Geopolitical disruption in Middle East
Sales into the Middle East were impacted in Q4 due to geopolitical tensions, though management rerouted shipments to other markets.
SRF / bear-case history
Track the concerns that keep returning.
SRF · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Forex mark-to-market losses
Sharp rupee depreciation led to mark-to-market losses on forward hedges, impacting FY26 results and expected to persist near-term.
Pricing pressure from Chinese competition in specialty chemicals
Aggressive Chinese pricing has compressed margins in specialty chemicals; management expects normalization but timing uncertain.
HCFC quota uncertainty
Government has not clarified whether HCFC production will be included in baseline quota calculations, creating regulatory risk for HFC capacity expansion.