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SRF Ltd. — Investor Presentation 2026
Jan 20, 2026
61903_rns_2026-01-20_cc04d40e-58c2-48dd-8fd3-294801a58071.pdf
Investor Presentation
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The Corporate Relationship Department, BSE Limited Ist Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001
National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex Bandra (E) Mumbai 400 051
Scrip Code- 503806
Scrip Code-SRF
SRF/SEC/BSE/NSE
20.01.2026
Dear Sir/Madam,
Presentation- Earnings Call (Un-Audited Financial Results for the quarter and nine months ended 31.12.2025)
In continuation of our letter dated 14[th] January, 2026 informing about hosting of earning call to discuss un-Audited financial results for quarter and nine months ended 31[st] December, 2025, please find enclosed Investors presentation on 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: 2026.01.20 15:21:29 +05'30'
RAJAT LAKHANPAL Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY
Encl: As above
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Q3 & 9M FY26 Results Presentation January 20, 2026
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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.
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2
Table of Contents
01 02 03 Company Overview Q3 & 9M FY26 Q3 & 9M FY26 Results Overview Segmental Performance
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04 Outlook
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3
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COMPANY OVERVIEW
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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
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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.
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Coated Fabrics
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Laminated Fabrics
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Refrigerants • Industrial
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• Pharma Chemicals Propellants • Fluoropolymers
On consolidated basis as on March 31, 2025
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6
Manufacturing Facilities
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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
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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
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d. Jetapur
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3 International Operations
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a. KwaZulu - Natal, South Africa
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b. Rayong, Thailand
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c. Jaszfenyszaru, Hungary
COATED FABRICS
1 National Operation
- Tamil Nadu, India - Gummidipoondi
7
Market Leadership Across Businesses
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Specialty Chemicals
-
Established relationship with marquee customers
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Strong tech capability – pilot to commercial; creating value through operational excellence
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Driving customer engagement and satisfaction through world class R&D, EHSand quality management
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Handling complex reactions -Halogenation, Ethylation, Hydrogenation, Nitration, Diazotization, Grignard, Cyanation, Isomerization, Amination, Organocatalysis and Decarboxylation
Fluorochemicals
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Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals
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Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations
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One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers
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Among the top five global manufacturers of key Fluorochemical products
Performance Films & Foil
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Recognized for expertise in developing, manufacturing and marketing innovative, superior film products
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Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness
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Highly efficient asset base offering value added products near customer locations
Technical Textiles
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Domestic market leader in Tyre Cord manufacturing and Belting Fabrics
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Significant share in India’s Nylon Tyre Cord market. 5th largest player globally
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2nd largest manufacturer of Conveyor Belting Fabrics in the world
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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
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Embrace diversity, equity & inclusion
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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
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Nurture innovation through R&D
Reposition portfolio towards knowledge-based products
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Focus on building leadership businesses
Build and maintain market leadership in business segments
9
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Q3 & 9M FY26 RESULTS OVERVIEW
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Abridged Consolidated Results Overview
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Particulars (Rs. Crore) Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y
Gross Operating Revenue 3,712.5 3,491.3 6.3% 11,171.3 10,379.7 7.6%
EBIDTA 847.5 693.4 22.2% 2,528.3 1,933.3 30.8%
EBIDTA Margin (%) 22.8% 19.9% 22.6% 18.6%
Depreciation 216.9 194.3 11.6% 632.3 576.4 9.7%
Interest 65.5 96.3 -32.0% 216.1 286.6 -24.6%
ECF (Gain) / Loss 40.2 34.2 62.1 74.1
- -
Exceptional Items 73.2 73.2
Profit Before Tax 451.7 368.7 22.5% 1,544.5 996.3 55.0%
Profit After Tax 432.7 271.1 59.6% 1,253.2 724.7 72.9%
Profit After Tax Margin (%) 11.7% 7.8% 11.2% 7.0%
Basic EPS (Rs.) 14.60 9.15 42.28 24.45
Diluted EPS (Rs.) 14.60 9.15 42.28 24.45
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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 |
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Results Overview - Revenue Share
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Q3 FY25 Q3 FY26 9M FY25 9M FY26
Total – 3,491.3 Cr. Total – 3,712.6 Cr. Total – 10,387.8 Cr. Total – 11,171.4 Cr.
101.1 91.9 340.1 277.7
509.8 2.9% 1,495.7 453.6 2.5% 1,824.8 1,570.6 3.3% 4,335.4 1,394.5 2.5% 5,330.6
12.2% 12.5%
14.6% 15.1%
42.8% 41.7%
49.2% 47.7%
36.2% 37.3%
39.7%
39.9%
1,384.8 1,342.3 4,141.6 4,168.6
CB PFB TTB Others
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CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
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13
Results Overview - EBIT Share
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Q3 FY25 Q3 FY26 9M FY25 9M FY26
Total – 528.7 Cr. Total – 652.7 Cr. Total – 1,430.6 Cr. Total – 1,996.9 Cr.
15.7 17.0 56.4
44.9 37.9
58.9 3.0% 363.8 2.6% 496.0 198.0 3.9% 916.3 124.9 1.9% 1,480.2
6.9%
11.1% 94.8 6.3%
13.8%
14.5%
353.9 17.7%
17.1%
18.2%
90.3
64.1%
68.8%
76.0%
74.1%
259.9
CB PFB TTB Others
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CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
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Q3 & 9M FY26 – SEGMENTAL PERFORMANCE
Chemicals Technical Textiles
Performance Films & Others Foil
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CHEMICALS BUSINESS
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Chemicals Business - Results Update
Consolidated figures
| PARTICULARS | Q3 FY26 | Q3 FY25 | % Y-o-Y | 9M FY26 | 9M FY25 | % Y-o-Y |
|---|---|---|---|---|---|---|
| Segment Revenues | 1,824.8 | 1,495.7 | 22.0% | 5,330.6 | 4,335.4 | 23.0% |
| % Contribution to Revenues |
49.2% | 42.8% | 47.7% | 41.7% | ||
| EBIT | 496.0 | 363.8 | 36.4% | 1,480.2 | 916.3 | 61.5% |
| % EBIT Margins | 27.2% | 24.3% | 27.8% | 21.1% | ||
| % Contribution to EBIT | 76.0% | 68.8% | 74.1% | 64.1% |
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Chemicals Business
Specialty Chemicals Business
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Key Highlights
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• Specialty Chemicals Business Q3 performance impacted when compared with CPLY
-
Market Trends
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• Demand from Agro majors expected to be significantly better in Q4
-
-
Offtake for some key products deferred by Agro majors
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Continued pricing pressure from Chinese competitors
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Cost structures and efficiencies in focus - optimising assets utilisation and operational improvements, to partially offset margin pressure
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Capex of Rs. 180 Crores for setting up a new Pharma Intermediates Plant at Dahej approved by the Board
-
Product pipeline remains strong, to accelerate future growth
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Recently launched products and certain campaigns continued positive traction
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Chinese competitive prices and uncertainty surrounding US tariffs continues
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Raw material prices appear to have bottomed out
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Few European Agro majors pushing for more specific targets on carbon footprint
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AI development journey on track and advancing as planned
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• Continued expanding portfolio of raw material suppliers to de-risk availability
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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 9M FY26
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153 Patents granted
506 Patents applied
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Chemicals Business
Fluorochemicals Business
-
Key Highlights
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• Fluorochemicals business delivered strong performance compared to CPLY due to:
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Higher volumes and realizations of HFCs in domestic and exports market
-
Steady performance from Industrial Chemicals
-
Continued market penetration in Middle East for R467A – India’s first ASHRAE-certified low-GWP refrigerant, developed in-house by SRF
-
Continue to fully utilise HFCs capacities
Market Trends
-
Global HFCs prices remain firm driven by China’s quota-led supply restrictions and steady international demand
-
Domestic ref gas demand in RAC and MAC market improving after prolonged monsoons in H1
• Strong momentum continues in South East Asia and Middle East markets
-
Tariffs uncertainty in US market may create short term volatility
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Ongoing efforts on ramping up of value added products in PTFE likely to see results by early next FY
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Ongoing capexes progressing as per plan
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PERFORMANCE FILMS
& FOIL BUSINESS
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Performance Films & Foil Business - Results
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Consolidated figures
PARTICULARS
Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y
Segment Revenues 1,342.3 1,384.8 -3.1% 4,168.6 4,141.6 0.7%
% Contribution
36.2% 39.7% 37.3% 39.9%
to Revenues
EBIT 94.8 90.3 4.9% 353.9 259.9 36.2%
% EBIT Margins 7.1% 6.5% 8.5% 6.3%
% Contribution to EBIT 14.5% 17.1% 17.7% 18.2%
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Performance Films & Foil Business
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Key Highlights
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-
Business delivered flattish performance in Q3 compared to CPLY due to
-
Reduced volumes and rangebound pricing for BOPET and BOPP
-
Thailand and Hungary performance continue to be impacted by sustained competition due to cheaper imports
-
South Africa continued delivering strong performance
-
Higher volumes and realisations of Aluminium foil in both domestic and export market
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Market Trends
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Short-term market disruption due to resizing and reprinting emanating from GST 2.0 continued; witnessing improving situation
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Improvement witnessed in domestic demand-supply situation in BOPET, impacting pricing positively
-
Successfully commercialised new CPP line in Q3, product approved by FMCG majors; capexes for capacitor grade film and BOPP-BOPE film progressing as per plan
-
Focus on expanding sustainable product offerings and VAP sales helped counter-balance market pressures
-
Chinese suppliers showing early signs of BOPET margin increase
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Trade-measures related interventions being considered to offset pressure from cheaper imports of Aluminium Foil from Thailand
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US Exports being serviced through Thailand to mitigate tariff impact from India
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TECHNICAL TEXTILES
BUSINESS
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Technical Textiles Business - Results Update
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Consolidated figures
PARTICULARS
Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y
Segment Revenues 453.6 509.8 -11.0% 1,394.5 1,570.6 -11.2%
% Contribution
12.2% 14.6% 12.5% 15.1%
to Revenues
EBIT 44.9 58.9 -23.7% 124.9 198.0 -36.9%
% EBIT Margins 9.9% 11.6% 9.0% 12.6%
% Contribution to EBIT 6.9% 11.1% 6.3% 13.8%
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Technical Textiles Business
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Key Highlights
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-
TTB performance continues to be impacted due to :
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Margin pressure in Belting Fabric (BF) due to Chinese imports
Market Trends • Market conditions remained challenging due to continued influx of cheaper imports from China and US tariffs
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US tariffs negatively effected export volumes of BF
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Capacity expansion projects:
- NTCF market remained largely steady
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New dipping machine project expected to commission in Q4
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Strategic focus on value-added products for sustainable market differentiation in BF
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OTHER BUSINESSES
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Others - Results Update
Consolidated figures
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PARTICULARS
Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y
Segment Revenues 91.9 101.1 -9.1% 277.7 340.1 -18.4%
% Contribution
2.5% 2.9% 2.5% 3.3%
to Revenues
EBIT 17.0 15.7 8.3% 37.9 56.4 -32.8%
% EBIT Margins 18.5% 15.5% 13.6% 16.6%
% Contribution to EBIT 2.6% 3.0% 1.9% 3.9%
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Others - Key Highlights
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Laminated
Fabrics
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Domestic demand witnessed some weakness, along with pressure on margins due to cheaper imports from China
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Tensile and semi-tensile VAP offerings in domestic market to support margins going forward
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Overall demand expected to remain slow during off season
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Retained price leadership in laminated fabrics market, backed by consistently strong on-time customer deliveries
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Margins under pressure due to industry overcapacity and withdrawal of minimum import price on import of textiles from China
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Ramping up production of inhouse fabric with the recent addition of knitting machines – should support margins going forward
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SRF’s Community Engagement
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Health and Well Being
Community Connect
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Under SRF Swasthya Seva,
- Over 850 community members were engaged through meetings and School Management Committee sessions
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2,542 community members received health check-ups and awareness sessions
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Distributed essential medical equipment to 12 Sub-Health Centres in Nalcha Block
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SRF Foundation supported 9 schools with ₹7 lakh for infrastructure upgrades under the PPP mode
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Special Highlights
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AI Training for Teachers: 82 educators trained on AI tools for classroom innovation
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Skills4Future Initiative: 10,345 youth enrolled for EV technology and green skilling programs
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OUTLOOK
Chemicals
Technical Textiles
Performance Films & Others Foil
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Outlook - Chemicals Business
Specialty Chemicals
Strong traction in pharma segment with few more products added in qualification lot. Full P&L reflection may take some time
Agrochemicals going in crop protection showing signs of pick up; expect significantly better Q4
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Pricing competition from Chinese manufacturers likely to continue in short term
Focused approach to reduce costs to offset pricing pressure through technological and operational excellence interventions
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Future product funnel remains robust
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Fluorochemicals
Continue maximizing HFCs production
Overall ref gas demand and prices expected to remain strong
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CMS demand and prices to remain range bound
PTFE to witness positive traction with planned ramp-up; domestic prices expected to remain competitive Dymel expected to continue doing well
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Outlook - Performance Films & Foil Business and Technical Textiles Business
Performance Films & Foil Business
Uncertainty in US tariffs may impact global supply chains; counter-measures in place
Thailand operations expected to show marginal improvement
South Africa to continue performing well
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Ramp up of Aluminium Foil exports to negate domestic market volatility; to contribute positively going forward
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Planned commercialisation of capacitor grade and other value-added products to yield positive results
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Early signs of Chinese increase in prices across petrochemicals sector to impact the business positively
Technical Textiles Business
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Demand for NTCF to show some improvement
Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers
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Polyester Industrial Yarn and PTCF sales to witness positive trends
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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 9,500 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 90+ 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 506 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
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