CITI ON SRF ; SELL | TP CUT TO ₹2,225 FROM ₹2,575

• Chemicals margins remain weak. • Refrigerant gas pricing tailwinds expected to fade. • Domestic and China R32 prices have stayed broadly stable since Q1. • Near-term pricing upside appears limited. • Input-cost volatility could keep agrochemical offtake and margins under pressure.

SRF LTD

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