Reported Earnings • May 06
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹61.91 (up from ₹42.20 in FY 2025). Revenue: ₹157.9b (up 7.4% from FY 2025). Net income: ₹18.4b (up 47% from FY 2025). Profit margin: 12% (up from 8.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 29
SRF Limited to Report Q4, 2026 Results on May 05, 2026 SRF Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 05, 2026 Declared Dividend • Jan 22
Dividend of ₹5.00 announced Shareholders will receive a dividend of ₹5.00. Ex-date: 27th January 2026 Payment date: 17th February 2026 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 70% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 21
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: ₹14.60 (up from ₹9.15 in 3Q 2025). Revenue: ₹37.1b (up 6.3% from 3Q 2025). Net income: ₹4.33b (up 60% from 3Q 2025). Profit margin: 12% (up from 7.8% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 7.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 20
SRF Limited Declares Second Interim Dividend, Payable on or Before February 17, 2026 SRF Limited announced that the Board of Directors at its meeting held on 20th January 2026 has declared interim dividend @ 50% i.e. INR 5.00 per share on the paid-up equity share capital of the Company. The interim dividend would be paid to members whose names appear on the register of members and the beneficial owners as per details received from National Securities Depository Limited and Central Depository Services (India) Limited, as on the record date i.e. January 27, 2026. The date of payment of interim dividend will be on or before February 17, 2026. Tillkännagivande • Jan 13
SRF Limited to Report Q3, 2026 Results on Jan 20, 2026 SRF Limited announced that they will report Q3, 2026 results on Jan 20, 2026 Reported Earnings • Oct 28
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹13.10 (up from ₹6.79 in 2Q 2025). Revenue: ₹36.4b (up 6.3% from 2Q 2025). Net income: ₹3.88b (up 93% from 2Q 2025). Profit margin: 11% (up from 5.9% in 2Q 2025). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 17
SRF Limited to Report Q2, 2026 Results on Oct 27, 2025 SRF Limited announced that they will report Q2, 2026 results on Oct 27, 2025 New Risk • Aug 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Jul 25
Dividend of ₹4.00 announced Shareholders will receive a dividend of ₹4.00. Ex-date: 29th July 2025 Payment date: 19th August 2025 Dividend yield will be 0.2%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 92% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 24
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ₹14.58 (up from ₹8.51 in 1Q 2025). Revenue: ₹38.2b (up 10% from 1Q 2025). Net income: ₹4.32b (up 71% from 1Q 2025). Profit margin: 11% (up from 7.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.0%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 16
SRF Limited to Report Q1, 2026 Results on Jul 23, 2025 SRF Limited announced that they will report Q1, 2026 results on Jul 23, 2025 Reported Earnings • Jun 12
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹42.20 (down from ₹45.06 in FY 2024). Revenue: ₹146.9b (up 12% from FY 2024). Net income: ₹12.5b (down 6.4% from FY 2024). Profit margin: 8.5% (down from 10% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Tillkännagivande • Jun 05
SRF Limited, Annual General Meeting, Jul 03, 2025 SRF Limited, Annual General Meeting, Jul 03, 2025, at 11:00 Indian Standard Time. Reported Earnings • May 13
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹42.20 (down from ₹45.06 in FY 2024). Revenue: ₹146.9b (up 12% from FY 2024). Net income: ₹12.5b (down 6.4% from FY 2024). Profit margin: 8.5% (down from 10% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Tillkännagivande • May 05
SRF Limited to Report Q4, 2025 Results on May 12, 2025 SRF Limited announced that they will report Q4, 2025 results on May 12, 2025 Price Target Changed • Jan 31
Price target increased by 12% to ₹2,564 Up from ₹2,291, the current price target is an average from 29 analysts. New target price is 8.8% below last closing price of ₹2,810. Stock is up 21% over the past year. The company is forecast to post earnings per share of ₹41.93 for next year compared to ₹45.06 last year. Declared Dividend • Jan 31
Dividend of ₹3.60 announced Dividend of ₹3.60 is the same as last year. Ex-date: 4th February 2025 Payment date: 27th February 2025 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (19% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 125% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹9.15 (up from ₹8.55 in 3Q 2024). Revenue: ₹34.9b (up 14% from 3Q 2024). Net income: ₹2.71b (up 7.0% from 3Q 2024). Profit margin: 7.8% (down from 8.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 22
SRF Limited to Report Q3, 2025 Results on Jan 29, 2025 SRF Limited announced that they will report Q3, 2025 results on Jan 29, 2025 Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹2,674, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 29x in the Chemicals industry in India. Total returns to shareholders of 1.6% over the past three years. Tillkännagivande • Nov 30
SRF Limited Announces Retirement of Mr. Ajay Chowdhury as President and CHRO SRF Limited informed that Mr. Ajay Chowdhury, President and CHRO being the Senior Management of the Company has retired from the services of the Company with effect from the close of business hours on November 30, 2024. Reported Earnings • Oct 23
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹6.79 (down from ₹10.15 in 2Q 2024). Revenue: ₹34.6b (up 8.8% from 2Q 2024). Net income: ₹2.01b (down 33% from 2Q 2024). Profit margin: 5.8% (down from 9.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 15
SRF Limited to Report Q2, 2025 Results on Oct 22, 2024 SRF Limited announced that they will report Q2, 2025 results on Oct 22, 2024 Reported Earnings • Jul 24
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹8.51 (down from ₹12.12 in 1Q 2024). Revenue: ₹34.9b (up 4.5% from 1Q 2024). Net income: ₹2.52b (down 30% from 1Q 2024). Profit margin: 7.2% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 23
SRF Limited Declares Interim Dividend, Payable on 21 August, 2024 SRF Limited Board of Directors at its meeting held on 23rd July, 2024 has declared interim dividend @ 36 % i.e. INR 3.60 per share on the paid-up equity share capital of the Company. The date of payment of interim dividend will be on or before, 21 August, 2024. The Interim Dividend would be paid to members whose names appear on the Register of Members and the beneficial owners as per details received from National Securities Depository Limited and Central Depository Services (India) Limited, as on the Record Date the 31, July 2024. Tillkännagivande • Jul 16
SRF Limited to Report Q1, 2025 Results on Jul 23, 2024 SRF Limited announced that they will report Q1, 2025 results on Jul 23, 2024 Reported Earnings • Jun 07
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ₹45.06 (down from ₹72.95 in FY 2023). Revenue: ₹131.4b (down 12% from FY 2023). Net income: ₹13.4b (down 38% from FY 2023). Profit margin: 10% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jun 05
SRF Limited, Annual General Meeting, Jun 28, 2024 SRF Limited, Annual General Meeting, Jun 28, 2024, at 11:00 Indian Standard Time. Reported Earnings • May 08
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ₹45.06 (down from ₹72.95 in FY 2023). Revenue: ₹132.2b (down 11% from FY 2023). Net income: ₹13.4b (down 38% from FY 2023). Profit margin: 10% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 05
SRF Limited to Report Q4, 2024 Results on May 07, 2024 SRF Limited announced that they will report Q4, 2024 results on May 07, 2024 Reported Earnings • Jan 31
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹8.55 (down from ₹17.24 in 3Q 2023). Revenue: ₹30.7b (down 12% from 3Q 2023). Net income: ₹2.53b (down 50% from 3Q 2023). Profit margin: 8.3% (down from 15% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 30
SRF Limited Approves Second Interim Dividend for Financial Year 2023-24, Payable on 28 February, 2024 SRF Limited announced that the Board of Directors at its meeting held on 30th January, 2024, approved Payment of second interim dividend for financial year 2023-24 @ 36% i.e. INR 3.60 per share on the paid-up equity share capital of the Company. Record date will be 7th February, 2024 which has already been communicated to Exchanges by letter dated 22nd January, 2024. The date of payment of interim dividend will be 28th February, 2024. Tillkännagivande • Jan 23
SRF Limited to Report Q3, 2024 Results on Jan 30, 2024 SRF Limited announced that they will report Q3, 2024 results at 12:15 PM, Indian Standard Time on Jan 30, 2024 Reported Earnings • Oct 27
Second quarter 2024 earnings released: EPS: ₹10.15 (vs ₹16.23 in 2Q 2023) Second quarter 2024 results: EPS: ₹10.15 (down from ₹16.23 in 2Q 2023). Revenue: ₹32.1b (down 14% from 2Q 2023). Net income: ₹3.01b (down 38% from 2Q 2023). Profit margin: 9.4% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 21
SRF Limited to Report Q2, 2024 Results on Oct 27, 2023 SRF Limited announced that they will report Q2, 2024 results on Oct 27, 2023 Price Target Changed • Jul 27
Price target decreased by 8.5% to ₹2,616 Down from ₹2,860, the current price target is an average from 26 analysts. New target price is 21% above last closing price of ₹2,162. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₹68.65 for next year compared to ₹72.95 last year. Tillkännagivande • Jul 25
SRF Limited Declares Interim Dividend, Payable on August 22, 2023 SRF Limited announced that the Board of Directors at its meeting held on 24th July, 2023 has declared interim dividend at 36% i.e. INR 3.60 per share on the paid-up equity share capital of the Company. The Interim Dividend would be paid to members whose names appear on the Register of Members and the beneficial owners as per details received from National Securities Depository Limited and Central Depository Services (India) Limited, as on the Record Date i.e. 01st August 2023 which has already been communicated to Exchanges by letter dated 17th July, 2023. The date of payment of interim dividend will be 22nd August, 2023. Reported Earnings • Jul 25
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: ₹12.12 (down from ₹20.51 in 1Q 2023). Revenue: ₹33.5b (down 14% from 1Q 2023). Net income: ₹3.59b (down 41% from 1Q 2023). Profit margin: 11% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jul 18
SRF Limited to Report Q1, 2024 Results on Jul 24, 2023 SRF Limited announced that they will report Q1, 2024 results on Jul 24, 2023 Reported Earnings • Jun 09
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹72.95 (up from ₹63.75 in FY 2022). Revenue: ₹148.7b (up 20% from FY 2022). Net income: ₹21.6b (up 14% from FY 2022). Profit margin: 14% (in line with FY 2022). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jun 09
SRF Limited, Annual General Meeting, Jun 30, 2023 SRF Limited, Annual General Meeting, Jun 30, 2023, at 10:00 Indian Standard Time. Reported Earnings • May 10
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹72.95 (up from ₹63.75 in FY 2022). Revenue: ₹149.5b (up 20% from FY 2022). Net income: ₹21.6b (up 14% from FY 2022). Profit margin: 14% (in line with FY 2022). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 31
SRF Limited Declares Interim Dividend for the Year 2022-2023, Payable on February 28, 2023 SRF Limited announced that the board of directors at its meeting held on January 30, 2023, has declared interim dividend at the rate of 36% i.e. INR 3.60 per share on the paid-up equity share capital of the company. The interim dividend would be paid to members whose names appear on the register of members and the beneficial owners as per details received from National Securities Depository Limited and Central Depository Services (India) Limited, as on the record date i.e. February 7, 2023 which has already been communicated to Exchanges by letter dated January 23, 2023. The date of payment of interim dividend will be February 28, 2023. Reported Earnings • Jan 31
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ₹17.24 (up from ₹17.06 in 3Q 2022). Revenue: ₹34.8b (up 4.0% from 3Q 2022). Net income: ₹5.11b (up 1.1% from 3Q 2022). Profit margin: 15% (in line with 3Q 2022). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 24
SRF Limited to Report Q3, 2023 Results on Jan 30, 2023 SRF Limited announced that they will report Q3, 2023 results on Jan 30, 2023 Reported Earnings • Nov 05
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹16.23 (up from ₹12.91 in 2Q 2022). Revenue: ₹37.3b (up 31% from 2Q 2022). Net income: ₹4.81b (up 26% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 30
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹63.75 (up from ₹40.58 in FY 2021). Revenue: ₹124.3b (up 48% from FY 2021). Net income: ₹18.9b (up 58% from FY 2021). Profit margin: 15% (in line with FY 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. Independent Director Puneet Dalmia was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 11
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹63.75 (up from ₹41.12 in FY 2021). Revenue: ₹124.3b (up 48% from FY 2021). Net income: ₹18.9b (up 58% from FY 2021). Profit margin: 15% (in line with FY 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 17%, compared to a 21% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. Independent Director Puneet Dalmia was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
