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In the following pages, the Management will present an overview of the company's operating and financial performance during FY25 and provide an outlook for business performance in the coming years.
SRF Limited is a chemical-based, multi-business conglomerate engaged in the manufacturing of industrial and specialty intermediates. The company is widely recognised and well respected for its R&D capabilities globally, especially in the niche domain of Chemicals. SRF Limited is a market leader in most of its business segments in India and overseas. The company has operations in four countries namely India, Thailand, South Africa, and Hungary. SRF has commercial interests in over a hundred countries and categorises its operations into Chemicals Business (CB), Packaging Films Business [renamed Performance Films & Foil Business, effective April 1, 2025] (PFB), Technical Textiles Business (TTB), and Other Businesses.
The Chemicals Business comprises two different product segments, namely Fluorochemicals and Specialty Chemicals.
FY25 was a mixed year for the Fluorochemicals Business. At the beginning of the year, we witnessed a strong season in the domestic market primarily driven by robust room AC demand but moderate pull from export markets. There was stress on refrigerants’ prices due to Chinese dumping in India and the international markets in the first three quarters. In addition, the refrigerants segment saw an increase in competition from the additional capacities that were put into use in India and the Middle East. US continued to destock HFC inventory. On the positive side, our Middle East local operations stabilised, and we have started ramp up of local sales in Middle East from our Dubai operations. Overall, the Ref Gas business did well in domestic market and remained under pressure in the international markets.
The Industrial Chemicals segment also witnessed increased competition due to new capacity addition from few domestic players as a forward integration strategy. Due to the capacity addition and subdued demand from the Agrochemical and Pharma industries, our margins were under pressure. On a different note, the Business continues to increase its market share in the Dymel®/ propellant segment in the domestic and international markets, entering new geographies and broadening its customer base.
On a positive note, the Business successfully added two new variants in PTFE, Fine cut and Free Flow grades. Approvals for various grades of the product are currently underway with major domestic and international customers. The Business also commissioned the AHF plant and our expansion into specialty polymer is progressing well.
During FY25, both the sites reported safe and stable operations. With a number of operational excellence measures in place, several plants achieved the highest-ever production in FY25. The focus of the business will be to optimise raw material sourcing, cost-saving initiatives, strengthening capabilities in new product portfolio with sustainability as the priority. Overall, the business performance was stable with a better second half.
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