SRF Limited

SRF.NS

Chemicals - Specialty · Basic Materials

Price

₹2615.00

-9.90 (-0.38%)

Market Cap

₹775.15B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

SRF Limited is an Indian industrial company that makes specialty chemicals, packaging films, and technical textiles. Its chemical business produces refrigerants and agrochemical ingredients used by farmers and manufacturers. Its packaging films are sold to food and consumer goods companies across India and around the world. SRF is one of India's largest producers of fluorochemicals and a significant global exporter of specialty films.

The company earns money by selling these products to industrial buyers, chemical companies, and consumer goods manufacturers. SRF operates mainly from India but exports to over 90 countries, making it a globally connected business despite being headquartered in New Delhi. Its moat comes from technical expertise in fluorine chemistry, which is difficult and expensive to replicate. The key growth driver is rising global demand for fluorochemicals used in electric vehicle batteries and next-generation refrigerants, though tighter environmental regulations on older refrigerants and raw material cost swings remain meaningful risks.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+10.6% YoY

YoY Growth Rate

Steady EPS growth

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

Insider Activity

8.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

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

Growth context

SRF Limited is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

7/8 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)

35.9x

Pricey — P/E 35.9

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

P/E vs Forward

+5.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (35.9 → 30.2)

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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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