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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.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.
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