ICICI Direct has given Buy recommendation for SRF with a target price of Rs. 2755 in its research report issued on May 11, 2022

ICICI Direct’s research report on SRF

Incorporated in 1970, SRF commenced operations with nylon cord tyres and, thereafter, diversified into refrigerant gases, speciality chemicals and packaging film, as a few examples over the years. • Chemical division forms 43% of the overall revenue followed by packaging film (39%), technical textile (15%) and others (3%) • The company exports to more than 90+ countries. The revenue from the international market constitutes 57% of the overall revenue while the rest is from the domestic market segment.


We retain BUY rating on the back of good opportunity to play on the increasing share of fluoro chemicals across key industries. We value SRF on SOTP to arrive at a target price of Rs 2755/share (earlier Rs 3065/share).

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