SRF Limited’s consolidated revenue rose 35% to ₹4,904 crore in the quarter ended Sept. 30, 2026, but its Chemicals Business recorded slower profit growth than sales, putting the expected second-half specialty-chemical revenue pickup under scrutiny.
Operational EBIT increased 26% to ₹816 crore and profit after tax advanced 31% to ₹509 crore, according to the company’s unaudited results. Performance Films & Foil revenue grew 51% to ₹2,122 crore, with operating profit up 73% to ₹206 crore. Technical Textiles revenue rose 25% to ₹595 crore, while operating profit increased 71% to ₹72 crore.
Within the Chemicals Business, revenue reached ₹2,079 crore, up 25% year over year, while operating profit rose 10% to ₹528 crore. SRF said refrigerant volumes and pricing aided fluorochemicals. For specialty chemicals, it cited shifts in global pricing and excess capacity in China. The company reports the two businesses together and did not provide separate quarterly revenue or profit figures for specialty chemicals.
On an Oct. 22 earnings call, President and CFO Samir Kashyap said SRF expected Chemicals Business revenue growth toward the higher end of its existing 15%-20% guidance for FY27. He forecast stronger specialty-chemical revenue in the second half, supported by better volumes. The company gave no separate specialty-chemical margin target.
Kashyap also cited higher raw-material and freight costs as pressures on margins. Separately, Mint reported that Nuvama Research saw specialty-chemical challenges lasting longer than previously expected and proposed lowering the Chemicals Business valuation multiple to 20 times EV/EBITDA from 25 times.
The next measure is whether stronger specialty-chemical revenue in H2 FY27 accompanies better operating-profit growth in the combined Chemicals Business.
