SRF Limited has informed the Exchange about Investor Presentation
The Corporate Relationship Department, BSE Limited Ist Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001
National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex Bandra (E) Mumbai 400 051
Scrip Code- 503806
Scrip Code-SRF
SRF/SEC/BSE/NSE
Dear Sir/Madam,
24.07.2025
Presentation- Earnings Call (Un-Audited Financial Results for the quarter ended 30.06.2025)
In continuation of our letter dated 18th July, 2025 informing about hosting of earning call to discuss Un- Audited financial results for quarter ended 30th June, 2025, please find enclosed Investors presentation, of the same for your reference and record.
The same is also available on the Company’s website i.e. www.srf.com
Thanking you,
Yours faithfully,
For SRF LIMITED
RAJAT LAKHANPAL Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY
Encl: As above
SRF LIMITED Block-C Sector 45 Gurugram 122 003 Haryana India Tel: +91-124—4354400 Fax: +91-124—4354500 E-mail: info@srf.com Website: www.srf.com Regd. Office: Unit No. 236 & 237, 2nd Floor DLF Galleria, Mayur Place Noida Link Road Mayur Vihar Phase 1 Extension Delhi 110091
Corporate identity No. L181010L1970PLC005197
Q1 FY26 Results Presentation
July 24, 2025
Disclaimer
local,
political
changes,
regulatory
Some statements in this document may be forward-looking. Such statements are subject to certain risks and uncertainties economic like developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant and uncertainties relating to these statements include, but are not limited to, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint.
forward-looking
statements.
risks
The
or
SRF Limited may, from time to time, make additional written and oral forward- looking statements, including communication to stakeholders. The company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- or reflect looking circumstances.
subsequent
statements
events
to
2
Table of Contents
01
02
03
Company Overview
Q1 FY26 Results Overview
Q1 FY26 Segmental Performance
04
Outlook
3
COMPANY OVERVIEW
44
Snapshot
100+ Countries- Exports
5 Countries- Operations
16 Manufacturing Facilities
9,000+ Global Workforce
₹14,693 cr. Revenue
₹ 2,970 cr. EBIDTA
₹ 1,251 cr. PAT
45% Chemicals
38% Performance Films & Foil
17% Technical Textiles & Others
On consolidated basis as on March 31, 2025
5
Overview - Business Profile
Chemicals
Performance Films & Foil
Technical Textiles
Others
No of Plants - 2 EBIT - ₹ 1,665 cr. Revenue - ₹ 6,691 cr.
No of Plants - 8 EBIT - ₹ 365 cr. Revenue - ₹ 5,554 cr.
Specialty Chemicals • Intermediates for AI/API/Specialized Applications
• Contract Development &
Manufacturing
Fluorochemicals • Refrigerants • Pharma
Propellants
•
•
Industrial Chemicals Fluoropolymers
Films for Flexible Packaging • Bi-axially Oriented
Polyethylene Terephthalate (BOPET)
• Bi-axially Oriented
Polypropylene (BOPP)
• Aluminium Foil
No of Plants - 4 EBIT - ₹ 238 cr. Revenue - ₹ 2,029 cr.
•
Tyre Cord Fabrics (Nylon & Polyester) • Belting Fabrics • Polyester Industrial Yarn
No of Plants - 2 EBIT - ₹ 69 cr. Revenue - ₹ 428 cr.
• Coated Fabrics •
Laminated Fabrics
On consolidated basis as on March 31, 2025
6
Manufacturing Facilities
1
1
1
2
1
2a
2b
2c
2d
International Operations
3a
3b
3c
3
1 2b
2a
2c
South Africa
Thailand
Hungary
Dubai
FLUOROCHEMICALS & SPECIALTY CHEMICALS 2 National Operations 1. Rajasthan, India - Bhiwadi 2. Gujarat, India – Dahej
1 International Operation 3. Dubai
TECHNICAL TEXTILES 4 National Operations 1. Madhya Pradesh, India - Malanpur, Bhind 2. Tamil Nadu, India -
a. Manali b. Gummidipoondi c. Viralimalai
PERFORMANCE FILMS & FOIL 5 National Operations 1. Uttarakhand, India - Kashipur 2. Madhya Pradesh, India -
a. Special Economic Zone (SEZ) b. Bagdoon, Pithampur c. Industrial Growth Centre,
Pithampur
d. Jetapur
3 International Operations
a. KwaZulu - Natal, South
Africa
b. Rayong, Thailand c. Jaszfenyszaru, Hungary
LAMINATED FABRICS 1 National Operation
1. Uttarakhand, India - Kashipur
COATED FABRICS 1 National Operation 1. Tamil Nadu, India - Gummidipoondi
7
Market Leadership Across Businesses
Specialty Chemicals • Established relationship with marquee customers • Strong tech capability – pilot to commercial; creating value through operational excellence • Driving customer engagement and satisfaction through world class R&D, EHS and quality management • Handling complex reactions -Halogenation, Ethylation, Hydrogenation, Nitration, Diazotization, Grignard, Cyanation, Isomerization, Amination, Organocatalysis and Decarboxylation
Fluorochemicals • Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals • Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations • One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers • Among the top five global manufacturers of key Fluorochemical productsi
Performance Films & Foil • Recognized for expertise in developing, manufacturing and marketing innovative, superior film products • Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness • Highly efficient asset base offering value added products near customer locations
Technical Textiles • Domestic market leader in Tyre Cord manufacturing and Belting Fabrics • Significant share in India’s Nylon Tyre Cord market. 5th largest player globally • 2nd largest manufacturer of Conveyor Belting Fabrics in the world
8
Growth Levers
Build a Company known and respected for its R&D capabilities
Greater focus on ESG initiatives • Benefit the communities where we work • Embrace diversity, equity & inclusion
•
•
Enhance focus on the 3R’s- Recycle, Reuse & Reduce
Increase consumption of green/renewable sources of energy
Nurture innovation through R&D
Reposition portfolio towards knowledge-based products
Focus on building high-end value-added products
Continue to build new competencies in the Chemicals Technology space
Focus on building leadership businesses
Build and maintain market leadership in business segments
9
Q1 FY26 RESULTS OVERVIEW
10
Abridged Results Overview
Consolidated figures
Particulars (Rs. Crore)
Gross Operating Revenue
EBIDTA
EBIDTA Margin (%)
Depreciation
Interest
ECF (Gain) / Loss
Profit Before Tax
Profit After Tax
Profit After Tax Margin (%)
Basic and Diluted EPS (Rs.)
Q1 FY26
3,818.6
850.3
22.3%
203.2
79.9
-8.7
575.8
432.3
11.3%
14.58
Q1 FY25
3,464.1
645.9
18.6%
188.2
96.5
17.2
344.0
252.2
7.3%
8.51
% Y-o-Y
10.2%
31.6%
8.0%
-17.2%
67.4%
71.4%
1111 11
Results Overview - Financial Overview
Consolidated figures Key Financial Ratios
Particulars
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
EBIDTA Margin
22.13%
21.42%
17.69%
19.00%
20.90%
26.05%
25.30%
24.94%
20.88%
20.22%
PAT Margin
9.51%
10.87%
8.38%
8.33%
12.70%
14.26%
15.19%
14.54%
10.17%
8.51%
Net Debt to Equity
Net Debt to EBIDTA
Asset Turnover
Debtors Turnover
0.71
1.97
0.70
8.79
0.67
2.11
0.68
7.21
0.82
3.01
0.66
8.10
0.83
2.42
0.72
6.90
0.76
2.48
0.66
8.09
0.39
1.24
0.65
6.64
0.32
0.87
0.79
6.94
0.32
0.88
0.79
8.33
0.36
1.49
0.64
6.76
0.28
1.19
0.68
6.77
1212 12
Results Overview - Revenue Share
Q1 FY26
Total – 3,818.6 Crs. 94.9
466.6
2.5%
12.2%
Q1 FY25
Total – 3,469.8 Crs.
126.2
3.6%
525.3
15.1%
1,838.9
48.2%
42.7%
1,482.0
37.1%
1,418.2
38.5%
1,336.3
CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
CB
PFB
TTB
Others
13
Results Overview - EBIT Share
Q1 FY26
Total – 694.2 Crs. 13.4 1.9%
37.6
5.4%
20.2%
140.2
72.4%
502.9
Q1 FY25
Total – 484.4 Crs.
23.6
4.9%
67.7
14.0%
86.8
17.9%
63.2%
306.4
CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
CB
PFB
TTB
Others
14
Q1 FY26 - SEGMENTAL PERFORMANCE
Chemicals
Technical Textiles
Performance Films & Foil
Others
15
CHEMICALS BUSINESS
16
Chemicals Business - Results Update
Consolidated figures
PARTICULARS
Q1 FY26
Q1 FY25
% Y-o-Y
Segment Revenues
1,838.9
1,482.0
24.1%
% Contribution to Revenues
48.2%
42.7%
EBIT
% EBIT Margins
% Contribution to EBIT
502.9
27.3%
72.4%
306.4
64.1%
20.7%
63.3%
1717 17
Chemicals Business
Specialty Chemicals Business
Key Highlights
Market Trends
•
•
•
•
Segment reported healthy revenue and margin growth over CPLY
o o
Volume recovery for key agrochemical intermediates Momentum in recently launched products
Capex of Rs. 250 Crores for setting up production facility for a new agrochemical approved by the Board
o
Ramp-up of recently commissioned plants to further augment growth in FY26 and FY27
Future-ready product pipeline to unlock growth opportunities
o o
Launched a new pharma intermediate Multiple AIs in different stages of development
Strategic pricing initiatives and focus on operational efficiencies driven by cost optimization and process improvements, to help tackle competitive pressures
•
•
•
•
•
Agrochemicals market witnessing gradual demand uptick after inventory rationalization in FY25, though broad-based improvement still awaited
US tariffs & stringent global regulations creating some uncertainties
registration norms delaying some product
Stricter innovators
launches for
Sustainability push accelerating carbon footprint reduction across chemical industry
Pricing pressure due to low-cost Chinese supplies persists; likely to be the new normal
18
Chemicals Business
Key Chemicals Technology Group
Chemicals Technology Group (CTG) is actively engaged in the development of new process technologies
Equipped with state-of-the-art R&D facilities and an ingenious team of scientists and engineers
Key focus on high end molecules
2 R&D centres in India – Bhiwadi, Rajasthan and Gurugram, Haryana
Strong internal competencies and capabilities
2 new process patents granted in Q1 FY26
153
Global Patents granted
494
Patents applied
19
Chemicals Business
Fluorochemicals Business
Key Highlights
Market Trends
•
•
•
•
Fluorochemicals Business delivered strong performance over CPLY
o
o
Domestic market remained weak; some counter-measures implemented through export volumes Started commercial sales of our patented R467A
AHF-3 plant getting stabilised
Stable results from Chloromethanes segment
o
MDC pricing remained range-bound
Improved sales of PTFE
•
•
•
•
Global demand for refrigerant gases remained stable
o
Tightening of demand and supply balance in China
HFC phasedown period for India ongoing (2024–26)
Subdued RAC production during Q1 FY26 when compared to CPLY
Upcoming in-cabin AC requirement for Commercial vehicles to drive ref gas consumption
20
PERFORMANCE FILMS & FOIL BUSINESS
21
Performance Films & Foil Business – Results Update
Consolidated figures
PARTICULARS
Q1 FY26
Q1 FY25
% Y-o-Y
Segment Revenues
1,418.2
1,336.3
6.1%
% Contribution to Revenues
37.1%
38.5%
EBIT
% EBIT Margins
% Contribution to EBIT
61.6%
140.2
9.9%
20.2%
86.8
6.5%
17.9%
2222 22
Performance Films & Foil Business
Key Highlights
Market Trends
•
Improved performance as compared to CPLY:
o
o
o
o
o o
freight costs and prevailing Chinese competition
Higher realizations and increased volumes of BOPP leading to better margins Strong portfolio of high-impact VAPs and corporate customers base, supported performance Higher impacted Thailand performance Hungary’s performance improved aided by lower energy costs and exports to mainland Europe South Africa continues to deliver stable results Aluminium Foil performance improved with higher volumes in domestic and export market
Board has approved a new BOPP line and metallizer at a projected cost of Rs. 490 Crores at Indore; to be commissioned in ~24 months
Sustainability trends continue to drive demand for BiLam, PCR films, and monofamily structures
•
•
•
•
•
•
•
•
Overall, global demand for BOPET and BOPP was stable
BOPP faced supply shortage in Indian market leading to price increase and higher capacity utilisation
BOPET Indian market demand steady; however prices softened
Demand for sustainable structures continues to rise globally
Southeast Asia continues to face pricing pressure amid regional oversupply
Anti-dumping duty in India on imports of Aluminium Foil from China lead to higher realisations
23
TECHNICAL TEXTILES BUSINESS
24
Technical Textiles Business - Results Update
Consolidated figures
PARTICULARS
Q1 FY26
Q1 FY25
% Y-o-Y
Segment Revenues
466.6
525.3
-11.2%
% Contribution to Revenues
12.2%
EBIT
% EBIT Margins
% Contribution to EBIT
37.6
8.1%
5.4%
15.1%
67.7
12.9%
14.0%
-44.4%
2525 25
Technical Textiles Business
Key Highlights
Market Trends
•
•
•
Technical Textiles business’s revenue declined when compared to CPLY o
Nylon Tyre Cord Fabric volumes and pricing was lower due to subdued domestic demand Belting fabric exports saw growth, though margins remained under pressure due to lower priced Chinese imports Healthy quarterly sales for Polyester Tyre Cord Fabric offset some of the negative
o
o
Capacity expansion projects:
o o
Belting fabric expansion ramping up post-capitalization New dipping machine project on schedule; to enhance future capacity
Strategic focus on value-added products for sustainable market differentiation
•
•
•
NTCF demand was lower when compared to CPLY
in Tier
II markets,
Revival rising demand for value-driven products, recovery in infrastructure and industrial sectors and increased government spending to improve BF performance
Aggressive import prices for BF from China continue to effect margins
26
OTHER BUSINESSES
27
Others – Results Update
Consolidated figures
PARTICULARS
Segment Revenues
% Contribution to Revenues
EBIT
% EBIT Margins
% Contribution to EBIT
Q1 FY26
Q1 FY25
% Y-o-Y
94.9
2.5%
13.4
14.1%
1.9%
126.2
-24.8%
-43.0%
3.6%
23.6
18.7%
4.9%
2828 28
Others - Key Highlights
Coated Fabrics
Laminated Fabrics
•
•
•
•
•
•
Q1 performance impacted due to subdued market conditions and demand softness in key segments
SRF sustained its domestic market leadership in coated fabrics
Commissioned 8 new looms and warpers, enhancing production capacity and operational efficiency
SRF retains price leadership in the laminated fabrics market, backed by consistently strong on-time delivery performance
Margins remain under pressure due to industry overcapacity
Stabilization of new knitting machines to enhance in-house fabric production
29
SRF’s Community Engagement
EMPOWERING HEATHCARE
SWASTHYA SEVA
DHAR, MADHYA PRADESH
BHARUCH, GUJARAT
SRF Foundation, with support from SRF Limited, held a Health Equipment Distribution Ceremony, at PHC Nalchha, Dhar. Essential medical equipment was provided to 12 sub-health centers, boosting healthcare across Nalchha block, Dhar district, Indore (MP)
In 15 villages of Bharuch, Gujarat, SRF Limited’s Mobile Health Dispensary is delivering regular OPD services and health education, bringing care closer to underserved communities
30
OUTLOOK
Chemicals
Technical Textiles
Performance Films & Foil
Others
31
Outlook - Chemicals Business
Specialty Chemicals
Fluorochemicals
Agrochemicals segment expected to pick up gradually
Focus on maximizing HFC production
Work on AIs progressing as per plan
Overall RG market expected to be stable
Product funnel remains strong
Launch of new pharma intermediates as well as ramp up of recently commissioned facilities to drive growth
Focus on cost structures and efficiency enhancement to counterbalance pricing pressure
CMS demand and prices to remain range bound; creating export ability to offset pricing pressure
PTFE should witness traction with positive developments in FY’26
Ongoing capexes on track
32
Outlook - Performance Films & Foil Business and Technical Textiles Business
Performance Films & Foil Business
Overall BOPP demand-supply situation to remain favourable in the domestic market
Margins in Thailand under pressure due to ongoing Chinese competition
Hungary expected to perform better, with operational efficiencies kicking in
Ongoing capex on Capacitor grade and CPP line to start-up in H2 FY26
Aluminium Foil facility to contribute positively to the overall performance in FY’26
South Africa to continue performing well
Technical Textiles Business
Demand for NTCF likely to be stable
Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers
Polyester Industrial Yarn and Polyester Tyre Cord Fabric sales to witness positive trends
33
About Us
Established in 1970, SRF Limited is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles and Coated and Laminated Fabrics.
Anchored by a strong workforce of 9,000+ employees from different nationalities working across thirteen manufacturing facilities in India and one each in Thailand, South Africa and Hungary, the company exports to 100+ countries. Equipped with State-of-the-Art R&D facilities, SRF has filed 494 patents for R&D and technology so far, of which 153 have been granted. A winner of the prestigious Deming Prize for two of its businesses, namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way.
For further information please contact
Anoop Poojari
CDR India
Email: noop@cdr-india.com
Tel: +91 98330 90434
34 3434 34
Thank You