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SRF Limited (SRF)

₹2,472.10 -0.83% last close, 16 Oct

📊 NSE: SRF 🏢 Chemicals 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 21 Oct 2026 (board meeting)

SRF Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, SRF's revenue was ₹5,033 Cr (+31.8% year on year, +9.1% on the previous quarter), and net profit ₹759 Cr (+75.5% year on year); the operating margin was 24.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹5,033	+31.8%	+9.1%
Operating profit	₹1,237	+49.0%	+20.5%
Net profit	₹759	+75.5%	+30.4%
EPS (₹)	25.60	+75.6%	+30.4%
Operating margin	24.6%	—	—

Full quarterly financials → Results calendar →

SRF delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 65.31% of the SRF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.68%. Delivery was unusually high while the price barely moved (-0.83%). In SRF futures, open interest rose 1.13% while the futures price fell 0.50%: short buildup (new short positions).

65.31%Delivery, 16 Oct

50.68%Own 20-session average

1.1×Volume vs its average

+1.13%Futures open interest

₹2,472.10NSE close · -0.83%

Delivery in the last 5 sessions: 51.9% · 62.7% · 55.9% · 40.9% · 65.3%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

SRF Receives ₹266.32 Cr GST Show Cause Notice on Input Tax Credit Disallowance

🔵 WATCH ⭐ 5/10

LEGAL 📅 01 Oct 2026, 06:27 PM

SRF Limited has received a show cause notice from the Additional Commissioner, CGST & Central Excise, Vadodara-II Commissionerate, dated September 29, 2026. The notice proposes the disallowance of Input Tax Credit (ITC) aggregating to ₹266.32 crore for FY 2022-23 and FY 2023-24 due to mismatches between filed returns and auto-generated portal statements, along with applicable interest and penalties. The disputed amount represents approximately 1.57% of SRF's TTM revenue of ₹17,001 crore and 12.3% of its TTM PAT of ₹2,162 crore. SRF stated that the allegations are legally untenable and intends to contest the notice, expecting no adverse financial impact.

Received GST show cause notice dated September 29, 2026, under Section 73 of the CGST Act, 2017.
Disallowance of Input Tax Credit (ITC) aggregating to ₹266.32 crore proposed.
Pertains to ITC claims for FY 2022-23 and FY 2023-24 based on portal mismatches.
Demand includes proposed GST recovery along with applicable interest and penalty.
Company plans to contest the notice before the appropriate legal forum, maintaining it is not sustainable.

💡 Track the submission of the company's reply to the GST authorities and monitor whether the show cause notice materializes into an official demand order or is dropped.

KAMA Realty Acquires 1.08% Stake (32 Lakh Shares) in SRF via Inter-Se Promoter Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Sep 2026, 06:41 PM

KAMA Realty (Delhi) Limited has acquired 32,00,000 equity shares, representing approximately 1.08% of the paid-up equity share capital of SRF Limited, via an off-market inter-se transfer from KAMA Holdings Limited. Prior intimation for this transfer under Regulation 10(5) was submitted on September 9, 2026. The transaction results in no change in control, management, or ultimate beneficial ownership, and total promoter and promoter group shareholding in SRF Limited remains unchanged. SRF Limited continues to be a subsidiary of KAMA Holdings Limited.

Inter-se transfer of 32,00,000 equity shares of SRF Limited
Transferred shares represent approximately 1.08% of the paid-up equity share capital
Seller is promoter entity KAMA Holdings Limited; acquirer is KAMA Realty (Delhi) Limited
Prior intimation under Regulation 10(5) was submitted on September 9, 2026
No change in aggregate promoter group shareholding, control, or management

💡 Track the upcoming quarterly shareholding patterns to verify internal promoter group adjustments; no operational or commercial follow-up is necessary.

KAMA Realty to Acquire Up to 1.08% Stake in SRF via Inter-Se Promoter Transfer

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Sep 2026, 12:08 PM

KAMA Realty (Delhi) Limited has disclosed an intended inter-se promoter transfer to acquire up to 32,00,000 equity shares of SRF Limited, representing up to 1.08% of its paid-up capital. The shares will be acquired from KAMA Holdings Limited, the parent entity, in one or more tranches via off-market transactions. The transaction will not alter aggregate promoter group shareholding, control, management, or ultimate beneficial ownership. SRF Limited will continue to remain a subsidiary of KAMA Holdings Limited.

Proposed acquisition of up to 32,00,000 equity shares in SRF Limited
Acquisition represents up to 1.08% of the paid-up capital of the target company
Transfer will occur from promoter KAMA Holdings Limited to its wholly owned subsidiary KAMA Realty (Delhi) Limited
No change in aggregate promoter and promoter group shareholding or management control

💡 Track subsequent Regulation 10(6) or insider trading disclosures once the off-market transaction is executed to confirm completion.

SRF Releases Q1 FY27 Earnings Call Transcript Following July 23 Meeting

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jul 2026, 11:55 AM

SRF has published the official transcript of its earnings conference call held on July 23, 2026, regarding the un-audited financial results for the quarter ended June 30, 2026. This filing provides the detailed management commentary and analyst Q&A following the Q1 results. The company continues to navigate a high capex cycle, with ₹2,200-2,300 Cr planned for FY26, focusing on Chemicals and Aluminum Foil segments. Investors can use this document to gauge management's outlook on refrigerant pricing and the impact of Chinese supply on specialty chemicals.

Earnings call conducted on July 23, 2026, for the quarter ended June 30, 2026
Company is executing a significant capex plan of ₹2,200-2,300 Cr for capacity expansion
TTM revenue stands at ₹15,787 Cr with an Operating Profit Margin of 21.6%
Market capitalization is approximately ₹78,075 Cr as of the announcement date

💡 Review the transcript for management's specific commentary on the ramp-up of the aluminum foil facility and mitigation strategies for the ₹300 Cr US export tariff exposure.

₹318 Cr Reduction in Tax Demand for AY 2022-23 Following Rectification

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 27 Jul 2026, 06:11 PM

SRF Limited has successfully contested a significant tax demand for Assessment Year 2022-23. The Income Tax Department has issued a rectification order reducing the demand from ₹327.44 crore to just ₹9.46 crore. This reduction of ₹317.98 crore resolves a potential liability that represented approximately 17.3% of the company's TTM PAT (₹1,836 crore). The company is now evaluating legal recourse for the remaining ₹9.46 crore balance.

Tax demand for AY 2022-23 reduced from ₹327.44 crore to ₹9.46 crore
Total reduction in potential liability amounts to ₹317.98 crore
The reduction represents approximately 17.3% of the company's TTM PAT of ₹1,836 crore
The original demand was attributed to a technical error in the initial assessment order
Company is analyzing the remaining ₹9.46 crore for further legal action

💡 Investors should note the resolution of this significant tax overhang, which improves financial clarity. No further immediate action is required as the remaining amount is immaterial relative to the company's ₹78,970 crore market cap.

SRF provides facility for lower/nil TDS on dividend; deadline July 30, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 23 Jul 2026, 05:07 PM

SRF Limited has issued a follow-up to its July 22, 2026, dividend declaration regarding Tax Deducted at Source (TDS). The company has provided a facility for shareholders to submit necessary documents to apply for a lower or nil TDS rate. Shareholders must submit these details by the deadline of July 30, 2026. This is a standard administrative procedure to ensure correct withholding tax is applied at the time of payment.

Submission deadline for TDS-related documents is July 30, 2026
Follows the dividend declaration announced on July 22, 2026
Facility allows for deduction at a lower rate or nil rate based on valid documentation
Company TTM revenue stands at Rs 15,787 Cr with a market cap of Rs 80,438 Cr

💡 Shareholders should check their eligibility for lower TDS and ensure all required documents are uploaded to the company's portal before the July 30 deadline.

SRF Releases Audio Recording of Q1 FY27 Earnings Call; FY26 Capex Planned at ₹2,200-2,300 Cr

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jul 2026, 04:13 PM

SRF Limited has released the audio recording of its earnings call held on July 23, 2026, following the announcement of its un-audited financial results for the quarter ended June 30, 2026. This disclosure is a standard regulatory requirement under SEBI LODR regulations. Investors can access the recording to gain insights into management's commentary on the Chemicals and Packaging segments. The company is currently executing a significant capex plan of ₹2,200-2,300 Cr for FY26, representing approximately 14-15% of its TTM revenue of ₹15,787 Cr.

Earnings call conducted on July 23, 2026, for the quarter ended June 30, 2026.
Management previously guided for a high capex intensity of ₹2,200-2,300 Cr in FY26.
Company reported a revenue of ₹4,615 Cr in the preceding quarter (Mar 2026).
Strategic focus remains on Chemicals capacity and the newly commissioned aluminum foil facility.

💡 Investors should listen to the recording for updates on the impact of China dumping on margins and the execution timeline of the ₹2,200-2,300 Cr FY26 capex plan.

SRF Q1 FY27 PAT Jumps 75.5% to ₹758.9 Cr with Strong Margin Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jul 2026, 07:59 PM

SRF reported a robust Q1 FY27 with consolidated revenue growing 31.8% YoY to ₹5,033.3 Cr. Profit After Tax (PAT) surged 75.5% to ₹758.9 Cr, driven by a significant expansion in EBITDA margins from 22.3% to 27.3%. The Performance Films & Foil segment saw the highest growth, with EBIT rising 149.4% YoY, while the core Chemicals business maintained steady margins at 27.6%. The company continues its high R&D focus with 528 patent applications to date.

Consolidated Revenue increased 31.8% YoY to ₹5,033.3 Cr in Q1 FY27
EBITDA grew 61.4% YoY to ₹1,372.6 Cr, with margins improving by 500 bps to 27.3%
Performance Films & Foil EBIT surged 149.4% to ₹349.7 Cr compared to ₹140.2 Cr in Q1 FY26
Technical Textiles EBIT grew 186.4% to ₹107.8 Cr, benefiting from demand recovery and inventory gains
Chemicals business maintained a healthy EBIT margin of 27.6% despite pricing pressure from Chinese players

💡 Investors should monitor the ramp-up of the new PTFE capacity and the execution of the Odisha capex project. Key to watch is whether the margin recovery in Performance Films is sustainable or driven by temporary inventory gains.

Rs 5 per share: SRF declares 1st Interim Dividend for FY27; Record Date July 28

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 22 Jul 2026, 03:09 PM

SRF Limited has declared its first interim dividend for the financial year 2026-27 at Rs 5 per equity share (50% of face value). The Board has fixed July 28, 2026, as the record date to identify eligible shareholders. The total payout is scheduled to be completed on or before August 18, 2026. This distribution is supported by the company's steady financial performance, including a TTM PAT of Rs 1,836 Cr and a healthy operating profit margin of 21.6%.

Interim dividend declared at Rs 5 per equity share for FY 2026-27.
Record date for determining shareholder eligibility is July 28, 2026.
Dividend payment to be processed on or before August 18, 2026.
The dividend amount represents approximately 8.1% of the TTM EPS of Rs 61.91.

💡 Investors should track the ex-dividend date (typically one business day before the record date) to ensure they hold the shares in time to qualify for the Rs 5 per share payout.

76% PAT Growth in Q1FY27; SRF Approves ₹250 Cr Capex and ₹5 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jul 2026, 03:05 PM

SRF Limited reported a robust Q1FY27 with consolidated revenue rising 32% YoY to ₹5,033 crore and Profit After Tax (PAT) surging 76% to ₹759 crore. The growth was driven by a massive 149% EBIT jump in the Performance Films & Foil segment and a 186% EBIT increase in Technical Textiles. The board approved a new ₹250 crore investment for a BOPET Thick Film Line in India and declared an interim dividend of ₹5 per share. Management characterized this as the company's best-ever quarterly performance, supported by fundamental momentum and some inventory gains.

Consolidated PAT increased 76% YoY to ₹759 crore from ₹432 crore in the corresponding period last year.
Performance Films & Foil segment EBIT surged 149% to ₹350 crore, driven by record production levels.
Board approved a ₹250 crore capital expenditure for setting up a BOPET Thick Film Line in India.
Technical Textiles EBIT grew 186% YoY to ₹108 crore despite competitive pressures from Chinese exports.
Chemicals Business revenue grew 26% to ₹2,315 crore, maintaining its position as the largest segment.

💡 Investors should monitor the commissioning timeline of the ₹250 crore BOPET line and the sustainability of the margin recovery in the Packaging Films segment. Additionally, track the impact of Chinese overcapacity on the Specialty Chemicals business in upcoming quarters.

Rs 250 Cr Capex: SRF to Add 25,000 MTPA BOPET Thick Film Capacity

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Jul 2026, 02:57 PM

SRF Limited has approved a Rs 250 crore investment to establish a 25,000 MTPA BOPET Thick Film line, targeting industrial and electronic end-use segments. This project represents a strategic shift toward specialized substrates to mitigate the cyclicality inherent in commodity thin films. The expansion will be funded through a mix of debt and internal accruals, with a commissioning timeline of 24 months. While the investment is relatively small at ~1.58% of TTM revenue, it focuses on a niche market with limited domestic competition in India.

Board approved a capital expenditure of Rs 250 crore for a new BOPET Thick Film line.
Proposed capacity addition of 25,000 MTPA to be completed within 24 months.
Targeting specialized industrial and electronic segments to reduce exposure to commodity cycles.
Investment represents approximately 10.8% of the company's planned FY26 capex of Rs 2,300 crore.
Financing to be managed through a combination of debt and internal accruals.

💡 Investors should monitor the project's execution timeline over the next 24 months and watch for management commentary on margin profiles for thick films versus existing commodity packaging products.

Rs 5 per share Interim Dividend declared by SRF; Record Date July 28, 2026

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 22 Jul 2026, 02:54 PM

SRF Limited has declared its first interim dividend for FY 2026-27 at Rs 5 per equity share (50% of face value). The record date for determining shareholder eligibility is July 28, 2026, with the payment scheduled to be completed by August 18, 2026. At the current market price of Rs 2939, this specific payout represents a yield of approximately 0.17%. The estimated total payout is roughly Rs 148.7 crore, which is approximately 8.1% of the company's TTM PAT of Rs 1836 crore.

Interim dividend of Rs 5 per equity share declared for FY 2026-27
Record date for eligibility fixed as July 28, 2026
Dividend payment to be completed on or before August 18, 2026
Estimated total payout of ~Rs 148.7 crore against TTM PAT of Rs 1836 crore

💡 Investors should note the record date of July 28, 2026, to be eligible for the payout. While the yield is low, monitor if the company maintains this payout alongside its aggressive FY26 capex plan of Rs 2,200-2,300 crore.

SRF Q1 FY27: Net Profit Surges 42.6% YoY to ₹566 Cr; ₹5/share Interim Dividend Declared

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 22 Jul 2026, 02:49 PM

SRF reported a strong performance for Q1 FY27, with standalone revenue growing 25% YoY to ₹3,801.97 Cr. Standalone Net Profit saw a significant jump of 42.6% YoY to ₹566.30 Cr, supported by an expansion in operating margins to 20.82% from 17.17% in the previous year. The Chemicals segment remains the primary driver, contributing ₹2,244.18 Cr (approx. 59%) to total revenue. Additionally, the board approved a first interim dividend of ₹5.00 per share for FY27.

Standalone Net Profit increased 42.6% YoY to ₹566.30 Cr from ₹397.00 Cr in Q1 FY26.
Standalone Revenue from operations grew 25% YoY to ₹3,801.97 Cr.
Operating Margin improved to 20.82% compared to 17.17% in the same quarter last year.
Chemicals Business revenue reached ₹2,244.18 Cr, representing a 22.5% YoY growth.
Interim Dividend of ₹5.00 per share declared, involving a total payout of ₹148.21 Cr.

💡 Investors should monitor the margin sustainability in the Chemicals segment and the revenue ramp-up from the newly commissioned aluminum foil facility in the Performance Films and Foil business.

SRF to Announce Q1 FY27 Results on July 22, 2026; Earnings Call Scheduled for July 23

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 17 Jul 2026, 06:43 PM

SRF Limited has scheduled its board meeting for July 22, 2026, to approve financial results for the quarter ended June 30, 2026. An earnings conference call hosted by Ambit Capital will follow on July 23, 2026, at 11:00 am IST. Senior management, including the CFO and Head of Treasury, will discuss performance and outlook. This comes as the company manages a TTM revenue of Rs 15,787 Cr and a significant planned capex of Rs 2,200-2,300 Cr for FY26.

Financial results for Q1 FY27 to be declared on July 22, 2026
Investor conference call scheduled for July 23, 2026, at 11:00 am IST
Management representation includes Mr. Samir Kashyap (CFO) and Ms. Sugandha Singhal (SVP - Treasury & IR)
Company reported a PAT of Rs 582 Cr in the most recent quarter (Mar 2026)
TTM Revenue stands at Rs 15,787 Cr with a P/E ratio of 46.4

💡 Monitor the Q1 FY27 results on July 22 for management commentary on Chemicals segment margins and the progress of the Rs 2,200-2,300 Cr capex execution.

SRF Submits Routine Quarterly Compliance Certificate for Dematerialization of Securities

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Jul 2026, 06:59 PM

SRF Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The certificate, issued by KFIN Technologies Limited (the Registrar and Share Transfer Agent), confirms that securities dematerialized or rematerialized during the quarter have been reported to the stock exchanges. This is a standard administrative filing required by SEBI to maintain the integrity of electronic shareholding records. There is no impact on the company's financial performance or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Certificate provided by Registrar and Share Transfer Agent (RTA) KFIN Technologies Limited
RTA certificate dated July 02, 2026, and submitted to exchanges on July 13, 2026
Confirms processing of dematerialization and rematerialization requests as per SEBI norms

💡 No action is required as this is a routine procedural filing. Investors should monitor the company's upcoming quarterly financial results for fundamental performance updates.

View All SRF Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue of INR 14,693 Cr. Segment split: Chemicals Business (45%), Packaging Films Business (40%), and Technical Textiles Business (15%). Specific YoY % growth per segment not disclosed in available documents.

Geographic Revenue Split

Exports to 100+ countries. Operations in 5 countries (India, Thailand, South Africa, Hungary). Specialty Chemicals segment has an export mix of approximately 65%.

Profitability Margins

Net Profit (PAT) of INR 1,251 Cr on revenue of INR 14,693 Cr, resulting in a Net Margin of 8.51%. Operating margins have faced pressure due to China dumping in Chemicals and oversupply in Packaging Films.

EBITDA Margin

EBITDA of INR 2,970 Cr on revenue of INR 14,693 Cr, resulting in an EBITDA margin of 20.21%. Core profitability is expected to be impacted by a moderation in margins despite revenue growth.

Capital Expenditure

Historical average of INR 2,000 Cr p.a. over 5 years. FY24 capex was INR 2,347 Cr; FY25 capex was INR 1,096 Cr. Planned capex for FY26 is INR 2,200-2,300 Cr, primarily for the Chemicals segment.

Credit Rating & Borrowing

CRISIL Ratings maintains a 'Stable' outlook. Debt/EBITDA expected to improve to 1.0-1.4x in FY26 from 1.7x in FY25. Interest coverage ratio is expected to improve to ~10 times in FY26.

⚙️ Operational Drivers

Raw Materials

Key materials include Anhydrous Hydrofluoric Acid (AHF) for fluorochemicals and resins for BOPP/BOPET films. Specific % of total cost for each material is not disclosed.

Import Sources

China (impacted by dumping), Thailand (manufacturing hub), South Africa, and Hungary.

Key Suppliers

Chemours is a key strategic partner and supplier under a distribution and manufacturing arrangement for fluoropolymers.

Capacity Expansion

Recently commissioned an aluminum foil facility (revenue from FY26). AHF bottlenecks have been sorted to increase production capability. Capex of INR 2,200-2,300 Cr planned for FY26 capacity expansion.

Raw Material Costs

Raw material costs have been volatile due to China dumping in the chemicals industry since Q2 FY24 and oversupply in packaging films since FY23, squeezing spreads.

Manufacturing Efficiency

Removal of AHF bottlenecks has increased production capability. Fund-based limits utilized at 57% on average, indicating efficient capital access.

📈 Strategic Growth

Growth Strategy

Achieved through high capex intensity (INR 2,200-2,300 Cr in FY26) focused on Chemicals capacity, commissioning of new aluminum foil facilities, and strategic distribution/manufacturing contracts with Chemours.

Products & Services

Refrigerants (R32, R22), Specialty Chemicals intermediates, Nylon Tyre Cord Fabric (NTCF), Polyester Industrial Yarn (PIY), BOPP and BOPET packaging films, and Aluminum Foil.

Brand Portfolio

SRF (Corporate brand).

New Products/Services

Aluminum foil (revenue contribution from FY26) and new grades of fluoropolymers and fluoroelastomers under the Chemours contract.

Market Expansion

Expanding global footprint in 100+ countries; utilizing Thailand manufacturing for US market access to bypass trade barriers.

Market Share & Ranking

Largest manufacturer of Nylon Tyre Cord Fabric (NTCF) in India; market leader in refrigerants.

Strategic Alliances

Strategic distribution and manufacturing arrangement with Chemours for global fluoropolymer markets.

🌍 External Factors

Industry Trends

Recovery witnessed in Chemicals and Packaging industries since Q3 FY25. Shift toward value-added products in Technical Textiles (belting fabrics).

Competitive Landscape

Faces intense competition from Chinese manufacturers in the Chemicals segment and global oversupply in the BOPET/BOPP film markets.

Competitive Moat

Moat is sustained by market leadership in refrigerants, being the largest NTCF producer in India, and high R&D barriers in specialty chemicals.

Macro Economic Sensitivity

Sensitive to global inventory cycles and Chinese industrial output (dumping). GDP growth in 100+ export countries affects demand for industrial intermediates.

Consumer Behavior

Healthy demand for Air Conditioners is driving growth in the refrigerants segment (R32/R22).

Geopolitical Risks

Trade barriers and tariffs on Indian exports to the US; mitigated by shifting production to international units like Thailand.

⚖️ Regulatory & Governance

Industry Regulations

HFC quota positions are a key monitorable for the refrigerants business; company is managing quotas to maintain market shape.

Environmental Compliance

ESG profile supports credit risk profile; 60% of the board comprises independent directors. ESG performance of suppliers is assessed via a code of conduct.

Legal Contingencies

No penalties or strictures imposed by SEBI or Stock Exchanges in the last three years. Remuneration is within Section 197 limits of the Companies Act.

⚠️ Risk Analysis

Key Uncertainties

Cyclicality inherent in Packaging Films (PFB) and Technical Textiles (TTB). Profitability of new molecules in Chemicals depends on successful commercialization and market acceptability.

Geographic Concentration Risk

Operations in 5 countries; exports to 100+ countries. Thailand is a critical hub for US-bound exports.

Third Party Dependencies

Strategic dependency on Chemours for the fluoropolymer segment's global distribution and technology.

Technology Obsolescence Risk

Mitigated by continuous R&D and average annual capex of INR 2,000 Cr to upgrade facilities and product portfolios.

Credit & Counterparty Risk

Strong liquidity with cash/equivalents of INR 1,109 Cr and fund-based limit utilization of 57% suggests high quality of receivables and credit access.