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'Hold' SRF Shares Maintains Systematix Post Mixed Q2 Result, Trims Target Price; Sees Limited Upside Potential
While chemicals Ebit held the operating performance in line, the huge drag in packaging films business disappointed, adds the brokerage.
29 Oct 2025, 03:44 PM IST 
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The near-term drag from packaging films and foil overshadowed SRF's robust core chemical business performance, a key long-term value driver.
(Photo: Envato)
Q2 FY26 was mixed bag for SRF; weakness in packaging neutralized the strength in chemicals. Consolidated revenue at Rs 36.4 billion (+6% YoY, -5% QoQ) was 5% lower than estimated. Ebitda was broadly in line at Rs 7.7 billion (+44% YoY, -7% QoQ) but adjusted profit after tax at Rs 3.9 billion (+93% YoY, -10% QoQ) missed estimate by 9%.
