Buy SRF; target of Rs 3660: Motilal Oswal

Motilal Oswal is bullish on SRF has recommended buy rating on the stock with a target price of Rs 3660 in its research report dated January 20, 2026.

Broker Research

January 28, 2026 / 14:43 IST

Buy

Motilal Oswal's research report on SRF

SRF delivered a healthy performance in 3QFY26 as EBIT surged 25% YoY, fueled by a strong 36% YoY jump in chemical segment EBIT, despite persistent global headwinds. Performance films and foil (PFF) EBIT grew by 5% YoY, while technical textiles EBIT declined 24% YoY. The chemical business (specialty chemicals and fluorochemicals segments) is expected to maintain its growth momentum, led by the traction in new products, pent-up orders from 2Q and 3Q, a stable or better pricing outlook for refrigerants, and the second pharma intermediate plant expected to be commissioned in the next eight months.

Outlook

We build in a CAGR of 13%/24%/32% of revenue/EBITDA/Adj. PAT over FY25 28E. We reiterate our BUY rating and value the stock on an SoTP basis to arrive at our TP of INR3,660.

For all recommendations report, click here