SRF Limited

BSE:503806 Stock Report

Market Cap: ₹822.5b

SRF Management

Management criteria checks 3/4

SRF's CEO is Ashish Ram, appointed in Apr 2022, has a tenure of 4.25 years. total yearly compensation is ₹227.80M, comprised of 47.4% salary and 52.6% bonuses, including company stock and options. directly owns 0.008% of the company’s shares, worth ₹69.34M. The average tenure of the management team and the board of directors is 7.3 years and 7.3 years respectively.

Key information

Ashish Ram

Chief executive officer

₹227.8m

Total compensation

CEO salary percentage47.41%
CEO tenure4.3yrs
CEO ownership0.008%
Management average tenure7.3yrs
Board average tenure7.3yrs

Recent management updates

Recent updates

Narrative Update • Jun 22

503806: Rich P/E And Softer Margins Will Likely Restrain Future Upside

Analysts have kept SRF's price target steady at ₹2,200, with the change in assumptions reflecting a lower discount rate, more moderate revenue growth and profit margin expectations, and a higher future P/E multiple to balance these factors. What's in the News for SRF SRF has scheduled a board meeting on May 5, 2026, to consider and approve the audited financial results for the quarter and year ended March 31, 2026.
Narrative Update • Jun 06

503806: Expanded Capital Outlay Will Support Long Term Performance

Analysts have revised their price target for SRF to ₹3,579 from ₹3,841, citing updated assumptions for revenue growth, profit margins, and the discount rate, while keeping the future P/E expectation broadly similar. What's in the News SRF has scheduled a board meeting on May 5, 2026 to consider and approve the audited financial results for the quarter and year ended March 31, 2026.
Narrative Update • May 22

503806: Expanded Capital Outlay And Dividend Potential Will Support Future Upside

Analysts have trimmed their fair value estimate for SRF from about ₹3,155.83 to ₹2,990.35, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Board meeting scheduled for May 5, 2026, to consider and approve audited financial results for the quarter and year ended March 31, 2026 (company filing).
Narrative Update • Apr 30

503806: Future P/E Compression Will Likely Cap Upside Despite Margin Support

The analyst price target for SRF has been adjusted from ₹2,249.74 to ₹2,200.00 as analysts factor in updated assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News SRF has scheduled a board meeting on May 05, 2026 to consider and approve the audited financial results for the quarter and year ended March 31, 2026 (company filing).
Narrative Update • Apr 08

503806: Fair View As Higher Margins Offset Lower Future P/E Multiple

Analysts have raised their fair value estimate for SRF slightly, from ₹2,239.45 to ₹2,249.74. This reflects updated assumptions for revenue growth, profit margins, a lower assumed discount rate, and a reduced future P/E multiple.
Narrative Update • Mar 24

503806: Elevated P E And Margins Will Likely Restrain Future Returns

Analysts have modestly increased their fair value estimate for SRF from ₹2,218.36 to ₹2,239.45, citing updated assumptions regarding revenue growth, profit margins, the discount rate, and future P/E, which together support a slightly higher price target. What's in the News SRF's board approved the appointment of Mr. Samir Kashyap as Chief Financial Officer, effective January 27, 2026.
Narrative Update • Mar 09

503806: Elevated P E And Modest Margins Will Likely Restrain Future Returns

Analysts now set their fair value estimate for SRF at ₹2,218, compared with the previous ₹2,244. This reflects updated assumptions around discount rate, revenue growth, profit margins and future P/E expectations.
Narrative Update • Feb 23

503806: Elevated P E And Modest Margin Outlook Will Likely Pressure Returns

Analysts have slightly raised their price target on SRF to ₹2,244, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. These changes keep their fair value view broadly unchanged in headline terms but reflect a modestly adjusted risk and earnings profile.
Narrative Update • Feb 09

503806: Lower Margins And Rich P E Will Likely Pressure Returns

Analysts have raised their price target on SRF to ₹2,244 from ₹2,213, citing updated assumptions on the discount rate, revenue growth, profit margins and a higher future P/E multiple. What's in the News The board has approved the appointment of Mr. Samir Kashyap as Chief Financial Officer, effective January 27, 2026.
Narrative Update • Jan 24

503806: New Pharma Plant And CFO Appointment Will Support Future Upside

Analysts have trimmed their price target on SRF to ₹3,155.83 from ₹3,183.00, reflecting slightly more conservative assumptions on revenue growth, profit margin and future P/E, as well as a marginally higher discount rate. What's in the News Board meeting on January 20, 2026 to review unaudited financial results for the quarter and nine months ended December 31, 2025, consider a new pharma intermediate plant project, and discuss a second interim dividend for FY 2025-26 (company filing).
Narrative Update • Jan 10

503806: Future Capacity Expansion And CFO Transition Will Support Long Term Prospects

Analysts have kept their fair value estimate for SRF steady at ₹3,841, with only small tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E that feed into the updated target. This signals broadly consistent expectations compared with prior research.
Narrative Update • Dec 26

503806: Future Specialty Fluoropolymer Capacity Expansion May Support Long Term Profitability

Analysts have modestly raised their price target on SRF to a new level, in line with incremental improvements in projected revenue growth, profit margins, and a slightly lower future valuation multiple, signaling a cautiously stronger outlook for the stock. What's in the News Chief Financial Officer Rahul Jain will step down from his role at the close of business on 12 December 2025, with SRF initiating the process to identify a successor and ensure a smooth transition (Key Developments).
Narrative Update • Dec 12

503806: Lower Discount Rate May Support Stronger Long Term Profitability

Analysts have raised their fair value estimate for SRF by approximately $191 to $3,841 per share, citing a modestly lower discount rate and slightly higher long term profit margin expectations that more than offset a small reduction in projected revenue growth. What's in the News Chief Financial Officer Rahul Jain will step down from his role at the close of business on 12 December 2025.
Narrative Update • Nov 27

503806: CFO Transition And New Facility Approval Will Drive Upside Ahead

Analysts have adjusted their price target for SRF slightly upward from $3,182.93 to $3,183.00, citing minor changes in underlying financial assumptions such as discount rate and projected margin. What's in the News Chief Financial Officer Rahul Jain will step down at the close of business on December 12, 2025.
Narrative Update • Nov 12

503806: Upcoming CFO Departure And Facility Decision Will Shape Outlook

Analysts have raised their price target for SRF from $3,138.07 to $3,182.93, citing updated forecasts that reflect slight adjustments in growth and profitability assumptions. What's in the News SRF Limited's Chief Financial Officer, Rahul Jain, announced he will step down from his position at the close of business on December 12, 2025.
Narrative Update • Oct 29

New Facility And Supply Chain Moves Will Drive Balanced Opportunity Ahead

Analysts have slightly raised their price target for SRF from $3,137.83 to $3,138.07, citing improved profit margin projections as well as a modest increase in anticipated revenue growth. What's in the News SRF Limited will hold a Board Meeting on October 27, 2025, to consider and approve the un-audited financial results for the quarter and half year ended September 30, 2025.
Narrative Update • Oct 15

Sustainability And Capacity Upgrades Will Transform Specialty Chemicals

Analysts have increased their price target for SRF from $3,104.79 to $3,137.83, reflecting updated expectations for the company's financial outlook. What's in the News The Chemours Company and SRF Limited have signed strategic agreements to enhance the global supply chain for fluoropolymers and fluoroelastomers (Key Developments).
Narrative Update • Sep 05

Sustainability And Capacity Upgrades Will Transform Specialty Chemicals

With no meaningful change in either the discount rate or forward P/E multiple, analysts have maintained SRF's fair value estimate at ₹3105. What's in the News SRF Limited has entered into strategic agreements with The Chemours Company to strengthen Chemours' global supply chain for fluoropolymers and fluoroelastomers, leveraging SRF's manufacturing capabilities.
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New Narrative • Nov 28

Specialty Chemicals Innovations And Global Demand Empower Revenue Growth Journey

SRF's Specialty Chemicals growth and increased production should drive revenue and improve margins due to new product launches and efficiency gains.

CEO Compensation Analysis

How has Ashish Ram's remuneration changed compared to SRF's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026₹228m₹108m

₹18b

Dec 31 2025n/an/a

₹18b

Sep 30 2025n/an/a

₹16b

Jun 30 2025n/an/a

₹14b

Mar 31 2025₹204m₹102m

₹13b

Dec 31 2024n/an/a

₹11b

Sep 30 2024n/an/a

₹11b

Jun 30 2024n/an/a

₹12b

Mar 31 2024₹200m₹96m

₹13b

Dec 31 2023n/an/a

₹15b

Sep 30 2023n/an/a

₹17b

Jun 30 2023n/an/a

₹19b

Mar 31 2023₹214m₹81m

₹22b

Dec 31 2022n/an/a

₹22b

Sep 30 2022n/an/a

₹22b

Jun 30 2022n/an/a

₹21b

Mar 31 2022₹128m₹49m

₹19b

Dec 31 2021n/an/a

₹17b

Sep 30 2021n/an/a

₹15b

Jun 30 2021n/an/a

₹14b

Mar 31 2021₹94m₹38m

₹12b

Dec 31 2020n/an/a

₹10b

Sep 30 2020n/an/a

₹10b

Jun 30 2020n/an/a

₹9b

Mar 31 2020₹79m₹32m

₹9b

Compensation vs Market: Ashish's total compensation ($USD2.39M) is above average for companies of similar size in the Indian market ($USD896.79K).

Compensation vs Earnings: Ashish's compensation has been consistent with company performance over the past year.

CEO

Ashish Ram (58 yo)

4.3yrs
Tenure
₹227,800,000
Compensation

Mr. Ashish Bharat Ram, MBA, is Non-Executive Non-Independent Director of Bharat Forge Limited from September 1, 2023. Mr. Ram serves as Independent Non-Executive Director at Havells India Limited since 202...

Leadership Team

NamePositionTenureCompensationOwnership
Ashish Ram
Chairman & MD4.3yrs₹227.80m0.0084%
₹ 69.3m
Kartik Ram
Joint MD & Executive Director4.3yrs₹227.70m0.0084%
₹ 69.3m
Pramod Gujarathi
Director of Safety & Environment and Whole Time Director9.3yrs₹3.10m0.000020%
₹ 164.5k
Sanjay Rao
President & CIO8.5yrsno datano data
Geeta Jadhav
President & CHRO1.5yrsno datano data
Samir Kashyap
President & CFOless than a yearno datano data
Sunil Gulpadia
Senior Vice President of Finance & Account31.9yrs₹2.65mno data
Rajat Lakhanpal
Senior VP of Corporate Compliance & Company Secretary7.3yrs₹7.80mno data
Nitika Dhawan
AVP & Head of Corporate Communicationsno datano datano data
Prashant Yadav
President and CEO of Fluorochemicals Business & Technical Textiles Businessno data₹56.60mno data
Prashant Mehra
President & CEO of Performance Films & Foil Business13.5yrs₹56.80mno data
Viney Dua
Head of Special Projectsno data₹3.19mno data
7.3yrs
Average Tenure
57yo
Average Age

Experienced Management: 503806's management team is seasoned and experienced (7.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Ashish Ram
Chairman & MD21.2yrs₹227.80m0.0084%
₹ 69.3m
Kartik Ram
Joint MD & Executive Director20.2yrs₹227.70m0.0084%
₹ 69.3m
Pramod Gujarathi
Director of Safety & Environment and Whole Time Director9.3yrs₹3.10m0.000020%
₹ 164.5k
Puneet Dalmia
Independent Non-Executive Director7.3yrs₹2.30mno data
Raj Jain
Independent Non-Executive Director4.2yrs₹2.60m0.00058%
₹ 4.8m
Murugappan Subbiah
Non-Executive Non-Independent Director14.2yrs₹2.10m0.012%
₹ 102.7m
Arun Ram
Chairman Emeritus4.3yrs₹124.10m0.030%
₹ 242.8m
Vineet Agarwal
Independent Director2.3yrs₹2.40mno data
Bharti Ramola
Independent Non-Executive Director7.4yrs₹2.50mno data
Ira Gupta
Independent Director2.3yrs₹2.40mno data
Yash Gupta
Independent Non-Executive Director7.3yrs₹2.60m0.0013%
₹ 10.5m
7.3yrs
Average Tenure
57yo
Average Age

Experienced Board: 503806's board of directors are considered experienced (7.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/11 18:59
End of Day Share Price 2026/07/10 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

SRF Limited is covered by 46 analysts. 27 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Ashwin MehtaAmbit Capital
Nitin BhasinAmbit Capital