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SRF - SRF

📊 NSE: SRF 🏢 Chemicals 📅 Last Updated: 12/14/2025 13:40

📢 Recent Corporate Announcements

SRF Promoters Declare Zero Share Encumbrance for FY 2025-26

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 29 Apr 2026, 12:42 PM

The promoters of SRF Limited have filed a formal declaration under SEBI Takeover Regulations confirming that no shares held by the promoter group were pledged or encumbered during the financial year ending March 31, 2026. The promoter group collectively holds a 50.26% stake in the company, with Kama Holdings Limited being the largest shareholder at 50.21%. This routine annual disclosure confirms the absence of any debt-related risks associated with promoter shareholding.

Promoters confirmed zero encumbrance on shares for the financial year ending March 31, 2026
Kama Holdings Limited holds the majority of the promoter stake with 14,88,45,000 shares (50.21%)
Total promoter and promoter group holding stands at 14,89,82,500 shares representing 50.26% of equity
Declaration submitted by key promoters Arun Bharat Ram, Ashish Bharat Ram, and Kartik Bharat Ram

💡 No action is required as this is a routine regulatory filing. The lack of pledged shares is a positive indicator of the promoter group's financial health and stability.

SRF Promoters Declare Zero Pledged Shares for FY 2025-26

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 22 Apr 2026, 06:52 PM

The promoters of SRF Limited, including the Bharat Ram family and Kama Holdings Limited, have submitted a formal declaration under SEBI Takeover Regulations confirming zero encumbrance on their shares. As of March 31, 2026, the promoter group collectively holds 148,982,500 shares, representing a 50.26% stake in the company. Kama Holdings Limited remains the dominant entity within the group with a 50.21% stake. This annual disclosure confirms that no shares were pledged or used as collateral during the financial year.

Promoters confirmed zero encumbrance/pledge on shares for the financial year ending March 31, 2026
Total promoter and promoter group holding stands at 148,982,500 equity shares
The promoter group maintains a majority stake of 50.26% in SRF Limited
Kama Holdings Limited is the largest promoter shareholder with 148,845,000 shares (50.21%)
Declaration submitted by individual promoters Arun Bharat Ram, Ashish Bharat Ram, and Kartik Bharat Ram

💡 Investors should take this as a positive sign of promoter financial stability and commitment, as zero pledging reduces the risk of forced liquidations. No specific action is required as this is a routine regulatory filing.

SRF Receives Favorable CESTAT Order Quashing ₹36.86 Lakh GST Penalty

🟢 POSITIVE ⭐ 3/10

LEGAL 📅 21 Apr 2026, 07:30 PM

SRF Limited has successfully appealed against a tax penalty previously imposed by the CGST authorities in Gwalior. The CESTAT, Delhi, has issued a favorable order quashing the demand of ₹36,85,987, stating it cannot be sustained against the company. This resolution effectively eliminates a pending legal liability that was first reported in November 2023. The ruling marks a successful conclusion to this specific regulatory dispute for the company.

CESTAT Delhi quashed a tax penalty demand totaling ₹36,85,987
The original penalty was imposed by the Assistant Commissioner, CGST & Cex, Gwalior
The appeal was filed following an initial adverse order dated November 20, 2023
The appellate tribunal ruled that the demand cannot be sustained against SRF Limited

💡 This is a minor positive development that clears a small financial liability. Investors should continue to focus on the company's core operational performance in the chemicals and packaging sectors.

SRF Limited Files Quarterly SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 12:51 PM

SRF Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The document confirms that the Registrar and Share Transfer Agent, KFIN Technologies Limited, has processed all dematerialization and rematerialization requests. This is a standard administrative filing required for all listed companies in India to ensure share registry accuracy. It confirms that the company's shareholding records are correctly maintained with the depositories NSDL and CDSL.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by Registrar and Share Transfer Agent (RTA) KFIN Technologies Limited.
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018 regarding dematerialized securities.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming financial results for material performance updates.

SRF Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Mar 2026, 04:14 PM

SRF Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This action is a standard regulatory requirement under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will remain closed until 48 hours after the declaration of the audited financial results for the quarter and year ended March 31, 2026. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window for SRF securities to close effective April 1, 2026.
Closure is in relation to the audited financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the public announcement of the financial results.
Complies with Clause 4 of Schedule B of Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the Q4 and FY26 financial performance.

SRF Limited Receives Tax Demand and Penalty of ₹2.06 Crore

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 31 Mar 2026, 11:25 AM

SRF Limited has received a demand order from the Additional Commissioner of CGST and Central Excise, Chennai North, regarding CENVAT credit disallowance. The order demands a tax payment of ₹1.03 crore for the period 2005-2011, along with an equivalent penalty of ₹1.03 crore plus applicable interest. The total base financial impact is approximately ₹2.06 crore. The company plans to file a legal appeal and does not expect any material adverse impact on its operations or financials beyond the stated amount.

Tax demand of ₹1,03,10,343 issued for disallowed CENVAT credit from 2005-2011.
Equal penalty of ₹1,03,10,343 imposed by the CGST and Central Excise authority.
Total financial demand excluding interest stands at approximately ₹2.06 crore.
Company intends to challenge the order through appropriate legal appeal channels.

💡 The tax demand is non-material relative to SRF's overall financial scale. No immediate action is required as this is a routine legal dispute.

SRF Q3 FY26 PAT Surges 60% YoY to ₹433 Cr; Announces ₹5/Share Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 05:20 PM

SRF reported a strong Q3 FY26 performance with consolidated revenue growing 6% YoY to ₹3,713 crore and PAT jumping 60% to ₹433 crore. The Chemicals business led growth with a 22% revenue increase to ₹1,825 crore, driven by record performance in Fluorochemicals and firm global HFC prices. Despite pricing pressures from Chinese competitors in Specialty Chemicals and Technical Textiles, the company maintained market share and improved operational efficiencies. The board approved a second interim dividend of ₹5 per share and a new ₹180 crore investment for a pharma intermediate plant at Dahej.

Consolidated PAT expanded 60% YoY to ₹433 crore, while EBIT rose 23% to ₹653 crore with 18% margins.
Chemicals segment revenue grew 22% YoY to ₹1,825 crore, supported by record refrigerant gas volumes and firm HFC prices.
Approved a new ₹180 crore investment for a second pharma intermediate plant at Dahej, expected to be commissioned in 8 months.
Declared a second interim dividend of ₹5 per share, entailing a total cash outflow of ₹148.21 crore.
Recognized a ₹73 crore exceptional charge for labor code changes and a ₹99 crore tax credit from a favorable ITAT order.

💡 Investors should find the strong recovery in the Chemicals segment and the strategic expansion into pharma intermediates encouraging. The stock remains a solid play on fluorochemicals and specialty chemicals, though monitoring Chinese pricing competition is essential.

SRF Limited Faces Rs 38.49 Crore Customs Duty and Penalty Demand

🔴 NEGATIVE ⭐ 6/10

LEGAL 📅 22 Jan 2026, 05:49 PM

SRF Limited has received an order from the Commissioner of Customs, Chennai-II, imposing a demand of approximately Rs. 38.49 Crores including penalties and interest. The order cites alleged wrong HSN classification for imported raw materials and process chemicals, which led to the denial of Free Trade Agreement (FTA) benefits and exemption notifications. The department also alleged wrongful availing of export incentives by the company. SRF management intends to contest the demand in legal forums, asserting that the claim is not legally tenable.

Total demand of Rs. 38.49 Crores including customs duty, penalty, and applicable interest.
Allegations involve incorrect HSN classification for raw materials and process chemicals.
Department claims denial of FTA benefits and wrongful availing of export incentives.
Management plans to contest the order before appropriate legal forums based on legal advice.

💡 Investors should monitor the legal proceedings as the outcome will determine the final financial liability. While the amount is significant, it is unlikely to impact the company's long-term fundamentals unless similar issues arise across other business units.

SRF Limited Issues TDS Guidelines for Second Interim Dividend; Deadline Jan 29, 2026

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 21 Jan 2026, 03:02 PM

SRF Limited has issued a procedural update following its dividend declaration on January 20, 2026. The company is providing a facility for shareholders to submit necessary documents to apply for a lower or nil rate of Tax Deducted at Source (TDS). Shareholders must submit these details by the deadline of January 29, 2026, to ensure correct tax withholding. This update is essential for investors seeking to optimize their post-tax dividend income.

Follow-up to the dividend declaration announced on January 20, 2026
Deadline for submission of tax-related documents is January 29, 2026
Facility provided for lower or nil TDS rate applications via the company website
Applies to the second interim dividend for the financial year 2025-26

💡 Shareholders eligible for tax exemptions or lower rates should submit Form 15G/15H or other relevant documents by January 29. No action is required for investors who are comfortable with the standard TDS deduction.

SRF Limited Shares Audio Recording of Q3 & 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 20 Jan 2026, 06:10 PM

SRF Limited has released the audio recording of its earnings conference call held on January 20, 2026. The call discussed the company's un-audited financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure allows investors to access management's commentary on business operations and future outlook. The filing is a routine regulatory requirement under SEBI Listing Obligations and Disclosure Requirements.

Earnings call conducted on January 20, 2026, following Q3 FY26 results
Covers financial performance for the quarter and nine months ended December 31, 2025
Audio recording link made available on the company's official website for public access
Compliance filing submitted under SEBI (LODR) Regulations, 2015

💡 Investors should listen to the recording to gain insights into management's perspective on segment-wise growth and margin trends. Particular attention should be paid to updates on the specialty chemicals and packaging film businesses.

SRF Limited Declares 2nd Interim Dividend of Rs 5.00 Per Share

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 20 Jan 2026, 03:45 PM

SRF Limited's Board of Directors has declared a second interim dividend of Rs 5.00 per equity share for the financial year 2025-26, representing a 50% payout on the paid-up capital. The company has fixed January 27, 2026, as the record date to identify eligible shareholders. The dividend distribution is scheduled to be completed on or before February 17, 2026. This announcement reflects the company's commitment to returning value to its shareholders through consistent payouts.

Second interim dividend declared at Rs 5.00 per equity share (50% payout)
Record date for dividend eligibility is set for January 27, 2026
Dividend payment to be completed on or before February 17, 2026
Decision finalized during the Board of Directors meeting held on January 20, 2026

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date, which is typically one working day prior to the record date. Long-term investors should view this as a positive sign of cash flow health.

SRF to Invest Rs 180 Crore for New Pharma Intermediate Plant at Dahej

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Jan 2026, 03:36 PM

SRF Limited has announced a capital expenditure of Rs 180 crore for setting up a new Pharma Intermediate Plant (PIP-2) at its Dahej site in Gujarat. The facility will focus on precursor processes for pharmaceutical products to capture emerging business opportunities in the pharma sector. The project is expected to be completed by September 30, 2026. The investment will be funded through a mix of debt and internal accruals, reflecting the company's focus on high-growth specialty segments.

Board approved Rs 180 crore investment for a new Pharma Intermediate Plant (PIP-2)
The plant will be located at Dahej, Gujarat, focusing on pharma precursor processes
Projected completion date for the new facility is September 30, 2026
Funding will be managed through a combination of debt and internal accruals

💡 Investors should view this as a positive step towards diversifying and strengthening SRF's specialty chemicals and pharma portfolio. Monitor the project's progress toward the 2026 deadline as it represents a key driver for long-term margin expansion.

SRF Limited Appoints Samir Kashyap as President & CFO Effective January 27, 2026

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 20 Jan 2026, 03:35 PM

SRF Limited has announced the appointment of Mr. Samir Kashyap as its President and Chief Financial Officer (CFO), effective January 27, 2026. Mr. Kashyap is a seasoned professional with over 30 years of experience, including 20 years as a CFO at major global firms such as Meta, SAP, and Genpact. His background includes expertise in financial planning, M&A integration, and digital transformation across emerging and developed markets. This strategic appointment aims to bolster SRF's financial leadership and corporate governance.

Samir Kashyap appointed as President & CFO starting January 27, 2026
Brings over 30 years of total experience, with 20 years in CFO roles at Meta, SAP, and Genpact
Expertise spans financial planning, M&A integration, digital transformation, and corporate governance
Educational background includes a B.Com (H) from SRCC and a Chartered Accountancy (CA) degree

💡 Investors should view this high-profile appointment positively as it brings global financial expertise to the company. Monitor for any strategic shifts in capital allocation or financial reporting under the new leadership.

SRF Limited Appoints Samir Kashyap as President & CFO Effective January 27, 2026

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 20 Jan 2026, 03:29 PM

SRF Limited has appointed Mr. Samir Kashyap as President and Chief Financial Officer (CFO), effective January 27, 2026. Mr. Kashyap brings over 30 years of experience, including 20 years in CFO roles at global organizations such as Meta, SAP, and Genpact. His expertise includes digital transformation, M&A integration, and managing profitability across diverse markets. This high-profile appointment is expected to bolster the company's financial leadership and strategic execution.

Appointment of Mr. Samir Kashyap as President & CFO effective January 27, 2026
Over 30 years of total experience with 20 years in CFO-level capacities
Previous leadership experience at global firms including Meta, SAP, and Genpact LLC
Educational background includes B.Com (H) from SRCC and a Chartered Accountancy (CA) degree
Expertise spans financial planning, digital transformation, and post-M&A integration

💡 Investors should view the addition of a CFO with significant global tech and finance experience as a positive for corporate governance and strategic scaling. Monitor for any changes in financial reporting or capital allocation strategies following his induction.

SRF Q3 FY26 Results: PAT Surges 60% YoY to ₹433 Cr Driven by Chemicals Segment

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 03:26 PM

SRF Limited reported a strong performance for Q3 FY26, with consolidated revenue growing 6.3% YoY to ₹3,712.5 crore and Profit After Tax (PAT) jumping 59.6% to ₹432.7 crore. The Chemicals business was the primary driver, with segment revenue increasing 22% and EBIT rising 36.4% due to higher volumes in Fluorochemicals. However, the Packaging Films and Technical Textiles segments faced headwinds, with revenues declining 3.1% and 11% respectively due to pricing pressure and Chinese competition. The company also announced a new ₹180 crore capex for a Pharma Intermediates plant at Dahej to bolster its specialty chemicals portfolio.

Consolidated PAT increased by 59.6% YoY to ₹432.7 crore, while EBITDA margins expanded to 22.8% from 19.9%.
Chemicals segment revenue grew 22% YoY to ₹1,824.8 crore, contributing 76% of the total EBIT.
Board approved a ₹180 crore investment for a new Pharma Intermediates Plant at Dahej to drive future growth.
Performance Films & Foil segment EBIT grew 4.9% despite a 3.1% revenue dip, aided by strong performance in South Africa.
Technical Textiles revenue fell 11% YoY to ₹453.6 crore due to margin pressure from Chinese imports and US tariffs.

💡 Investors should focus on the strong recovery in the Chemicals segment and the company's strategic shift toward high-value pharma intermediates. While packaging films face global competition, the overall margin expansion and robust capex pipeline support a positive long-term outlook.

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.