SRF LimitedQ2 FY27 Results & Financial Update
SRF Limited: Q2 FY27 consolidated results and company financials – revenue ₹4,904.20 Cr, PAT ₹509.12 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 Q2 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 reported consolidated revenue from operations of INR 4,904.2 crore for the second quarter of financial year 2027, marking a sequential moderation of 2.56 percent compared to INR 5,033.26 crore in Q1 FY27.
Profit before tax for Q2 FY27 stood at INR 671.04 crore, down 31.47 percent sequentially from INR 979.15 crore in the preceding quarter, while net profit after tax contracted 32.91 percent quarter-on-quarter to INR 509.12 crore from INR 758.87 crore.
Basic earnings per share for the quarter settled at INR 17.18, compared to INR 25.60 reported in the first quarter of FY27.
The sequential contraction in earnings was accompanied by a moderation in total income, which stood at INR 4,929.14 crore for Q2 FY27 compared to INR 5,067.17 crore in Q1 FY27.
Despite sequential earnings normalization, the company maintained operational momentum across major divisions, with the Chemicals Business, Performance Films & Foil, and Technical Textiles recording positive year-on-year revenue expansion in investor presentations.
Finance costs for the quarter were recorded at INR 70.94 crore, reflecting stable capital servicing expenses relative to INR 68.62 crore in Q1 FY27, while depreciation charges edged up to INR 228.84 crore from INR 222.86 crore.
01 · Business model
What does SRF do?
SRF Limited is a diversified chemicals and materials conglomerate established in 1970, operating across Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles, and Coated and Laminated Fabrics.
The company maintains a global manufacturing footprint spanning 16 facilities across India, Thailand, South Africa, and Hungary, serving customers in over 90 countries.
Backed by robust R&D infrastructure and a workforce of over 9,500 employees, SRF integrates forward and backward capabilities—such as in-house HF, AHF, and resin plants—to support its core manufacturing segments.
The business model leverages vertical integration and proprietary process technologies to serve demanding, quality-sensitive applications across agricultural, pharmaceutical, automotive, electrical, and industrial sectors globally.
02 · Historical context
What shaped the business before this quarter
Established in 1970, SRF Limited has evolved over five decades from a traditional industrial textiles manufacturer into a diversified global chemicals and advanced materials conglomerate.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹4,904.20 Cr | ₹5,033.26 Cr |
| Total income | ₹4,929.14 Cr | ₹5,067.17 Cr |
| Profit before tax | ₹671.04 Cr | ₹979.15 Cr |
| Profit after tax | ₹509.12 Cr | ₹758.87 Cr |
| EPS | ₹17.18 | ₹25.60 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Fluorochemical revenue expanded year-on-year, driven by higher hydrofluorocarbon (HFC) volumes and improved realizations, complemented by aggressive expansion into new geographic markets that offset softness in the US market.
Agrochemical volume recovery became visible in select pockets, supported by ongoing customer relationships, progress on active ingredient registrations, and encouraging traction in pharmaceutical molecules with western world customers.
The Performance Films & Foil segment delivered broad-based growth across geographies, aided by traction in offline-coated and metallized products, scaling capacitor-grade films, and export strength in European foil markets.
Technical Textiles sustained healthy operating momentum, led by record belting fabric performance driven by robust export demand and new customer additions.
What drove margins
Chemicals margins remained healthy despite elevated raw material, freight, and fuel costs, supported by effective cost pass-through mechanisms and technology-led operational efficiencies.
Margins benefited from favorable shifts in product mix, including higher-value PTFE grades such as fine-cut, micropowder, and pre-sintered variants, alongside value-added film and foil qualifications.
Large integrated manufacturing complexes running at high and record utilization levels helped sustain cost efficiencies and mitigate overhead pressures per unit.
05 · Demand, customers & order book
Where demand is coming from
Secured key customer approvals for capacitor-grade films, with commercial sales progressing steadily.
Established new revenue streams in foil through aseptic packaging qualifications with global leaders such as Tetra Pak.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated revenue of INR 2,079.5 crore in Q2 FY27, representing 42.4 percent of total revenue, with operational EBIT of INR 527.8 crore.
Contributed revenue of INR 2,122.4 crore (43.3 percent share) and operational EBIT of INR 206.2 crore for the quarter.
Delivered revenue of INR 595.1 crore (12.1 percent share) with operational EBIT standing at INR 72.3 crore.
Geography and market mix
Sustained strong domestic leadership in fluorochemicals, underpinned by robust passenger vehicle demand and expanding local automotive requirements.
Aggressive expansion into new international markets helped counterbalance soft demand conditions in the United States.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
PTFE ramp-up progressed strongly toward value-added grades, while PVDF commissioning remained on track for capitalization in Q3 FY27, with key customer outreach and sample approvals underway.
New dipping capacity under implementation is expected to support higher throughput and strengthen tyre cord fabric performance post-commissioning.
Projects, capex and execution
Next-generation HFO (4th generation refrigerants) capex progressed as planned with key regulatory approvals secured, and the project remains on track for capitalization in Q4 FY28.
Advanced material projects targeting sunrise sectors, including electronic-grade hydrofluoric acid (EHF) and aluminum foil for battery energy storage systems, continued with structured implementation timelines.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Actively developing specialized fluoropolymers and high-value materials for energy storage, electricals, electronics, semiconductors, and aerospace sectors.
Accelerating the shift toward high-value foil applications, specifically targeting battery energy storage systems and EV battery current collectors to capture domestic cell manufacturing demand.
09 · Reported developments
What changed operationally
Cumulative patent filings reached 539, with 160 patents granted, reinforcing the company's technology leadership.
10 · Pressure points & risks
What is not going smoothly
Encountered continued demand softness within the US fluorochemicals market, necessitating volume diversion to newly expanded international geographies.
11 · Management guidance & targets
What management is targeting from here
Management expects refrigerant demand and pricing to remain stable despite seasonal variations, with volume growth from new markets offsetting softer US demand.
The operating environment for films is expected to remain volatile, with strategic focus directed toward increasing the share of value-added portfolios and maintaining high asset utilization.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability and Governance
SRF maintained 42 percent renewable electricity sourcing across its operations and operated 11 Zero Liquid Discharge (ZLD) facilities as part of its sustainability commitments.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations adjusted from INR 5,033.26 crore in Q1 FY27 to INR 4,904.20 crore in Q2 FY27, while PAT moved from INR 758.87 crore to INR 509.12 crore.
14 · Key Q&A
The quarter, answered directly
What does SRF do?
SRF Limited is a diversified chemicals and materials conglomerate established in 1970, operating across Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles, and Coated and Laminated Fabrics.
What is the clearest takeaway from Q2 FY27?
SRF Limited reported consolidated revenue from operations of INR 4,904.2 crore for the second quarter of financial year 2027, marking a sequential moderation of 2.56 percent compared to INR 5,033.26 crore in Q1 FY27.
What drove revenue or demand?
Fluorochemical revenue expanded year-on-year, driven by higher hydrofluorocarbon (HFC) volumes and improved realizations, complemented by aggressive expansion into new geographic markets that offset softness in the US market.
What mattered most for margins or profitability?
Chemicals margins remained healthy despite elevated raw material, freight, and fuel costs, supported by effective cost pass-through mechanisms and technology-led operational efficiencies.
What changed operationally beyond the headline numbers?
PTFE ramp-up progressed strongly toward value-added grades, while PVDF commissioning remained on track for capitalization in Q3 FY27, with key customer outreach and sample approvals underway.
What is management guiding or targeting from here?
Management expects refrigerant demand and pricing to remain stable despite seasonal variations, with volume growth from new markets offsetting softer US demand.
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
PVDF Commissioning: Monitor the capitalization and commercial progress of the PVDF facility scheduled for Q3 FY27.
- 02
HFO Project Execution: Track execution milestones for the next-generation HFO refrigerant project targeted for capitalization in Q4 FY28.
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