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SRF (SRF) investor relations material
SRF Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 gross operating revenue grew 6.3% year-over-year to ₹3,640.2 crore, with EBIT up 56% to ₹650 crore and margins at 18%; H1 FY26 revenue at ₹7,458.8 crore, up 8.3% year-over-year.
Profit after tax surged 92.7% year-over-year in Q2 FY26 to ₹388.2 crore; H1 FY26 PAT up 80.9% to ₹820.5 crore.
Chemicals business revenue rose 23% year-over-year, driven by higher refrigerant volumes and improved realizations.
Performance films and foils revenue remained flat year-over-year, but EBIT increased due to better product mix and cost optimization.
Technical textiles faced margin pressure from aggressive imports and weak demand, with revenue down 11.4% year-over-year but some product volumes grew.
Financial highlights
EBITDA for Q2 FY26 at ₹830.5 crore, up 39.8% year-over-year; EBITDA margin improved to 22.8% from 17.3% in Q2 FY25.
Net profit expanded 93% year-over-year to ₹388 crore; PAT margin rose to 10.7% in Q2 FY26 from 5.9% in Q2 FY25.
Finance costs declined year-over-year, reducing P&L expenses.
Forex losses of ₹30 crore contributed to higher unallocable expenses quarter-on-quarter.
Basic and diluted EPS for Q2 FY26 at ₹13.10, nearly double from Q2 FY25.
Outlook and guidance
Confident of surpassing 20% full-year growth in the chemicals business, despite some demand deferment in specialty chemicals.
H2 expected to be stronger for specialty chemicals and refrigerant gases due to seasonality and new product traction.
Capacity utilization for HFCs expected to remain high, with limited scope for further volume growth in FY27.
Specialty Chemicals expected to see gradual pickup in agrochemicals; new pharma intermediates and capacity ramp-up to drive growth.
Performance Films & Foil to benefit from new product commercialization and stable overseas operations.
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