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Q1 FY26 Results Presentation July 24 , 2025
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2 Disclaimer Some statements in this document may be forward-looking. Such statements are subject to certain risks and uncertainties like regulatory changes, local, political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint. SRF Limited may, from time to time, make additional written and oral forward- looking statements, including communication to stakeholders. The company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- looking statements to reflect subsequent events or circumstances.
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3 Table of Contents Company Overview Q1 FY26 Results Overview Q1 FY26 Segmental Performance Outlook 01 02 03 04
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COMPANY OVERVIEW 4 4
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5 Snapshot 100+ Countries- Exports 5 Countries- Operations 16 Manufacturing Facilities 9,000+ Global Workforce ₹14,693 cr. Revenue ₹ 2,970 cr. EBIDTA ₹ 1,251 cr. PAT 45% Chemicals 17% Technical Textiles & Others 38% Performance Films & Foil On consolidated basis as on March 31, 2025
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6 Overview - Business Profile Specialty Chemicals • Intermediates for AI/API/Specialized Applications • Contract Development & Manufacturing Chemicals No of Plants - 2 EBIT - ₹ 1,665 cr. Revenue - ₹ 6,691 cr. Fluorochemicals • Refrigerants • Pharma Propellants • Industrial Chemicals • Fluoropolymers Performance Films & Foil No of Plants - 8 EBIT - ₹ 365 cr. Revenue - ₹ 5,554 cr. Films for Flexible Packaging • Bi-axially Oriented PolyethyleneTerephthalate (BOPET) • Bi-axially Oriented Polypropylene(BOPP) • Aluminium Foil Technical Textiles No of Plants - 4 EBIT - ₹ 238 cr. Revenue - ₹ 2,029 cr. • Tyre Cord Fabrics (Nylon & Polyester) • Belting Fabrics • Polyester Industrial Yarn Others No of Plants - 2 EBIT - ₹ 69 cr. Revenue - ₹ 428 cr. • Coated Fabrics • Laminated Fabrics On consolidated basis as on March 31, 2025
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7 Manufacturing Facilities COATED FABRICS 1 National Operation 1. Tamil Nadu, India - Gummidipoondi PERFORMANCE FILMS & FOIL 5 National Operations 1. Uttarakhand,India - Kashipur 2. Madhya Pradesh, India - a. Special Economic Zone (SEZ) b. Bagdoon, Pithampur c. IndustrialGrowth Centre, Pithampur d. Jetapur 3 International Operations a. KwaZulu - Natal, South Africa b. Rayong, Thailand c. Jaszfenyszaru, Hungary FLUOROCHEMICALS &SPECIALTY CHEMICALS 2 National Operations 1. Rajasthan, India - Bhiwadi 2. Gujarat, India – Dahej 1 International Operation 3. Dubai TECHNICAL TEXTILES 4 National Operations 1. Madhya Pradesh, India - Malanpur, Bhind 2. Tamil Nadu, India - a. Manali b. Gummidipoondi c. Viralimalai LAMINATED FABRICS 1 National Operation 1. Uttarakhand, India - Kashipur 1 2 1 1 1 1 2a 2c 2a 2b 2c 2d International Operations 3 South Africa Thailand Hungary Dubai 2b 3a 3b 3c
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8 Market Leadership Across Businesses Specialty Chemicals • Established relationship with marquee customers • Strong tech capability – pilot to commercial; creating value through operational excellence • Driving customer engagement and satisfaction through world class R&D, EHS and quality management • Handling complex reactions -Halogenation,Ethylation, Hydrogenation,Nitration, Diazotization,Grignard, Cyanation, Isomerization,Amination, Organocatalysisand Decarboxylation Fluorochemicals • Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals • Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations • One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers • Among the top five global manufacturers of key Fluorochemical productsi Performance Films & Foil • Recognized for expertise in developing, manufacturing and marketing innovative, superior film products • Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness • Highly efficient asset base offering value added products near customer locations Technical Textiles • Domestic market leader in Tyre Cord manufacturing and Belting Fabrics • Significant share in India’s Nylon Tyre Cord market. 5th largest player globally • 2nd largest manufacturer of Conveyor Belting Fabrics in the world
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9 Growth Levers Focus on building leadership businesses Build and maintain market leadership in business segments Focus on building high-end value-added products Continue to build new competencies in the Chemicals Technology space Nurture innovation through R&D Reposition portfolio towards knowledge-based products Greater focus on ESG initiatives • Benefit the communities where we work • Embrace diversity, equity & inclusion • Enhance focus on the 3R’s- Recycle, Reuse & Reduce • Increase consumption of green/renewable sources of energy Build a Company known and respected for its R&D capabilities
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Q1 FY26 RESULTS OVERVIEW 10
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11 Abridged Results Overview Consolidated figures Particulars(Rs. Crore) Q1 FY26 Q1 FY25 % Y-o-Y Gross Operating Revenue 3,818.6 3,464.1 10.2% EBIDTA 850.3 645.9 31.6% EBIDTA Margin (%) 22.3% 18.6% Depreciation 203.2 188.2 8.0% Interest 79.9 96.5 -17.2% ECF (Gain) / Loss -8.7 17.2 Profit Before Tax 575.8 344.0 67.4% Profit After Tax 432.3 252.2 71.4% Profit After TaxMargin (%) 11.3% 7.3% Basic and Diluted EPS (Rs.) 14.58 8.51 11 11
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12 Results Overview - Financial Overview Consolidated figures Key Financial Ratios Particulars FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 EBIDTA Margin 22.13% 21.42% 17.69% 19.00% 20.90% 26.05% 25.30% 24.94% 20.88% 20.22% PAT Margin 9.51% 10.87% 8.38% 8.33% 12.70% 14.26% 15.19% 14.54% 10.17% 8.51% Net Debt to Equity 0.71 0.67 0.82 0.83 0.76 0.39 0.32 0.32 0.36 0.28 Net Debt to EBIDTA 1.97 2.11 3.01 2.42 2.48 1.24 0.87 0.88 1.49 1.19 Asset Turnover 0.70 0.68 0.66 0.72 0.66 0.65 0.79 0.79 0.64 0.68 Debtors Turnover 8.79 7.21 8.10 6.90 8.09 6.64 6.94 8.33 6.76 6.77 12 12
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13 Results Overview - Revenue Share CB PFB TTB Others CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others 48.2% 37.1% 12.2% 2.5% 42.7% 38.5% 15.1% 3.6% Total – 3,818.6 Crs. 94.9 466.6 1,418.2 1,838.9 Q1 FY26 Total – 3,469.8 Crs. 126.2 525.3 1,336.3 1,482.0 Q1 FY25
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14 Results Overview - EBIT Share CB PFB TTB Others CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others 72.4% 20.2% 5.4% 1.9% 63.2% 17.9% 14.0% 4.9% 23.6 67.7 86.8 306.4 13.437.6 140.2 502.9 Total – 694.2 Crs. Q1 FY26 Total – 484.4 Crs. Q1 FY25
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Q1 FY26 - SEGMENTAL PERFORMANCE Chemicals Performance Films & Foil Others Technical Textiles 15
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16 CHEMICALS BUSINESS
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17 Chemicals Business - Results Update Consolidated figures PARTICULARS Q1 FY26 Q1 FY25 % Y-o-Y Segment Revenues 1,838.9 1,482.0 24.1% % Contribution to Revenues 48.2% 42.7% EBIT 502.9 306.4 64.1% % EBIT Margins 27.3% 20.7% % Contribution to EBIT 72.4% 63.3% 17 17
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18 Chemicals Business Specialty Chemicals Business • Segment reported healthy revenue and margin growth over CPLY o Volume recovery for key agrochemical intermediates o Momentum in recently launched products • Capex of Rs. 250 Crores for setting up production facility for a new agrochemical approved by the Board o Ramp-up of recently commissioned plants to further augment growth in FY26 and FY27 • Future-ready product pipeline to unlock growth opportunities o Launched a new pharma intermediate o Multiple AIs in different stages of development • Strategic pricing initiatives and focus on operational efficiencies driven by cost optimization and process improvements, to help tackle competitive pressures Key Highlights • Agrochemicals market witnessing gradual demand uptick after inventory rationalization in FY25, though broad-based improvement still awaited • US tariffs & stringent global regulations creating some uncertainties • Stricter registration norms delaying some product launches for innovators • Sustainability push accelerating carbon footprint reduction across chemical industry • Pricing pressure due to low-cost Chinese supplies persists; likely to be the new normal Market Trends
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19 Chemicals Business 153 Global Patents granted 494 Patents applied Equipped with state-of-the-art R&D facilities and an ingenious team of scientists and engineers 2 R&D centres in India – Bhiwadi, Rajasthan and Gurugram, Haryana 2 new process patents granted in Q1 FY26 Chemicals Technology Group (CTG) is actively engaged in the development of new process technologies Key focus on high end molecules Strong internal competencies and capabilities Key Chemicals Technology Group
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20 Chemicals Business Fluorochemicals Business • Fluorochemicals Business delivered strong performance over CPLY o Domestic market remained weak; some counter-measures implemented through export volumes o Started commercial sales of our patented R467A • AHF-3 plant getting stabilised • Stable results from Chloromethanes segment o MDC pricing remained range-bound • Improved sales of PTFE • Global demand for refrigerant gases remained stable o Tightening of demand and supply balance in China • HFC phasedown period for India ongoing (2024–26) • Subdued RAC production during Q1 FY26 when compared to CPLY • Upcoming in-cabin AC requirement for Commercial vehicles to drive ref gas consumption Key Highlights Market Trends
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21 PERFORMANCE FILMS & FOIL BUSINESS
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22 Performance Films & Foil Business – Results Update 22 22 Consolidated figures PARTICULARS Q1 FY26 Q1 FY25 % Y-o-Y Segment Revenues 1,418.2 1,336.3 6.1% % Contribution to Revenues 37.1% 38.5% EBIT 140.2 86.8 61.6% % EBIT Margins 9.9% 6.5% % Contribution to EBIT 20.2% 17.9%
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23 Performance Films & Foil Business • Improved performance as compared to CPLY: o Higher realizations and increased volumes of BOPP leading to better margins o Strong portfolio of high-impact VAPs and corporate customers base, supported performance o Higher freight costs and prevailing Chinese competition impacted Thailand performance o Hungary’s performance improved aided by lower energy costs and exports to mainland Europe o South Africa continues to deliver stable results o Aluminium Foil performance improved with higher volumes in domestic and export market • Board has approved a new BOPP line and metallizer at a projected cost of Rs. 490 Crores at Indore; to be commissioned in ~24 months • Sustainability trends continue to drive demand for BiLam, PCR films, and monofamily structures • Overall, global demand for BOPET and BOPP was stable • BOPP faced supply shortage in Indian market leading to price increase and higher capacity utilisation • BOPET Indian market demand steady; however prices softened • Demand for sustainable structures continues to rise globally • Southeast Asia continues to face pricing pressure amid regional oversupply • Anti-dumping duty in India on imports of Aluminium Foil from China lead to higher realisations Key Highlights Market Trends
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24 TECHNICAL TEXTILES BUSINESS
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25 Technical Textiles Business - Results Update 25 25 Consolidated figures PARTICULARS Q1 FY26 Q1 FY25 % Y-o-Y Segment Revenues 466.6 525.3 -11.2% % Contribution to Revenues 12.2% 15.1% EBIT 37.6 67.7 -44.4% % EBIT Margins 8.1% 12.9% % Contribution to EBIT 5.4% 14.0%
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26 Technical Textiles Business • Technical Textiles business’s revenue declined when compared to CPLY o Nylon Tyre Cord Fabric volumes and pricing was lower due to subdued domestic demand o Belting fabric exports saw growth, though margins remained under pressure due to lower priced Chinese imports o Healthy quarterly sales for Polyester Tyre Cord Fabric offset some of the negative • Capacity expansion projects: o Belting fabric expansion ramping up post-capitalization o New dipping machine project on schedule; to enhance future capacity • Strategic focus on value-added products for sustainable market differentiation • NTCF demand was lower when compared to CPLY • Revival in Tier II markets, rising demand for value-driven products, recovery in infrastructure and industrial sectors and increased government spending to improve BF performance • Aggressive import prices for BF from China continue to effect margins Key Highlights Market Trends
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27 OTHER BUSINESSES
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28 Others – Results Update 28 28 Consolidated figures PARTICULARS Q1 FY26 Q1 FY25 % Y-o-Y Segment Revenues 94.9 126.2 -24.8% % Contribution to Revenues 2.5% 3.6% EBIT 13.4 23.6 -43.0% % EBIT Margins 14.1% 18.7% % Contribution to EBIT 1.9% 4.9%
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29 Others - Key Highlights • SRF retains price leadership in the laminated fabrics market, backed by consistently strong on-time delivery performance • Margins remain under pressure due to industry overcapacity • Stabilization of new knitting machines to enhance in-house fabric production Laminated Fabrics • Q1 performance impacted due to subdued market conditions and demand softness in key segments • SRF sustained its domestic market leadership in coated fabrics • Commissioned 8 new looms and warpers, enhancing production capacity and operational efficiency Coated Fabrics
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30 SRF’s Community Engagement DHAR, MADHYA PRADESH SRF Foundation, with support from SRF Limited, held a Health Equipment Distribution Ceremony, at PHC Nalchha, Dhar. Essential medical equipment was provided to 12 sub-health centers, boosting healthcare across Nalchha block, Dhar district, Indore (MP) BHARUCH, GUJARAT In 15 villages of Bharuch, Gujarat, SRF Limited’s Mobile Health Dispensary is delivering regular OPD services and health education, bringing care closer to underserved communities EMPOWERING HEATHCARE SWASTHYA SEVA
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OUTLOOK Chemicals Performance Films & Foil Others Technical Textiles 31
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32 Outlook - Chemicals Business Specialty Chemicals Fluorochemicals Agrochemicals segment expected to pick up gradually Work on AIs progressing as per plan Product funnel remains strong Launch of new pharma intermediates as well as ramp up of recently commissioned facilities to drive growth Focus on cost structures and efficiency enhancement to counterbalance pricing pressure Focus on maximizing HFC production Overall RG market expected to be stable CMS demand and prices to remain range bound; creating export ability to offset pricing pressure PTFE should witness traction with positive developments in FY’26 Ongoing capexes on track
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33 Outlook - Performance Films & Foil Business and Technical Textiles Business Performance Films & Foil Business Technical Textiles Business Polyester Industrial Yarn and Polyester Tyre Cord Fabric sales to witness positive trends Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers Demand for NTCF likely to be stable Aluminium Foil facility to contribute positively to the overall performance in FY’26 Ongoing capex on Capacitor grade and CPP line to start-up in H2 FY26 South Africa to continue performing well Overall BOPP demand-supply situation to remain favourablein the domestic market Hungary expected to perform better, with operational efficiencies kicking in Margins in Thailand under pressure due to ongoing Chinese competition
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34 About Us Established in 1970, SRF Limited is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles and Coated and Laminated Fabrics. Anchored by a strong workforce of 9,000+ employees from different nationalities working across thirteen manufacturing facilities in India and one each in Thailand, South Africa and Hungary, the company exports to 100+ countries. Equipped with State-of-the-Art R&D facilities, SRF has filed 494 patents for R&D and technology so far, of which 153 have been granted. A winner of the prestigious Deming Prize for two of its businesses, namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way. For further informationplease contact Tel: +91 98330 90434 Anoop Poojari CDR India Email: noop@cdr-india.com 34 34 34
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