SRF (SRF) Q2 25/26 earnings summary

Executive summary

• Achieved consolidated gross operating revenue of ₹3,640.2 crore in Q2 FY26, up 6.3% year-over-year, with EBIT up 56% to ₹650 crore and margin at 18%.

• Profit after tax surged 92.7% year-over-year in Q2 FY26 to ₹388.2 crore.

• Strong performance in chemicals, especially refrigerants and specialty chemicals, despite global uncertainties.

• Strategic focus on operational excellence, cost management, and innovation supported steady momentum.

• President & CFO Rahul Jain announced his resignation effective December 12, 2025, with succession planning underway.

Financial highlights

• EBITDA for Q2 FY26 at ₹830.5 crore, up 39.8% year-over-year; margin improved to 22.8% from 17.3% in Q2 FY25.

• Net profit expanded by 93% YOY to ₹388 crore; PAT margin rose to 10.7% in Q2 FY26 from 5.9% in Q2 FY25.

• Chemicals business revenue grew 23% YOY to ₹1,667 crore; EBIT margin at 28.9%.

• Performance films and foils revenue was ₹1,408 crore, flat YOY, but EBIT rose to ₹119 crore from ₹83 crore.

• Technical textiles revenue at ₹474 crore, with margin pressure due to lower realizations and revenue down 11.4% YOY.

Outlook and guidance

• Confident of surpassing 20% full-year growth in the chemicals business, driven by new product launches and strong pipeline.

• Specialty chemicals expected to see stronger H2 performance due to seasonality and new product contributions.

• Anticipates stable or better pricing and higher volumes for refrigerant gases in H2.

• Performance Films & Foil to benefit from new product commercialization and stable overseas operations.

• Ongoing investments in capacity expansion, innovation, and R&D to support long-term growth.