Prabhudas Lilladher's research report on SRF
SRF (SRF IN) reported consolidated revenue of Rs38bn, reflecting +10% YoY and -11.5% QoQ change, driven by volume recovery in key agrochemical intermediates, momentum in recently launched products & higher realizations and increased volumes for BOPP. Chemicals segment recorded 24% YoY growth followed by 6% YoY growth in packaging films while technical textiles declined by 11% YoY. Going forward, we expect continued strength in refrigerants segment and some signs of recovery in the agrochemicals.
Outlook
However, pricing pressure from Chinese competitors continue to remain a threat for few products of the company. At a valuation of 49x FY27 EPS, we maintain “Hold,” on the stock with a target price of Rs3,071, based on a sum-of-the-parts (SOTP) valuation approach.
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