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SRF (SRF) investor relations material

SRF Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary20 Jan, 2026

Executive summary

  • Gross operating revenue for Q3 FY26 rose 6.3% year-over-year to ₹3,713 crores, with EBIT up 23% to ₹653 crores and net profit up 60% to ₹433 crores; margins at 18%.

  • Chemicals business revenue grew 22% year-over-year, driven by higher refrigerant volumes and operational efficiencies.

  • Performance Films & Foil revenue declined 3% year-over-year, but EBIT improved due to cost management and price recovery in BOPET.

  • Technical Textiles and Coated Fabrics faced margin pressure from Chinese imports and subdued domestic demand.

  • Board approved unaudited financial results and a second interim dividend of ₹5 per share, totaling ₹148.21 crores.

Financial highlights

  • EBITDA for Q3 FY26 increased 22.2% year-over-year to ₹847.5 crore; EBITDA margin improved to 22.8%.

  • EBIT margin expanded to 18%, with EBIT up from ₹529 crores to ₹653 crores year-over-year.

  • Net profit expanded by 60% year-over-year to ₹433 crores; PAT margin rose to 11.7%.

  • Basic and diluted EPS for Q3 FY26 at ₹14.60, up from ₹9.15 in Q3 FY25.

  • Recognized ₹73 crores as exceptional item due to new labor code wage definition; ₹99 crores recognized as tax credit following a favorable ITAT order.

Outlook and guidance

  • Strong pipeline in agrochemicals and pharma intermediates expected to drive growth in Q4 and beyond.

  • CapEx guidance for FY27 remains robust, with major investments in new-generation gas plants at Odisha site (₹1,500–2,000 crores) and a new pharma intermediate plant at Dahej.

  • Specialty chemicals expected to see a better Q4 due to pent-up orders, though Chinese pricing remains a challenge.

  • No plans to expand HFC capacity due to Kigali Amendment quota regime; focus is on maximizing current production.

  • Performance Films & Foil: US tariff uncertainty may impact supply chains; ramp-up of aluminium foil exports and new product launches expected.

Adjusted Q3 profit excluding one-time items
Chemicals Business segment performance drivers
CERS tax position outlook
Odisha CapEx: How to mitigate new gas demand risk?
Specialty Chem: Chinese pricing unsustainable when?
Pharma segment: Long-term vision beyond plant 2?
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Frequently asked questions

SRF Limited is a diversified Indian company primarily involved in the production of chemical-based industrial and specialty intermediates. The company operates through four main business segments: Technical Textiles Business, which includes products like nylon and polyester tire cord fabrics; Chemicals Business, focusing on refrigerant gases and specialty chemicals; Packaging Film Business, producing polyester and polypropylene films; and others, which cover coated and laminated fabrics and other ancillary activities. SRF has a significant manufacturing presence, with facilities in India, Thailand, South Africa, and Hungary, and it serves a variety of industries including automotive, pharmaceuticals, and manufacturing. The company is headquartered in Gurugram, Haryana, India, and its shares are listed on the National Stock Exchange of India.

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