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Srf Limited (SRF) Q2 2027 Earnings Report
IN:SRF Q2 2027 EPS Results
- Actual EPS
- INR 17.18
- Consensus EPS
- INR 19.71
- Beat/Miss
- Missed by -INR 2.53
- One Year Ago EPS
- INR 13.10
IN:SRF Q2 2027 Revenue Results
- Actual Revenue
- INR 49.04B
- Expected Revenue
- INR 46.64B
- Beat/Miss
- Beat by +INR 2.40B
- YoY Revenue Growth
- +34.72%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
Srf Limited's next earnings date is estimated for February 2, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
The call was strongly constructive, with substantial year-over-year growth in revenue, EBIT, and profit after tax; positive momentum in Fluorochemicals, Performance Films & Foil, Technical Textiles, and pharmaceutical intermediates; high utilization; and continued progress on strategic investments in HFOs, fluoropolymers, battery foil, and other sunrise sectors. The main negatives were raw material and freight cost pressure, uncertainty around Specialty Chemicals margin recovery, a softer and changing U.S. refrigerant market, and extended qualification and ramp-up timelines for newer projects. Overall, the breadth of reported growth and strategic progress significantly outweighed the disclosed challenges.
For FY 2027, SRF reiterated Chemicals Business revenue growth guidance of 15%-20% and expects to deliver towards the higher end of the stated guidance, with a stronger second half for Specialty specifically; refrigerant demand and pricing are expected to remain broadly stable, barring normal seasonality, while HFC plants are planned to run absolutely flat out till December of this year. The HFO project is on track for commissioning in Q4 FY 2028, with the initial couple of years largely Western-world oriented, and plant stabilization expected to take somewhere between 8 and 12 months, with everything meaningful about 10 to 12 months away. QMoS timelines remain the first product in Q4 of this fiscal and the second in Q1 of the following fiscal, with full scale ramp-up expected over a 10 to 12-month window and full stream revenue associated with the project from the start of 2028, 2029. The new aluminum foil facility is expected to have about 12,000 metric tons per annum capacity, with approximately INR 600 crore investment, Phase one costing INR 300 crore and expected to be completed within about 23 months, while battery qualification is probably anywhere close to a two-year period; commercial sales of aluminum foil for capacitors are expected to commence in Q3 of FY 2027 and the hybrid BOPP/BOPE film line is expected to commercialize in Q3 of FY 2027.
- Strong Q2 and H1 FY2027 Financial PerformanceQ2 consolidated revenue increased 35% year over year to INR 4,904 crore, operational EBIT grew 26% to INR 816 crore, and profit after tax rose 31% to INR 509 crore. For H1 FY2027, revenue increased 33% to INR 9,937 crore, operational EBIT grew 44% to INR 1,932 crore, and profit after tax increased 55% to INR 1,268 crore.
- Chemicals Business Growth and Guidance ReaffirmedChemicals Business revenue increased 25% year over year from INR 1,667 crore to INR 2,079 crore in Q2 FY2027. Management reiterated its expectation of delivering revenue growth toward the higher end of the previously stated 15%-20% FY2027 guidance range.
- Specialty Chemicals Demand Recovery and Pipeline ProgressThe Specialty Chemicals Business is seeing demand recovery in select agrochemical markets, with customer registrations progressing for key active ingredients. Registrations for at least two products have advanced in Brazil and other initial markets, improving future demand visibility, while intermediate-product supplies are expected to continue as core active-ingredient demand scales.
- Pharmaceutical Intermediates Commercial ProgressSRF continues to expand its pharmaceutical intermediates portfolio through product development and customer engagement. New product approvals and commercialization are progressing, and two engagements with meaningful Western-world pharmaceutical customers are described as promising; one oncology-related product is expected to begin generating meaningful volume and revenue soon.
- R&D and Technology LeadershipSRF has more than 500 scientists, engineers, and scale-up specialists working through dedicated research laboratories. The company now has 160 patents and has filed 539 patent applications, supporting its stated focus on technology leadership and value creation.
- Fluorochemicals Business Delivered Strong GrowthThe Fluorochemicals Business delivered a strong quarter supported by higher HFC volumes, improved realizations, expansion into newer markets, sustained domestic leadership, and improving returns from brand investments. SRF expanded its geographic footprint, gained market share, and made significant inroads into markets including the Middle East.
- HFC Capacity Expansion and Utilization ProgressThe HFC capacity expansion at Dahej is progressing well. Management said the plants are 'pretty much maxed out and optimized' and that the plan through December 2026 is to run 'absolutely flat out' to maximize the baseline-period opportunity.
- HFO Project on TrackThe HFO project at Gopalpur, Odisha, has secured key regulatory approvals and remains on track for commissioning in Q4 FY2028. Management expects SRF to rank among the top three to four refrigerant gas manufacturers globally after commissioning and expects HFO pricing to remain at a significant premium to HFC pricing even after a post-patent decline.
- Fluoropolymer Portfolio ExpansionHigher-value PTFE grades, including fine-cut grades, progressed through customer qualifications and commercialization, while commercial micropowder sales commenced. The PVDF project remains on track for capitalization, with customer engagements underway, and FEP and FKM projects are also progressing well through the Chemours partnership.
- Performance Films & Foil Revenue GrowthPerformance Films & Foil revenue increased 51% year over year from INR 1,408 crore to INR 2,122 crore in Q2 FY2027. Demand remained robust across geographies, asset utilization stayed strong, and growth continued to be supported by value-added products despite moderated customer procurement after elevated Q1 buying.
- Value-Added Films, Foil, and Sustainability ProgressSRF has commercialized 16 products across BOPET, BOPP, and CPP, including 13 offline coatings, with more than 35 products under development. Capacitor-grade film has scaled up ahead of initial expectations, aluminum foil customer approvals are progressing with commercial sales expected in Q3 FY2027, and the hybrid BOPP/BOPE line is expected to commercialize in Q3 FY2027. The company is also developing recyclable mono-material structures and has 17 R&D collaborations with global brand owners.
- Aluminum Foil Business Advancing into Higher-Value ApplicationsThe aluminum foil business delivered strong financial performance, with strengthening export traction, higher-value grades, and progress in high-end aseptic packaging with a global leader. Management said the business is expected to be profitable on an exit basis by the end of the year.
- New INR 600 Crore Battery Foil InvestmentThe board approved approximately INR 600 crore for a new aluminum foil facility at Jetapur, Madhya Pradesh, with total capacity of about 12,000 metric tons per annum for lithium-ion and sodium-ion batteries as well as high-end packaging foil. Phase one is estimated at INR 300 crore and is expected to be completed within about 23 months of board approval. The universal mill will provide flexibility to serve packaging and aseptic applications while battery qualifications are in progress.
- Technical Textiles Business Maintained MomentumTechnical Textiles revenue increased 25% year over year from INR 474 crore to INR 594 crore in Q2 FY2027. Tyre Cord Fabrics continued scaling N66 and polyester products, Belting Fabrics benefited from export growth and customer additions, and coated and laminated fabrics delivered stable performance.
- Sunrise-Sector Opportunities and Strategic InvestmentsSRF is targeting energy storage, electrical and electronics, semiconductors, next-generation cooling, environment and sustainability, renewables, and aerospace and defense. Management highlighted a potential opportunity of approximately $1 billion across these areas and said additional announcements are expected as projects progress.
- Supply Chain and Procurement RecognitionSRF was recognized as the overall winner in the Best Supply Chain Solution category at the Adam Smith Awards Asia 2026 and received the Supplier Collaboration and Innovation Award at the UBS Forums Procurement Excellence Summit & Awards 2026.
- Positive Social Impact and Community InitiativesDuring Q2 FY2027, SRF Foundation continued initiatives across education, digital learning, STEM, skilling, health, and community development, including teacher capability building, AI and robotics, digital literacy, vocational skills, and student innovation.
IN:SRF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 02, 2027 | 2027 (Q3) | 17.56- | 14.6 | ― | ― |
| Oct 21, 2026 | 2027 (Q2) | 19.7117.18 | 13.1 | 31.15% (+4.08) | |
| Jul 22, 2026 | 2027 (Q1) | 18.2325.60 | 14.58 | 75.58% (+11.02) | |
| May 05, 2026 | 2026 (Q4) | 19.0019.63 | 17.75 | 10.59% (+1.88) | |
| Jan 20, 2026 | 2026 (Q3) | 13.6714.60 | 9.1 | 60.44% (+5.50) | |
| Oct 27, 2025 | 2026 (Q2) | 13.8213.10 | 6.8 | 92.65% (+6.30) | |
| Jul 23, 2025 | 2026 (Q1) | 14.1814.58 | 8.5 | 71.53% (+6.08) | |
| May 12, 2025 | 2025 (Q4) | 16.1117.75 | 14.2 | 25.00% (+3.55) | |
| Jan 29, 2025 | 2025 (Q3) | 7.809.10 | 8.55 | 6.43% (+0.55) | |
| Oct 22, 2024 | 2025 (Q2) | 9.236.80 | 10.12 | -32.83% (-3.32) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
