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 ***** pricing pressure from Chinese competitors continue to remain a threat for few products of the company. At a valuation of 49x FY27 EPS.