AI assistant
SRF Ltd. — Interim / Quarterly Report 2026
Oct 28, 2025
61903_rns_2025-10-28_3e0250c5-62b9-4bca-9edc-948199330e79.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
==> picture [98 x 49] intentionally omitted <==
The Corporate Relationship Department, BSE Limited Ist Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001 Scrip Code- 503806
National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex Bandra (E) Mumbai 400 051
Scrip Code-SRF
SRF/SEC/BSE/NSE
28.10.2025
Dear Sir,
Presentation- Earnings Call (Un-Audited Financial Results for the quarter and half year ended 30.09.2025)
In continuation of our letter dated 22[nd] October, 2025 informing about hosting of earning call to discuss UnAudited financial results for quarter and half year ended 30[th] September, 2025, please find enclosed Investors presentation, of the same for your reference and record.
The same is also available on the Company’s website i.e. www.srf.com
Thanking you,
Yours faithfully,
For SRF LIMITED
RAJAT Digitally signed by RAJAT LAKHANPAL LAKHANPAL Date: 2025.10.28 13:10:18 +05'30'
RAJAT LAKHANPAL Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY
Encl: As above
SRF LIMITED Block-C Sector 45 Gurugram 122 003 Haryana India Tel: +91-124—4354400 Fax: +91-124—4354500 E-mail: [email protected] Website: www.srf.com Regd. Office: Unit No. 236 & 237, 2nd Floor DLF Galleria, Mayur Place Noida Link Road Mayur Vihar Phase 1 Extension Delhi 110091
Corporate identity No. L181010L1970PLC005197
==> picture [193 x 185] intentionally omitted <==
==> picture [100 x 95] intentionally omitted <==
Q2 & H1 FY26 Results Presentation October 28, 2025
==> picture [343 x 83] intentionally omitted <==
Disclaimer
Some statements in this document may be forward-looking. Such statements are subject to certain risks and uncertainties like regulatory changes, local, political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint.
SRF Limited may, from time to time, make additional written and oral forward- looking statements, including communication to stakeholders. The company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forwardlooking statements to reflect subsequent events or circumstances.
==> picture [19 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [299 x 283] intentionally omitted <==
2
Table of Contents
01 02 03 Company Overview Q2 & H1 FY26 Q2 & H1 FY26 Results Overview Segmental Performance
==> picture [143 x 109] intentionally omitted <==
==> picture [140 x 109] intentionally omitted <==
==> picture [140 x 108] intentionally omitted <==
==> picture [19 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
04 Outlook
==> picture [141 x 108] intentionally omitted <==
3
==> picture [84 x 161] intentionally omitted <==
COMPANY OVERVIEW
==> picture [133 x 155] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
4 4
Snapshot
100+ 5 16 9,000+ ₹14,693 cr. Countries- Exports CountriesManufacturing Global Workforce Revenue Operations Facilities
38% 17% ₹ 2,970 cr. ₹ 1,251 cr. 45% Performance Technical Textiles & EBIDTA PAT Chemicals Films & Foil Others
On consolidated basis as on March 31, 2025
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
5
Overview - Business Profile
Chemicals Performance Films & Foil No of Plants - 2 No of Plants - 8 EBIT - ₹ 1,665 cr. EBIT - ₹ 365 cr. Revenue - ₹ 6,691 cr. Revenue - ₹ 5,554 cr.
-
Specialty Chemicals Films for Flexible Packaging • Intermediates for • Bi-axially Oriented AI/API/Specialized Applications Polyethylene Terephthalate
-
• Contract Development & (BOPET)
-
Contract Development & Manufacturing
-
Bi-axially Oriented Polypropylene (BOPP)
-
Aluminium Foil
Fluorochemicals
Technical Textiles No of Plants - 4 EBIT - ₹ 238 cr. Revenue - ₹ 2,029 cr.
-
Tyre Cord Fabrics (Nylon & Polyester)
-
Belting Fabrics
-
Polyester Industrial Yarn
Others No of Plants - 2 EBIT - ₹ 69 cr. Revenue - ₹ 428 cr.
-
Coated Fabrics
-
Laminated Fabrics
-
Refrigerants • Industrial
-
• Pharma Chemicals Propellants • Fluoropolymers
On consolidated basis as on March 31, 2025
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
6
Manufacturing Facilities
==> picture [478 x 270] intentionally omitted <==
----- Start of picture text -----
FLUOROCHEMICALS &SPECIALTY CHEMICALS
2 National Operations
1. Rajasthan, India - Bhiwadi
2. Gujarat, India – Dahej
11 1 International Operation
3. Dubai
1
1 TECHNICAL TEXTILES
2a
2 2b 2c 4 National Operations
2d
1. Madhya Pradesh, India - Malanpur, Bhind
2. Tamil Nadu, India -
a. Manali
b. Gummidipoondi
International Operations
c. Viralimalai
1
2b
2a 3a 3b 3c 3
2c LAMINATED FABRICS
South Africa Thailand Hungary Dubai 1 National Operation
1. Uttarakhand, India - Kashipur
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 12] intentionally omitted <==
-
PERFORMANCE FILMS & FOIL 5 National Operations
-
Uttarakhand, India - Kashipur 2. Madhya Pradesh, India -
-
a. Special Economic Zone (SEZ) b. Bagdoon, Pithampur
-
c. Industrial Growth Centre, Pithampur
-
d. Jetapur
-
3 International Operations
-
a. KwaZulu - Natal, South Africa
-
b. Rayong, Thailand
-
c. Jaszfenyszaru, Hungary
COATED FABRICS
1 National Operation
- Tamil Nadu, India - Gummidipoondi
7
Market Leadership Across Businesses
==> picture [54 x 129] intentionally omitted <==
==> picture [19 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
Specialty Chemicals
-
Established relationship with marquee customers
-
Strong tech capability – pilot to commercial; creating value through operational excellence
-
Driving customer engagement and satisfaction through world class R&D, EHSand quality management
-
Handling complex reactions -Halogenation, Ethylation, Hydrogenation, Nitration, Diazotization, Grignard, Cyanation, Isomerization, Amination, Organocatalysis and Decarboxylation
Fluorochemicals
-
Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals
-
Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations
-
One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers
-
Among the top five global manufacturers of key Fluorochemical productsi
Performance Films & Foil
-
Recognized for expertise in developing, manufacturing and marketing innovative, superior film products
-
Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness
-
Highly efficient asset base offering value added products near customer locations
Technical Textiles
-
Domestic market leader in Tyre Cord manufacturing and Belting Fabrics
-
Significant share in India’s Nylon Tyre Cord market. 5th largest player globally
-
2nd largest manufacturer of Conveyor Belting Fabrics in the world
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [5 x 260] intentionally omitted <==
8
Growth Levers
Build a Company known and respected for its R&D capabilities
Greater focus on ESG initiatives
-
Benefit the communities where we work
-
Embrace diversity, equity & inclusion
-
Enhance focus on the 3R’s- Recycle, Reuse & Reduce
Focus on building high-end value-added products
Continue to build new competencies in the Chemicals Technology space
- Increase consumption of green/renewable sources of energy
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
Nurture innovation through R&D
Reposition portfolio towards knowledge-based products
==> picture [11 x 13] intentionally omitted <==
Focus on building leadership businesses
Build and maintain market leadership in business segments
9
==> picture [84 x 161] intentionally omitted <==
Q2 & H1 FY26 RESULTS OVERVIEW
==> picture [133 x 159] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
10
Abridged Results Overview
Consolidated figures
| Particulars (Rs. Crore) | Q2 FY26 | Q2 FY25 | % Y-o-Y | H1 FY26 | H1 FY25 | % Y-o-Y |
|---|---|---|---|---|---|---|
| Gross Operating Revenue | 3,640.2 | 3,424.3 | 6.3% | 7,458.8 | 6,888.4 | 8.3% |
| EBIDTA | 830.5 | 594.0 | 39.8% | 1,680.8 | 1,239.9 | 35.6% |
| EBIDTA Margin (%) | 22.8% | 17.3% | 22.5% | 18.0% | ||
| Depreciation | 212.1 | 193.9 | 9.4% | 415.4 | 382.1 | 8.7% |
| Interest | 70.7 | 93.8 | -24.6% | 150.6 | 190.3 | -20.9% |
| ECF (Gain) / Loss | 30.6 | 22.6 | 21.9 | 39.8 | ||
| Profit Before Tax | 517.0 | 283.7 | 82.3% | 1,092.9 | 627.6 | 74.1% |
| Profit After Tax | 388.2 | 201.4 | 92.7% | 820.5 | 453.6 | 80.9% |
| Profit After Tax Margin (%) | 10.7% | 5.9% | 11.0% | 6.6% | ||
| Basic and Diluted EPS (Rs.) | 13.10 | 6.79 | 27.68 | 15.30 |
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
11 11
Results Overview - Financial Overview
Consolidated figures Key Financial Ratios
| Particulars | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBIDTAMargin | 22.13% | 21.42% | 17.69% | 19.00% | 20.90% | 26.05% | 25.30% | 24.94% | 20.88% | 20.22% |
| PAT Margin | 9.51% | 10.87% | 8.38% | 8.33% | 12.70% | 14.26% | 15.19% | 14.54% | 10.17% | 8.51% |
| Net Debt to Equity | 0.71 | 0.67 | 0.82 | 0.83 | 0.76 | 0.39 | 0.32 | 0.32 | 0.36 | 0.28 |
| Net Debt to EBIDTA | 1.97 | 2.11 | 3.01 | 2.42 | 2.48 | 1.24 | 0.87 | 0.88 | 1.49 | 1.19 |
| Asset Turnover | 0.70 | 0.68 | 0.66 | 0.72 | 0.66 | 0.65 | 0.79 | 0.79 | 0.64 | 0.68 |
| Debtors Turnover | 8.79 | 7.21 | 8.10 | 6.90 | 8.09 | 6.64 | 6.94 | 8.33 | 6.76 | 6.77 |
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
12 12
Results Overview - Revenue Share
==> picture [687 x 259] intentionally omitted <==
----- Start of picture text -----
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
Total – 3,426.7 Cr. Total – 3,640.2 Cr. Total – 6,896.5 Cr. Total – 7,458.8 Cr.
112.8 90.8 239.0 185.8
535.5 3.3% 1,357.8 474.3 2.5% 1,666.9 1,060.8 3.5% 2,839.8 940.9 2.5% 3,505.8
13.0% 12.6%
15.6% 15.4%
39.6%
45.8% 41.2% 47.0%
38.7% 37.9%
41.5% 40.0%
1,420.6 1,408.1 2,756.9 2,826.3
CB PFB TTB Others
----- End of picture text -----
CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
13
Results Overview - EBIT Share
==> picture [688 x 259] intentionally omitted <==
----- Start of picture text -----
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
Total – 417.5 Cr. Total – 650.1 Cr. Total – 901.9 Cr. Total – 1,344.3 Cr.
17.2 7.5 40.8
42.3 20.9
71.3 4.1% 246.1 6.5%1.2% 481.3 139.0 4.5% 552.6 79.9 1.6% 984.2
118.9 5.9%
17.1% 15.4%
18.3%
259.2 19.3%
59.0% 18.8%
19.8% 61.3%
74.0%
73.2%
82.8 169.6
CB PFB TTB Others
----- End of picture text -----
CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
14
==> picture [81 x 161] intentionally omitted <==
==> picture [131 x 134] intentionally omitted <==
Q2 & H1 FY26 – SEGMENTAL PERFORMANCE
Chemicals Technical Textiles
Performance Films & Others Foil
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 12] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 12] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
15
==> picture [720 x 295] intentionally omitted <==
----- Start of picture text -----
CHEMICALS BUSINESS
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
16
Chemicals Business - Results Update
==> picture [583 x 289] intentionally omitted <==
----- Start of picture text -----
Consolidated figures
PARTICULARS
Q2 FY26 Q2 FY25 % Y-o-Y H1 FY26 H1 FY25 % Y-o-Y
Segment Revenues 1,666.9 1,357.8 22.8% 3,505.8 2,839.8 23.5%
% Contribution
45.8% 39.6% 47.0% 41.2%
to Revenues
EBIT 481.3 246.1 95.5% 984.2 552.6 78.1%
% EBIT Margins 28.9% 18.1% 28.1% 19.5%
% Contribution to EBIT 74.0% 59.0% 73.2% 61.3%
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
17 17
Chemicals Business
Specialty Chemicals Business
==> picture [170 x 73] intentionally omitted <==
----- Start of picture text -----
Key Highlights
----- End of picture text -----
-
Specialty Chemicals Business performance improved over CPLY, driven by higher volumes and operational efficiencies through cost and process optimization
-
Recently launched products continued positive traction
==> picture [172 x 73] intentionally omitted <==
----- Start of picture text -----
Market Trends
----- End of picture text -----
- Agro majors deferring procurement to late H2 FY26 amid delayed demand from customers
- Market dynamics shaped by sustained Chinese competition and uncertainty surrounding US tariffs
-
Robust product pipeline to accelerate future growth momentum
-
Launched one new Active Ingredient (AI), three new Agro and one new Pharma product during H1; ramp up to bode well for future
-
Capacity enhancements undertaken across various products
-
Product funnel remains strong, with several new Pharma intermediates and Agro AI opportunities under development
-
Raw material prices appear to have bottomed out
-
Growing sustainability & environmental awareness resulting in enhanced focus on carbon footprint
-
New Odisha site to house future Chemical facilities, strengthening SRF’s manufacturing footprint and supporting long-term capacity expansion
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
18
Chemicals Business
Chemicals Technology Group
Chemicals Technology Group (CTG) is Equipped with state-of-the-art R&D actively engaged in the development facilities and an ingenious team of of new process technologies scientists and engineers 2 R&D centres in India – Bhiwadi, Key focus on high end molecules Rajasthan and Gurugram, Haryana Strong internal competencies and 2 new process patents granted capabilities in H1 FY26
==> picture [50 x 50] intentionally omitted <==
==> picture [50 x 50] intentionally omitted <==
153 Patents granted
501 Patents applied
==> picture [19 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [289 x 268] intentionally omitted <==
19
Chemicals Business
Fluorochemicals Business
Key Highlights
-
Fluorochemicals business delivered strong YoY performance driven by:
-
Higher volumes and realizations of HFCs across domestic and export markets
-
Higher volumes and margins from Fluoropolymers
-
Industrial Chemicals delivered stable results
-
Continued market-development in Middle East for R467A – India’s first ASHRAE-certified low-GWP refrigerant, developed in-house by SRF
Market Trends
-
Global HFC prices remain firm, driven by China’s quota-led supply restrictions and steady international demand
-
Domestic ref gas demand to recover in H2 after a weak H1 due to prolonged monsoons
-
Strong traction visible in Middle East markets
-
Maintained leadership in domestic RAC and MAC markets; Thailand and Middle East markets continue to perform well
-
Entered into strategic agreements with The Chemours Company for manufacturing, supply and distribution of certain fluoropolymers and fluoroelastomers; capex cost enhanced to Rs. 745 Crs.
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
20
==> picture [720 x 295] intentionally omitted <==
----- Start of picture text -----
PERFORMANCE FILMS
& FOIL BUSINESS
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
21
Performance Films & Foil Business - Results
==> picture [583 x 289] intentionally omitted <==
----- Start of picture text -----
Consolidated figures
PARTICULARS
Q2 FY26 Q2 FY25 % Y-o-Y H1 FY26 H1 FY25 % Y-o-Y
Segment Revenues 1,408.1 1,420.6 -0.9% 2,826.3 2,756.9 2.5%
% Contribution
38.7% 41.5% 37.9% 40.0%
to Revenues
EBIT 118.9 82.8 43.6% 259.2 169.6 52.8%
% EBIT Margins 8.4% 5.8% 9.2% 6.2%
% Contribution to EBIT 18.3% 19.8% 19.3% 18.8%
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
22 22
Performance Films & Foil Business
==> picture [115 x 22] intentionally omitted <==
----- Start of picture text -----
Key Highlights
----- End of picture text -----
- Business achieved stable revenue in Q2 with higher margin compared to CPLY due to:
==> picture [171 x 74] intentionally omitted <==
----- Start of picture text -----
Market Trends
----- End of picture text -----
-
Global supply for BOPET continues to exceed demand, though utilization levels improved
-
Higher volumes and realisation for BOPP
-
Ramping up of production and sales of Aluminium foil; supported by higher realisation in both domestic and export market
-
Improved performance from Thailand and Hungary, though competition from cheaper imports continues
-
Stable performance seen in South Africa
-
New capacities added in BOPP, however, fire at a competitor’s facility kept demand-supply healthy
-
Impact of GST 2.0 created short-term market disruption due to resizing and reprinting
-
Sequential softness reflected in weak demand and prices for BOPET
-
Anti-dumping duty on Chinese Aluminium Foil imports in India supported better realizations and improved pricing stability
-
Maintained position as India’s largest BOPET exporter
-
Continued focus on expanding sales of VAPs and sustainable film structures to enhance differentiation
-
Chinese suppliers continue aggressive pricing in Southeast Asian markets
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
23
==> picture [720 x 295] intentionally omitted <==
----- Start of picture text -----
TECHNICAL TEXTILES
BUSINESS
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
24
Technical Textiles Business - Results Update
==> picture [583 x 289] intentionally omitted <==
----- Start of picture text -----
Consolidated figures
PARTICULARS
Q2 FY26 Q2 FY25 % Y-o-Y H1 FY26 H1 FY25 % Y-o-Y
Segment Revenues 474.3 535.5 -11.4% 940.9 1,060.8 -11.3%
% Contribution
13.0% 15.6% 12.6% 15.4%
to Revenues
EBIT 42.3 71.3 -40.7% 79.9 139.0 -42.5%
% EBIT Margins 8.9% 13.3% 8.5% 13.1%
% Contribution to EBIT 6.5% 17.1% 5.9% 15.4%
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
25 25
Technical Textiles Business
==> picture [170 x 73] intentionally omitted <==
----- Start of picture text -----
Key Highlights
----- End of picture text -----
-
TTB performance negatively impacted by weak market:
-
Nylon Tyre Cord Fabric (NTCF) and Belting Fabric (BF) margin under pressure due to Chinese imports, though overall volumes were higher
-
Demand for Polyester Industrial Yarn (PIY) was soft due to prolonged monsoon
-
Capacity expansion projects:
==> picture [172 x 74] intentionally omitted <==
----- Start of picture text -----
Market Trends
----- End of picture text -----
- Market conditions remained challenging due to cheap imports from China
- US import tariffs negatively impacted Belting Fabric, leading to increased imports from China at significantly lower prices
- Market conditions expected to improve in H2, supported by recovery in automotive and industrial sectors post GST 2.0
-
New Belting fabric capacity ramping up; to contribute to higher volumes in H2
-
New dipping machine project on schedule
-
Strategic focus on value-added products for sustainable market differentiation
-
Maintained market share in NTCF as well as BF
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
26
==> picture [720 x 295] intentionally omitted <==
----- Start of picture text -----
OTHER BUSINESSES
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
27
Others - Results Update
Consolidated figures
==> picture [544 x 222] intentionally omitted <==
----- Start of picture text -----
PARTICULARS
Q2 FY26 Q2 FY25 % Y-o-Y H1 FY26 H1 FY25 % Y-o-Y
Segment Revenues 90.8 112.8 -19.5% 185.8 239.0 -22.3%
% Contribution
2.5% 3.3% 2.5% 3.5%
to Revenues
EBIT 7.5 17.2 -56.4% 20.9 40.8 -48.7%
% EBIT Margins 8.3% 15.2% 11.3% 17.1%
% Contribution to EBIT 1.2% 4.1% 1.6% 4.5%
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
28 28
Others - Key Highlights
==> picture [96 x 96] intentionally omitted <==
----- Start of picture text -----
Laminated
Fabrics
----- End of picture text -----
==> picture [19 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [6 x 132] intentionally omitted <==
-
Continue to maintain leadership position in the domestic market, both in volume and price
-
Tensile product offerings introduced in domestic market during Q2, a key step towards product diversification
-
Launched value-engineered products targeting commodity markets
-
Overall demand expected to remain steady in Q3
==> picture [6 x 134] intentionally omitted <==
-
Retained price leadership in laminated fabrics market, backed by consistently strong on-time customer deliveries
-
Achieved the highest-ever HL production during the period
-
Stabilized new knitting machines, ramping up production of inhouse fabric
-
Margins remain under pressure due to overcapacity – however expected to improve with higher in-house fabric production and value-added products scale-up
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [6 x 132] intentionally omitted <==
==> picture [6 x 134] intentionally omitted <==
==> picture [182 x 132] intentionally omitted <==
==> picture [182 x 134] intentionally omitted <==
29
SRF’s Community Engagement
==> picture [19 x 13] intentionally omitted <==
==> picture [38 x 38] intentionally omitted <==
Tinker Coding Labs & Digital Innovation Hub, Mewat:
-
100 students from 7 labs visited Mewat Engineering College for hands-on STEM exposure
-
School-level Robotics and Quiz Competitions engaged 350+ students and 14 teachers
-
69 teachers trained in digital literacy, MS Office, internet skills, cyber security, and AI
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [38 x 38] intentionally omitted <==
Rural Education Program (Bhopal, Netrang, Bharuch, Bhind, Dhar, Bhiwadi):
-
Science, reading, and digital clubs, plus competitions and community meetings, empowered students and strengthened community ties
-
• Teacher development through workshops on library management, science labs, etc.
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [38 x 38] intentionally omitted <==
Anganwadi Development (Bhopal, Netrang):
-
26 centres hosted
-
nutrition and ECCE awareness sessions, mothers’ meetings, and capacity-building for Anganwadi workers
==> picture [37 x 37] intentionally omitted <==
Digital Smart Shiksha Bus (Bhopal, Bhind):
- Reached 9 villages, delivering interactive digital learning to 7,560+ students and orienting teachers and parents on tech integration
30
==> picture [84 x 161] intentionally omitted <==
==> picture [131 x 134] intentionally omitted <==
OUTLOOK
Chemicals
Technical Textiles
Performance Films & Others Foil
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
31
Outlook - Chemicals Business
Specialty Chemicals
Agrochemicals segment expected to pick up gradually
Work on AIs progressing as per plan
Competition from Chinese manufacturers likely to continue
==> picture [23 x 23] intentionally omitted <==
Launch of new pharma intermediates and ramp up of recently commissioned facilities to drive growth
==> picture [19 x 19] intentionally omitted <==
Focus on cost structures, debottlenecking and augmentation initiatives to partially counterbalance pricing pressure
==> picture [23 x 24] intentionally omitted <==
==> picture [19 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
Fluorochemicals
Focus on maximizing HFC production
Overall RG market in H2 expected to be better than H1, with stable margins
CMS demand and prices to remain range bound; creating export ability to offset pricing pressure
==> picture [23 x 22] intentionally omitted <==
PTFE to witness positive traction with supportive trade measures and planned ramp-up
==> picture [17 x 17] intentionally omitted <==
==> picture [21 x 21] intentionally omitted <==
Current projects on-track
==> picture [143 x 277] intentionally omitted <==
32
Outlook - Performance Films & Foil Business and Technical Textiles Business
Performance Films & Foil Business
Uncertainty in US tariffs impacting exports; counter-measures being deployed
Thailand and Hungary operations likely to remain stable
South Africa to continue performing well
==> picture [18 x 18] intentionally omitted <==
Aluminium Foil facility to contribute positively to the overall performance in FY’26
==> picture [49 x 43] intentionally omitted <==
Commercialisation of capacitor grade, CPP line and value-added products in H2 to contribute positively
Technical Textiles Business
==> picture [22 x 23] intentionally omitted <==
Demand for NTCF likely to be stable
Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers
==> picture [56 x 44] intentionally omitted <==
Belting Fabric, Polyester Industrial Yarn and PTCF sales to witness positive trends
==> picture [19 x 13] intentionally omitted <==
==> picture [9 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
==> picture [11 x 13] intentionally omitted <==
==> picture [12 x 13] intentionally omitted <==
==> picture [13 x 13] intentionally omitted <==
==> picture [10 x 13] intentionally omitted <==
33
About Us
Established in 1970, SRF Limited is a chemical-based, multi-business conglomerate with a strong global footprint. The company operates across a diversified portfolio that includes: Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles, Coated and Laminated Fabrics.
Powered by a strong workforce of over 9,000 employees from diverse nationalities, SRF operates 16 manufacturing plants across India, Thailand, South Africa, and Hungary, and maintains a global footprint with offices including one in Dubai, serving customers in 100+ countries.
For further information please contact
Anoop Poojari
CDR India
Email: [email protected]
Supported by state-of-the-art R&D facilities, the company has filed 501 patents, with 153 patents granted, underscoring its commitment to innovation and technology leadership.
A recipient of the prestigious Deming Prize for its Tyre Cord and Chemicals businesses, SRF continues to embed Total Quality Management (TQM) as its core management philosophy—redefining excellence in operations and corporate culture.
Tel: +91 98330 90434
==> picture [341 x 14] intentionally omitted <==
34 34[34]