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Diversified Indian chemicals company making fluorochemicals (refrigerants), specialty chemicals, packaging films and technical textiles.
Diversified Indian chemicals company making fluorochemicals (refrigerants), specialty chemicals, packaging films and technical textiles.
Chemicals earn the most: refrigerant gases sold to equipment makers and servicing companies, and specialty intermediates made to order for agrochemical and pharma firms under multi-year supply relationships. Packaging films and textile products are cyclical and priced against global capacity. A family promoter group controls the company.
In one line: India's smaller Chemours/DuPont hybrid.
Moat: narrow (scale, process know-how). Backward-integrated fluorochemical manufacturing and diversified chemical process expertise built over decades.
Headquarters: Gurugram, India · Founded: 1970 · Employees: 14,068
Size Srf (SRF.NS) is an India Materials company (Industrial Specialties) with a market value of $7.67B, the 148th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,460 on 6 Nov 2026.
Performance Over six months the shares fell 11.2%, against -2.0% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 19.7% over the last twelve months (peer median +11.0%); the operating margin is 18.8% (peer median 12.6%).
Valuation It trades at 30.3× forward earnings against a peer median of 18.2× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.7 points above its cost of capital (12.3% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹183B | ₹157B | ₹146B | ₹130B | ₹148B |
| Revenue growth | — | +7% | +12% | -12% | — |
| Gross profit | ₹54.9B | ₹40.9B | ₹33.6B | ₹30.3B | ₹42.1B |
| EBITDA | ₹43.2B | ₹35.5B | ₹28.0B | ₹26.1B | ₹35.5B |
| Net income | ₹22.8B | ₹18.4B | ₹12.5B | ₹13.4B | ₹21.6B |
| Free cash flow | n/a | ₹4.56B | ₹8.98B | -₹4.58B | -₹1.31B |
| Capital expenditure | n/a | ₹18.9B | ₹12.3B | ₹22.2B | ₹28.7B |
| Total debt | ₹53.8B | ₹50.8B | ₹47.3B | ₹50.3B | ₹44.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Srf SRF.NS | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | $5.42B | +23% | +20% | 17% | 53.0× | n/a |
| Chemours CC | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% |
| Navin Fluorine International NAVINFLUOR.NS | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% |
| Arkema AKE.PA | $4.96B | -9% | -6% | 5% | 13.7× | 12.5% |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
| Solstice Advanced Materials SOLS | $9.22B | -26% | +3% | 17% | 17.8× | 0.3% |
| UFlex UFLEX.NS | $440M | +29% | +10% | 9% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SRF.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | 0.0% | -2.9% | 8th highest of 20 |
| 6-month return | -11.2% | -2.0% | 10th lowest of 20 |
| Distance from 52-week high | -21.7% | -23.6% | 9th highest of 20 |
| Revenue growth (TTM) | +19.7% | +11.0% | 7th highest of 21 |
| Operating margin | 18.8% | 12.6% | 4th highest of 21 |
| Forward P/E | 30.3× | 18.2× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 25.2% | 10.7% | 4th most demanding of 15 |
| Growth delivered (Del g) | +13.5% | +11.0% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | +11.7 pp | +2.1 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +0.7 pp | +1.6 pp | 7th lowest of 21 |
| EV / EBITDA | 17.8× | 12.6× | 4th most expensive of 12 |
| Net debt / EBITDA | 1.0× | 1.5× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |