āagman

Not investment advice. Data and computed figures, for information only.

SRF Ltd

NSE: SRFF&O
₹2,472.10
−₹20.70 (−0.83%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹74,684 Cr
CMP
₹2,472.10
52-wk High / Low
₹3,210 / 2,355
P/E
33.3
P/B
5.3
Book Value
₹474.0
Div Yield
0.36%
ROCE
15.0%
ROE
14.3%
Face Value
₹10
D/E
0.36

Price−18.9% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹813
√(22.5 × EPS × book value per share)
ROIC
10.7%
vs 7.5% sector median
Cash flow to profit
1.39
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+284
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
12.6%
ROE × earnings retention ratio
ROE stability
5.0
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.22DII +1.27
Latest quarter vs the previous one
Cash-accrual divergence
−3.2%
of assets
Low = accruals track cash flow
Strengths
+PE of 33.3x is below the sector median of 36.2x
Watch-outs
−Borrowings are up 102.1% since FY2016 (2515 to 5083)
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 0.3pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,3383,1773,0533,5703,4643,4243,4914,3133,8193,6403,7134,6155,033
Expenses2,6422,5512,4872,8742,8612,8862,8723,3562,9892,8662,9333,5893,797
Operating Profit6966265666966035386209578307747801,0261,237
OPM %20.9%19.7%18.5%19.5%17.4%15.7%17.8%22.2%21.7%21.3%21.0%22.2%24.6%
Other Income12291923253340342926−461334
Interest66796790979496898071666269
Depreciation157161169186188194194195203212217220223
Profit before tax486415348443344284369707576517452757979
Net Profit359301253422252201271526432388433582759
EPS (₹)12.1210.158.5514.248.516.799.1417.7514.5813.1014.6019.6325.60

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,5404,5934,8225,5897,1007,2098,40012,43414,87013,13914,69315,78717,001
Expenses3,8223,6303,8524,6835,8035,7546,2679,33011,34110,55411,97512,37713,185
Operating Profit7179639699061,2971,4552,1333,1033,5292,5842,7183,4103,817
OPM %15.8%21.0%20.1%16.2%18.3%20.2%25.4%25.0%23.7%19.7%18.5%21.6%22.5%
Other Income652873115781526611675831332227
Interest138130102124198201134116205302376278267
Depreciation245275283316358389453517575673772852872
Profit before tax3995856575828181,0181,6122,5862,8241,6921,7042,3022,705
Net Profit3034305154626421,0191,1981,8892,1621,3361,2511,8352,162
EPS (₹)10.5514.9717.9416.0822.3335.4640.4463.7272.9545.0642.2061.9172.93

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital58585858585860297297297297297—
Reserves2,2382,7053,1243,5064,0714,8756,7968,26810,03011,18212,32913,745—
Borrowings2,4352,5152,3963,1423,7304,1353,4693,6554,4785,0314,7265,083—
Other Liabilities1,1521,1461,3891,6572,0281,7952,5863,5443,9313,9454,1694,971—
Total Liabilities5,8836,4246,9688,3639,88810,86212,91115,76518,73620,45421,52124,097—
Fixed Assets3,9224,1134,4055,1225,6096,3687,8278,42510,05013,24213,72013,926—
CWIP1041172595597541,3937721,6722,4068058111,889—
Investments94165196122101203417321494527827687—
Other Assets1,7622,0292,1092,5613,4242,8993,8955,3475,7865,8816,1637,594—
Total Assets5,8836,4246,9688,3639,88810,86212,91115,76518,73620,45421,52124,097—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity3475421,0906456788961,3041,7722,1062,9022,0942,4872,554
Cash from Investing Activity−657−500−667−613−1,174−1,039−1,179−1,499−1,586−2,964−2,231−1,482−1,589
Cash from Financing Activity205−18−182−284495246−199−251−207220−72−1,071−708
Net Cash Flow−10624241−252−1103−7322312158−209−65256

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %8.011.014.014.011.014.014.018.024.022.013.012.015.0
ROE %————————————14.3
EPS (₹)5.6610.5514.9717.9416.0822.3335.4640.4463.7272.9545.0642.2061.91
Book Value (₹)————————————474.0
Face Value (₹)————————————10
P/E————————————33.3
Div Yield %————————————0.36
NPM %4.06.69.310.58.18.913.814.215.114.510.18.411.6
OPM %13.016.021.020.016.018.020.025.025.024.020.018.022.0
D/E1.051.060.910.750.880.900.840.510.430.430.440.370.36
P/B————————————5.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+13.0%
5 years+13.0%
3 years+2.0%
TTM+13.0%
Compounded profit growth
10 years+16.0%
5 years+10.0%
3 years−4.0%
TTM+57.0%
Stock price CAGR
10 years+21.0%
5 years+0.0%
3 years+4.0%
Last year−17.0%
Return on equity
10 years17.0%
5 years16.0%
3 years12.0%
Last year14.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.38%52.38%52.38%52.32%52.32%50.77%50.73%50.53%50.31%50.26%50.26%50.26%
FIIs18.12%18.12%19.78%17.10%18.30%18.43%19.60%18.52%19.09%18.28%16.67%15.45%
DIIs10.75%10.75%10.99%11.58%11.32%11.16%8.72%14.92%15.97%18.42%21.17%22.44%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.04%0.04%0.04%
Public18.75%18.75%16.85%19.00%18.06%19.64%20.95%16.01%14.66%13.01%11.87%11.81%
No. of shareholders55,49355,49344,19146,41158,99873,5132,14,6962,60,4232,34,3211,99,5481,80,3411,77,423
Change since Jun 2023 (pp)
Promoters −2.12FIIs −2.67DIIs +11.69Public −6.94

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Change in ManagementDisclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015Closure of Trading WindowDisclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingMay 2026TranscriptMay 2026PPTJan 2026TranscriptJan 2026PPTJan 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025RecordingSep 2025TranscriptSep 2025Recording

Corporate actions

As of 28 Jul 2026
28 Jul 2026DIVIDENDInterim Dividend - Rs 5 Per Share—
27 Jan 2026DIVIDENDInterim Dividend - Rs 5 Per Share—
29 Jul 2025DIVIDENDInterim Dividend - Rs 4 Per Sh—
4 Feb 2025DIVIDENDInterim Dividend - Rs 3.6 Per Sh—
31 Jul 2024DIVIDENDInterim Dividend - Rs 3.60 Per Share—
7 Feb 2024DIVIDENDInterim Dividend - Rs 3.60 Per Share—
1 Aug 2023DIVIDENDInterim Dividend - Rs 3.60 Per Share—
7 Feb 2023DIVIDENDInterim Dividend - Rs 3.60 Per Share—
28 Jul 2022DIVIDENDInterim Dividend- Rs 3.60 Per Share—
3 Feb 2022DIVIDENDInterim Dividend - Rs 4.75 Per Share—
13 Oct 2021BONUS Bonus 4:1—
5 Aug 2021DIVIDEND Interim Dividend - Rs 12 Per Share—
29 Jan 2021DIVIDEND Interim Dividend - Rs 19 Per Share—
6 Aug 2020DIVIDEND Interim Dividend - Rs 5 Per Share—
10 Feb 2020DIVIDEND Interim Dividend - Rs 7 Per Share—
13 Aug 2019DIVIDEND Interim Dividend - Rs 7 Per Share—
11 Feb 2019DIVIDEND Interim Dividend - Rs 6 Per Share—
14 Aug 2018DIVIDEND Interim Dividend- Rs 6 Per Share (Purpose Revised)—
15 Feb 2018DIVIDEND Interim Dividend Rs 6/- Per Share (Purpose Revised)—
16 Aug 2017DIVIDEND Interim Dividend—
17 Feb 2017DIVIDEND Interim Dividend Rs 6/- Per Share (Purpose Revised)—
16 Aug 2016DIVIDEND Interim Dividend Rs.6/- Per Share (Purpose Revised)—
15 Feb 2016DIVIDEND Interim Dividend Rs 5/- Per Share (Purpose Revised)—
28 Aug 2015DIVIDEND Interim Dividend - Rs 5/- Per Share—
13 Feb 2015DIVIDENDSecond Interim Dividend Rs 5/- Per Share (Purpose Revised)—
27 Aug 2014DIVIDENDInterim Dividend Rs 5/- Per Share—
14 Feb 2014DIVIDENDIi Interim Dividend Rs.7/- Per Share (Purpose Revised)—
7 Nov 2013DIVIDENDInterim Dividend - Rs 3/- Per Share—
25 Feb 2013DIVIDENDInterim Dividend Rs 5 Per Share—
15 Nov 2012DIVIDENDInterim Dividend Rs 5 Per Share—
23 Feb 2012DIVIDENDInterim Dividend Rs.7/- Per Share—
22 Nov 2011DIVIDENDInterim Dividend Rs.7/- Per Share—
4 Mar 2011DIVIDENDInterim Dividend Rs 7 Per Share (Purpose Revised)—
2 Nov 2010DIVIDENDInterim Dividend-Rs.7/- Per Share (Purpose Revised)—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman