MORGAN STANLEY ON SRF ; UNDERWEIGHT | TP ₹2,260

• Non-fluoro verticals remain a drag. • Consolidated gross margin declined due to raw-material inflation and softer sequential/seasonal demand after a strong Q1. • Chemicals segment was broadly in line, supported by robust refrigerant sales volumes. • Morgan Stanley remains cautious near term as India’s R-32 supply is expected to expand materially into 2027.

SRF LTD

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