HFC capacity post-debottlenecking
>65,000 MTPA
+18% vs current
Debottlenecking investment of ₹88 crore to increase HFC capacity beyond 65,000 metric tons per annum.
SRF
Other
07 May 2026
SRF LTD — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
HFO capacity investment
₹2,300 crore
New investment
New site in Odisha for 20,000 MTPA HFO capacity, backward integration, and electronic grade HF.
R&D expenditure
₹160 crore
Ongoing
Capital and revenue R&D spend in FY26; 40 patents filed, cumulative 521 filed.
Plan capex FY27
₹2,500 crore
Consistent with growth plans
Aligned with long-term growth priorities including HFO, fluoropolymers, and pharma intermediates.
Management Guidance
Chemicals business growth 15-20% in FY27
Management expects the chemicals segment to grow 15-20% in FY27, driven by HFC volumes, specialty recovery, and new capacities.
Management guidance revenueHFO plant commissioning by Feb 2028
The new HFO plant in Odisha is expected to be commissioned by February 2028, with all three products coming up in parallel.
Management guidance expansionBOPP line to commence production in July 2026
The new BOPP line is on track to start production in July 2026, strengthening the packaging films portfolio.
Management guidance expansionPA line (BOPA) operational by September 2027
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.
Management guidance expansionKey Risks
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.
medium · management_commentaryForex 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.
medium · management_commentaryPricing pressure from Chinese competition in specialty chemicals
Aggressive Chinese pricing has compressed margins in specialty chemicals; management expects normalization but timing uncertain.
high · analyst_questionHCFC quota uncertainty
Government has not clarified whether HCFC production will be included in baseline quota calculations, creating regulatory risk for HFC capacity expansion.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was SRF's revenue in Q4 FY26?
SRF reported revenue of ₹4,615 Cr in Q4 FY26, representing a +7% change compared to the same quarter last year.
What guidance did SRF management give for FY27?
Chemicals business growth 15-20% in FY27: Management expects the chemicals segment to grow 15-20% in FY27, driven by HFC volumes, specialty recovery, and new capacities. HFO plant commissioning by Feb 2028: The new HFO plant in Odisha is expected to be commissioned by February 2028, with all three products coming up in parallel. BOPP line to commence production in July 2026: The new BOPP line is on track to start production in July 2026, strengthening the packaging films portfolio. PA line (BOPA) operational by September 2027: 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.
What are the key risks for SRF in FY27?
Key risks include 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.; 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..
Did SRF meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full SRF Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.