SRF Limited (SRF.NS) : juste valeur

Thèse ACCE

SRF makes technical textiles, refrigerant gases (HFCs and HCFC-22 replacements), packaging films and specialty chemicals, and it is the Indian industrial group with the most exposure to the global refrigerant transition. Its chemicals business is the core: a fluorochemicals platform with integrated backward linkages that protect it from input swings, which helps explain a 48.3% gross margin and 22.2% operating margin. Revenue growth of 31.8% is strong for a company of this size, and the forward P/E of 25.8 against a trailing 32.0 implies earnings are expected to keep compounding. The sharpest point of interest is the phase-down of HCFCs and the HFC quota regime under the Kigali Amendment, which should steer replacement demand toward Indian producers, though the pace of that shift and SRF's share of it still need verifying. The company is not in any index in our data set, so the stock is not held by passive flows, and a deeper look should start with capacity additions and realised refrigerant pricing.