Financials SRF Limited

Equities

SRF

INE647A01010

Diversified Chemicals

Market Closed - Bombay S.E. Other stock markets 05:00:53 2025-01-13 am EST			5-day change	1st Jan Change
2,516.90 ^INR	-3.31%		+10.15%	+12.49%

Dec. 27	SRF Limited Incorporates Wholly Owned Subsidiary	CI
Nov. 30	SRF Limited Announces Retirement of Mr. Ajay Chowdhury as President and CHRO	CI

Projected Income Statement: SRF Limited

income-statement-evolution-chart SRF-LIMITED

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	72,094	84,000	124,337	148,702	131,385	143,659	165,163	187,845
Change	-	16.51%	48.02%	19.6%	-11.65%	9.34%	14.97%	13.73%
EBITDA ¹	14,549	21,452	31,759	35,292	25,841	26,564	34,367	41,160
Change	-	47.44%	48.05%	11.12%	-26.78%	2.8%	29.37%	19.77%
EBIT ¹	10,663	16,921	26,587	29,539	19,115	18,267	24,827	31,221
Change	-	58.69%	57.12%	11.1%	-35.29%	-4.44%	35.91%	25.76%
Interest Paid ¹	-2,006	-1,340	-1,159	-2,048	-3,023	-3,463	-3,237	-3,177
Earnings before Tax (EBT) ¹	10,706	16,127	25,856	28,240	16,922	16,130	23,474	30,483
Change	-	50.64%	60.33%	9.22%	-40.08%	-4.68%	45.53%	29.85%
Net income ¹	10,191	11,979	18,889	21,623	13,357	12,256	17,924	23,282
Change	-	17.55%	57.68%	14.47%	-38.23%	-8.24%	46.24%	29.9%
Announcement Date	6/4/20	5/5/21	5/9/22	5/9/23	5/7/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	18,284	17,378	18,505	18,578	15,452	21,008	21,464	26,076	26,994	28,390	33,459	35,494	38,947	37,278	34,697	37,781	33,384	31,774	30,530	35,697	34,641	34,625	34,087	40,374
Change	-	-4.96%	6.48%	0.4%	-16.83%	35.96%	2.17%	21.49%	3.52%	5.17%	17.86%	6.08%	9.73%	-4.29%	-6.92%	8.89%	-11.64%	-4.82%	-3.91%	16.92%	-2.96%	-0.05%	-1.55%	18.44%
EBITDA ¹	3,653	4,890	4,001	3,613	3,632	5,725	5,661	6,433	6,716	6,750	8,814	9,480	9,950	7,691	8,335	9,316	6,962	6,262	5,658	6,958	6,034	6,401	5,909	8,814
Change	-	33.88%	-18.17%	-9.7%	0.54%	57.6%	-1.11%	13.64%	4.39%	0.51%	30.59%	7.55%	4.95%	-22.7%	8.37%	11.77%	-25.27%	-10.05%	-9.64%	22.97%	-13.28%	6.08%	-7.69%	49.17%
EBIT ¹	2,712	4,181	2,983	2,599	2,592	4,585	4,496	5,248	5,486	5,447	7,490	8,164	8,642	6,298	6,829	7,770	5,396	4,650	3,969	5,099	4,153	4,242	3,951	7,212
Change	-	54.18%	-28.65%	-12.85%	-0.27%	76.86%	-1.94%	16.75%	4.53%	-0.72%	37.52%	9%	5.86%	-27.13%	8.42%	13.78%	-30.55%	-13.82%	-14.63%	28.47%	-18.57%	2.15%	-6.85%	82.53%
Charge d'intérêts ¹	-518	-550.2	-475.3	-466.2	-431.6	-361.5	-284.9	-261.5	-274.7	-233.6	-294.1	-356.9	-325	-444.7	-619.5	-659	-656.3	-792.9	-673.7	-900	-965.4	-889.3	-925	-899.5
Earnings before Tax (EBT) ¹	2,409	3,630	2,563	2,103	2,264	4,315	4,409	5,117	5,349	5,324	7,303	7,879	8,416	6,181	6,309	7,334	4,857	4,148	3,483	4,433	3,440	3,761	3,199	6,302
Change	-	50.72%	-29.4%	-17.94%	7.66%	90.59%	2.17%	16.05%	4.54%	-0.47%	37.16%	7.9%	6.81%	-26.56%	2.08%	16.24%	-33.77%	-14.6%	-16.03%	27.27%	-22.41%	9.33%	-14.93%	96.99%
Net income ¹	1,892	3,011	3,430	1,858	1,771	3,152	3,247	3,809	3,953	3,824	5,055	6,056	6,080	4,810	5,109	5,624	3,593	3,008	2,534	4,222	2,522	2,873	2,445	4,890
Change	-	59.14%	13.9%	-45.84%	-4.66%	77.99%	3.02%	17.3%	3.77%	-3.25%	32.18%	19.8%	0.39%	-20.89%	6.22%	10.09%	-36.12%	-16.28%	-15.74%	66.6%	-40.26%	13.9%	-14.91%	100.04%
Announcement Date	8/5/19	11/4/19	2/3/20	6/4/20	7/30/20	11/4/20	1/21/21	5/5/21	7/28/21	10/25/21	1/25/22	5/9/22	7/21/22	11/3/22	1/30/23	5/9/23	7/24/23	10/27/23	1/30/24	5/7/24	7/23/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 S1	2024 S2
Net sales	36,460	-
Change	-	-100%
EBITDA ¹	9,357	12,616
Change	-	34.83%
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	11/4/20	5/7/24

¹INR in Million

Estimates

Forecast Balance Sheet: SRF Limited

balance-sheet-analysis-chart SRF-LIMITED

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	31,506	27,920	30,890	32,476	41,071	43,881	44,190	42,324
Change	-	-11.38%	10.64%	5.13%	26.47%	6.84%	0.7%	-4.22%
Announcement Date	6/4/20	5/5/21	5/9/22	5/9/23	5/7/24	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: SRF Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	13,892	12,144	18,321	28,382	22,169	18,026	21,231	23,891
Change	-	-12.58%	50.87%	54.92%	-21.89%	-18.69%	17.78%	12.53%
Free Cash Flow (FCF) ¹	-847.2	5,573	2,736	635.3	-1,231	4,792	6,607	7,466
Change	-	-757.85%	-50.9%	-76.78%	-293.77%	-489.3%	37.86%	13%
Announcement Date	6/4/20	5/5/21	5/9/22	5/9/23	5/7/24	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: SRF Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.18%	25.54%	25.54%	23.73%	19.67%	18.46%	20.78%	21.89%
EBIT Margin (%)	14.79%	20.14%	21.38%	19.86%	14.55%	12.67%	15%	16.58%
EBT Margin (%)	14.85%	19.2%	20.79%	18.99%	12.88%	11.18%	14.18%	16.19%
Net margin (%)	14.14%	14.26%	15.19%	14.54%	10.17%	8.49%	10.83%	12.37%
FCF margin (%)	-1.18%	6.63%	2.2%	0.43%	-0.94%	3.34%	4%	3.97%
FCF / Net Income (%)	-8.31%	46.52%	14.49%	2.94%	-9.22%	39.28%	36.95%	32.14%
Profitability
ROA	-	10.06%	13.16%	12.52%	6.81%	9.3%	9.5%	-
ROE	22.49%	17.37%	24.5%	22.89%	12.25%	10.16%	13.44%	15.19%
Financial Health
Leverage (Debt/EBITDA)	2.17x	1.3x	0.97x	0.92x	1.59x	1.65x	1.29x	1.03x
Debt / Free cash flow	-37.19x	5.01x	11.29x	51.12x	-33.36x	9.16x	6.69x	5.67x
Capital Intensity
CAPEX / Current Assets (%)	19.27%	14.46%	14.73%	19.09%	16.87%	12.55%	12.86%	12.72%
CAPEX / EBITDA (%)	95.48%	56.61%	57.69%	80.42%	85.79%	67.97%	61.85%	58.12%
CAPEX / FCF (%)	-1,639.71%	217.89%	669.49%	4,467.46%	-1,800.92%	376.15%	321.34%	320.01%
Items per share
Cash flow per share ¹	-	-	-	97.89	70.64	82	99.5	87.6
Change	-	-	-	-	-27.84%	16.08%	21.34%	-11.96%
Dividend per Share ¹	1.4	4.8	7.15	7.2	7.2	6.516	7.616	9.038
Change	-	242.86%	48.96%	0.7%	0%	-9.5%	16.87%	18.67%
Book Value Per Share ¹	171.7	231.5	289	348.4	387.2	421.9	471.5	539
Change	-	34.84%	24.84%	20.57%	11.15%	8.95%	11.75%	14.31%
EPS ¹	35.46	41.11	63.75	72.95	45.06	41.51	61.16	79.66
Change	-	15.93%	55.08%	14.43%	-38.23%	-7.87%	47.33%	30.25%
Nbr of stocks (in thousands)	287,403	296,226	296,421	296,425	296,425	296,425	296,425	296,425
Announcement Date	6/4/20	5/5/21	5/9/22	5/9/23	5/7/24	-	-	-