SRF Limited Q4FY25 Result Analysis

SRF Limited, a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates, Engaged in the manufacturing of industrial and specialty intermediates. The company is  working across 13 manufacturing plants in India and one each in Thailand, South Africa and Hungary, the company exports to 100+ countries. Equipped with state-of-the-art R&D facilities, SRF has filed 481 patents for R&D and technology so far, of which 151 have been granted.

Result Analysis:   SRF Limited  (CMP: Rs. 2,935 )

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	50.26	50.30
FIIs	19.68	20.47
DIIs	18.43	15.98
Public & Other	11.59	13.24
Government	0.04	–

Management Commentary:

• The company’s core chemicals business saw “reasonable recovery” in the chemicals business during the March quarter and expects this recovery to pick-up pace during the second half of the current financial year.
• The company enters FY26 with positive momentum; however, management maintains a stance of cautious optimism as the technical textiles segment continues to face headwinds from low-cost imports.
• The demand for Polyester Tyre Cord Fabric and Polyester Industrial Yarn remained robust, while volumes of Nylon Tyre Cord Fabric were flat. The performance of Belting Fabrics was affected by the influx of low-cost imports from China, which had an impact on the overall performance of the Business.

Outlook:

SRF Limited enters FY26 with positive momentum, supported by a strong recovery in its core Chemicals and Fluorochemicals businesses. Management expects this recovery to accelerate in the second half of the year, driven by sustained demand in specialty chemicals and refrigerants. The Performance Films & Foils segment is likely to benefit from improved capacity utilization and a focus on value-added products. However, the company remains cautiously optimistic due to challenges in the Technical Textiles segment, where low-cost imports, particularly from China, continue to pressure margins. Despite this, SRF is well-positioned to leverage its R&D capabilities and global footprint for sustained growth .It has posted an EPS of Rs 42.20 in FY25. The stock currently trading at a P/E of 69.54x and P/B of 6.89x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Net Sales	4215.17	3505.92	3406.69	20.2	23.7	14358.15	12910.35	11.2
Other Operating Income	98.17	63.82	84.62	53.8	16.0	334.92	228.17	46.8
Other Income	34.49	23.39	39.64	47.5	-13.0	132.72	83.02	59.9
Total Income	4347.83	3593.13	3530.95	21	23.1	14825.79	13221.54	12.1
Total Expenditure	3355.93	2873.92	2871.74	16.8	16.9	11974.63	10554.41	13.5
EBIDT	991.9	719.21	659.21	37.9	50.5	2851.16	2667.13	6.9
Interest	89.39	90	96.25	-0.7	-7.1	375.96	302.29	24.4
EBDT	902.51	629.21	562.96	43.4	60.3	2475.2	2364.84	4.7
Depreciation	195.15	185.89	194.26	5	0.5	771.5	672.62	14.7
EBT	707.36	443.32	368.7	59.6	91.9	1703.7	1692.22	0.7
Tax	181.3	21.11	97.62	758.8	85.7	452.92	356.51	27
PAT	526.06	422.21	271.08	24.6	94.1	1250.78	1335.71	-6.4

Source: Company website, EWL Research

 

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