Axis Capital On SRF

Maintain Buy, TP Rs 3160 Expect recovery in specialty chemicals growth H2FY27 onwards FY26 was a mix of continued pricing pressure from China and SRF’s thrust on cost management Specialty chemicals’ revenue dipped ~6% on such pricing pressure and deferral in new product launches by innovators negated by ~60% surge in ref gas (led by volume and pricing), driving a 16% rise in chemicals’ revenue in FY26. Capex to rise to Rs 25bn+ annually as it expands into HFO, fluoropolymers and specialty chemicals.

SRF LTD

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