Mirae Asset Sharekhan's research report on SRF
SRF held a conference call to clarify on the quota regime for refrigerant gases. Companies will be allocated product wise or GWP based quotas, with quota calculations eventually to expressed in GWP terms. The company has given 20% revenue growth guidance for the chemical business. Specialty chemicals is expected to do well with traction in newly launched products and launch of AIs. In fluorochemicals, there is going to be good demand and pricing environment for ref gas.
Outlook
We maintain a Buy on SRF with a PT of Rs. 3,540, assigning a 37x multiple on its FY27 EPS. The stock is currently trading at 41x/30x its FY26/27 EPS.
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