SRF Limited — PPTs, 13-05-2025: Investor Presentation

1. Financial Highlights:

SRF’s consolidated revenue rose 11.8% to ₹14,693 Cr in FY25, driven by higher volumes and realizations. EBIDTA grew 8.3% to ₹2,970 Cr, with margins stable at 20.2%. PAT declined 6.4% to ₹1,251 Cr due to increased depreciation (₹772 Cr) and interest costs (₹376 Cr). Q4 was strong, with revenue up 20.8% YoY to ₹4,313 Cr and EBIDTA margin improving to 24%. Net debt remained low at 0.28x equity, reflecting disciplined leverage and efficient asset turnover (~0.68x).

2. Strategic Initiatives & Growth Drivers:

Capacity expansion continued in Chemicals with debottlenecking and 8 new agro and pharma products. Fluorochemicals boosted refrigerant volumes via the new AHF-3 plant. Performance Films & Foil prioritized high-value products, launching 12 new items and expanding exports in South Africa and Europe. Technical Textiles added belting fabric capacity and increased renewable energy use, underlining sustainability efforts.

3. Business Developments:

New products launched in Chemicals and Laminated Fabrics scaled Hot Lamination capacity. Performance Films grew its overseas footprint despite margin pressure in Thailand from imports. Technical Textiles regained market share in nylon tyre cords and sustained export growth in belting fabrics.

4. Market Position & Competitive Advantage:

SRF leads domestically in HFC refrigerants and globally in fluorochemicals, backed by integrated plants and 151 patents. It is India’s top BOPET exporter and a global leader in tyre cord and conveyor belting fabrics. Strong innovation, scale, and a global footprint (16 plants, 100+ export countries) bolster competitive resilience.

5. Investor Implications:

Robust volume growth, innovation, and capacity additions indicate positive growth potential, especially in specialty chemicals and performance films. Margin recovery remains key as cost and competitive pressures persist. Execution risks include managing these headwinds, but SRF’s diversified portfolio and technology edge support steady value creation for investors.