StrengthTalking point
Profit outpacing revenue
Profit grew 46.7% while revenue grew 7.4%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
SRF · Research view
SRF Ltd.
NSE: SRFBSE: 503806ISIN INE647A01010Face value ₹10standalone
₹2,490
+0.65% · 2026-10-01 · 52-wk ₹2,392–₹3,190
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Cheaper than peers — but earns less
P/E of 34.14× is below the chemicals and petrochemicals median (55.91×) — but ROE of 13.8% is also below that peer set (23.5%), so the lower multiple tracks the lower profitability.
Importance 58 / 95 · valuation
WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹642 to ₹2,162) — one year is a weak guide to the earnings power.
Importance 57 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 19.1% a year over 7 years (₹4,129 → ₹14,043).
Importance 57 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Chemicals › Chemicals & Petrochemicals › Commodity Chemicals.
- Market cap
- ₹73,809 cr
- FY2026 revenue
- ₹12,421 cr
- FY2026 net profit
- ₹1,725 cr
- Net worth
- ₹12,681 cr
- Total debt
- ₹3,313 cr
- EPS (basic)
- ₹58.18
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 chemicals & petrochemicals.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 46.7% while revenue grew 7.4%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +9.8%over 7 years
- Revenue growth
- +6.2%vs last year
- Net profit growth
- +36.0%vs last year
- Change in net profit since FY19
- +233%
Profit has swung sharply over 7 years (from ₹642 to ₹2,162) — one year is a weak guide to the earnings power.
Over 7 years profit compounded at 16.2% a year while revenue compounded at 10.8% a year — though FY2020 saw a one-off step-change of 59% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 46.7% year on year (FY2025 → FY2026).
Revenue has compounded at 10.8% a year over 7 years (₹7,693 → ₹15,787) — though FY2022 saw a one-off step-change of 48% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹759 cr, up 75.5% from ₹432 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹5,033 cr, up 31.8% from ₹3,819 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit grew 75.5% while revenue grew 31.8% vs the same quarter last year — a gap of 43.7 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 3,424 | — | 201 | — | 5.9% |
| Q3 FY25 | 3,491 | +14.4% | 271 | +7.0% | 7.8% |
| Q4 FY25 | 4,313 | +20.8% | 526 | +24.6% | 12.2% |
| Q1 FY26 | 3,819 | +10.2% | 432 | +71.4% | 11.3% |
| Q2 FY26 | 3,640 | +6.3% | 388 | +92.7% | 10.7% |
| Q3 FY26 | 3,713 | +6.3% | 433 | +59.6% | 11.7% |
| Q4 FY26 | 4,615 | +7.0% | 582 | +10.6% | 12.6% |
| Q1 FY27 | 5,033 | +31.8% | 759 | +75.5% | 15.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹17,001 crTTM
- EBITDA
- ₹3,928 crTTM
- EBIT
- ₹3,057 crTTM
- PBT
- ₹2,705 crTTM
- Net profit
- ₹2,162 crTTM
C. Corporate actions
28 Jul 2026DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
27 Jan 2026DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
29 Jul 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
4 Feb 2025DividendInterim Dividend - Rs. - 3.6000 — ₹3.60/share
31 Jul 2024DividendInterim Dividend - Rs. - 3.6000 — ₹3.60/share
7 Feb 2024DividendInterim Dividend - Rs. - 3.6000 — ₹3.60/share
1 Aug 2023DividendInterim Dividend - Rs. - 3.6000 — ₹3.60/share
7 Feb 2023DividendInterim Dividend - Rs. - 3.6000 — ₹3.60/share
28 Jul 2022DividendInterim Dividend - Rs. - 3.6000 — ₹3.60/share
3 Feb 2022DividendInterim Dividend - Rs. - 4.7500 — ₹4.75/share
13 Oct 2021Bonus issueBonus issue 4:1 — 1:5
5 Aug 2021DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
29 Jan 2021DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
6 Aug 2020DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
10 Feb 2020DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
13 Aug 2019DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
11 Feb 2019DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
14 Aug 2018DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
15 Feb 2018DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
16 Aug 2017DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
17 Feb 2017DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
16 Aug 2016DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
15 Feb 2016DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
28 Aug 2015DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
13 Feb 2015DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 13.8% is below the chemicals and petrochemicals median of 23.5%.
Rule ROE_BELOW_PEER_MEDIAN
- EBITDA margin now
- 25.4%
- 8-year range
- 18.5–27.3%
- ROE FY2026
- 14.2%
- ROCE FY2026
- 16.0%
ROE improved from 10.4% to 13.8% year on year.
EBITDA margin improved from 19.4% to 22.3% of revenue.
EBITDA margin has ranged from 18.1% to 26.2% over 7 years and sits at 22.3% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 19.1% a year over 7 years (₹4,129 → ₹14,043).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹3,313 cr
- Operating cash flow ÷ net profit
- 1.36×FY2026
- Free cash flow
- ₹674 cr
- Current ratio
- 1.31×
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.39×).
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 chemicals & petrochemicals (FY2026, consolidated).
Revenue growth
SRF · 3rd of 3 · set median 11.1%
EBITDA margin
SRF · 3rd of 3 · set median 25.9%
Return on equity
SRF · 3rd of 3 · set median 23.5%
P/E ratio
SRF · 1st of 3 · set median 55.9×
Context
P/E of 34.14× is below the chemicals and petrochemicals median (55.91×) — but ROE of 13.8% is also below that peer set (23.5%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 34.1×TTM to Jun 26
- P / B
- 5.3×latest book
- P / S
- 4.3×TTM sales
- Earnings yield
- 2.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 40.2× · P/S 4.6× · ROE 13.8%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −14.3%
- 3-year return
- +10.7%
- 5-year return
- +12.3%
- From 52-wk high
- −21.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,572
- vs 200-day avg
- Below₹2,696
- RSI (14)
- 43.0neutral
- MACD histogram
- -1.3
- From 52-wk high
- −21.9%
- From 52-wk low
- +4.1%
- 30-day volatility
- 17.0%ann.
- 6-month return
- +2.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹642 to ₹2,162) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 57
- ConcernLess profitable than peersROE of 13.8% is below the chemicals and petrochemicals median of 23.5%.ROE_BELOW_PEER_MEDIAN · conviction 51
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,459 | 6,331 | 6,988 | 9,953 | 12,074 | 10,787 | 11,698 | 12,421 |
| Total income | 6,502 | 6,382 | 7,052 | 10,017 | 12,180 | 10,906 | 11,873 | 12,549 |
| EBITDA | 1,196 | 1,316 | 1,805 | 2,669 | 3,300 | 2,509 | 2,631 | 3,152 |
| Profit before tax | 693 | 780 | 1,310 | 2,155 | 2,656 | 1,718 | 1,704 | 2,173 |
| Net profit | 517 | 974 | 925 | 1,507 | 2,023 | 1,374 | 1,268 | 1,725 |
| EPS (₹) | 90.0 | 169.5 | 158.7 | 50.9 | 68.3 | 46.4 | 42.8 | 58.2 |
| Net worth | 3,919 | 4,684 | 6,295 | 7,625 | 9,254 | 10,514 | 11,569 | 12,681 |
| Total debt | 2,738 | 1,922 | 2,185 | 2,775 | 3,039 | 3,612 | 3,253 | 3,313 |
| Operating cash flow | — | — | 1,422 | 1,638 | 2,788 | 1,903 | 2,264 | 2,346 |
| Free cash flow | — | — | 569 | 77 | 430 | 52 | 1,145 | 674 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -2.0 | 10.4 | 42.4 | 21.3 | -10.7 | 8.4 | 6.2 |
| Profit growth YoY | — | 88.4 | -5.0 | 62.9 | 34.3 | -32.1 | -7.7 | 36.0 |
| Profitability | ||||||||
| EBITDA margin % | 18.5 | 20.8 | 25.8 | 26.8 | 27.3 | 23.3 | 22.5 | 25.4 |
| Net margin % | 8.0 | 15.3 | 13.1 | 15.0 | 16.6 | 12.6 | 10.7 | 13.7 |
| Return on equity % | 13.2 | 22.6 | 16.9 | 21.7 | 24.0 | 13.9 | 11.5 | 14.2 |
| Return on capital % | 13.0 | 14.5 | 18.8 | 23.8 | 25.0 | 14.8 | 13.8 | 16.0 |
| Leverage & cash | ||||||||
| Debt to equity | 0.70 | 0.41 | 0.35 | 0.36 | 0.33 | 0.34 | 0.28 | 0.26 |
| Cash flow ÷ profit | — | — | 1.54 | 1.09 | 1.38 | 1.38 | 1.79 | 1.36 |
| Current ratio | 1.03 | 0.95 | 1.43 | 1.35 | 1.44 | 1.23 | 1.42 | 1.31 |