SRF’s moat lies in its technological innovation and advancement to meet evolving customer needs and maintain a leadership position. Its R&D spending has increased at ~11% CAGR over the last decade, with Rs 1.5 billion spent in FY25 — around 5.4% of Ebitda.

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

Considering a healthy recovery in FY25, SRF Ltd. aims to maintain the growth trajectory in FY26, driven by strategic investments and capacity expansions. The company targets to improve the performance of all segments, focusing on market recovery, innovation, and operational efficiencies to sustain profitability.

Chemicals business (fluorochemicals and specialty chemicals) is expected to grow 20% YoY in FY26E, led by the ramp-up of commissioned facilities. Its packaging business is likely to continue its growth trajectory, led by the ramp-up in sales of high-impact VAPs and aluminum foils. TTB is expected to witness flat growth in FY26E.

We expect SRF to clock a CAGR of 12%/15%/16% in revenue /Ebitda /adjusted PAT over FY25-27.

We reiterate our Buy rating on the stock with our SoTP-based target price of Rs 3,700, owing to its rich valuations.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

. Read more on Research Reports by NDTV Profit.Motilal Oswal reiterates Buy rating on the stock with our SoTP-based target price of Rs 3,700, owing to its rich valuations.  Read MoreResearch Reports 

​NDTV Profit