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SRF Limited (503806) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of SRF Limited ₹797, price ₹2,490, upside -68.0%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Some data
Sep 24, 2026
SRF Limited
503806 · BSEStretched ValuationStrong overvaluation with only moderate quality.
!Fair value ₹797.43 · Strongly overvalued (−68.0%)
✓Quality 60/100
!Mixed Growth (revenue 5y +12.9 %/yr)
✓Solidly profitable · 11.9% net margin (FY2026)
✓Low debt · generates free cash flow
✓0.3% dividend yield · Low payout
✓Wide moat 67/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹1,266 – ₹3,270 · fair‑value band ₹419.49 – ₹1,316 · the ₹2,490 price screens above the ₹797.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
SRF Limited manufactures, purchases, and sells technical textiles, chemicals, packaging films, and other polymers. It operates through Technical Textiles Business, Chemicals Business, Packaging Film Business, and Others segments. The company offers tyre cord, belting, coated, and laminated fabrics; and industrial and polyester industrial yarns.
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SRF Limited manufactures, purchases, and sells technical textiles, chemicals, packaging films, and other polymers. It operates through Technical Textiles Business, Chemicals Business, Packaging Film Business, and Others segments. The company offers tyre cord, belting, coated, and laminated fabrics; and industrial and polyester industrial yarns. It also provides fluorochemicals under the Floron, Dymel, Shakti, and Supertron brands, such as refrigerants for room air-conditioner, automobile air-conditioner, refrigerator, and chillers, as well as propellants for the pharmaceutical sector; and industrial chemicals used in various applications comprising feedstock for pharmaceutical and agrochemicals, metal de-greasing, foam blowing, and dry-cleaning. In addition, the company provides advanced intermediates for the agrochemical and pharmaceutical industries. Further, the company provides bi-axially oriented polyethylene terephthalate films under PETLAR brand and bi-axially oriented polypropylene films under OPLAR brand. It serves in India, Germany, the United States, Switzerland, Belgium, and internationally. The company was formerly known as Shri Ram Fibres and changed its name to SRF Limited in 1990. The company was founded in 1970 and is based in Gurugram, India. SRF Limited is a subsidiary of KAMA Holdings Limited.
Stock analysis
SRF Limited (503806) currently trades at ₹2,490, while our model-based Fair Value estimate is ₹797.43, 68.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹1,118 per share, and 0 of the 24 models we run sit above the ₹2,490 price.
Bear case: the Asset-Based group reads lowest at ₹337.29, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹419.49 (bear) to ₹1,316 (bull), the price of ₹2,490 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SRF Limited reported revenue of ₹154B in FY2026 versus ₹124B in FY2022, a compound +5.5%/yr. Reported net income was ₹18.4B in FY2026, compounding −0.7%/yr from FY2022.
Key figures
Market cap ₹738B (≈ $7.7B) · P/E ratio 21.4 · P/S ratio 2.55 · EPS (TTM) ₹107.71 · Dividend yield 0.3% · Net margin 11.9% · Return on assets (EBIT) 12.7% · Free cash flow ₹7.4B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −24% fair-value upside, at −68%, 503806 screens richer than that median.
Fair Value models
Bear ₹419.49
Fair Value ₹797.43
Bull ₹1,316
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹51.22 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
₹354.67
₹662.70
₹1,177
77
Growth DCF
₹350.81
₹630.14
₹1,078
76
Residual Income
₹472.65
₹570.90
₹810.96
75
All 24 models by family
DCF Models
FCF DCF
₹354.67
₹662.70
₹1,177
77
Owner Earnings
₹413.17
₹765.85
₹1,355
73
5Y Revenue Exit
₹466.42
₹893.74
₹1,480
70
5Y EBITDA Exit
₹681.62
₹1,337
₹2,166
73
5Y P/E Exit
₹599.26
₹1,167
₹1,820
69
10Y Revenue Exit
₹404.10
₹791.26
₹1,394
64
10Y EBITDA Exit
₹562.47
₹1,108
₹1,954
65
10Y P/E Exit
₹509.11
₹986.82
₹1,672
61
Earnings-Based
Graham-Dodd
₹447.37
₹2,064
₹2,834
64
Lynch FV
₹542.96
₹775.66
₹1,008
61
PEG = 1.0
₹542.96
₹775.66
₹1,008
57
EPV
₹626.31
₹732.92
₹824.89
74
Multiples
P/E Multiple
₹838.81
₹1,118
₹1,398
63
P/S Multiple
₹621.74
₹828.99
₹1,036
58
P/B Multiple
₹838.81
₹1,118
₹1,398
55
EV/EBIT
₹993.18
₹1,341
₹1,688
66
EV/EBITDA
₹924.55
₹1,249
₹1,573
67
EV/Revenue
₹531.44
₹780.14
₹1,029
53
Asset-Based
NCAV (Graham)
₹251.71
₹337.29
₹503.42
54
Growth DCF
Growth DCF
₹350.81
₹630.14
₹1,078
76
Rev-Margin DCF
₹466.42
₹879.40
₹1,411
71
Economic Profit
Residual Income
₹472.65
₹570.90
₹810.96
75
ROIC Compounder
₹678.16
₹924.06
₹1,260
71
Growth Earnings
Growth-Adj P/E
₹777.93
₹1,111
₹1,445
67
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Set up alert →Quality Score breakdown
Overall quality
60/100
Of which business quality 57 · Market factors (momentum, volatility) 39
Profitability
52
Margins and returns on capital today
Quality Growth
59
Are margins and returns improving?
Cashflow
38
Earnings quality: real cash, not paper profit
Fin. Strength
68
Balance sheet, leverage, solvency risk
Investment
49
Disciplined investing over empire-building
Low Volatility
68
Calm price path (market factor)
Momentum
33
Price trend over the last 3–12 months (market factor)
52W Momentum
16
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
Start year 2021 (pandemic). Over 10 years: +12.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.4%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.6% vs −3.6%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 18%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 9.4%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+50.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +44.6% a year for the price.
Compare SRF Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Chemicals · 341 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Chemicals median · lower = cheaper
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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| Zangge Mining Company 000408 | ¥71.46 | ¥78.61 | +10% |
| LG Chem, Ltd 051910 | 252,500 KRW | 587,755 KRW | +133% |
| Zhejiang Juhua Co 600160 | ¥33.97 | ¥19.25 | −43% |
| Jiangsu Eastern Shenghong Co 000301 | ¥13.36 | ¥3.06 | −77% |
| Formosa Chemicals & Fibre Corporation 1326 | 67.00 TWD | 17.68 TWD | −74% |
| Syensqo SA SYENS | €78.20 | €32.87 | −58% |
| PETRONAS Chemicals Group 5183 | 4.49 MYR | 1.51 MYR | −66% |
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Frequently asked questions
Is SRF Limited (503806) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹797.43 versus a price of ₹2,490, about −68% upside (overvalued).
What is the fair value of 503806?
Our model-based fair value for SRF Limited is ₹797.43 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹2,490.
What is the quality score of 503806?
SRF Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SRF Limited (503806)?
Our model-based price target is the fair value of ₹797.43 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario ₹419.49, optimistic scenario ₹1,316. It is a calculation from audited fundamentals, not an analyst target.
What is the SRF Limited stock forecast for 2026?
Our models put fair value at ₹797.43, about −68% upside versus a price of ₹2,490 (overvalued). Cautious scenario ₹419.49, optimistic scenario ₹1,316. The calculation is refreshed regularly with new filings.
Does SRF Limited pay a dividend?
SRF Limited currently shows a dividend yield of about 0.29% relative to its recent price (as of Sep 24, 2026).
What growth is priced into SRF Limited (503806)?
For today's price to be fair in a discounted-cash-flow model, SRF Limited would have to grow free cash flow by +50.6 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 503806 use?
Our models discount SRF Limited at 12.4 %: a base by market capitalisation (mid), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SRF Limited that is +50.6 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has SRF Limited (503806) delivered so far?
Over the past 5 years revenue at SRF Limited grew +12.9 % a year. The price currently implies +50.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SRF Limited (503806) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into SRF Limited (+50.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SRF Limited (503806)?
The free-cash-flow yield on the price is 1.00 %: that much free cash flow SRF Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SRF Limited (503806)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SRF Limited it is ₹797.43 per share (as of Sep 24, 2026), against a price of ₹2,490. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is SRF Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 503806 trades above its calculated fair value: price ₹2,490, fair value ₹797.43, a gap of about −68% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 503806?
No. The price is what the market pays today (₹2,490); the fair value is what the company's own numbers justify (₹797.43). For SRF Limited the two are ₹1,693 per share apart. That gap is exactly why we show both numbers side by side.
How much is SRF Limited worth?
The market values SRF Limited at about ₹738B (market capitalisation, as of Sep 24, 2026). Per share that is ₹2,490; our models calculate a fair value of ₹797.43 per share.
What do the bullish and bearish scenarios say about 503806?
Our models span a range for SRF Limited: cautious scenario ₹419.49, base ₹797.43, optimistic ₹1,316 per share (as of Sep 24, 2026, price ₹2,490). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 503806?
SRF Limited trades at a price-to-earnings ratio of 21.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹797.43 is built from several models across several years. Other multiples: P/B 0.1, EV/EBITDA 0.6.
How solid is the balance sheet of SRF Limited (503806)?
Balance-sheet figures for SRF Limited (as of Sep 24, 2026): debt of 0.14 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 503806 from its 52-week high?
SRF Limited trades at ₹2,490, about 22% below its 52-week high of ₹3,180 and 4% above the low of ₹2,384 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹797.43 is for.
Which stocks are comparable to SRF Limited?
From the same area (Basic Materials) we also value Ningxia Baofeng Energy Group, Dow Inc, Hengli Petrochemical Co, Zangge Mining Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SRF Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹2,490, calculated fair value ₹797.43 (−68%), Quality Score 60/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 503806 calculated?
We run SRF Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹797.43, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. SRF Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SRF Limited (503806)?
The closing price on Oct 1, 2026 was ₹2,490. Our model-based fair value is ₹797.43, about −68% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SRF Limited right now?
The price sits above even our optimistic bull case (₹1,316). The favourable scenario is already priced in. The model range is unusually wide (₹419.49 to ₹1,316). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of SRF Limited
How large is the market capitalisation of SRF Limited (503806)?
The market capitalisation of SRF Limited is ₹738B (≈ $7.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SRF Limited (503806)?
The price-to-sales ratio of SRF Limited is 2.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SRF Limited (503806)?
Earnings per share at SRF Limited are ₹107.71 (price ÷ EPS = P/E 21.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SRF Limited (503806)?
The dividend yield of SRF Limited is 0.3% (payout 6.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of SRF Limited (503806)?
The net margin of SRF Limited is 11.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of SRF Limited (503806)?
On an EBIT basis the return on assets of SRF Limited is 12.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much net debt does SRF Limited (503806) carry?
The net debt of SRF Limited is ₹45.2B (fiscal year 2026, ≈ 6.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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