We estimate our chemical coverage universe revenues to grow 34% YoY (9% QoQ) in Q4FY22 on sharp rise in prices due to input cost inflation. However, we expect gross profit to grow 24% YoY (+5.8% QoQ), which indicates strong underlying trend led by: 1) SRF’s robust growth (37% YoY) on pricing benefit in ref-gas, 2) Gujarat Fluorochemicals (35.5% YoY) on turnaround in fluoropolymers, and 3) Navin Fluorine (34% YoY) on spillover of CRAMS revenue from Q3FY22.