SRF Limited (SRF) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

CompoundingAI Research Updated July 17, 2026 4 min read

SRF Limited enters the first quarter of FY 2026-2027 balancing a robust demand environment for its refrigerant gases against a cautious recovery in its specialty chemicals business. Investors will be looking for updates on the trajectory of its multi-year capex cycle, including the massive HFO project in Odisha, and whether improved margins in the Performance Films segment are sustaining.

Quick Details

Results date	July 22, 2026
Quarter	Q1 FY 2026-2027
Previous quarter revenue	Rs. 4,615 Cr
Previous quarter PAT	Rs. 1,835 Cr
Previous quarter EBITDA margin	23.5%
Net debt (latest quarter)	Rs. 2,816 Cr
Market cap	Rs. 84,925.7 Cr
CMP	Rs. 2,865.0

SRF Limited Q1 Results Date and Time

The board meeting is scheduled for July 22, 2026, to consider the audited financial results.

What to expect from SRF Limited's Q1 FY27 results

Management has targeted 15-20% revenue growth for the Chemicals segment in FY27, underpinned by firm refrigerant gas pricing and a global R32 market that continues to expand. While the specialty chemicals business missed its 20% growth target in FY26 due to agrochemical pricing pressure, the company is banking on a new product pipeline that saw the launch of 1 AI, 3 agro products, and 1 pharma product in H1 FY26 to drive recovery. Performance Films is showing signs of a cyclical bottom, with EBIT margins having improved to 9.6% in Q4 FY26, further supported by a reduction in US tariffs on Indian goods from 26-50% to 10% during the current quarter. The company is actively executing a large capex program, with Rs. 2,500 Cr planned for FY27, including the Rs. 2,285 Cr HFO project in Odisha and the Rs. 745 Cr fluoropolymer expansion for the Chemours contract. The upcoming call will likely focus on the commissioning status of the BOPP-BOPE line and whether the agrochemical demand environment has shown signs of stabilization.

Key Things To Watch

Performance vs Guidance Tracking

Chemicals Business growth — 15-20% for FY27 — Initial Q1 trajectory vs annual target
Total Capex — Rs. 2,500 Cr for FY27 — Pace of execution in Q1
Fluoropolymer capex (Chemours) — Rs. 745 Cr by Dec 2026 — On track for H2 FY27 revenue contribution
BOPP-BOPE line — Commissioning in July 2026 — Production status update
HFO project — Rs. 2,285 Cr by Feb 2028 — Construction milestones at Odisha site

Operating metric trajectory

HFC capacity utilization — Near optimum levels — Limited scope for volume-led growth in FY27
Specialty Chemicals — Pharma intermediates target 20% share — Current progress vs 10% base

Risks and headwinds to monitor

US Tariff Regime — 10% rate expires July 24, 2026 — Impact of potential trade agreement outcomes
Free year 2027 — Potential R32 pricing pressure — Monitoring for early signs of new entrants
Agrochemical demand — Pricing pressure and monsoon uncertainty — Impact on specialty chemicals recovery

Frequently Asked Questions

What was SRF's revenue in its previous quarter?

SRF reported consolidated revenue of Rs. 4,615 Cr in Q4 FY26. This performance was supported by a 22% YoY growth in EBIT and a 32.0% EBIT margin in the Chemicals segment.

Is SRF's net debt level manageable?

Net debt stood at approximately Rs. 2,816 Cr at the end of FY26. Management is preparing for higher leverage to fund its Rs. 2,500 Cr FY27 capex cycle, having recently received shareholder approval to issue NCDs up to Rs. 1,500 Cr.

When does SRF expect the Chemours contract to contribute to revenue?

Supplies for the Chemours contract are expected to begin during the 2026 calendar year. Management anticipates seeing early outcomes from this arrangement in the latter half of FY27.

Why did SRF defer the BOPP film facility at Indore?

The company indefinitely deferred the proposed Rs. 490 Cr BOPP film facility in May 2026. This decision was attributed to changes in the operating environment.