SRF: Systematix Reiterates 'Hold' Rating On The Stock — Here's Why

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Systematix Report

We recently met with Mr. Rahul Jain, President of Finance at SRF Ltd, to gain insights into the company’s latest developments. After a healthy sequential improvement in Q3, management is confident Q4 would also be better sequentially, with FY26 too expected to outperform FY25.

New product launches in the agrochemical (agro) and pharmaceutical (pharma) segments would drive this growth. The company is working to build quota in refrigerant gas during CY25/CY26.

While US volumes could decline, higher volumes in the domestic, Middle East, Thailand, and Southeast Asian markets would compensate for the slip.

We reiterate Hold with an unchanged SoTP-based target price of Rs 2,913.

Key risks: Slower-than-anticipated recovery in the agrochem segment and supply chain constraints.

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