SRF (SRF) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue grew 11.8% to ₹14,693 crore, with EBIT up 6% to ₹2,336 crore and PAT down 6% to ₹1,251 crore year-over-year.

• Q4 FY25 delivered strong results: revenue up 20.8% year-over-year, EBITDA up 41.1%, and PAT up 24.6%.

• The company overcame a challenging first half, especially in chemicals, and delivered a strong H2 and Q4 performance.

• Statutory auditors issued an unmodified opinion on the results; no final dividend was recommended for FY25.

• Strategic focus remains on innovation, sustainability, and capacity expansion across all business segments.

Financial highlights

• FY25 consolidated revenue was ₹14,693 crore (+11.8% YoY); EBIT rose 6% to ₹2,336 crore; EBITDA margin at 20.2%; PAT at ₹1,251 crore, down 6% YoY.

• Q4 FY25 revenue: ₹4,313 crore (+20.8% YoY); EBITDA: ₹1,037 crore (+41.1% YoY); PAT: ₹526 crore (+24.6% YoY).

• Chemicals business revenue grew 6% to ₹6,691 crore; Performance Films & Foil revenue up 24% to ₹5,554 crore.

• Technical Textiles revenue was ₹2,029 crore; coated and laminated fabrics reported ₹428 crore.

• Basic EPS for FY25 was ₹42.20, down from ₹45.06 in FY24.

Outlook and guidance

• Chemicals business expected to grow 20% in FY26, with strong momentum anticipated.

• CapEx for FY26 estimated at ₹2,200–2,300 crore, up from ₹1,230 crore in FY25, with 65–70% allocated to chemicals.

• EBIT margin guidance for chemicals remains at 25–26% (+/-2%) for FY26.

• H2 performance is expected to be stronger than H1 due to seasonality.

• Commercial paper program remains highly rated, with all dues repaid on time.