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 6.4% to ₹1,251 crore year-over-year.

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

• Chemicals segment led growth, contributing over half of Q4 revenue and more than 80% of EBIT.

• Strategic focus remains on innovation, sustainability, and capacity expansion across all business segments.

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

Financial highlights

• Chemicals business revenue grew 6% to ₹6,691 crore; specialty chemicals contributed ₹3,850 crore and fluorochemicals ₹2,850 crore.

• Performance Films & Foil business revenue rose 24% to ₹5,554 crore, achieving record PAC production.

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

• FY25 EBITDA margin at 20.2% (down from 20.9% in FY24); PAT margin at 8.5% (down from 10.2%).

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

Outlook and guidance

• Chemicals business expected to grow 20%+ in FY26, driven by new product launches and capacity utilization.

• CapEx for FY26 projected at ₹2,200–2,300 crore, up from ₹1,230 crore in FY25.

• Positive momentum anticipated in fluoropolymers and specialty chemicals, with new AIs ramping up in H2 FY26.

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

• Second half of the year is expected to outperform the first half due to seasonality.