SRF

SRF · NSE · Large Cap

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Specialty Chemicals·Listed·Directness 20/100

SRF

Specialty chemicals and films; secondary solar exposure via fluoropolymers and films.

Specialty ChemicalsEncapsulants & Backsheets
Hold
Last price
₹2800.00
52W: ₹2,314 – ₹3,325
-15.8% from 52W high
Mkt Cap
₹83.00K Cr
P/E
43.6x
EV/EBITDA
25.8x
ROCE
14.6%
ROE
14.3%
Book Value
₹474.0
Promoter
50.3%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B
Fundamental (30%)
51
Valuation (20%)
49
Technical (20%)
58
Solar exposure (10%)
20
Policy beneficiary (7.5%)
50
Project pipeline (5%)
55
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹2,314Current: ₹2,800₹3,325
P/E
43.6x
P/B
5.9x
Div Yield
0.32%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. SRF: ancillary solar input exposure via fluoropolymers / soda ash / silver pastes.

Bull case

Bull case for SRF: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for SRF: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentSpecialty Chemicals
Directness20/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)43.6x—
Forward P/E——
EV/EBITDA25.8x—
EV/Sales5.6x—
P/B5.9x—
FCF Yield1.2%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker SRF · last updated 2026-05-11

Open on Screener.in
Market Cap
₹83.00K Cr
Price
₹2,800.00
Stock P/E
43.6x
Book Value
₹474.0
ROCE
14.6%
ROE
14.3%
Div Yield
0.32%
52W Range
₹2,314 – ₹3,325

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y7.4%
Sales 3Y CAGR2.0%
Sales 5Y CAGR6.2%
PAT 1Y46.7%
PAT 3Y CAGR-5.3%
PAT 5Y CAGR-0.7%
Profitability
OPM latest22.0%
PAT margin latest11.6%
PAT margin 3Y avg10.1%
ROE14.3%
ROCE14.6%
Asset turnover0.65x
Leverage & cash
D / E0.36x
Net Debt / EBITDA1.49x
Borrowings / Assets21.1%
CFO / EBITDA0.75x
CFO / PAT1.39x
FCF (TTM proxy)₹956 Cr
Valuation
P/E43.6x
EV/EBITDA25.8x
EV/Sales5.58x
P/B5.91x
FCF Yield1.15%
Div Yield0.32%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales12,43414,87013,13914,69315,787
Operating Profit3,1033,5292,5842,7183,410
OPM %25%24%20%18%22%
Net Profit1,8892,1621,3361,2511,835
EPS (₹)63.7272.9545.0642.2061.91

Quarterly results · last 4 quarters

₹ Crore.

MetricDec 2024Mar 2025Jun 2025Sep 2025
Sales3,4914,3133,8193,640
OPM %18%22%22%21%
Net Profit271526432388

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital297297297297297
Reserves8,26810,03011,18212,32913,745
Borrowings3,6554,4785,0314,7265,083
Fixed Assets—————
Total Assets15,76518,73620,45421,52124,147

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating2,1062,9022,0942,4872,554
Investing-1,586-2,964-2,231-1,482-1,598
Financing-207220-72-1,071-708
Net Cash Flow313158-209-66248

Shareholding pattern

Latest disclosed

Promoters
50.26%
FII
16.67%
DII
21.17%
Public
11.87%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.