SRF Q4 FY26 profit up 11%: ₹2,300 cr Odisha capex

Stock jumps on results, then mixed trading snapshots

SRF shares gained attention after rising as much as 5.4% to an intraday high of ₹2,659 in Wednesday’s session following the company’s Q4 FY26 earnings update. The move came as the company reported higher year-on-year profit and revenue for the March quarter. The stock’s reaction also reflected investor focus on SRF’s updated capital expenditure plan, which includes a larger commitment to a next-generation refrigerants project in Odisha.

Price data in the provided information shows mixed signals across different sessions. One update cited a closing price of ₹2,527.60 on a Friday session and said the stock was under pressure even after results. It also stated that SRF delivered around -17% returns year-to-date in 2026, and fell by more than 12.5% over the last six months. A separate market snapshot showed SRF at ₹2,759.2 for the session, down ₹88.6, with an intraday range of ₹2,747.1 to ₹2,883.1 and a 52-week range of ₹2,570.2 to ₹3,325.

Q4 FY26 profit rises to ₹582 crore

For the quarter ended March 31, SRF reported consolidated net profit of ₹582 crore, up 10.6% to 11% year-on-year from ₹526 crore in the corresponding period last year. The company’s Profit After Tax (PAT) was also described as rising 11% year-on-year to ₹582 crore, supported by steady revenue and operating gains. The quarterly performance was positioned as solid despite a volatile operating environment.

Revenue for Q4 FY26 rose 7% year-on-year to ₹4,615 crore from ₹4,313 crore. Separately, a regulatory-filing-based figure for “total income” was reported at ₹4,640.07 crore versus ₹4,347.83 crore a year ago. On operating metrics, SRF reported EBITDA of ₹1,026 crore, up 7.1%, with an EBITDA margin of 22.2%, indicating limited margin expansion despite higher sales. The company also reported operational earnings before interest and tax (EBIT) of ₹1,011 crore, up 12% from ₹906 crore.

Segment performance: chemicals steady, films stronger

SRF’s quarterly segment data indicated mixed momentum across businesses. The Chemicals segment recorded a 4% increase in revenue to ₹2,448 crore. The company also noted improved growth in the fluorochemicals business, supported by domestic and export demand, as described in the provided update.

Performance Films and Foil, described as packaging films revenue in another section of the input, posted stronger growth. Segment revenue rose 13% year-on-year to ₹1,596 crore. Technical textiles was also referenced, with SRF reporting a 63% rise in profit in that business despite a challenging environment, though the absolute profit figure was not provided in the text.

Full-year FY26: profit growth outpaces revenue

For the full financial year FY26, SRF reported revenue of ₹15,787 crore, up 7% year-on-year. Operational EBIT jumped 29% to ₹3,008 crore. PAT surged 47% to ₹1,835 crore compared to the previous year, highlighting that profit growth materially outpaced topline growth during the year.

A separate filing-based set of figures reported FY26 profit at ₹1,835.18 crore versus ₹1,250.78 crore in the preceding year. It also reported total income of ₹15,893.57 crore versus ₹14,825.79 crore in 2024-25. These numbers were presented alongside the company’s capex decisions, which have become a central part of the market narrative.

Capex reset: Indore BOPP plant deferred

Alongside the quarterly results, SRF said it has put a planned BOPP films manufacturing plant at Indore on hold for an unspecified period, citing changes in the operating environment. The provided data described the postponement as being for an indefinite period. The capex for the deferred Indore BOPP plant was stated at ₹490 crore.

The decision matters because it signals a near-term shift in where the company is deploying capital. In the same set of disclosures, SRF increased spending for a chemicals-linked project in Odisha and also approved incremental spending at its Dahej site.

Odisha next-generation refrigerants project expanded to ₹2,300 crore

SRF revised its earlier plan for a next-generation refrigerants project in Odisha. The project was initially approved at ₹1,100 crore in October 2024, but the outlay has now been expanded to approximately ₹2,300 crore following land acquisition in Odisha. SRF said the revised scope includes a 20,000 tonnes per annum hydrofluoroolefins (HFO) production facility, a 30,000 tonnes per annum anhydrous hydrogen fluoride (AHF) plant, and forward integration into value-added hydrogen fluoride (VHF) products.

The company also said the project is based entirely on SRF’s in-house technology and will be implemented in phases. Completion of the final phase is targeted by February 2028, with another update specifying February 28, 2028. Financing is expected through a mix of debt and internal accruals.

Dahej expansion: ₹88 crore approved, HFC capacity to rise

Separately, SRF’s board approved an investment of ₹88 crore to expand capacity at its Dahej plant. The project is aimed at addressing projected future demand and is expected to be commissioned within the next few months. The requisite environmental clearance is already in place, as per the provided filing-based report.

Following debottlenecking, SRF said its HFC capacity will increase to 65,000 tonnes per annum. Along with the Odisha project, the Dahej decision reinforces the company’s emphasis on chemicals and fluorochemical-linked value chains.

Management commentary: volatility, Middle East exports affected

Commenting on the results, Chairman and Managing Director Ashish Bharat Ram said SRF delivered a solid performance despite a volatile operating environment. He noted that exports to the Middle East were impacted during the quarter. He also said geopolitical uncertainty remains a key concern going forward, while adding that the company remains optimistic about its growth trajectory.

This commentary aligned with the margin profile reported for the quarter. While SRF’s EBITDA margin stayed at 22.2%, the company’s disclosures suggested that cost pressures and mix effects continued to influence profitability even as sales improved.

Key numbers investors tracked

Why the combination of earnings and capex matters

SRF’s Q4 FY26 numbers showed a clear year-on-year improvement in profit and revenue, with margins broadly stable. At the same time, the company’s capital allocation changes introduced a second, equally important track for investors to evaluate: project execution, timelines, and demand conditions in refrigerants, fluorochemicals, and packaging films.

The Odisha investment is a longer-gestation project with a timeline running up to February 2028, while the Dahej project is expected to be commissioned in the next few months. In contrast, the Indore BOPP films project has been paused indefinitely. Together, these moves show a rebalancing of capex priorities toward chemicals and integrated fluorochemical value chains.

Conclusion

SRF’s Q4 FY26 update combined two major developments: profit rose to ₹582 crore on higher revenue, and the company raised its Odisha next-generation refrigerants investment to about ₹2,300 crore while deferring the ₹490 crore Indore BOPP plant. Management also flagged that exports to the Middle East were impacted during the quarter and cited geopolitical uncertainty as a continuing concern. The next set of investor watchpoints will include progress milestones for the phased Odisha project up to February 2028 and commissioning updates for the Dahej expansion expected within the next few months.