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SRF Limited

SRF.BO
59
Chemicals - Specialty · Basic Materials
Price
₹2661.20
+39.15 (+1.49%)
Market Cap
₹789.88B
Exchange
Bombay Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 27, 2026 · filings through Jun 30, 2026

SRF Limited is a diversified enterprise engaged in the manufacturing, procurement, and distribution of technical textiles, chemicals, packaging films, and various other polymer products. Its operations are structured across distinct divisions: Technical Textiles, Chemicals, Packaging Film, and a miscellaneous 'Others' segment. Within its technical textiles portfolio, the company produces items such as nylon tire cord, various belting materials, coated and laminated fabrics, alongside industrial and polyester industrial yarns. The Chemicals division is extensive, offering fluorochemicals like Floron-branded refrigerants for residential and automotive air conditioning, refrigerators, and chillers. It also supplies Dymel-branded propellants specifically for the pharmaceutical sector. Furthermore, a wide array of industrial chemicals serve diverse applications, including pharmaceutical solvents, raw materials for agrochemicals, metal degreasing, etching solutions for stainless steel and glass, foam blowing agents, and dry-cleaning chemicals. The company also develops advanced intermediates crucial for both agrochemical and pharmaceutical applications. Regarding packaging films, SRF markets PETLAR-branded bi-axially oriented polyethylene terephthalate films and OPLAR-branded bi-axially oriented polypropylene films. The company boasts a significant international presence, serving markets in India, the United States, South Africa, the United Kingdom, Italy, Indonesia, the United Arab Emirates, South Korea, Germany, Thailand, Hungary, Switzerland, and Belgium, among other global locations. Initially founded in 1970 as Shri Ram Fibres, the organization was rebranded as SRF Limited in 1990. Its corporate headquarters are situated in Gurugram, India, and it operates as a subsidiary of KAMA Holdings Limited.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+29.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+75.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

$15.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

SRF Limited grew revenue 29% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 296.3M (2022) → 296.4M (2026)

Score breakdown

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Quality

Gross Margin
33.0%
Modest — 33.0% gross margin
Operating Margin
22.6%
Excellent — 22.6% operating margin
ROCE
5.9%
Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+11.8%
Steady sales growth (11.8% YoY)
EPS YoY
+51.1%
Earnings growing fast (51.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
49%
Weak — only 49% of profit becomes cash
FCF Margin
1.1%
Thin free cash flow (1.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.36
Conservative — low debt load (0.36)
Interest Cover
12.16x
Comfortably covers interest (12.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
36.5x
Pricey — P/E 36.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+5.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (36.5 → 30.7)

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Dividends

Dividend Yield
0.34%
Small dividend — 0.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+12.5%
Dividend growing fast (12.5% YoY)

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