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ICICI Securities Report
We had a meeting with the management of SRF Ltd. during which we were briefed on its ambitious journey involving a capex of Rs 150 billion over the next five years (versus Rs 73 billion in the past five).
The lion's share (Rs 125 billion) of the investment will be for expansion of the chemicals business. Focus will be on the specialty chemicals business, largely agrochemicals, particularly artificial intelligences.
Part of the capex will also go into increasing the contribution from pharmaceutical intermediates segment. Within fluorocarbons, SRF plans to grow its range of fluoropolymers while heavy fuel oil production is likely to start in the next three-four years.
SRF is also sensing opportunities in industrial chemicals, particularly in import substitution, which will help India build a strong indigenous chemicals ecosystem.
Capex of Rs 25 billion is planned for the packaging films business, but the company will be more watchful of the near-term outlook.
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