SRF Limited is a diversified chemicals conglomerate spanning fluorochemicals, specialty chemicals, performance films, technical textiles and coated fabrics, supplying over 90 countries. After its best-ever quarter in Q1 FY27, the print will speak to how much of the sequential step-down from seasonal ref-gas softness plays out, and how much of the inventory-gain-aided margin uplift normalises in Performance Films.
Quick Details| Results date | October 21, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Previous quarter revenue | Rs. 5,033.26 Cr |
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| Previous quarter PAT | Rs. 758.87 Cr |
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| Market cap | Rs. 73,892.78 Cr |
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| CMP | Rs. 2,492.8 |
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SRF Limited Q2 Results Date and Time
As per the board meeting intimation, the Board meets on October 21, 2026 to approve the Q2/H1 FY27 (unaudited) results. The trading window was shut October 1-23 for designated persons.
Key Things To Watch
Chemicals growth and Q2 seasonality: Management guided Q2 lower than Q1 on ref-gas seasonality with a higher baseline.
- Chemicals 15%-20% FY27 growth guidance with the higher end expected — Q1 delivered 26%; check whether Q2 seasonality keeps the trajectory consistent with the higher end
- Test the magnitude of the sequential step-down from Q1's record and the 'recalibrated higher' baseline claim against the Q2 FY26 Chemicals base of Rs. 1,667 Cr
- Inventory-gain comparability — Q1's unquantified inventory-gain support means Q2 YoY comparisons should be probed for the organic contribution
PF&F margin normalisation
- Margins aided by temporary supply disruptions and inventory gains should normalise; watch whether the higher baseline holds
Capex execution and project timelines
- FY27 capex of approximately INR 2,500 crore — track spend pace and the Odisha first stage of INR 1,500-2,000 crore; Odisha 'progressing in line with plans' with approvals on schedule
- BOPET Thick Film Line — Rs. 250 Cr, 25,000 MTPA, within 24 months of July 22, 2026 board approval — early execution updates expected
- Chemours commissioning targeted December 2026 — confirmation of timeline and any revenue-contribution quantification after management previously declined
HFC quota and ref-gas policy
- HFC debottlenecking to beyond 65,000 MTPA — progress and any clarity on potential HCFC quota allocation, with the government stance expected clear by early 2027
- Ref gas December quota outcome — flagged as a significant positive driver; watch for updates on the anti-dumping duty review
Specialty Chemicals recovery and organisation updates
- Early signs of agro demand recovery but 'broad-based demand is yet to pick up'; watch whether the FY26 shortfall vs the initial 20% target has fully reversed
- Pharma ramp toward 20%-30% of revenue by 2030 — molecule wins, customer pipeline and the INR 180 crore second plant
- First call with the new CHRO in place; CFO transition (Samir Kashyap) completed since Q2 FY26; residual AY 2022-23 tax demand of Rs. 9.46 Cr under evaluation
Frequently Asked Questions
What did SRF say about US duties on Chinese refrigerant gas imports?
US duties on Chinese ref-gas imports are up for renewal, and the CFO declined to give certainty, saying 'I wish I could tell you with certainty what Mr. Trump would do'. Management noted tariff uncertainty may impact global supply chains, with counter-measures in place.
How much revenue will SRF's Chemours fluoropolymer collaboration contribute?
Management declined to quantify the revenue contribution for FY27/FY28, describing it only as 'fairly large'. Final commissioning of the fluoropolymer train is targeted for December 2026, with capex raised from INR 595 crore to INR 745 crore.
Is SRF's overseas business margin improving?
An analyst cited a 10-year overseas EBIT margin trend of 8%-12% and asked whether the new baseline sits above it. The CFO responded that all overseas locations are 'performing exceedingly well' across revenue, EBITDA and EBIT, without committing to a specific number.
Is SRF on track with its Chemicals growth guidance for FY27?
Management has guided Chemicals revenue growth of 15%-20% for FY27 and expects the higher end, after Q1 FY27 delivered 26% growth. It has also guided Q2 FY27 lower than Q1 due to seasonality in Chemicals and ref-gas, with the baseline recalibrated higher.