SRF - Partial Recovery In FY25; All Eyes On Specialty Chemical: Nirmal Bang

Nirmal Bang Report

We present the Annual Report Analysis of SRF Ltd. for FY24, wherein we have touched upon segment-wise performance and future outlook, progress on ESG parameters, subsidiary financials and peer comparison over last five years.

The management has guided for 20% growth in chemicals for FY25; but, a lot is dependent on the recovery in H2 in the context of overall demand sluggishness and pricing pressure due to Chinese competition.

We continue to remain positive on the structural opportunity in SRF and believe that near-term global uncertainty could offer a better entry point.

Maintain Accumulate with a revised target price of Rs 2,400 (SoTP valuation on FY26E).

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