Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers.
Q3 FY26 Earnings Results
- Gross Operating Revenue: ₹3,712.5 crore, up 6.3% YoY from ₹3,491.3 crore in Q3 FY25; up 1.99% QoQ from ~₹3,640 crore in Q2 FY26.
- Revenue from Operations: ₹3,712.53 crore, up 6.35% YoY.
- EBIDTA: ₹847.5 crore, up 22.2% YoY from ₹693.4 crore; EBIDTA margin 22.8%.
- EBIT: ₹653 crore, up 23% YoY from ₹529 crore.
- Profit Before Tax (PBT): ₹451.7 crore, up 22.5% YoY from ₹368.7 crore.
- Profit After Tax (PAT): ₹432.7 crore, up 59.6% YoY from ₹271.1 crore.
- 9M FY26 performance:
- Gross Operating Revenue: ₹11,171.3 crore, up 7.6% YoY from ₹10,379.7 crore.
- EBIDTA: ₹2,528.3 crore, up 30.8% YoY.
- PAT: ₹1,253.2 crore, up 72.9% YoY from ₹724.7 crore.
Business Segments – Q3 FY26
- Chemicals Business:
- Revenue: ₹1,824.8 crore, up 22.0% YoY.
- EBIT: ₹496.0 crore, up 36.4% YoY.
- Packaging Films Business:
- Revenue: 9M FY26 ₹4,168.6 crore, up 0.7% YoY.
- EBIT: 9M FY26 ₹353.9 crore, up 36.2% YoY.
- Others (Coated & Laminated Fabrics):
- Revenue: ₹91.9 crore, down 9.1% YoY.
- EBIT: ₹17.0 crore, up 8.3% YoY.
Management Commentary & Strategic Decisions – Q3 FY26
- Management attributed strong profitability growth to robust chemicals business momentum, with revenue up 22% and EBIT up 36% YoY, while packaging films showed resilience despite volume and pricing challenges from imports.
- PAT growth of 60% YoY was supported by operating leverage, cost efficiencies and favourable mix, even amid global headwinds in select segments.
- Strategic focus areas:
- Continued investment in chemicals capacity expansion and specialty products to capitalise on demand from EV, refrigeration and pharma intermediates.
- Operational optimisation in packaging films to counter import competition and improve competitiveness in BOPET/BOPP.
- Sustaining R&D and innovation to drive higher‑margin, sustainable products across the portfolio.
Q2 FY26 Earnings Results
- Gross Operating Revenue: ₹3,640 crore, up 6% YoY from ₹3,424 crore in Q2 FY25.
- EBIT: ₹650 crore, up 56% YoY from ₹417 crore.
- Profit After Tax (PAT): ₹388 crore, up 93% YoY from ₹201 crore.
- H1 FY26: Revenue ₹7,051 crore, up 6% YoY; PAT ₹750 crore, up 87% YoY.
Management Commentary & Strategic Directions – Q2 FY26
- Management highlighted strong H1 performance with double‑digit PAT growth driven by chemicals and operational efficiencies, despite packaging films facing pricing pressures.
- Strategic emphasis on capacity expansion in high‑growth chemicals and cost discipline to sustain profitability momentum.
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