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Swing Capital

SRF Ltd

NSE: SRF BSE: 503806

Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers[1]

₹2,646
52W: ₹2314 — ₹3325
PE 43.8 · Book ₹428 · +518% vs book
Market Cap₹78,424 Cr
Stock P/E43.8Price to Earnings
ROCE15.9%Return on Capital
ROE14.8%Return on Equity
Div. Yield0.33%Face Value ₹10

Weaknesses

  • −Stock is trading at 6.11 times its book value
  • −Company has a low return on equity of 13.4% over last 3 years.
  • −Dividend payout has been low at 10.8% of profits over last 3 years

Shareholding Pattern

Promoters50.26%
FIIs16.67%
DIIs21.17%
Public11.87%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.26%50.26%50.26%50.26%50.26%50.26%50.26%50.26%
FIIs18.76%18.3%▼0.518.37%▲0.118.28%▼0.118.24%▼0.017.98%▼0.317.48%▼0.516.67%▼0.8
DIIs16.57%17.76%▲1.217.78%▲0.018.42%▲0.618.85%▲0.419.53%▲0.720.18%▲0.621.17%▲1.0
Public14.44%13.66%▼0.813.55%▼0.113.01%▼0.512.61%▼0.412.2%▼0.412.05%▼0.111.87%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,5062,9202,7362,7042,7623,4963,0402,8532,9523,576
Expenses1,9892,2722,2042,2132,2042,6202,3162,1782,2082,695
Operating Profit517647532490557876724675743881
OPM %21%22%19%18%20%25%24%24%25%25%
Net Profit263437250225280513397363458507
EPS ₹8.8714.758.437.599.4417.3113.3912.2315.4517.11

AI Insights

Revenue Trend

Mar 2026 revenue at ₹12,421Cr, up 6.2% YoY. OPM at 24%.

Debt Position

Borrowings at ₹3,390Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,744Cr (16% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.17% (+7.46pp change). FIIs: 16.67% (-3.37pp change). Promoters hold 50.26%.

Margin & Efficiency

ROCE improving from 13% (Mar 2015) to 16% (Mar 2026). Working capital days: 26.

Valuation

PE 43.8x with 15.9% ROCE. Price is 518% above book value of ₹428. Dividend yield: 0.33%.

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