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Neutral SRF Ltd For Target Rs.2,080 By Motilal Oswal Financial Services Ltd Weakness in the Chemicals business hampers performance Operating performance below estimates * SRF posted weak performance in 2QFY25, with a material decline in operating profitability (EBIT down 22% YoY), due to the continuous weakness in the Chemicals business (EBIT dipped 29% YoY). The Technical Textiles business also witnessed subdued performance (EBIT down 5% YoY), which was offset by a relatively healthier performance in the Packaging Film business (EBIT grew 7% YoY). * The ov...
Neutral SRF Ltd For Target Rs.2,080 By Motilal Oswal Financial Services Ltd
Neutral SRF Ltd For Target Rs.2,080 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-11-06 05:17:23 pm
Add SRF Ltd For Target Rs.2,600 By Emkay Global Financial Services Chemicals business outlook to remain weak for FY25 SRF’s chemicals business (CB) has again been weak in Q2FY25 (revenue lower by 8% QoQ/5% YoY) with lower margins (EBIT margin of 18% vs 24%/21% in Q2FY24/Q1FY25), on slowdown in agrochemical market and pressure due to inventory adjustments as well as volume/pricing pressure in the US refrigerant gas business (domestic market volumes have been strong). Packaging Films business’ (PFB) demand-supply imbalance persists and is likely...
Add SRF Ltd For Target Rs.2,600 By Emkay Global Financial Services
Add SRF Ltd For Target Rs.2,600 By Emkay Global Financial Services
Source: Emkay Global Financial Services Ltd
2024-11-05 05:33:29 pm
SRF climbs on getting nod for setting up manufacturing facilities in Indore, Gujarat SRF is currently trading at Rs. 2291.85, up by 115.40 points or 5.30% from its previous closing of Rs. 2176.45 on the BSE. The scrip opened at Rs. 2150.05 and has touched a high and low of Rs. 2311.95 and Rs. 2150.05 respectively. So far 24070 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2697.45 on 03-May-2024 and a 52 week low of Rs. 2081.25 on 26-Oct-2023. Last one week high and low of the scrip stood at R...
SRF climbs on getting nod for setting up manufacturing facilities in Indore, Gujarat
SRF climbs on getting nod for setting up manufacturing facilities in Indore, Gujarat
Source: Accord Fintech
2024-10-23 12:34:38 pm
Buy SRF Ltd For Target Rs.2,780 By JM Financial Services SRF’s 1QFY25 consolidated EBITDA miss of 1%/5% on JMFe/consensus was on account of lower-than-expected chemicals EBIT offsetting the positive uptick in packaging films performance. Despite the weak chemicals performance in 1QFY25, the company remains confident of achieving ~20% chemicals sales growth in FY25. In our view, this is likely to be driven by i) ramp-up of two active ingredients (samples has been approved) in 2HFY25, ii) some pick-up in existing specialty products, and iii) &g...
Buy SRF Ltd For Target Rs.2,780 By JM Financial Services
Buy SRF Ltd For Target Rs.2,780 By JM Financial Services
Source: JM Financial Services
2024-07-31 05:04:12 pm
Neutral SRF Ltd For Target Rs.2,130 By Motilal Oswal Financial Services Chemical businesses mar operating performance Operating performance in line. * SRF posted muted 1QFY25, with a material decline in operating profitability (EBIT down 20% YoY), due to the continuing weakness in the Chemical businesses (EBIT dipped 33% YoY), which offset the strong performance in the Packaging Film/Technical Textile businesses (EBIT grew 69%/12% YoY). * We maintain our FY25/FY26 EBITDA estimates. We value the stock on an SoTP-basis to arrive at our TP of INR2,130. Reit...
Neutral SRF Ltd For Target Rs.2,130 By Motilal Oswal Financial Services
Neutral SRF Ltd For Target Rs.2,130 By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2024-07-30 03:59:18 pm
Buy SRF Ltd For Target Rs.2,795 By JM Financial Services Opportunity looms on potential cycle reversal The agrochemical destocking phenomena had caught manufacturers off guard in FY24. Recent commentaries by global agrochemical majors and ag-chem retailers have been somewhat positive (click here for our FY25 outlook for agrochemicals) indicating that the destocking is nearing its end. In our view, restocking and normalcy will come unannounced, just like the destocking. SRF stands to gain from the cycle reversal on the back of its product pipelin...
Buy SRF Ltd For Target Rs.2,795 By JM Financial Services
Buy SRF Ltd For Target Rs.2,795 By JM Financial Services
Source: JM Financial Services
2024-07-11 12:50:17 pm
Neutral SRF Ltd For Target Rs. 2,140 By Motilal Oswal Financial Services Recovery in sight during FY25! SRF witnessed a challenging year (revenue/EBITDA down ~12%/27% YoY), with multiple headwinds plaguing its business segments. The chemicals and packaging businesses inhibited SRF’s overall performance, while the technical textiles business remained flat. Due to this, the capex intensity also waned in FY24. However, SRF expects some recovery across businesses going forward. The expected pickup in capex would bode well for the company in FY25. * The che...
Neutral SRF Ltd For Target Rs. 2,140 By Motilal Oswal Financial Services
Neutral SRF Ltd For Target Rs. 2,140 By Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services
2024-07-09 04:30:20 pm
Buy SRF Ltd For Target Rs. 2,795 By JM Financial Services FY24 ARA: Focus on ramp up of new specialty chemicals plants In its FY24 annual report, SRF’s management has outlined i) higher chemicals capex intensity from 2HFY25; ii) signs of pick up in the agrochemicals industry, iii) higher ref gas demand from domestic and Middle East markets to offset weakness in US market; iv) positive outlook for the pharma business; v) ramp-up of nine dedicated facilities commissioned in FY24, and vi) shift towards new PTFE grades and ambition to venture i...
Buy SRF Ltd For Target Rs. 2,795 By JM Financial Services
Buy SRF Ltd For Target Rs. 2,795 By JM Financial Services
Source: JM Financial Services
2024-07-07 04:27:58 pm
Neutral SRF Ltd. For Target Rs.2,100 - Motilal Oswal Financial Services Chemicals and packaging businesses continue to drag operating performance Operating performance in line * SRF reported another subdued operating performance in 4QFY24 with a significant decline in operating profitability (EBIT down 34% YoY), due to the continuing weakness in the Chemical/Packaging Film businesses (EBIT dipped 33%/19% YoY), which offset the strong performance in the Technical Textile business (EBIT jumped 44% YoY). * Factoring in the sub-par performance of the chemi...
Neutral SRF Ltd. For Target Rs.2,100 - Motilal Oswal Financial Services
Neutral SRF Ltd. For Target Rs.2,100 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2024-06-16 10:20:53 am
Meera Industries trades jubilantly on securing order worth Rs 7.47 crore from SRF Meera Industries is currently trading at Rs. 47.00, up by 5.12 points or 12.23% from its previous closing of Rs. 41.88 on the BSE. The scrip opened at Rs. 42.39 and has touched a high and low of Rs. 48.50 and Rs. 41.60 respectively. So far 63422 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 59.80 on 09-Feb-2024 and a 52 week low of Rs. 34.98 on 20-Dec-2023. Last one week high and low of the scrip stood at Rs....
Meera Industries trades jubilantly on securing order worth Rs 7.47 crore from SRF
Meera Industries trades jubilantly on securing order worth Rs 7.47 crore from SRF
Source: Accord Fintech
2024-05-22 04:53:26 pm
India's SRF posts fifth straight drop in quarterly profit Indian chemicals and polymers maker SRF posted a drop in profit for the fifth quarter in a row on Tuesday, hurt by sustained weak demand in its mainstay chemicals business. SRF's chemical business, which consists of specialty chemicals, fluorochemicals and agrochemicals among others, contributes half the company's quarterly revenue. WHY IT'S IMPORTANT The chemical industry has been grappling with high inventory and destocking for the past few quarters, leading to continuo...
India's SRF posts fifth straight drop in quarterly profit
India's SRF posts fifth straight drop in quarterly profit
Source: Reuters
2024-05-07 04:33:57 pm
SRF inches up on incorporating wholly-owned subsidiary SRF is currently trading at Rs. 2426.60, up by 4.00 points or 0.17% from its previous closing of Rs. 2422.60 on the BSE. The scrip opened at Rs. 2420.05 and has touched a high and low of Rs. 2462.20 and Rs. 2420.05 respectively. So far 1225 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2636.65 on 09-May-2023 and a 52 week low of Rs. 2050.00 on 25-Jul-2023. Last one week high and low of the scrip stood at Rs. ...
SRF inches up on incorporating wholly-owned subsidiary
SRF inches up on incorporating wholly-owned subsidiary
Source: Accord Fintech
2024-03-13 10:16:46 am
Buy SRF Ltd For Target Rs.3,040 - JM Financial Institutional Securities Ltd Spec-chem outlook could improve over next 6-9 months Our recent interaction with SRF’s management during its analyst day gave us insights on the progress of company’s on-going growth plans along with long-term opportunities in various sub-segments the company operates in. Key takeaways – 1) sequential growth in specialty chemicals majorly driven by ramp-up of new products rather than a seasonal uptick; 2) for specialty chemicals, kept target of single digit growth in FY24...
Buy SRF Ltd For Target Rs.3,040 - JM Financial Institutional Securities Ltd
Buy SRF Ltd For Target Rs.3,040 - JM Financial Institutional Securities Ltd
Source: JM Financial Institutional Securities Ltd
2023-12-27 10:54:17 am
Neutral SRF For Target Rs.2,220 - Motilal Oswal Financial Services Ltd Capex guidance intact; expects improvement in chemical business We met with the management team of SRF at an analyst group meeting hosted by the company. The management team was represented by: Mr. Ashish Bharat Ram (CMD), Mr. Prashant Yadav (CEO – Fluorochemicals and Technical Textiles), Mr. Anurag Jain (CEO – Specialty Chemicals), Mr. Prashant Mehra (CEO – Packaging films), and Mr. Rahul Jain (CFO). Here are the key highlights from the interaction: Chemicals business...
Neutral SRF For Target Rs.2,220 - Motilal Oswal Financial Services Ltd
Neutral SRF For Target Rs.2,220 - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2023-12-25 03:42:31 pm
Neutral SRF Ltd For Target Rs. 2,000 - Motilal Oswal Financial Services Chemicals and Packaging business drags overall profitability Operating profitability in line with estimate * SRF reported subdued operating performance for the second consecutive quarter in 2QFY24 (EBIT declined 27% YoY), led by continuing weakness in Chemical/Packaging Film business (EBIT dipped 33%/24% YoY), offsetting recovery in the Technical textile business (EBIT up 19% YoY). * We maintain our FY24/FY25 EBITDA estimates and value the stock at SoTPbased TP of INR2,000. We reiter...
Neutral SRF Ltd For Target Rs. 2,000 - Motilal Oswal Financial Services
Neutral SRF Ltd For Target Rs. 2,000 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2023-11-10 02:28:16 pm
Reduce SRF Ltd For Target Rs.2,254- Centrum Broking Ltd Dismal Q2; Pain to continue in near term After a subdued Q1FY24, SRF yet again posted a dismal Q2FY24 with Revenues/ EBITDA/ PAT plummeting 14.8%/ 18.6%/ 37.5% YoY and 4.8%/ 10.1%/ 16.3% QoQ at Rs31.8bn/ Rs6.3bn/ Rs3.0bn. SRF’s Chemicals Business (CB) suffered the most with revenues declining 22.1% YoY and 14.1% QoQ at Rs14.3bn. EBIT margins too plummeted to 24.4% vs 28.3% YoY and 27.7% QoQ. Under CB, SpecChem suffered from global inventory destocking while Refgas suffered from both ...
Reduce SRF Ltd For Target Rs.2,254- Centrum Broking Ltd
Reduce SRF Ltd For Target Rs.2,254- Centrum Broking Ltd
Source: Centrum Broking Limited
2023-11-03 02:32:49 pm
Buy SRF Ltd For Target Rs.3,040 - JM Financial Institutional Securities Positive traction likely in the chemicals business SRF’s 2QFY24 consolidated EBITDA miss of 5%/2% on JMFe/consensus was on account of tepid ref gas demand/pricing environment, and inventory destocking impact on the specialty chemicals business. Despite global inventory unwinding in the agrochemicals, for the fluorospecialty business the management has indicated a) single-digit growth in FY24 and b) majority of new product contributions (from INR 8.0-9.0bn capex for MPP and PIP) to co...
Buy SRF Ltd For Target Rs.3,040 - JM Financial Institutional Securities
Buy SRF Ltd For Target Rs.3,040 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
2023-11-03 02:12:36 pm