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SRF Limited (SRF) Fair Value & Analysis

Industrials · IN · Market cap ₹849B

SL SRF Limited SRF · NSE
Price₹2,610
Fair Value₹1,895
Upside-27.4%
Quality60/100
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Mixed Growth
Solidly profitable · 11.6% net margin
Low debt · generates free cash flow
0.31% dividend yield
Mixed vs. peers (7/14)
Moderate moat 60/100
Evidence: High Range ₹1,421 – ₹2,368 Share as image

Fair value as of: Jul 18, 2026

From 13 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from ₹1,053 to ₹1,895 (+80.0%) since Jun 26, 2026. Share price −5.9% over the past month.

A solid business, but screening 27% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹2,368). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹3,275 ₹1,182 Fair Value ₹1,895 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range ₹1,182 – ₹3,275 · fair‑value band ₹1,421 – ₹2,368 · the ₹2,610 price screens above the ₹1,895 fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

SRF Limited (SRF) currently trades at ₹2,610, while our model-based Fair Value estimate is ₹1,895, implying the stock looks roughly 27.4% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, SRF Limited generated revenue of ₹158B at a net margin of 11.6%. Revenue grew 7.0% year over year. It earns a return on equity of 13.8%. Net debt stands at ₹44.7B. Fundamentals as of Jul 18, 2026

Our scenario range runs from ₹1,421 (bear case) to ₹2,368 (bull case); at ₹2,610, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 21% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -27%, SRF screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF ₹294.94 ₹573.59 ₹1,079 80
Residual Income ₹457.89 ₹586.21 ₹1,607 76
Rev-Margin DCF ₹436.23 ₹844.77 ₹1,375 74
All 13 models by family
DCF Models
Owner Earnings ₹358.86 ₹713.21 ₹1,364 31
5Y P/E Exit ₹567.83 ₹1,134 ₹1,792 38
10Y P/E Exit ₹478.93 ₹971.91 ₹1,691 35
Earnings-Based
Graham-Dodd ₹421.02 ₹1,993 ₹2,741 54
Lynch FV ₹529.18 ₹755.97 ₹982.77 50
Dividend Discount
Gordon GGM ₹86.40 ₹188.63 ₹317.39 70
DDM Multi-Stage ₹86.40 ₹154.52 ₹196.59 61
Multiples
P/E Multiple ₹789.41 ₹1,053 ₹1,316 63
P/B Multiple ₹789.41 ₹1,053 ₹1,316 55
Asset-Based
NCAV (Graham) ₹236.88 ₹317.42 ₹473.77 50
Growth DCF
Growth DCF ₹294.94 ₹573.59 ₹1,079 80
Rev-Margin DCF ₹436.23 ₹844.77 ₹1,375 74
Economic Profit
Residual Income ₹457.89 ₹586.21 ₹1,607 76

Widest divergence: Multiples (₹1,053) versus Dividend Discount (₹154.52). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹158B
Revenue growth (YoY) +7.0%
Net margin 11.6%
Return on equity 13.8%
Free cash flow ₹7.4B FY2026
P/E ratio 44.5
More key figures
Operating margin 20.6%
EPS (TTM) ₹64.43
Dividend yield 0.3%
EPS growth (YoY) +10.6%
Net debt ₹44.7B FY2026

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 44

Profitability 52
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

SRF Limited manufactures, purchases, and sells technical textiles, chemicals, packaging films, and other polymers. It operates through Technical Textiles Business, Chemicals Business, Performance Films and Foil Business, and Others segments.

Full company description

SRF Limited manufactures, purchases, and sells technical textiles, chemicals, packaging films, and other polymers. It operates through Technical Textiles Business, Chemicals Business, Performance Films and Foil Business, and Others segments. The company offers polyester and nylon tyre cord, belting, coated, and laminated fabrics; and industrial and polyester industrial yarns. It also provides fluorochemicals, such as refrigerants for room air-conditioner, automobile air-conditioner, refrigerator, and chillers under the FLORON brand; pharma propellants under the Dymel brand; industrial chemicals used in various applications comprising solvents in pharma, feedstock for agrochemicals, metal de-greasing, etching of stainless steel and glass, foam blowing agents, and dry-cleaning; and fluoropolymers, such as PTFE resins for automotive, chemical processing/plant construction, construction, electrical/electronic engineering, semiconductor, and pharma and medical applications under the Flonio brand. In addition, the company offers advanced intermediates for the agrochemical and pharmaceutical applications; and bi-axially oriented polyethylene terephthalate and bi-axially oriented polypropylene films under the PETLAR and OPLAR brands. Further, it engages in the acquisition and renting of real estate; and manufacture of aluminum foil. The company operates in India, Germany, the United States, South Africa, the United Kingdom, Italy, Indonesia, the United Arab Emirates, South Korea, Thailand, Hungary, Switzerland, Belgium, and internationally. The company was formerly known as Shri Ram Fibres and changed its name to SRF Limited in 1990. SRF Limited was incorporated in 1970 and is headquartered in Gurugram, India. SRF Limited operates as a subsidiary of KAMA Holdings Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

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.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹154B
Latest YoY
+4.9%
Avg. growth/yr (3Y) 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.
+1.2%
Avg. growth/yr (5Y) 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.
+12.9%
Avg. growth/yr (21Y) 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.
+13.2%
Revenue +5.5%/yr
FY22 ₹124B
FY23 ₹149B
FY24 ₹131B
FY25 ₹147B
FY26 ₹154B
Net income −0.7%/yr
FY22 ₹18.9B
FY23 ₹21.6B
FY24 ₹13.4B
FY25 ₹12.5B
FY26 ₹18.4B
Character of growth · EPS growth decomposed (2015-2026) +14.7 % p.a.
Revenue per share +13.0 pp

of which total revenue +13.4 pp · buybacks/dilution −0.4 pp

EBIT margin −1.4 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +2.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

SRF screens 27% overvalued. Compare with CITIC Limited →

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Cite: Fair Value Calculator (2026). "SRF Limited Fair Value". https://www.fairvalue-calculator.com/stock/SRF

Peer Group

Conglomerates · 369 stocks

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.

Quality Score 60 · Top 25%
Fair Value upside −27% · Below median
Return on equity (TTM) 14% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 7% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.14× · Lower than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 44.5× · Pricier than 75% of peers
P/B 6.05× · Pricier than 75% of peers
P/S (TTM) 5.38× · Pricier than 75% of peers
P/FCF 1.2× · Pricier than median
EV/EBITDA 24.1× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 20
FUTURE 35 · sector 16
PAST 55 · sector 20
HEALTH 93 · sector 88
DIVIDEND 6 · sector 39

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
CITIC Limited 0267 HK$11.28 HK$22.56 +100%
Swire Pacific Limited 0019 HK$99.50 HK$16.77 -83%
SK Inc 034730 580,000 KRW 497,919 KRW -14%
PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
Grupo Carso, S.A. GCARSOA1 127.02 MXN 66.21 MXN -48%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%
Doosan Corporation 000155 464,000 KRW 75,620 KRW -84%

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Frequently asked questions

Is SRF Limited (SRF) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of ₹1,895 versus a price of ₹2,610, about −27% (overvalued).
What is the fair value of SRF?
Our model-based fair value for SRF Limited is ₹1,895 (as of Jul 18, 2026), built from audited fundamentals. The current price is ₹2,610.
What is the quality score of SRF?
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 revenue of SRF Limited (SRF)?
SRF Limited reported trailing-twelve-month revenue of about ₹158B (latest available figure, as of Jul 18, 2026).
What is the net profit margin of SRF?
The net profit margin of SRF Limited is about 11.6%, meaning it keeps roughly 11.6% of revenue as net income. Based on the latest reported figures.
Does SRF Limited pay a dividend?
SRF Limited currently shows a dividend yield of about 0.33% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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