SRFNSE28 October 2025

SRF Limited has informed the Exchange about Investor Presentation

SRF Limited

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,

28.10.2025

Presentation- Earnings Call (Un-Audited Financial Results for the quarter and half year ended 30.09.2025)

In continuation of our letter dated 22nd October, 2025 informing about hosting of earning call to discuss Un- Audited financial results for quarter and half year ended 30th September, 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

Q2 & H1 FY26 Results Presentation

October 28, 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

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

Table of Contents

Company Overview

Q2 & H1 FY26 Results Overview

Q2 & H1 FY26 Segmental Performance

Outlook

COMPANY OVERVIEW

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

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

Manufacturing Facilities

International Operations

1 2b

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

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

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

Q2 & H1 FY26 RESULTS OVERVIEW

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.)

Q2 FY26

3,640.2 830.5 22.8% 212.1 70.7 30.6 517.0 388.2 10.7% 13.10

% Y-o-Y

6.3% 39.8%

9.4% -24.6%

82.3% 92.7%

Q2 FY25

3,424.3 594.0 17.3% 193.9 93.8 22.6 283.7 201.4 5.9% 6.79

H1 FY26

7,458.8 1,680.8 22.5% 415.4 150.6 21.9 1,092.9 820.5 11.0% 27.68

H1 FY25

6,888.4 1,239.9 18.0% 382.1 190.3 39.8 627.6 453.6 6.6% 15.30

% Y-o-Y

8.3% 35.6%

8.7% -20.9%

74.1% 80.9%

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

Q2 FY25

Q2 FY26

H1 FY25

H1 FY26

Total – 3,426.7 Cr.

Total – 3,640.2 Cr.

Total – 6,896.5 Cr.

Total – 7,458.8 Cr.

112.8

3.3%

535.5

15.6%

1,357.8

474.3

90.8 2.5%

13.0%

1,666.9

1,060.8

239.0

3.5%

15.4%

2,839.8

940.9

185.8

2.5%

12.6%

39.6%

45.8%

41.2%

41.5%

1,420.6

38.7%

1,408.1

40.0%

2,756.9

37.9%

2,826.3

CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others

PFB

TTB

Others

3,505.8

47.0%

Results Overview - EBIT Share

Q2 FY25

Q2 FY26

H1 FY25

H1 FY26

Total – 417.5 Cr.

Total – 650.1 Cr.

Total – 901.9 Cr.

Total – 1,344.3 Cr.

17.2

4.1%

71.3

17.1%

246.1

118.9

42.3

7.5 1.2%

6.5%

18.3%

481.3

139.0

15.4%

40.8 4.5%

552.6

79.9

20.9 1.6%

5.9%

984.2

259.2

19.3%

19.8%

59.0%

82.8

18.8%

61.3%

74.0%

169.6

CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others

PFB

TTB

Others

73.2%

Q2 & H1 FY26 – SEGMENTAL PERFORMANCE

Chemicals

Technical Textiles

Performance Films & Foil

Others

CHEMICALS BUSINESS

Chemicals Business - Results Update

Consolidated figures

PARTICULARS

Q2 FY26

Q2 FY25

% Y-o-Y

H1 FY26

H1 FY25

% Y-o-Y

Segment Revenues

1,666.9

1,357.8

22.8%

3,505.8

2,839.8

23.5%

% Contribution to Revenues

45.8%

39.6%

47.0%

41.2%

EBIT

481.3

246.1

95.5%

984.2

552.6

78.1%

% EBIT Margins

28.9%

18.1%

28.1%

19.5%

% Contribution to EBIT

74.0%

59.0%

73.2%

61.3%

1717 17

Chemicals Business

Specialty Chemicals Business

Key Highlights

Market Trends

•

Specialty Chemicals Business performance improved over CPLY, driven by higher volumes and operational efficiencies through cost and process optimization

Recently launched products continued positive traction

Robust product pipeline to accelerate future growth momentum

o o

Launched one new Active Ingredient (AI), three new Agro and one new Pharma product during H1; ramp up to bode well for future Capacity enhancements undertaken across various products Product intermediates and Agro AI opportunities under development

strong, with several new Pharma

remains

funnel

New Odisha site to house future Chemical facilities, strengthening SRF’s manufacturing footprint and supporting long-term capacity expansion

•

Agro majors deferring procurement to late H2 FY26 amid delayed demand from customers

Market dynamics shaped by sustained Chinese competition and uncertainty surrounding US tariffs

Raw material prices appear to have bottomed out

Growing sustainability & environmental awareness resulting in enhanced focus on carbon footprint

Chemicals Business

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 H1 FY26

153

Patents granted

501

Patents applied

Chemicals Business

Fluorochemicals Business

Key Highlights

Market Trends

•

Fluorochemicals business delivered strong YoY performance driven by:

o o

Higher volumes and realizations of HFCs across domestic and export markets Higher volumes and margins from Fluoropolymers Industrial Chemicals delivered stable results

Continued market-development in Middle East for R467A – India’s first ASHRAE-certified low-GWP refrigerant, developed in-house by SRF

Maintained leadership in domestic RAC and MAC markets; Thailand and Middle East markets continue to perform well

Entered into strategic agreements with The Chemours Company for manufacturing, supply and distribution of certain fluoropolymers and fluoroelastomers; capex cost enhanced to Rs. 745 Crs.

•

Global HFC prices remain firm, driven by China’s quota-led supply restrictions and steady international demand

Domestic ref gas demand to recover in H2 after a weak H1 due to prolonged monsoons

Strong traction visible in Middle East markets

PERFORMANCE FILMS & FOIL BUSINESS

Performance Films & Foil Business - Results

Consolidated figures

PARTICULARS

Q2 FY26

Q2 FY25

% Y-o-Y

H1 FY26

H1 FY25

% Y-o-Y

Segment Revenues

1,408.1

1,420.6

-0.9%

2,826.3

2,756.9

2.5%

% Contribution to Revenues

38.7%

41.5%

37.9%

40.0%

EBIT

118.9

82.8

43.6%

259.2

169.6

52.8%

% EBIT Margins

8.4%

5.8%

9.2%

6.2%

% Contribution to EBIT

18.3%

19.8%

19.3%

18.8%

2222 22

Performance Films & Foil Business

Key Highlights

Market Trends

•

Business achieved stable revenue in Q2 with higher margin compared to CPLY due to:

o o

Higher volumes and realisation for BOPP Ramping up of production and sales of Aluminium foil; supported by higher realisation in both domestic and export market Improved performance from Thailand and Hungary, competition from cheaper imports continues Stable performance seen in South Africa

though

Sequential softness reflected in weak demand and prices for BOPET

Maintained position as India’s largest BOPET exporter

Continued focus on expanding sales of VAPs and sustainable film structures to enhance differentiation

•

Global supply for BOPET continues to exceed demand, though utilization levels improved

New capacities added in BOPP, however, fire at a competitor’s facility kept demand-supply healthy

Impact of GST 2.0 created short-term market disruption due to resizing and reprinting

Anti-dumping duty on Chinese Aluminium Foil imports in India supported better realizations and improved pricing stability

Chinese suppliers continue aggressive pricing in Southeast Asian markets

TECHNICAL TEXTILES BUSINESS

Technical Textiles Business - Results Update

Consolidated figures

PARTICULARS

Q2 FY26

Q2 FY25

% Y-o-Y

H1 FY26

H1 FY25

% Y-o-Y

Segment Revenues

474.3

535.5

-11.4%

940.9

1,060.8

-11.3%

% Contribution to Revenues

13.0%

15.6%

12.6%

15.4%

EBIT

42.3

71.3

-40.7%

79.9

139.0

-42.5%

% EBIT Margins

8.9%

13.3%

8.5%

13.1%

% Contribution to EBIT

6.5%

17.1%

5.9%

15.4%

2525 25

Technical Textiles Business

Key Highlights

Market Trends

•

TTB performance negatively impacted by weak market:

Nylon Tyre Cord Fabric (NTCF) and Belting Fabric (BF) margin under pressure due to Chinese imports, though overall volumes were higher Demand for Polyester Industrial Yarn (PIY) was soft due to prolonged monsoon

•

Capacity expansion projects:

New Belting fabric capacity ramping up; to contribute to higher volumes in H2 New dipping machine project on schedule

Strategic differentiation

focus on value-added products

for

sustainable market

Maintained market share in NTCF as well as BF

•

Market conditions remained challenging due to cheap imports from China

US import tariffs negatively impacted Belting Fabric, leading to increased imports from China at significantly lower prices

Market conditions expected to improve in H2, supported by recovery in automotive and industrial sectors post GST 2.0

OTHER BUSINESSES

Others - Results Update

Consolidated figures

PARTICULARS

Q2 FY26

Q2 FY25

% Y-o-Y

H1 FY26

H1 FY25

% Y-o-Y

Segment Revenues

90.8

112.8

-19.5%

185.8

239.0

-22.3%

% Contribution to Revenues

2.5%

3.3%

2.5%

3.5%

EBIT

7.5

17.2

-56.4%

20.9

40.8

-48.7%

% EBIT Margins

8.3%

15.2%

11.3%

17.1%

% Contribution to EBIT

1.2%

4.1%

1.6%

4.5%

2828 28

Others - Key Highlights

Coated Fabrics

Laminated Fabrics

•

Continue to maintain leadership position in the domestic market, both in volume and price

Tensile product offerings introduced in domestic market during Q2, a key step towards product diversification

Launched value-engineered products targeting commodity markets

Overall demand expected to remain steady in Q3

Retained price leadership in laminated fabrics market, backed by consistently strong on-time customer deliveries

Achieved the highest-ever HL production during the period

Stabilized new knitting machines, ramping up production of inhouse fabric

Margins remain under pressure due to overcapacity – however expected to improve with higher in-house fabric production and value-added products scale-up

SRF’s Community Engagement

Tinker Coding Labs & Digital Innovation Hub, Mewat: •

100 students from 7 labs visited Mewat Engineering College for hands-on STEM exposure School-level Robotics and Quiz Competitions engaged 350+ students and 14 teachers 69 teachers trained in digital literacy, MS Office, internet skills, cyber security, and AI

•

Rural Education Program (Bhopal, Netrang, Bharuch, Bhind, Dhar, Bhiwadi): •

Science, reading, and digital clubs, plus competitions and community meetings, empowered students and strengthened community ties Teacher development through workshops on library management, science labs, etc.

•

Anganwadi Development (Bhopal, Netrang): • 26 centres hosted

nutrition and ECCE awareness sessions, mothers’ meetings, and capacity-building for Anganwadi workers

Digital Smart Shiksha Bus (Bhopal, Bhind): • Reached 9 villages, delivering interactive digital learning to 7,560+ students and orienting teachers and parents on tech integration

OUTLOOK

Chemicals

Technical Textiles

Performance Films & Foil

Others

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

Competition from Chinese manufacturers likely to continue

Launch of new pharma intermediates and ramp up of recently commissioned facilities to drive growth

Focus on cost structures, debottlenecking and augmentation initiatives to partially counterbalance pricing pressure

Overall RG market in H2 expected to be better than H1, with stable margins

CMS demand and prices to remain range bound; creating export ability to offset pricing pressure

PTFE to witness positive traction with supportive trade measures and planned ramp-up

Current projects on-track

Outlook - Performance Films & Foil Business and Technical Textiles Business

Performance Films & Foil Business

Uncertainty in US tariffs impacting exports; counter-measures being deployed

Thailand and Hungary operations likely to remain stable

South Africa to continue performing well

Aluminium Foil facility to contribute positively to the overall performance in FY’26

Commercialisation of capacitor grade, CPP line and value-added products in H2 to contribute positively

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

Belting Fabric, Polyester Industrial Yarn and PTCF sales to witness positive trends

About Us

Established in 1970, SRF Limited is a chemical-based, multi-business conglomerate with a strong global footprint. The company operates across a diversified portfolio that includes: Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles, Coated and Laminated Fabrics.

Powered by a strong workforce of over 9,000 employees from diverse nationalities, SRF operates 16 manufacturing plants across India, Thailand, South Africa, and Hungary, and maintains a global footprint with offices including one in Dubai, serving customers in 100+ countries.

Supported by state-of-the-art R&D facilities, the company has filed 501 patents, with 153 patents granted, underscoring its commitment to innovation and technology leadership.

A recipient of the prestigious Deming Prize for its Tyre Cord and Chemicals businesses, SRF continues to embed Total Quality Management (TQM) as its core management philosophy—redefining excellence in operations and corporate culture.

For further information please contact

Anoop Poojari

CDR India

Email: anoop@cdr-india.com

Tel: +91 98330 90434

34 3434 34

Thank You

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