SRF (SRF) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 gross operating revenue reached ₹3,491.31 crore, up 14.4% year-over-year, with strong contributions from Chemicals and Packaging Films; Technical Textiles and Others faced margin pressure.

• Q3 FY25 PAT was ₹271.1 crore, a 7% YoY increase, though 9M FY25 PAT declined 20.7% to ₹724.7 crore.

• EBITDA for Q3 FY25 grew 15.1% YoY to ₹693.4 crore; 9M FY25 EBITDA fell 3.8% to ₹1,933.3 crore.

• Unaudited consolidated and standalone financial results for Q3 and 9M FY25 were approved by the Board, with no material misstatements identified by auditors.

• The company maintains a positive outlook for FY 2026, expecting to finish FY25 on a strong note.

Financial highlights

• Chemicals business revenue was ₹1,495.65 crore in Q3 FY25, up 7.3% YoY; EBIT up 13% YoY.

• Packaging Films revenue grew 27% YoY to ₹1,384.75 crore, with EBIT up 101.4% YoY.

• Technical Textiles revenue increased 11.2% YoY to ₹509.79 crore, though EBIT declined 14.4% YoY.

• Q3 FY25 EBITDA margin was 19.9%; PAT margin was 7.8%.

• Export sales accounted for 40%-42% of HFC tonnage in the first nine months.

Outlook and guidance

• Q4 is expected to be stronger than Q3, with specialty chemicals and refrigerant gas segments anticipated to outperform the previous year.

• FY 2026 is projected to see ramp-up in new AI sales, improved PTFE utilization, and positive demand trends in key segments.

• CapEx guidance for FY25 is ₹1,500 crore, with FY26 expected at ₹1,500–2,000 crore.

• Board declared a second interim dividend of ₹3.60 per share, totaling ₹106.71 crore.

• New HF plant commissioning to provide cost advantages in Chemicals.