Chemicals · NSE: SRF
SRF
Q2 FY27 · From the investor presentation
- M.Cap
- ₹73,421Cr
- P/E
- 32.2×
- 1Y return
- −15.79%
- From 52W high
- −21.2%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 4,904 | 3,640 | +34.7% | 5,033 | -2.6% |
| EBITDA | 946 | 774 | +22.2% | 1,237 | -23.5% |
| EBITDA margin | 19.3% | 21.3% | -198 bps | 24.6% | -528 bps |
| PBTProfit before tax | 671 | 517 | +29.8% | 979 | -31.5% |
| Net profit | 509 | 388 | +31.2% | 759 | -32.9% |
| EPS (₹) | 17.18 | 13.10 | +31.1% | 25.60 | -32.9% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures. In Q1 FY27 the filing tags the owners' profit as ₹0 Cr against its own period profit; the period profit less minority interest is shown.
Guidance
In short
- 01Consolidated revenue was Rs 4,904.2 crore in Q2 FY27 against Rs 3,640.2 crore a year earlier.
- 02Operational EBIT was Rs 816.0 crore against Rs 650.1 crore a year earlier.
- 03Fluorochemicals revenue rose on higher HFC volumes; new markets offset softer US demand.
- 04PVDF is on track for Q3 FY27 capitalization; next-gen HFO capex has key approvals.
- 05HFO 4th generation refrigerant project is on track for capitalization in Q4 FY'28.
- 06Board approved a battery aluminium foil project in Oct 26 with a 23-month timeline.
- 07Films operating environment is expected to stay volatile.
Capex
Fluorochemicals: PVDF commissioning on track for Q3 FY27 capitalization
Slides · p. 9
Fluorochemicals: PVDF commissioning on track for Q3 FY27 capitalization
“PVDF commissioning is on track for Q3 FY27 capitalization”
Fluorochemicals: Next-gen HFO capex progressing as planned; key regulatory approvals secured
Slides · p. 9
Fluorochemicals: Next-gen HFO capex progressing as planned; key regulatory approvals secured
“Next-gen HFO capex is progressing as planned; key regulatory approvals secured.”
Energy Storage: PVDF for battery binders: final commissioning underway, on track
Slides · p. 17
Energy Storage: PVDF for battery binders: final commissioning underway, on track
“For battery cathode binders and separator coatings. Final commissioning underway & project is on track.”
Electricals & Electronics: Capacitor grade film commissioned in Q1 FY'27; commercial sales commenced
Slides · p. 17
Electricals & Electronics: Capacitor grade film commissioned in Q1 FY'27; commercial sales commenced
“Commissioned in Q1 FY’27. Approvals secured from many key customers and progressing well with others. Commercial sales have commenced.”
Electricals & Electronics: Polyester thick film project under implementation after Board approval in Jul 26
Slides · p. 17
Electricals & Electronics: Polyester thick film project under implementation after Board approval in Jul 26
“For cable and motor insulation. Project under implementation post Board approval in Jul 26.”
Capacity
Fluorochemicals: Focus on full use of HFC capacities during the baseline period
Slides · p. 9
Fluorochemicals: Focus on full use of HFC capacities during the baseline period
“Focus remains on full utilization of HFC capacities during the baseline period.”
Technical Textiles: New dipping capacity expected to support higher throughput
Slides · p. 12
Technical Textiles: New dipping capacity expected to support higher throughput
“New dipping capacity is expected to support higher throughput and strengthen”
Segments
Fluorochemicals: Fluorochemicals Q2 revenue growth led by higher HFC volumes and better realization
Slides · p. 9
Fluorochemicals: Fluorochemicals Q2 revenue growth led by higher HFC volumes and better realization
“Strong Q2 revenue growth led by higher HFC volumes and improved realization.”
Fluorochemicals: PTFE ramp-up progressing, mix moving to value-added grades
Slides · p. 9
Fluorochemicals: PTFE ramp-up progressing, mix moving to value-added grades
“PTFE ramp-up is progressing strongly, with the product mix evolving favourably towards value-added grades such as fine-cut, Micropowder and pre-sintered.”
Fluorochemicals: Chemours projects remain on track
Slides · p. 9
Fluorochemicals: Chemours projects remain on track
“Chemours projects remains on track and is progressing well.”
Specialty Chemicals: Progress on customer registrations for select active ingredients
Slides · p. 10
Specialty Chemicals: Progress on customer registrations for select active ingredients
“Recent progress on customer registrations for select active ingredients, in key”
Specialty Chemicals: Pharma pipeline progressing, with traction in select molecules
Slides · p. 10
Specialty Chemicals: Pharma pipeline progressing, with traction in select molecules
“Pharma pipeline continues to progress well, with encouraging traction in select”
Demand
Fluorochemicals: Expansion in new markets helped offset softness in the US market
Slides · p. 9
Fluorochemicals: Expansion in new markets helped offset softness in the US market
“Aggressive expansion in new markets helped offset softness in the US market.”
Fluorochemicals: Domestic leadership sustained, supported by passenger vehicle demand
Slides · p. 9
Fluorochemicals: Domestic leadership sustained, supported by passenger vehicle demand
“Domestic leadership sustained, supported by robust passenger vehicle demand.”
Fluorochemicals: Refrigerant demand and pricing expected to stay stable despite seasonality
Slides · p. 9
Fluorochemicals: Refrigerant demand and pricing expected to stay stable despite seasonality
“Refrigerant demand and pricing is expected to remain stable despite usual seasonality,”
Specialty Chemicals: Agrochemical volume recovery visible in select pockets
Slides · p. 10
Specialty Chemicals: Agrochemical volume recovery visible in select pockets
“Recovery in agrochemical volumes is visible across select pockets, supported by strong customer relationships.”
Foil: Foil export traction gained strength, mainly in Europe
Slides · p. 11
Foil: Foil export traction gained strength, mainly in Europe
“Export traction has gained strength, particularly across European markets.”
Margins and costs
Fluorochemicals: Margins held despite higher raw-material, freight and fuel costs
Slides · p. 9
Fluorochemicals: Margins held despite higher raw-material, freight and fuel costs
“Margins remained healthy despite elevated raw-material, freight and fuel costs, supported”
Specialty Chemicals: Cost initiatives and efficiencies help offset higher input and fuel costs
Slides · p. 10
Specialty Chemicals: Cost initiatives and efficiencies help offset higher input and fuel costs
“Technology-led cost initiatives and operational efficiencies continue to help offset higher input and fuel costs.”
EBITDA margin series ends at 23.47%, up from 20.22%
Slides · p. 30
EBITDA margin series ends at 23.47%, up from 20.22%
“EBIDTA Margin 21.42% 17.69% 19.00% 20.90% 26.05% 25.30% 24.94% 20.88% 20.22% 23.47%”
Debt and working capital
Acquisitions and new business
Specialty Chemicals: Developing products for niche applications in emerging and sunrise sectors
Slides · p. 10
Specialty Chemicals: Developing products for niche applications in emerging and sunrise sectors
“Actively developing products to participate in niche applications targeted at emerging and sunrise sectors.”
Films: Capacitor-grade films scaling up; key customer approvals secured, sales progressing
Slides · p. 11
Films: Capacitor-grade films scaling up; key customer approvals secured, sales progressing
“Capacitor-grade films is scaling up well, with key customer approvals secured and commercial sales progressing.”
Foil: Foil qualified for aseptic packaging with global leaders like Tetra Pak
Slides · p. 11
Foil: Foil qualified for aseptic packaging with global leaders like Tetra Pak
“Aseptic packaging qualification with global leaders like Tetra Pak establishes revenue”
Foil: Foil expanding into higher-value uses like energy storage
Slides · p. 11
Foil: Foil expanding into higher-value uses like energy storage
“Expanding into higher-value applications like energy storage to create a new growth platform.”
Electricals & Electronics: Aluminium foil for capacitors: approvals secured from key customers
Slides · p. 17
Electricals & Electronics: Aluminium foil for capacitors: approvals secured from key customers
“2. Aluminium Foil 2. For capacitors. Approvals secured from key customers. Commercial sales”
Risks
Films: Films operating environment expected to remain volatile
Slides · p. 11
Films: Films operating environment expected to remain volatile
“The operating environment is expected to remain volatile; focus remains on increasing”
Other
Consolidated revenue Rs 4,904.2 crore in Q2 FY27 vs Rs 3,640.2 crore in Q2 FY26
Slides · p. 7
Consolidated revenue Rs 4,904.2 crore in Q2 FY27 vs Rs 3,640.2 crore in Q2 FY26
“Total – 3,640.2 Cr. Total – 4,904.2 Cr.”
Operational EBIT Rs 816.0 crore in Q2 FY27 vs Rs 650.1 crore in Q2 FY26
Slides · p. 8
Operational EBIT Rs 816.0 crore in Q2 FY27 vs Rs 650.1 crore in Q2 FY26
“Total – 650.1 Cr. Total – 816.0 Cr.”
Sunrise sectors described as a billion dollar plus revenue opportunity
1USD billion+Slides · p. 16
Sunrise sectors described as a billion dollar plus revenue opportunity
1USD billion+“A Billion $+ Revenue Opportunity Spanning”
FY26: exports 51% of revenue; chemicals 75% contribution
Slides · p. 29
FY26: exports 51% of revenue; chemicals 75% contribution
“51% Export revenue 75% Chemicals Contribution”
Consolidated PBT Rs 671.0 crore in Q2 FY27
Slides · p. 5
Consolidated PBT Rs 671.0 crore in Q2 FY27
“PBT & Margin PAT & Margin 671.0 509.1”
Sources
- Investor presentation, Q2 FY27 Filed 22 Oct 2026 · 39 pages
- Earnings call transcript, not read The filing is a cover letter; the transcript is on the company's website
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.