SRF Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 3,713 Crs., 6.34% growth YoY, Total Income is Rs. 3,740 Crs., 5.92% growth YoY, EBITDA is Rs. 820 Crs.,25.45% growth YoY, EBITDA Margin is 22.09% Improved by 337 Basis points YoY, PBT Rs. 452 Crs, 22.5% growth YoY, PAT Rs. 433 Crs, 59.6% growth YoY (which includes 73.24 Cr. one-time impact of New Labour Code). On QoQ basis Op. Revenue is flat to positive by 1.27%, Total Income is flat to positive by 2%, However, EBITDA is down by 1.24%, PBT is down by 12.64% YoY (which includes 73.24 Cr. one-time impact of New Labour Code) but PAT is up by 11.46% (due to Tax adjustment related to earlier years of Rs. 99.12 Cr.) Specialty Chemicals Business Q3 performance impacted when compared with CPLY : 1. Offtake for some key products deferred by Agro majors, 2. Continued pricing pressure from Chinese competitors. Fluorochemicals business delivered strong performance compared to CPLY due to: 1. Higher volumes and realizations of HFCs in domestic and exports market, 2. Steady performance from Industrial Chemicals. Performance Films & Foil Business delivered flattish performance in Q3 compared to CPLY due to : 1. Reduced volumes and range bound pricing for BOPET and BOPP, 2. Thailand and Hungary performance continue to be impacted by sustained competition due to cheaper import Technical Textiles Business performance continues to be impacted due to: 1. Margin pressure in Belting Fabric (BF) due to Chinese imports, 2. US tariffs negatively effected export volumes of BF.