SRF Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹3,640 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹650 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
SRF delivered a strong Q2 FY26 with 6% revenue growth to Rs 3,640 crore and 56% EBITDA expansion to Rs 650 crore, translating to an 18% margin. PAT surged 93% YoY to Rs 388 crore, driven by robust chemicals segment performance where specialty chemicals grew 23% and fluochemicals achieved record refrigerant volumes. The Chemos collaboration for fluoropolymers/elastomers expanded capex from Rs 595 crore to Rs 745 crore, with Rs 450 crore dedicated to Chemos-specific products targeting December 2026 completion. Management targets 20%+ chemicals growth for FY26, expects H2 specialty chemicals strength, and guides FY26 capex of Rs 2,300 crore (including Rs 282 crore Odisha land). Key risks include global agrochemical demand deferment, technical textiles margin pressure from Chinese imports, near-full HFC capacity utilization limiting FY27 volume growth, and the CFO's December 12, 2025 departure creating leadership transition risk.
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Guidance to track
- Management maintained confidence in surpassing the 20% chemicals growth target given H1 performance of 23%+ and expects H2 specialty chemicals to benefit from seasonality and new product traction.
- FY26 capital expenditure expected in range of Rs 2,300 crore including Odisha land purchase of approximately Rs 282 crore. Lower than initially expected Rs 2,400-2,500 crore due to project timing adjustments.
- Fourth generation refrigerants (HFO) project scheduled for commissioning in FY2027 with first revenue expected in FY28. Full revenue potential on 10,000 ton basis.
- Board approved increase from Rs 595 crore to Rs 745 crore to accommodate expanded project scope including new grades and phases. Chemos-specific products constitute approximately Rs 295 crore of capex. Project targeting completion by December 2026.
Risks flagged
- Some demand deferment observed in agrochemical spectrum space with new product traction partially offsetting. Management does not believe demand is lost but delayed. Specialty chemicals H2 strength is expected but global headwinds persist.
- Aggressive import pricing of NTCF and belting fabrics from China creating margin headwinds. Belting fabric and NTC volumes grew YoY but realizations remain under pressure. Monsoon impacted domestic demand for certain products.
- Packaging film exports to US impacted by tariffs; mitigation underway by routing through Thailand facility. HFC pricing also faces some impact from tariffs while still remaining solid. Specialty chemicals US exports ~Rs 300 crore (not material at overall level).
- Rahul Jain (President and CFO) announced at Q2 FY26 earnings call that he will step down on December 12, 2025 to pursue other opportunities. Company in process of identifying successor. No succession timeline or interim arrangements disclosed.
Key quotes
- I think it will take more time to ramp it up. It is not that it is already done. It is a time-consuming process. We are doing a good job in terms of ramping it up. There will be some more time when you see larger commercial sales of these coming through.
- Of the total capex of 745 crores, I would say roughly 450 crores is for one of the products which is non-Chemos and the balance is largely the true product for Chemos.
- The capacities if we are able to exit fully will remain from an HFC perspective pretty much full. To a certain extent that is correct, the volumes in FY27 for HFC will be limited given the capacities.
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