SRF LimitedQ1 FY27 Results & Financial Update
SRF Limited: Q1 FY27 consolidated results and company financials – revenue ₹5,033.26 Cr, PAT ₹758.87 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore SRF Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
SRF Limited posted a gross operating revenue of 5,033.26 crore INR for the first quarter of fiscal year 2027, accompanied by a total income of 5,067.17 crore INR.
Profit before tax for the June 2026 quarter settled at 979.15 crore INR, while profit after tax reached 758.87 crore INR, resulting in a basic earnings per share of 25.60 INR.
The performance was underpinned by strong operational contributions across multiple business segments, notably the Performance Films & Foil division and the Technical Textiles business.
s in the investor presentation, gross operating revenue expanded by 31.8 percent year-on-year from 3,818.6 crore INR in Q1 FY26, while profit after tax grew by 75.5 percent from 432.3 crore INR.
EBITDA for the quarter rose by 61.4 percent year-on-year to 1,372.6 crore INR, lifting the EBITDA margin to 27.3 percent compared to 22.3 percent in the corresponding period of the previous year.
The Chemicals Business remained the largest revenue contributor at 2,314.9 crore INR, though the Performance Films & Foil division registered the highest segmental profit expansion.
Finance costs for the quarter were recorded at 68.62 crore INR, and depreciation and amortization expenses stood at 222.86 crore INR against tax expenses of 220.28 crore INR.
01 · Business model
What does SRF do?
SRF Limited is a diversified chemicals conglomerate operating across segments including Specialty Chemicals, Fluorochemicals, Performance Films & Foil, Technical Textiles, and Coated and Laminated Fabrics, serving customers in over 90 countries.
The company operates a global footprint comprising 16 manufacturing facilities across India, Thailand, South Africa, and Hungary, supported by a workforce of over 9,500 employees.
SRF maintains strong R&D capabilities with two research and development centers in India at Bhiwadi and Gurugram, having filed 528 patents and secured 159 granted global patents.
The business structure combines chemical manufacturing with high-performance industrial films and technical textiles, integrating Total Quality Management principles across its operating units.
02 · Historical context
What shaped the business before this quarter
Established in 1970, SRF has evolved from a technical textiles manufacturer into a diversified chemicals and packaging films conglomerate with global manufacturing operations.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹5,033.26 Cr |
| Total income | ₹5,067.17 Cr |
| Profit before tax | ₹979.15 Cr |
| Profit after tax | ₹758.87 Cr |
| EPS | ₹25.60 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Chemicals Business contributed 2,314.9 crore INR, Performance Films & Foil generated 2,016.7 crore INR, Technical Textiles accounted for 596.8 crore INR, and Other businesses added 104.9 crore INR.
The Fluorochemicals business delivered robust performance driven by higher volumes across domestic and export markets alongside steady contributions from industrial chemicals and fluoropolymers.
What drove margins
EBITDA margin improved to 27.3 percent in Q1 FY27 from 22.3 percent in Q1 FY26, aided by higher realisations, supply chain dislocations positively impacting film spreads, and cost optimization initiatives.
Performance Films & Foil division achieved its highest ever quarterly performance, with EBIT surging 149.4 percent year-on-year to 349.7 crore INR and EBIT margin expanding to 17.3 percent.
05 · Demand, customers & order book
Where demand is coming from
Specialty Chemicals maintained established relationships with marquee customers, broadening opportunity funnels across agrochemical and pharmaceutical product lines.
Capacitor grade BOPP film product approval process progressed well, securing approvals from key customers during the quarter.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment revenues reached 2,314.9 crore INR with an EBIT of 638.4 crore INR and an EBIT margin of 27.6 percent; specialty chemicals faced ongoing pricing pressure from Chinese competitors but sustained market share.
Segment revenues grew 42.2 percent year-on-year to 2,016.7 crore INR, driven by robust performance across all units and supply disruptions that positively impacted regional margins.
Segment revenues increased 27.9 percent to 596.8 crore INR with EBIT rising 186.4 percent to 107.8 crore INR, supported by inventory gains, robust US exports in belting fabrics, and favorable QCO stay orders in polyester industrial yarn.
Segment revenues reached 104.9 crore INR, up 10.5 percent year-on-year, with EBIT expanding 50.3 percent to 20.2 crore INR.
Geography and market mix
Operations span 16 manufacturing facilities across India, Thailand, South Africa, and Hungary, supported by exports to over 90 countries.
Management noted potential headwinds in Thailand due to rising ocean freights and high inventory levels, while Hungary may experience seasonal demand softening in August 2026.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Maintained focus on full utilization of HFC capacities while PTFE ramp-up progressed with the addition of value-added grades.
Commissioned two new looms in June 2026 for laminated fabrics to augment in-house textile manufacturing capacity.
Projects, capex and execution
The Board approved a capex proposal to set up a BOPET Thick Film Line in India at a projected cost of 250 crore INR.
Newly approved capex in Odisha progressed according to plan, with site regulatory approvals being filed on schedule.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The Chemicals Technology Group secured 3 new process patents during Q1 FY27, taking total granted global patents to 159 out of 528 applications filed.
Technical textiles operations were de-risked through conversion from LPG to PNG, enhancing fuel security and operational resilience.
09 · Reported developments
What changed operationally
The Performance Films & Foil business achieved its highest ever quarterly performance supported by favorable supply-demand dynamics and value-added product sales.
Secured 3 new process patents in Q1 FY27, reinforcing the company's R&D capabilities in high-end molecules.
10 · Pressure points & risks
What is not going smoothly
Pricing pressure persisted across specialty chemicals end-markets due to intense competition from Chinese players.
Ongoing Middle East conflicts and geopolitical tensions continue to threaten supply chain stability and raw material cost volatility.
11 · Items worth noticing
The line items that can distort a quick read
The company reported a foreign currency fluctuation gain/loss item of 102.0 crore INR during the quarter under review.
12 · Management guidance & targets
What management is targeting from here
Management observed early signs of recovery in agrochemical demand, though broad-based demand recovery remains pending.
TCF demand is expected to be flat to marginally positive, with new dipping line commissioning expected to improve performance over time.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Community Engagement Initiatives
SRF expanded its corporate social responsibility footprint in Assam by welcoming 169 children through the First Day of School initiative and conducting digital learning programs reaching 5,125 students.
14 · Key Q&A
The quarter, answered directly
What does SRF do?
SRF Limited is a diversified chemicals conglomerate operating across segments including Specialty Chemicals, Fluorochemicals, Performance Films & Foil, Technical Textiles, and Coated and Laminated Fabrics, serving customers in over 90 countries.
What is the clearest takeaway from Q1 FY27?
SRF Limited posted a gross operating revenue of 5,033.26 crore INR for the first quarter of fiscal year 2027, accompanied by a total income of 5,067.17 crore INR.
What drove revenue or demand?
Chemicals Business contributed 2,314.9 crore INR, Performance Films & Foil generated 2,016.7 crore INR, Technical Textiles accounted for 596.8 crore INR, and Other businesses added 104.9 crore INR.
What mattered most for margins or profitability?
EBITDA margin improved to 27.3 percent in Q1 FY27 from 22.3 percent in Q1 FY26, aided by higher realisations, supply chain dislocations positively impacting film spreads, and cost optimization initiatives.
What changed operationally beyond the headline numbers?
Maintained focus on full utilization of HFC capacities while PTFE ramp-up progressed with the addition of value-added grades.
What is management guiding or targeting from here?
Management observed early signs of recovery in agrochemical demand, though broad-based demand recovery remains pending.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capex Execution: Progress on the newly approved BOPET Thick Film Line in India (250 crore INR) and Odisha fluorochemicals project execution.
- 02
Segment Margin Normalization: Monitoring the normalization of margins in Technical Textiles and Performance Films as supply-demand conditions return to balanced levels.
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