 1Y
Start ₹2,899.30

Key Fundamentals

MidcapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.60%
Debt to Equity
0.36
EPS (TTM)
₹72.93
Book Value
₹516.26
Market Cap
—
P/E (TTM)
33.71
P/B
4.76
ROE
14.30%
Dividend Yield
0.21%
EBITDA
₹3,517 Cr
52W High
₹3,143.00
52W Low
₹2,178.30
Volume
0

Tapetide Score

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

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
45
Weak
Cheap vs sector & own history 24% weight
Growth
50
Average
Sales & profit trajectory 9% weight
Financial Health
51
Average
Solvency, leverage, coverage 9% weight
Momentum
26
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 5.09 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1036
OscillatorsBearish432
Moving AveragesStrong Bearish604

Key readings

RSI (14)
54.08
Neutral
MACD (12,26,9)
−27.79
Bullish
SMA (50)
2,484.53
Bearish
SMA (200)
2,624.43
Bearish

As of

Analyst Rating

Based on 29 analysts
BUY62%

18 of 29 analysts rate Buy, 5 Hold, 6 Sell.

As of

BUY
18
62%
HOLD
5
17%
SELL
6
21%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.14%
5Y+13.45%
3Y+2.01%
1Y+7.45%
TTM+12.99%

Net profit

Net profit growth by window
10Y+15.62%
5Y+8.90%
3Y−5.32%
1Y+46.68%
TTM+51.19%

Operating cash flow

Operating cash flow growth by window
10Y+8.89%
5Y+7.58%
3Y−4.17%
1Y+2.69%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.63 pp
5Y−3.79 pp
3Y−2.13 pp
1Y+3.10 pp
TTM+2.88 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,822 Cr
Mar 2018₹5,589 Cr
Mar 2019₹7,100 Cr
Mar 2020₹7,209 Cr
Mar 2021₹8,400 Cr
Mar 2022₹12,434 Cr
Mar 2023₹14,870 Cr
Mar 2024₹13,139 Cr
Mar 2025₹14,693 Cr
Mar 2026₹15,787 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹515 Cr
Mar 2018₹462 Cr
Mar 2019₹642 Cr
Mar 2020₹1,019 Cr
Mar 2021₹1,198 Cr
Mar 2022₹1,889 Cr
Mar 2023₹2,162 Cr
Mar 2024₹1,336 Cr
Mar 2025₹1,251 Cr
Mar 2026₹1,835 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹986 Cr +13.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

SRF Ltd trades at ₹2,358.6 as of 2026-10-29 with a market cap of ₹69,914.76 Cr. The company shows a TTM profit growth of 57% and a 10-year sales CAGR of 13%, though its 3-year ROE of 12% remains below its longer-term average and the stock trades at a P/B of 4.57. The stock is down 23% over the past year and sits 25% below its 52-week high of ₹3,143.

Bull Case 8
  • TTM profit growth of 57% signals a strong earnings recovery after a weak 3-year CAGR of -4%, suggesting the trough in the chemicals cycle may be behind
  • 10-year compounded sales CAGR of 13% and profit CAGR of 16% demonstrate a consistent long-term growth track record
  • Debt-to-equity ratio of 0.36 is conservative for a capital-intensive chemicals company, providing balance sheet headroom for expansion
  • TTM sales growth of 13% shows top-line momentum is returning, aligned with the company's long-term growth rate
  • ROCE of 14.64% indicates the company generates reasonable returns on deployed capital despite a cyclical downturn in recent years
  • 10-year stock CAGR of 20% reflects long-term wealth creation even as near-term returns have been subdued
  • Trading at ₹2,358.6, approximately 25% below the 52-week high of ₹3,143, and only 8% above the 52-week low of ₹2,178.3, the stock is near the lower end of its recent range
  • 5-year compounded sales CAGR of 13% and profit CAGR of 10% show the business has scaled meaningfully over a medium-term horizon
Bear Case 7
  • P/B ratio of 4.57x (flagged at 5.09x on book value basis) is high, suggesting the stock prices in significant future growth
  • 3-year ROE of only 12% is below the 10-year average of 17%, indicating returns have structurally deteriorated in the recent cycle
  • Stock has delivered a -23% return over the past 1 year and only 3% CAGR over 3 years, significantly underperforming the broader market
  • 3-year compounded profit CAGR of -4% shows earnings actually declined over the medium term before the recent TTM recovery
  • Dividend yield of just 0.21% offers negligible income support to shareholders during periods of price weakness
  • Potential capitalisation of interest costs, as flagged, could mean reported profits overstate true operating earnings and asset values may be inflated
  • Last year ROE of 14% and current ROE of 13.07% remain below the 5-year average of 16%, suggesting the recovery in return ratios is still incomplete

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

AI News Digest

9h ago

TL;DR: SRF delivered strong YoY growth in Q2 with 31% profit and 35% revenue gains, but the market punished the stock for a margin miss as EBITDA hit an eight-quarter low of 19.3%. The ₹600 crore battery foil capex and chemical revenue tracking the upper end of FY27 guidance signal long-term growth ambitions. Key risk remains margin compression and sequential weakness; the trend hinges on whether H2 specialty chemicals recovery and new capacity ramp-ups can restore operating leverage.

Headwinds 3
  • EBITDA margin at eight-quarter low Oct 21

    EBITDA margin narrowed 200 bps YoY to 19.3% in Q2, an eight-quarter low. EBITDA of ₹946 crore missed street estimates of ₹1,055 crore.

  • Stock drops 6.5% post results Oct 21

    Shares fell as much as 6.5% on weak operating performance, settling 5.22% lower at ₹2,305. The stock has declined 25% year-to-date.

  • Sequential revenue and profit decline Oct 21

    Q2 consolidated revenue and net profit declined sequentially from Q1, and H1 operating cash flow fell YoY despite margin improvement.

Positives 5
  • ₹600 crore battery foil investment Oct 21

    Board approved ₹600 crore capex via subsidiary SRF Altech for a 12,000 MTPA battery-grade aluminium foil plant in Madhya Pradesh, in two ₹300 crore phases completing Sep 2028 and Sep 2030.

  • Strong YoY revenue and profit growth Oct 21

    Q2 net profit grew 31.2% YoY to ₹509 crore and revenue rose 34.7% to ₹4,904 crore, beating revenue estimates of ₹4,695 crore.

  • Performance Films surges 51% Oct 21

    Performance Films & Foil business reported 51% topline growth to ₹2,122 crore with 73% operating profit growth to ₹206 crore in Q2.

Neutral 2
  • Gopalpur HFO commissioning in Q4FY28 Oct 22

    Regulatory approvals secured for the Gopalpur HFO project with facility commissioning targeted for Q4FY28.

  • Inventory buildup moderates demand Oct 21

    Performance Films demand was moderated by inventory build-up following heightened buying activity amid prior-quarter volatility, though aluminium foil demand remained healthy.

Quarterly Results

₹ Cr
SRF quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
SRF profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
SRF balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
SRF cash flow, annual, ₹ crore
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/EBITDA
87
125
79
88
81
99
95
81
97
96
104
90

Ratios

SRF financial ratios, annual
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

Log in to view SRF insights

63 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 50.26%
  • DIIs 22.51%
  • FIIs 15.20%
  • Public 8.96%
  • Others 3.03%
  • Government 0.04%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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
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 Chemicals sector, in the Specialty Chemicals industry.
What is the PE ratio of SRF Ltd?
SRF Ltd trades at a PE ratio of 33.71 as of 4 Nov 2026, on earnings per share of ₹72.93, against a book value of ₹516.26 per share.
What is the 52-week high and low of SRF Ltd?
Over the last 52 weeks SRF Ltd has traded between ₹2,178.3 and ₹3,143 as of 4 Nov 2026.
Does SRF Ltd pay dividends?
SRF Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of SRF Ltd?
SRF Ltd reported a return on equity of 14.30%. 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

Website srf.com
CEO Mr. Ashish Bharat Ram MBA
Employees 7,625
Listed 18 Aug 2003
Face Value ₹10

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