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Q3 & 9M FY26 Results Presentation January 20 , 2026
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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 Q3 & 9M FY26 Results Overview Q3 & 9M 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 products 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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Q3 & 9M FY26 RESULTS OVERVIEW 10
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11 Abridged Consolidated Results Overview Particulars(Rs. Crore) Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y Gross Operating Revenue 3,712.5 3,491.3 6.3% 11,171.3 10,379.7 7.6% EBIDTA 847.5 693.4 22.2% 2,528.3 1,933.3 30.8% EBIDTA Margin (%) 22.8% 19.9% 22.6% 18.6% Depreciation 216.9 194.3 11.6% 632.3 576.4 9.7% Interest 65.5 96.3 -32.0% 216.1 286.6 -24.6% ECF (Gain) / Loss 40.2 34.2 62.1 74.1 Exceptional Items 73.2 - 73.2 - Profit Before Tax 451.7 368.7 22.5% 1,544.5 996.3 55.0% Profit After Tax 432.7 271.1 59.6% 1,253.2 724.7 72.9% Profit After Tax Margin (%) 11.7% 7.8% 11.2% 7.0% Basic EPS (Rs.) 14.60 9.15 42.28 24.45 Diluted EPS (Rs.) 14.60 9.15 42.28 24.45 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 Total – 3,491.3 Cr. 49.2% 36.2% 12.2% 2.5% 91.9 453.6 1,342.3 1,824.8 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Total – 3,712.6 Cr. 42.8% 39.7% 14.6% 2.9% 101.1 509.8 1,384.8 1,495.7 Total – 10,387.8 Cr. 47.7% 37.3% 12.5% 2.5% 277.7 1,394.5 4,168.6 5,330.6 Total – 11,171.4 Cr. 41.7% 39.9% 15.1% 3.3% 340.1 1,570.6 4,141.6 4,335.4
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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 Total – 528.7 Cr. 76.0% 14.5% 6.9% 2.6% 17.044.9 94.8 496.0 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Total – 652.7 Cr. 68.8% 17.1% 11.1% 3.0% 15.7 58.9 90.3 363.8 Total – 1,430.6 Cr. 74.1% 17.7% 6.3% 1.9% 37.9124.9 353.9 1,480.2 Total – 1,996.9 Cr. 64.1% 18.2% 13.8% 3.9% 56.4 198.0 259.9 916.3
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Q3 & 9M 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 Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y Segment Revenues 1,824.8 1,495.7 22.0% 5,330.6 4,335.4 23.0% % Contribution to Revenues 49.2% 42.8% 47.7% 41.7% EBIT 496.0 363.8 36.4% 1,480.2 916.3 61.5% % EBIT Margins 27.2% 24.3% 27.8% 21.1% % Contribution to EBIT 76.0% 68.8% 74.1% 64.1% 17 17
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18 Chemicals Business Specialty Chemicals Business • Specialty Chemicals Business Q3 performance impacted when compared with CPLY o Offtake for some key products deferred by Agro majors o Continued pricing pressure from Chinese competitors • Cost structures and efficiencies in focus - optimising assets utilisation and operational improvements, to partially offset margin pressure • Capex of Rs. 180 Crores for setting up a new Pharma Intermediates Plant at Dahej approved by the Board • Product pipeline remains strong, to accelerate future growth o Recently launched products and certain campaigns continued positive traction o AI development journey on track and advancing as planned • Continued expanding portfolio of raw material suppliers to de-risk availability Key Highlights • Demand from Agro majors expected to be significantly better in Q4 • Chinese competitive prices and uncertainty surrounding US tariffs continues • Raw material prices appear to have bottomed out • Few European Agro majors pushing for more specific targets on carbon footprint Market Trends
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19 Chemicals Business 153 Patents granted 506 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 9M 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 Chemicals Technology Group
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20 Chemicals Business Fluorochemicals Business • Fluorochemicals business delivered strong performance compared to CPLY due to: o Higher volumes and realizations of HFCs in domestic and exports market o Steady performance from Industrial Chemicals • Continued market penetration in Middle East for R467A – India’s first ASHRAE-certified low-GWP refrigerant, developed in-house by SRF • Continue to fully utilise HFCs capacities • Ongoing efforts on ramping up of value added products in PTFE likely to see results by early next FY • Ongoing capexes progressing as per plan • Global HFCs prices remain firm driven by China’s quota-led supply restrictions and steady international demand • Domestic ref gas demand in RAC and MAC market improving after prolonged monsoons in H1 • Strong momentum continues in South East Asia and Middle East markets • Tariffs uncertainty in US market may create short term volatility Key Highlights Market Trends
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21 PERFORMANCE FILMS & FOIL BUSINESS
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22 Performance Films & Foil Business - Results 22 22 Consolidated figures PARTICULARS Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y Segment Revenues 1,342.3 1,384.8 -3.1% 4,168.6 4,141.6 0.7% % Contribution to Revenues 36.2% 39.7% 37.3% 39.9% EBIT 94.8 90.3 4.9% 353.9 259.9 36.2% % EBIT Margins 7.1% 6.5% 8.5% 6.3% % Contribution to EBIT 14.5% 17.1% 17.7% 18.2%
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23 • Business delivered flattish performance in Q3 compared to CPLY due to o Reduced volumes and rangebound pricing for BOPET and BOPP o Thailand and Hungary performance continue to be impacted by sustained competition due to cheaper imports o South Africa continued delivering strong performance o Higher volumes and realisations of Aluminium foil in both domestic and export market • Successfully commercialised new CPP line in Q3, product approved by FMCG majors; capexes for capacitor grade film and BOPP-BOPE film progressing as per plan • Focus on expanding sustainable product offerings and VAP sales helped counter-balance market pressures • US Exports being serviced through Thailand to mitigate tariff impact from India • Short-term market disruption due to resizing and reprinting emanating from GST 2.0 continued; witnessing improving situation • Improvement witnessed in domestic demand-supply situation in BOPET,impacting pricing positively • Chinese suppliers showing early signs of BOPET margin increase • Trade-measures related interventions being considered to offset pressure from cheaper imports of Aluminium Foil from Thailand Key Highlights Market Trends Performance Films & Foil Business
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24 TECHNICAL TEXTILES BUSINESS
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25 Technical Textiles Business - Results Update 25 25 Consolidated figures PARTICULARS Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y Segment Revenues 453.6 509.8 -11.0% 1,394.5 1,570.6 -11.2% % Contribution to Revenues 12.2% 14.6% 12.5% 15.1% EBIT 44.9 58.9 -23.7% 124.9 198.0 -36.9% % EBIT Margins 9.9% 11.6% 9.0% 12.6% % Contribution to EBIT 6.9% 11.1% 6.3% 13.8%
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26 Technical Textiles Business • TTB performance continues to be impacted due to : o Margin pressure in Belting Fabric (BF) due to Chinese imports o US tariffs negatively effected export volumes of BF • Capacity expansion projects: o New dipping machine project expected to commission in Q4 • Strategic focus on value-added products for sustainable market differentiation in BF • Market conditions remained challenging due to continued influx of cheaper imports from China and US tariffs • NTCF market remained largely steady Key Highlights Market Trends
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27 OTHER BUSINESSES
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28 Others - Results Update 28 28 Consolidated figures PARTICULARS Q3 FY26 Q3 FY25 % Y-o-Y 9M FY26 9M FY25 % Y-o-Y Segment Revenues 91.9 101.1 -9.1% 277.7 340.1 -18.4% % Contribution to Revenues 2.5% 2.9% 2.5% 3.3% EBIT 17.0 15.7 8.3% 37.9 56.4 -32.8% % EBIT Margins 18.5% 15.5% 13.6% 16.6% % Contribution to EBIT 2.6% 3.0% 1.9% 3.9%
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29 Others - Key Highlights • Retained price leadership in laminated fabrics market, backed by consistently strong on-time customer deliveries • Margins under pressure due to industry overcapacity and withdrawal of minimum import price on import of textiles from China • Ramping up production of inhouse fabric with the recent addition of knitting machines – should support margins going forward Laminated Fabrics • Domestic demand witnessed some weakness, along with pressure on margins due to cheaper imports from China • Tensile and semi-tensile VAP offerings in domestic market to support margins going forward • Overall demand expected to remain slow during off season Coated Fabrics
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30 SRF’s Community Engagement ▪ Under SRF Swasthya Seva, 2,542 community members received health check-ups and awareness sessions ▪ Distributed essential medical equipment to 12 Sub-Health Centres in Nalcha Block Health and Well Being ▪ AI Training for Teachers: 82 educators trained on AI tools for classroom innovation ▪ Skills4Future Initiative: 10,345 youth enrolled for EV technology and green skilling programs Special Highlights ▪ Over 850 community members were engaged through meetings and School Management Committee sessions ▪ SRF Foundation supported 9 schools with ₹7 lakh for infrastructure upgrades under the PPP mode Community Connect
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OUTLOOK Chemicals Performance Films & Foil Others Technical Textiles 31
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32 Outlook - Chemicals Business Specialty Chemicals Fluorochemicals Strong traction in pharma segment with few more products added in qualification lot. Full P&L reflection may take some time Agrochemicals going in crop protection showing signs of pick up; expect significantly better Q4 Pricing competition from Chinese manufacturers likely to continue in short term Focused approach to reduce costs to offset pricing pressure through technological and operational excellence interventions Future product funnel remains robust Continue maximizing HFCs production Overall ref gas demand and prices expected to remain strong CMS demand and prices to remain range bound PTFE to witness positive traction with planned ramp-up; domestic prices expected to remain competitive Dymel expected to continue doing well
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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 PTCF sales to witness positive trends Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers Demand for NTCF to show some improvement Ramp up of Aluminium Foil exports to negate domestic market volatility; to contribute positively going forward Planned commercialisation of capacitor grade and other value-added products to yield positive results South Africa to continue performing well Uncertainty in US tariffs may impact global supply chains; counter-measures in place Thailand operations expected to show marginal improvement Early signs of Chinese increase in prices across petrochemicals sector to impact the business positively
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34 About Us Established in 1970, SRF Limited is a chemical-based, multi-business conglomerate with a strong global footprint. The company operates across a diversified portfolio that includes: Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles, Coated and Laminated Fabrics. Powered by a strong workforce of over 9,500 employees from diverse nationalities, SRF operates 16 manufacturing plants across India, Thailand, South Africa, and Hungary, and maintains a global footprint with offices including one in Dubai, serving customers in 90+ countries. Supported by state-of-the-art R&D facilities, the company has filed 506 patents, with 153 patents granted, underscoring its commitment to innovation and technology leadership. A recipient of the prestigious Deming Prize for its Tyre Cord and Chemicals businesses, SRF continues to embed Total Quality Management (TQM) as its core management philosophy—redefining excellence in operations and corporate culture. For further informationplease contact Tel: +91 98330 90434 Anoop Poojari CDR India Email: anoop@cdr-india.com 34 34 34
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Thank You