Corporate Report     

Published: October 31, 2026
Updated: October 31, 2026

SRF

Rs 600-cr focus on battery applications

The rationale is to build a portfolio of future-ready value-added projects in the energy storage and EV sectors. A total capacity of approximately 12,000 mtpa will cater to both lithium-ion (Li-ion) and Sodium-ion (Na-ion) battery applications.

With an annual turnover of Rs 15,416 crore ($ 1.6 billion), the company’s diversified business portfolio covers fluorochemicals, speciality chemicals, performance films & foil, technical textiles, and coated & laminated fabrics. It has 16 manufacturing facilities — 13 in India and one each in Thailand, South Africa and Hungary. It exports to more than 90 countries. Equipped with state-of-the-art R&D facilities, the company has filed 539 patents for R&D and technology so far, of which 160 have been granted.

REVENUE UP 35%

SRF announced its Q2 financial results recently, wherein consolidated revenue increased 35% from Rs 3,640 crore to Rs 4,904 crore in Q2FY27 compared with the previous corresponding period. Operational earnings before interest and tax (Operational EBIT) increased 26% from Rs 650 crore to Rs 816 crore, and PAT increased 31% from Rs 388 crore to Rs 509 crore.

Chemicals reported a 25% increase in revenue from Rs 1,667 crore to Rs 2,079 crore, while operating profit grew by 10% from Rs 481 crore to Rs 528 crore.

Fluorochemicals delivered robust refrigerant sales volumes, supported by positive pricing momentum across key products, while maintaining its leadership position across primary markets.

Speciality chemicals navigated a dynamic operating environment shaped by evolving global pricing trends, industry over-capacity in China and ongoing geopolitical developments. During the quarter, both these businesses undertook initiatives to drive operational efficiencies.

FILMS OUTPUT

Performance films & foil reported a 51% revenue increase from Rs 1,408 crore to Rs 2,122 crore during Q2FY27, while operating profit increased 73% from Rs 119 crore to Rs 206 crore. During Q2FY27, the business achieved its highest-ever packed production of films. However, Q2 demand was moderated by inventory build-up following heightened buying activity amid the volatility witnessed in Q1. Demand for aluminium foil, meanwhile, remained healthy during the quarter.

Technical textiles reported a 25% increase in segment revenue from Rs 474 crore to Rs 595 crore during Q2FY27, while operating profit increased 71% from Rs 42 crore to Rs 72 crore.

Other Businesses reported an increase of 18% from Rs 91 crore to Rs 107 crore, while operating profit increased 29% from Rs 8 crore to Rs 10 crore. During Q2FY27, the coated and laminated fabrics segments performed in line with expectations.

‘CAPEX VINDICATED’

In the first six months of FY27, SRF’s overall revenue increased 33% from Rs 7,459 crore to Rs 9,937 crore over the previous corresponding period, while PAT increased 55% from Rs 820 crore to Rs 1,268 crore.

Commenting on the results, Chairman and Managing Director Ashish Bharat Ram said, “Our businesses have delivered a strong performance despite an uncertain and volatile global environment. Most importantly, our capex investments targeting opportunities in sunrise sectors remain extremely robust, positioning us well for the future.”

The stock is currently quoted at Rs 2,302 (face value Rs 10) with a yearly high-low of Rs 3,143-2,178 and market capitalisation of Rs 68,222 crore. The promoter group holds 50.26% and the remaining 49.74% is spread amongst 1,84,703 public shareholders. The equity capital is Rs 296.42 crore and the book value is Rs 473.70.

Key Financial Ratios – Consolidated