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SRF Ltd (SRF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 503806 NSE: SRF Chemicals | Mid Cap | SRF Share Price

₹2,711 36.25 (1.36%)

As on 09-Jun'26 11:08

SRF Ltd (SRF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 503806 NSE: SRF Chemicals | Mid Cap | SRF Share Price

₹2,711 36.25 (1.36%)

As on 09-Jun'26 11:08

Key Metrics
Valuation Multiples
Market Cap
₹79,286 Cr.
Current Price
₹2,711
52-Week Low / High
₹2,314 / 3,319
TTM EPS
₹61.9
TTM Sales
₹15,787 Cr.
Book Value per Share
₹472.5
P/E Ratio
43.20
In line with its 5-year historical median
Industry PE
49.4
Price to Book (P/B)
5.66
Lower than its 5-year historical median
Price to Sales (P/S)
5.02
Lower than its 5-year historical median
EV/EBITDA
23.79
Lower than its 5-year historical median
Dividend Yield
0.37%
Profitability Efficiency
Return on Equity (ROE)
13.80%
In line with industry median
Return on Capital Employed (ROCE)
14.21%
In line with industry median
Return on Assets (ROA)
8.05%
Operating Profit Margin
22.8%
Net Profit Margin
11.62%
Gross Profit Margin
20.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
7.44%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
25.43%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
46.72%
Asset Quality
Promoter Holding
50.26%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹13,709 Cr.
Equity
₹296.4 Cr.
Face Value
₹10
All Time Low / High
₹1.40 / 3319.00

SRF stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is SRF Ltd a good quality company?
SRF Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does SRF Ltd performance compare with that of its Peers?
Q.1 Revenue growth of SRF Ltd vs industry peers?
SRF Ltd revenue CAGR is 15.30%, compared to the industry median CAGR of 14%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of SRF Ltd?
Promoters hold 50.26% of the SRF Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of SRF Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 27% based on the current price.

DeciZen - make an informed investing decision on SRF

Decision Maker
Consolidated basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
SRF Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 14%11.5%13.3%13.3%18.2%24.2%22.6%12.8%12.4%14.2%-
Value Creation
Index
0.0-0.20.00.20.61.21.00.10.10.3-

Growth Parameters

Sales 4,8225,5897,1007,2098,40012,43414,87013,13914,69315,78715,787
Sales YoY Gr.-15.9%27%1.6%16.5%48%19.6%-11.7%11.8%7.4%-
Adj EPS 17.314.921.231.640.261.975.346.644.16861.9
YoY Gr.--13.5%41.7%49.5%26.9%54.2%21.5%-38%-5.4%54.2%-
BVPS (₹) 110.8124.1143.6171.6231.4288.8348386.5425472.5472.5
Adj Net
Profit
4964296089091,1901,8362,2311,3831,3092,0171,835
Cash Flow from Ops. 6456788961,3041,7722,1062,9022,0942,4872,554-
Debt/CF from Ops. 3.74.64.23.11.91.71.52.41.92-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 14.1%13.5%2%7.4%
Adj EPS 16.5%11.1%-3.3%54.2%
BVPS17.5%15.4%10.7%11.2%
Share Price 26.7% 14.2% 3.8% -13.4%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
16.712.715.820.120.223.823.612.710.915.113.1
Op. Profit
Mgn %
20.116.218.620.225.42524.420.319.322.823.3
Net Profit
Mgn %
10.37.78.612.614.214.81510.58.912.811.6
Debt to
Equity
0.80.90.90.80.50.40.40.40.40.40.1
Working Cap
Days
13014114914913612412214513814575
Cash Conv.
Cycle
392932403539466059707

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales4,8225,5897,1007,2098,40012,43414,87013,13914,69315,787
Operating Expenses + 3,8534,6835,8035,7546,2679,33011,34110,55411,97512,377
Manufacturing Costs7829861,1201,2891,4212,2122,7052,4442,6722,763
Material Costs2,4193,0323,9673,6874,0196,0677,3946,7097,6997,798
Employee Cost 4194584425185947427698931,0001,101
Other Costs 234207273261233310474509603715
Operating Profit 9699061,2971,4552,1333,1033,5292,5842,7183,410
Operating Profit Margin (%) 20.1%16.2%18.3%20.2%25.4%25.0%23.7%19.7%18.5%21.6%
Other Income + 731152849661167583133107
Exceptional Items 000000000-85
Interest 102124198201134116205302376278
Depreciation 283316358389453517575673772852
Profit Before Tax 6575827689151,6132,5862,8241,6921,7042,302
Tax 142120177-1414697662357453466
Profit After Tax 5154625929161,1981,8892,1621,3361,2511,835
PAT Margin (%) 10.7%8.3%8.3%12.7%14.3%15.2%14.5%10.2%8.5%11.6%
Adjusted EPS (₹)17.916.122.335.540.463.773.045.142.261.9
Dividend Payout Ratio (%)13.40%14.90%10.80%7.90%11.90%26.30%9.90%16%17.10%14.50%

Valuation of SRF - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 3,1833,5654,1294,9326,8548,56210,31511,45912,59814,006
Share Capital 5858595960297297297297297
Reserves 3,1243,5064,0704,8736,7948,26510,01811,16112,30113,709
Debt +1,9772,7583,2893,2672,9312,7953,8633,8443,8343,947
Long Term Debt1,4321,9072,1612,3121,9651,7532,3122,2511,9811,953
Short Term Debt5468511,1279559661,0421,5511,5931,8531,994
Minority Interest0000000000
Trade Payables8091,0441,3821,1121,5852,0962,2312,1982,3322,585
Others Liabilities 9999961,0881,5521,5412,3112,3262,9542,7583,558
Total Liabilities 6,9688,3639,88810,86312,91115,76518,73620,45421,52124,097

Fixed Assets

Net Fixed Assets +4,4055,1225,6096,3687,8278,42510,05013,24213,72013,926
Gross Block4,9635,9936,8377,9419,85610,90013,06316,86418,12619,229
Accumulated Depreciation5588711,2281,5742,0292,4743,0133,6234,4065,303
CWIP 2595597541,3937721,6722,4068058111,889
Investments 196122101203417321494527827687
Inventories8389581,2251,2011,4662,1382,2742,3262,3492,789
Trade Receivables6576811,0298911,2751,7921,7861,9432,1692,562
Cash Equivalents 9697199125282459616408354611
Others Assets 5188259726818739571,1101,2041,2911,633
Total Assets 6,9688,3639,88810,86312,91115,76518,73620,45421,52124,097

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 6456788961,3041,7722,1062,9022,0942,4872,554
PBT 6575828271,0711,6102,5862,8241,6921,7042,302
Adjustment 3604055364015415866468991,1351,175
Changes in Working Capital -256-191-317-24-124-664-60-114-18-417
Tax Paid -116-118-150-143-255-402-508-383-334-506
Cash Flow From Investing Activity + -613-1,195-1,014-1,180-1,500-1,588-2,961-2,227-1,484-1,598
Capex -641-1,283-1,053-1,373-1,205-1,817-2,852-2,202-1,222-1,807
Net Investments -228433-93-189103-164-49-319166
Others 5045285-10612755235743
Cash Flow From Financing Activity + -284495246-199-251-207220-72-1,071-708
Net Proceeds from Shares 000073800000
Net Proceeds from Borrowing -455409268320-68662174506-654-99
Interest Paid -111-130-224-204-157-117-194-361-393-293
Dividend Paid -69-69-69-80-141-212-213-214-213-266
Others 351284271-235-559454-2189-50
Net Cash Flow -252-22127-7521311160-205-67247

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)17.3313.6915.3820.2220.3424.5122.9112.2710.413.8
ROCE (%)13.9811.4913.2713.2518.1724.1722.6112.8312.3514.21
Asset Turnover Ratio0.770.760.760.70.720.870.870.690.710.7
PAT to CFO Conversion(x)1.251.471.511.421.481.111.341.571.991.39
Working Capital Days
Receivable Days41.6042.2044.8047.9046.3044.6043.3050.7050.3053.70
Inventory Days53.6056.6057.2060.605752.5053.4062.5057.1058.30
Payable Days92.20111.50105.20111.90111.9094.1080.3086.4076.8070.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

SRF Ltd FAQs

The current trading price of SRF on 09-Jun-2026 11:08 is ₹2,711.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 08-Jun-2026 the market cap of SRF stood at ₹79,286.2 Cr

The latest P/E ratio of SRF as of 08-Jun-2026 is 45.97.

The latest P/B ratio of SRF as of 08-Jun-2026 is 6.27.

The 52-week high of SRF is ₹3,319 and the 52-week low is ₹2,313.8.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SRF is ₹12,421 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that SRF Ltd is a good quality company.

The key valuation ratios of SRF Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of SRF Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About SRF Ltd

SRF began as Shri Ram Fibres in 1970 when its parent company DCM decided to set up a separate entity to manufacture nylon tyre cord fibres. Its formation was a result of the foresight that nylon was the future material for tyre cord fibres. The company established its first plant in Manali near Chennai in 1973. Over the years, the company not only expanded its product range under the Technical Textiles but also diversified into many adjacent businesses. Besides Technical Textiles, the company’s business profile constitutes Fluorochemicals, Specialty Chemicals and Packaging Films. Equipped with state-of-the-art R&D facilities, the company boasts of its Chemical Technology Group that is actively involved in process innovations and product development.

SRF’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles and Coated and Laminated Fabrics., The company exports to 100+ countries. Equipped with state-of-the-art R&D facilities, SRF has filed 501 patents for R&D and technology so far, of which 153 have been granted. The company is a multi-business entity with multiple products for multiple applications.

Business area of the company

SRF is a chemical-based, multi-business conglomerate engaged in the manufacturing of industrial and specialty intermediates. The company is widely recognised and well respected for its R&D capabilities globally, especially in the niche domain of Chemicals. The company is a market leader in most of its business segments in India and overseas. The company has operations in four countries namely India, Thailand, South Africa, and Hungary. The company has commercial interests in over a hundred countries and categorises its operations into Chemicals Business (CB), Packaging Films Business [renamed Performance Films & Foil Business, effective April 1, 2025] (PFB), Technical Textiles Business (TTB), and Other Businesses.

Business verticals 

Fluorochemicals Business: Set up in the year 1989, SRF’s Fluorochemicals Business (FCB) drives its work through the sale of refrigerants, pharma propellants, and industrial chemicals. SRF is the only Indian manufacturer of ozone-friendly refrigerants such as F 134a and F 32.

Specialty Chemicals Business: With more than 30 years of experience in Halogen chemistry, SRF’s Specialty Chemicals Business commands an enviable reputation for its capabilities in the development and production of advanced intermediates for Agrochemical and Pharmaceutical applications. Building from its initial expertise in Fluorine chemistry and deep knowledge in varied platform chemistries, it is now in a leadership position to offer a variety of other chemicals to address emerging customer needs. To maintain this enviable position, it has invested substantially in people, equipment and capital; in turn, creating an environment of agile process development and rapid project implementation for Specialty Chemicals.

Performance Films & Foil Business: SRF’s packaging films prevent dry snacks from getting soggy and contaminated. Its product forms one of the packaging layers that not only provides protection from air, moisture and light but also helps preserve the aroma. With operations in four countries, it provides flexible packaging solutions to a wide gamut of applications ranging from food to non-food both in the category of fast-moving consumer goods and industrial products.

Technical Textiles Business: SRF offers a wide range of high-performance reinforcements covering both nylon and polyester yarns and fabrics for diverse non-consumer and lifestyle applications. The company is not only the largest manufacturer of technical textiles in India but also enjoys a global leadership for most of the products under this business. SRF’s product basket for technical textiles contains tyre cord fabrics, belting fabrics, and industrial yarn.

Coated Fabrics Business: As a pioneer of PVC synthetic coated fabrics in India, SRF offers a diverse range of products for a wide range of applications in varied segments such as architecture, lifestyle, sports, advertising, defense, mines, food & agriculture, automobile, and transportation. Its coated fabrics are fire and weather-resistant as well as UV stabilized and abrasion and tear-resistant. Made of high tenacity polyester yarn with a unique PVC formulation, these are waterproof and easy to fabricate, install and maintain. With a pan India presence, it has remained the domestic market leader for more than two decades.

Laminated Fabrics Business: With an enviable reputation of a reliable manufacturer, it delivers quality solutions to the printing, advertising & signage industry. It offers products for static and dynamic covering solutions as well. SRF laminated fabrics which are used as flex in hoardings, billboards and signage are not only suitable for high-quality screen printing and digital printing but are also compatible with all solvent-based printers such as Vutek, Nur and Scitex. Under special treatment, SRF products also exhibit anti-UV and fire-retardant properties. With a pan India network of channel partners, SRF promises to serve customers anywhere in the country. 

Awards

  • 2021-22: Highly Commended Winner of the Best Working Capital Management Solution at the Adam Smith Awards Asia 2021.
  • 2021-22: SRF’s Packaging Films Business – Indore conferred the Quality Sustainability Award at the international convention, organised by the International Academy for Quality (IAQ).
  • 2021-22: TTB Gwalior was recognised with a certificate of appreciation for relief work in the flood-hit areas of Bhind district (MP) by the Collector.
  • 2022-23: Received the Finance Transformation Initiative of the Year Award - The C2FO program.
  • 2022-23: Won the award for Enlightened Growth Leadership, 2022 by the Frost & Sullivan Institute.
  • 2022-23: Mahatma Award for Social Good and Impact in Quality Education earned by SRF Foundation.
  • 2022-23: SRF’s Packaging Films Business is the recipient of the IAQ Quality Sustainability Award by the International Academy for Quality (IAQ).
  • 2022-23: SRF’s Fluorochemicals Business unit in Thailand was conferred the ‘Best Supplier’ Award by Toshiba.
  • 2023-24: MATEXIL Export Award for Outstanding Export Performance Technical Textiles Business, SRF MATEXIL, Category: Indutech.
  • 2023-24: Top Value Creator 2023 – Chemicals SRF Limited.
  • 2024-25: SRF has been chosen by Frost & Sullivan Institute as the recipient of the 2024 Enlightened Growth Leadership Best Practices Recognition.
  • 2024-25: RF has won the Gold Award for pioneering risk mitigation strategies at the ET NOW Supply Chain Management & Logistic Awards 2024.
  • 2024-25: SRF Industries (Thailand) Ltd. has been honoured with the prestigious Industrial Estate Authority of Thailand (IEAT) Green Star Award.
  • 2024-25: SRF has been recognised as the champion of innovation in chemicals & materials science at the DET Hurun India Manufacturing Excellence Awards 2025.
  • 2024-25: SRF has been recognised in the 2024 Burgundy Private Hurun India 500 List.

Milestones

  • 1970: Incorporated as Shri Ram Fibres
  • 1973: The Company established its first plant in Manali near Chennai.
  • 1974: Commenced operations of nylon tyre cord at Manali.
  • 1977: Production of fishnet twines started.
  • 1979: Commenced production of nylon engineering plastics.
  • 1983: Commissioning of belting fabrics at Viralimalai.
  • 1986: Set up SRF Finance Ltd.
  • 1986: Commissioning of coated fabrics at Viralimalai.
  • 1989: Entered Chemicals Business with production of refrigerants.
  • 1990: Shri Ram Fibres renamed as SRF Ltd.
  • 1993: Divested SRF Nippondenso.
  • 1995: Commercial production of Chloromethanes.
  • 1995: Ventured into Packaging Films Business.
  • 1995: Started Vision Care Division at Bangalore.
  • 1996: Set up the company’s first overseas plant (tyre cord) in Dubai.
  • 1996: Acquired Ceat’s tyre cord fabrics plant situated at Gwalior.
  • 1997: Divested Vision Care Division.
  • 1997: Divested SRF Finance Ltd. to GE Capital.
  • 2000: Acquired Dupont’s tyre cord fabrics plant situated at Gummidipoondi.
  • 2002: Polyester films, fishnet twines and engineering plastics businesses spun off as a separate entity; SRF Polymers Ltd.
  • 2004: Became the first tyre cord company outside Japan to win the Deming Prize.
  • 2008: Acquired two foreign companies - Thailand based Thai Baroda Industries Limited (TBIL), a manufacturer of nylon tyre cord, and South Africa based Industex Technical Textile (Pty) Limited, a manufacturer of belting fabrics.
  • 2009: Purchase of two businesses of SRF Polymers Ltd., the Engineering Plastics and the Industrial Yarn Business.
  • 2009: Became the first Indian manufacturer of polyester industrial yarn (PIY) by setting up a 14,400 MT PIY for producing PIY to be used in radial tyres, conveys belts and coated fabrics.
  • 2010: Ventured into Laminated Fabrics by setting up a green-field plant of 900 sqm annual capacity at Kashipur.
  • 2012: Commenced operations in the newly commissioned Chemical Complex at Dehej in Gujarat.
  • 2012: Wins the prestigious Deming Prize for the Chemicals Business.
  • 2013: Set up green-field facility for BOPET films in Thailand.
  • 2013: Ventured into BOPP films by setting up a green-field plant in South Africa.
  • 2014: Scaled up its HFC 134a capacity by three fold to around 17,500 tonnes per annum with the commissioning for its second HFC 134a plant of 12,500 tpa capacity at Dahej.
  • 2015: SRF acquires Global DuPont Dymel HFC 134a Pharma Business.
  • 2017: SRF inks Pact to Buy Mexichem’s HFC-125 Assets.
  • 2019: SRF resumes operations at Dahej plant.
  • 2019: SRF to set up BOPP film line in Thailand.
  • 2020: SRF gets nod to set up second BOPP Film Line at Indore.
  • 2021: SRF commissions project to produce specialty chemicals.
  • 2022: SRF to set up Pharma Intermediates Plant at Dahej.
  • 2022: SRF starts expansion project at Indore.
  • 2023: SRF commences pharma intermediates plant at Dahej.
  • 2023: SRF infuses additional equity share capital in SRF Altech.
  • 2024: SRF incorporates a wholly-owned subsidiary by the name of SRF Middle East LLC.
  • 2025: SRF enters into MoU with Tata Steel Special Economic Zone.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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