SRF - Optimism In An Uncertain Environment: Dolat Capital

Single-digit growth guidance for FY24 intact for specialty chemical

SRF Ltd. R&D capability (Source: Company website)

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Dolat Capital Report

FY25 should see restoration in growth momentum for SRF Ltd., with contribution from both existing and newer products (including R-32, PIP, PTFE, aluminium foils etc).

Healthy cash flows (operating cash flow ~Rs 94 billion over FY24-26E) led by chemicals, to aid self-funded growth capex.

We leave estimates unchanged and retain ‘Accumulate’ rating with revised SoTP based target price of Rs 2700 as we roll forward to FY26 (earlier target price Rs 2450).

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Dolat Capital SRF Management Meeting Note.pdf
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Also Read: SRF - Chemicals Segment Remains The Focal Point: Systematix

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