SRF (SRF) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹4,904.20 crore and net profit ₹509.12 crore, up YoY; H1 revenue reached ₹9,937.46 crore and net profit ₹1,267.99 crore.

• Growth was led by Performance Films & Foil and Chemicals, while geopolitical uncertainty, supply disruptions and higher input and freight costs pressured margins.

• Q2 revenue and net profit were below Q1 FY27 levels of ₹5,033.26 crore and ₹758.87 crore.

Financial highlights

• Q2 revenue from operations was ₹4,904.20 crore versus ₹3,640.19 crore YoY, up 35%; operational EBIT was ₹816 crore, up 26%.

• Q2 net profit was ₹509.12 crore versus ₹388.18 crore YoY, up 31%; consolidated PBT was ₹671.04 crore versus ₹517.05 crore.

• H1 revenue was ₹9,937.46 crore and net profit ₹1,267.99 crore; operational EBIT was ₹1,932 crore, up 44%, and PAT rose 55%.

• Consolidated Q2 EPS was ₹17.18 versus ₹13.10 YoY; H1 EPS was ₹42.78 versus ₹27.68.

Outlook and guidance

• FY27 Chemicals revenue growth guidance of 15%-20% was reiterated, with confidence toward the higher end; management expects stronger H2 Specialty Chemicals revenue, but margin conversion remains uncertain.

• Refrigerant demand and pricing are expected to remain broadly stable, subject to seasonality; HFC plants are planned to run at maximum utilization through December to optimize baseline-period output.

• Performance Films & Foil is focused on value-added products and high asset utilization amid a volatile environment; Technical Textiles outlook is stable, supported by export-market expansion and higher-value applications.

• Management expects a healthy H2 overall despite the volatile operating environment.