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 / Q4-FY26 / risks
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SRF · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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.