Based on global chemical firms' outlook, analysts expect SRF to continue to benefit from strong volume-led recovery in agrochem globally, resilient R32 demand & modest demand growth outlook
SRF, Devyani, Sumitomo have witnessed the formation of 'Death Cross', while Sona Coms and PI Industries saw a negative crossover on the MACD indicator, show the stocks daily chart.
Brokerages maintained a positive stance on SRF, highlighting continued margin strength, steady volume growth, and the company's strategic capex expansion.
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SRF Ltd, a chemical-based multi-business company, reported a 92.72 per cent jump in consolidated net profit to Rs 388.18 crore for the second quarter ended September 30, driven by higher sales, the company said on Monday. Its net profit stood at Rs 201.42 crore in the July-September quarter of the previous fiscal year, according to a regulatory filing. The total income rose 6.30 per cent to Rs 3,640.19 crore during the quarter under review from Rs 3,424.30 crore in the year-ago period. Expenses fell to Rs 3,148.85 crore from Rs 3,173.97 crore. "We performed well this quarter, led by our chemicals business. While we are dealing with a very uncertain global environment, we remain confident of a good finish to the year," SRF Chairman and Managing Director Ashish Bharat Ram said. The chemicals business reported a 23 per cent increase in revenue to Rs 1,667 crore during the second quarter of this fiscal year from Rs 1,358 crore a year earlier. The performance films and foil business .
Antique assigned a 'Buy' rating for SRF with a target price of ₹3,540 per share, a potential upside of 16 per cent
SRF's revenue for the quarter rose 10.3 per cent Y-o-Y to ₹3,819.6 crore, while Ebitda surged 37.8 per cent Y-o-Y to ₹831 crore, improving margins from 17.4 per cent to 21.7 per cent.