Key highlights: Reported flat yoy sales and that was 3% below our estimates. Chemicals & Polymers business grew 3% yoy. TTB/PFB saw 6%/5% yoy decline in sales but they saw sequential recovery 17%/16% respectively. Improved operating performance across all three segments resulted in 220bps positive surprise in EBITDA margin at 23.3% (vs. estimated 21.1%), resulting in 6% yoy rise in EBITDA to Rs 2.84 bn (vs. estimated Rs 2.65bn). The maThe core PAT (adjusted for Fx gain of Rs 63mn) at Rs 1.38bn reported 12% yoy growth and that was 11% ahead of our estimates.Phillip Capital are positive on the incremental capex towards CPB, their staggered earning implications and limited visible stock upside make them downgrade their rating on SRF to NEUTRAL from Buy with the pre?fixed TP of Rs 1600.Trendlyne has 7 reports on SRF updated in the last year from 3 brokers with an average target of Rs 1638.3. Brokers have a rating for SRF with 1 downgrade,2 price downgrades and 1 price upgrade in past 6 months.