SRF Limited – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Total Income (Q4 FY26): ₹4,615.17 Crore
    • QoQ Change: +24.33%
    • YoY Change: +6.99%
  • Previous Quarter (Q3 FY26): ₹3,712.53 Crore
  • Previous Year (Q4 FY25): ₹4,313.34 Crore
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹582.02 Crore
    • QoQ Change:+34.51%
    • YoY Change: +10.64%
  • Previous Quarter (Q3 FY26): ₹432.66 Crore
  • Previous Year (Q4 FY25): ₹526.06 Crore
• QoQ Performance
  • Revenue Trend: Strong Growth
  • Profit Trend: Strong Growth

Margin Analysis

Drivers:

• Strong performance in Chemicals segment
• Improved utilization in Performance Films business
• Operating leverage benefits due to higher revenue
• Elevated power and fuel costs partially offset gains

Insight:

• Margin expansion driven by segment mix improvement and operating leverage, despite input cost pressures

Segment performance

Segments: Chemicals Business (CB)

• Revenue: ₹2,448.33 Cr
• Insights:
  • Largest contributor to revenue
  • Strong YoY and QoQ growth
  • Key driver of profitability

Segments: Performance Films & Foil Business (PFB)

• Revenue: ₹1,595.61 Cr
• Insights:
  • Significant recovery QoQ
  • Improved margins
  • Demand stabilization

Segments: Technical Textiles Business (TTB)

• Revenue: ₹482.53 Cr
• Insights:
  • Stable performance
  • Moderate growth

Segment insight

Summary:

• SRF operates across diversified chemical and specialty segments with Chemicals being the primary growth engine.

Charcateristics:

• Multi-segment diversified business
• Strong chemicals exposure
• Export-oriented operations
• Cyclical but high-margin segments

Earning quality check

Drivers:

• Strong operating profit growth
• Limited dependency on exceptional items
• Improvement in segment profitability
• Stable finance cost relative to scale

Interpretations:

• High-quality earnings driven by core business growth and strong segment contribution.

balance sheet Analysis

• Total Assets: ₹24,146.67 Cr
• Total Liabilities: ₹10,103.91 Cr

Insight:

• Healthy balance sheet with strong equity base, though increase in borrowings indicates ongoing expansion investments.

key risks

• Exposure to global chemical cycles
• Volatility in raw material and energy prices
• Currency fluctuation risks
• Capital-intensive expansion

management strategy signals

Focus Area:

• Expansion in chemicals capacity
• Strengthening specialty chemicals portfolio
• Improving operational efficiency
• Capital investment in growth segments

Financial metrics table

Quarterly Performance Context