Capex for FY26 to be Rs17-19bn, rise to Rs27-30bn for FY27 We recently met with the management of SRF Limited, to understand its business prospects and get an update on key ongoing projects. The management continues to remain positive on its refrigerants business and expects R-32 realization to rise further in the near term. With a capex of Rs11bn, the 4th generation refrigerants plant is expected to come online by 2027. SRF also targets to gain 40% market share in 6-7 AIs with TAM of $1.2bn. The...