SRF (SRF) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue grew 11.8% to ₹14,693 crore, with EBIT up 6% to ₹2,336 crore and PAT down 6% to ₹1,251 crore year-over-year.

• Q4 FY25 saw strong performance: revenue up 20.8% year-over-year, EBITDA up 41.1%, and PAT up 24.6%.

• The year began with challenges in the chemicals business but saw a strong recovery in the second half, especially Q4.

• Management remains optimistic for FY2026, expecting further growth and improved performance, especially in chemicals.

• Audited results were approved by the Board on May 12, 2025, with an unmodified auditor opinion and no final dividend recommended.

Financial highlights

• FY25 consolidated revenue was ₹14,693 crore, up from ₹13,139 crore in FY24; EBIT rose 6% to ₹2,336 crore; PAT declined 6% to ₹1,251 crore.

• Q4 FY25 revenue: ₹4,313 crore (+20.8% YoY); EBITDA: ₹1,037 crore (+41.1% YoY); PAT: ₹526 crore (+24.6% YoY).

• Chemicals business revenue increased 6% to ₹6,691 crore; Performance Films & Foil revenue up 24% to ₹5,554 crore.

• Technical Textiles revenue was ₹2,029 crore; coated and laminated fabrics reported ₹428 crore.

• Basic EPS for FY25 at ₹42.20, down from ₹45.06 in FY24.

Outlook and guidance

• Chemicals business expected to grow at 20% in FY2026, with strong momentum anticipated for subsequent years.

• CapEx for FY2026 projected at ₹2,200–2,300 crore, up from ₹1,230 crore in FY2025.

• EBIT margin guidance for chemicals remains at 25–26% (+/-2%) for FY2026.

• Management expects H2 to outperform H1 due to seasonality, with Q3 and Q4 typically stronger.

• Commercial paper program remains highly rated, with all dues repaid on time.