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SRF bets on Q4 volume bounce
Mint Mumbai
|January 22, 2026
SRF Ltd’s shares fell around 10% in the past two trading sessions as weaker-than-anticipated Q3FY26 results triggered earnings downgrades by brokerages.
Consolidated revenue at ₹3,713 crore missed consensus estimate of ₹3,800 crore. Ebitda at ₹780 crore was much lower than the consensus estimate of ₹820 crore.
The problem is that SRF's chemicals business (49% of Q3 revenue) has been a story of two halves lately. The chemicals business comprises fluorochemicals and specialty chemicals. Fluorochemicals delivered a solid performance in Q3 with higher realizations and increased volumes of hydrofluorocarbon (HFO) refrigerants. The outlook is upbeat, too.
On the other hand, specialty chemicals remained a drag as growth was marred by aggressive Chinese pricing, which led to more margin pressure and deferred offtake by key customers.
SRF expects the specialty chemicals business to be relatively better in Q4, led by strong volume-led recovery, aided by pent-up demand.
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