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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,615 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
₹3,800 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SRF delivered a strong FY26 with revenue of ₹15,787 crore (+7% YoY), EBITDA of ₹3,800 crore (+29% YoY), and PAT of ₹1,835 crore (+47% YoY), driven by record fluoro-chemicals performance and margin expansion. The chemicals business grew 16% to ₹7,779 crore, while performance films and technical textiles showed recovery. Management guided for 15-20% growth in chemicals in FY27, supported by HFC debottlenecking, specialty chemicals recovery, and new capacities (HFO, fluoropolymers, BOPP). Key risks include geopolitical disruptions in the Middle East, forex mark-to-market losses, and pricing pressure in specialty chemicals from Chinese competition.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the chemicals segment to grow 15-20% in FY27, driven by HFC volumes, specialty recovery, and new capacities.
- The new HFO plant in Odisha is expected to be commissioned by February 2028, with all three products coming up in parallel.
- The new BOPP line is on track to start production in July 2026, strengthening the packaging films portfolio.
- A state-of-the-art polyamide line, India's first based on simultaneous stretching, will be operational by September 2027 with an investment of ₹180 crore.
Risks flagged
- Sales into the Middle East were impacted in Q4 due to geopolitical tensions, though management rerouted shipments to other markets.
- Sharp rupee depreciation led to mark-to-market losses on forward hedges, impacting FY26 results and expected to persist near-term.
- Aggressive Chinese pricing has compressed margins in specialty chemicals; management expects normalization but timing uncertain.
- Government has not clarified whether HCFC production will be included in baseline quota calculations, creating regulatory risk for HFC capacity expansion.
Key quotes
- We believe that the company should be able to deliver growth in the region of 15 to 20% in the coming year.
- Our ability to reposition has ensured that we stayed strong in terms of the outcome for Q4.
- The pricing of a specialty product over time will always move to a more commoditized level.
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