5865.95 37.60 (0.65%)
NSEJan 20, 2021 03:53 PM
The 14 reports from 8 analysts offering long term price targets for SRF Ltd. have an average target of 5128.57. The consensus estimate represents a downside of -12.57% from the last price of 5865.95.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-11-07||SRF Ltd. +||HDFC Securities||5137.05||5600.00||5137.05 (14.19%)||Target met||Buy|
HSIE Results Daily: SRF, Kansai Nerolac, Trent, Container Corporation, Gujarat Gas, Dalmia Bharat, Emami, CreditAccess Grameen, ...
Container Corporation: The uncertainty on the Land License Fees (LLF) continues, as CONCOR has provided for Rs 4.5bn vs. the Indian Railway's (IR) revised demand of Rs 12.8bn. IR has based its calculation on the extant policy (6% of land value, which will be further increased 7% annually). As CONCOR has represented to the IR, management is confident of its stance. While the onground demand trends are improving, we believe that until clarity on LLF emerges, the stock price will be driven by news flow around the same. We maintain ADD with a revised target price of Rs 415 at 22x Sep-22E EPS (our estimates are largely unchanged). Key risks: any reduction on revised LLF charges on the upside and further delay in the DFC on the downside. Gujarat Gas: Our ADD recommendation on Gujarat Gas (GGL) with a price target of INR 346 is premised on (1) volume growth of 19% CAGR over FY21-23E, (2) portfolio of mature, semi-mature and new geographical areas (GAs) and (3) compelling valuations given superior return ratios among the city gas distribution players. 2QFY21 EBITDA/APAT was 2/3x above our estimates, primarily owing to, higher-than-expected per unit gross margin, and 6% higher-than-anticipated volumes at 9.85mmscmd. Dalmia Bharat: Dalmia Bharat (DBEL) reported a strong 2QFY21 quarter. Consolidated revenue/EBITDA rose 8/48% YoY to Rs 24.1/7.0bn respectively on strong volume growth, healthy realisation and robust cost controls. On a low base of last year, APAT jumped 7.5x YoY to Rs 2.32bn. Robust OCF generation and investment sell-off in 1HFY21 helped DBEL reduce gross/net debt...
|2020-11-06||SRF Ltd. +||HDFC Securities||4966.90||5600.00||4966.90 (18.10%)||Target met||Buy|
Maintain BUY. The robust performance of chemical segment (30/25% YoY/QoQ), led by speciality chemicals business, the continuance of strong show of packaging films segment (26/23% YoY/QoQ) owing to healthy demand, and sharp recovery in technical textile segment sequentially (3/136% YoY/QoQ%) along with improved gross margin helped SRF deliver 52/80% beat on estimates. The current momentum in the speciality chemicals business will continue in 2HFY21 as well. Thus, the management has raised the YoY growth guidance for speciality chemical from earlier guidance of 20-22% to >25% for FY21
|2020-11-05||SRF Ltd. +||Nirmal Bang Institutional||4966.90||5600.00||4966.90 (18.10%)||Target met||Buy|
Nirmal Bang Institutional
SRF's 2QFY21 performance was significantly ahead of consensus estimates on all parameters. Beat on consolidated revenue/EBITDA/PAT was to the tune of ~14%/~44%/~58%. Consolidated margin expanded by 820bps YoY. The strong performance was led by Specialty Chemicals and Packaging Films businesses. While the Chemicals segment revenue grew by ~30% YoY, we believe that Specialty Chemicals growth would have been in excess of ~55% YoY considering the muted demand for Refrigerant Gases and Others. During the quarter, SRF witnessed higher traction in the Fungicides segment. The management indicated that there is a huge growth potential in...
|2020-11-05||SRF Ltd. +||Dolat Capital||4966.90||5968.00||4966.90 (18.10%)||Target met||Buy|
|2020-09-11||SRF Ltd. +||Sharekhan||5004.95||5830.00||5004.95 (17.20%)||Target met||Buy|
SRF Limited (SRF) posted robust Q2FY2021 result with better-than-expected revenue growth of 21% y-o-y (versus our estimate of 6%) to Rs. 2,101 core and sharp 641 bps beat in EBITDA margin at 28.2% (expectation of 21.8%). Chemical/packaging film business reported higher-than-expected revenue growth of 30%/26% y-o-y to Rs. 881 crore/Rs833 crore. Packaging EBIT margin was up 995 bps y-o-y to 29.6% and chemical EBIT margin stood at 19.8% (up 50 bps y-o-y; 724 bps q-o-q). The company is upbeat on strong growth in the specialty chemical business and has guided for...
|2020-09-03||SRF Ltd. +||Motilal Oswal||4202.05||5170.00||4202.05 (39.60%)||Target met||Buy|
3 September 2020 Over FY11-20, SRFs cumulative capex stood at INR84b with the company delivering revenue of 11% CAGR to INR72b. Of the total capex incurred over the last 10 years, 57% has been deployed toward Chemicals, resulting in 16% revenue CAGR to INR29.8b. Over the last 10 years, incremental revenue/EBITDA stood at INR47.1b/INR8.4b while the company incurred capex of INR56.4b over FY11- 18 (assuming lag effect of 2 years due to monetization i.e. capex of 8 years is considered for calculating ratios). Thus, translating into incremental revenue/EBITDA to capex of 0.83x/0.15x. Over the last 5 years, SRF has incurred capex of INR53b constituting 63% of the capex incurred over the last decade. Thus, capex intensity has increased in the last 5 years. Average asset turnover/fixed asset turnover for the last 10 years stood at 0.
|2020-08-01||SRF Ltd. +||Motilal Oswal||3793.15||4550.00||3793.15 (54.65%)||Target met||Buy|
However, the COVID-19 pandemic and Auto sector slowdown impacted Technical Textiles and Refrigerant segments. Factoring in the estimate beat, we have increased FY21/FY22E earnings by 1QFY21 revenue declined 12% YoY to INR15.5b (v/s est. Significant impact in white goods and automobile revenue declined 3% YoY to INR6.8b with margin expansion of 11.8pp YoY to 32.6% (EBIT grew 52% YoY). Margin expansion was due to higher spreads, led by supply-demand mismatch and higher share of value- added products, resulting in higher value realizations across revenue plunged 63% YoY to INR1.4b due to significant slowdown in demand from tyre majors. SRF already has 95kMT capacity, which is Performance in 1QFY21 was impacted due to the COVID-19 pandemic and auto slowdown. While sluggishness in autos dented performance of the Technical Textiles business, the slowdown in white goods/auto impacted the Refrigerants However, strong margin expansion was witnessed in Packaging Film segment due to demand-supply mismatch and higher share of value-added products.
|2020-06-13||SRF Ltd. +||Way2Wealth||3615.25||3615.25 (62.26%)||Not Rated|
SRF Ltd reported a topline de-growth of ~8% YoY to `18,578mn on the back of drop in its segments such as technical textiles and packaging solutions which declined 34% & 3% YoY in Q4FY20. Packaging solutions segment reported drop in revenues due to lower product prices whereas technical textiles revenues declined amid persisting weakness in the automobiles segment in Q4FY20. In FY20, topline grew to `72,094mn on the back of robust volume led growth in agrochemical revenues however partly offset by decline in technical textiles, weakness in refrigerants and slowdown in automobile sector. EBITDA grew by 1.2% to `3884mn on account of lower operating expenditure while...
|2020-06-07||SRF Ltd. +||Edelweiss||3697.15||4007.00||3697.15 (58.66%)||Target met||Buy|
|2020-06-06||SRF Ltd. +||Motilal Oswal||3650.30||4244.00||3650.30 (60.70%)||Target met||Buy|
4QFY20 performance of SRF was impacted due to the COVID-19 pandemic and the auto sector slowdown, which in turn impacted the Technical Textiles and Refrigerant segments. However, strong margin expansion in the Packaging segment led to 4% EBITDA growth despite revenue decline of 4%. The segments performance was impacted by COVID-19, otherwise it has been consistently reporting >25% revenue growth since 1QFY19. Additionally, fluorochemicals performance was impacted by the auto slowdown and drop in global prices of revenues declined 3% YoY to INR6b with margin expansion of 480bp YoY to 21.7% (EBIT grew 24% YoY). Performance in 4QFY20 was impacted due to the COVID-19 pandemic and the auto slowdown. Capex of INR8b for FY21 (excluding BOPP and resin plant in Thailand and BOPET Performance in 4QFY20 was impacted due to the COVID-19 pandemic and the auto slowdown.
|2020-06-05||SRF Ltd. +||Dolat Capital||3697.15||4318.00||3697.15 (58.66%)||Target met||Buy|
|2020-02-07||SRF Ltd. +||Edelweiss||4149.15||2900.00||4149.15 (41.38%)||Target met||Hold|
|2020-02-04||SRF Ltd. +||Motilal Oswal||3987.05||4321.00||3987.05 (47.13%)||Target met||Buy|
SRFs Chemicals business maintained its revenue momentum with >25% growth for the seventh consecutive quarter, driving the companys overall performance. We expect large part of growth in FY21 to be driven by Chemicals with commissioning of HFC capacity and sustained momentum in Revenue came in 10% below our estimate, whereas EBITDA exceeded our estimate by 4%. Packaging Film revenue declined 9% YoY to INR6.4b, with the margin expanding 10.9pp YoY to 23.4% led by improved efficiencies, expanded product offerings and a higher contribution from value-added products. The board approved a proposal to set up dedicated facilities to produce intermediates catering to the agro-chemicals segment at an aggregate cost INR2.4b for new products and ramping up existing products (2,150 MTPA). The segment delivered a subdued performance owing to the slowdown in the auto sector and a drop in global prices of refrigerants on account of weak demand and the normalization of chloromethane product prices from peak.
|2020-02-04||SRF Ltd. +||Reliance Securities||3987.05||3725.00||3987.05 (47.13%)||Target met||Hold|
Steady Operating Performance on Healthy Chemical Biz SRF has delivered a steady operating performance in 3QFY20 largely on the back of healthy chemicals business. EBITDA grew by 25% YoY to Rs3.90bn (vs. our estimate of Rs3.85bn), while EBITDA margin rose by 384bps YoY to 21.1% (vs. our estimate of 19.2%). However, its revenue grew by only 2% YoY to Rs18.5bn vs. our estimate of Rs20.1bn. PBT grew by 40% YoY to Rs2.6bn (vs. our estimate ofRs2.4bn). Net profit increased by 125% YoY to Rs3.5bn primarily on account of lower...
|2019-11-07||SRF Ltd. +||Edelweiss||3144.70||2900.00||3144.70 (86.53%)||Target met||Hold|
|2019-11-05||SRF Ltd. +||Motilal Oswal||2957.45||3460.00||2957.45 (98.34%)||Target met||Buy|
YoY to INR3.4b; adjusted for stamp duty of INR288m, it stood at INR3.6b (inline). Adj. PAT grew 41% YoY to INR2,051m. For 1HFY20, revenue/EBITDA/PAT were up 2%/7%/26% YoY. Yet another quarter of strong performance by Chemicals: Chemicals revenue grew 25% YoY to INR6.8b, with margin expansion of 770bp YoY to 19.3%. Capex of INR400m for Specialty Chemicals has been approved. Packaging film revenue declined 5% YoY to INR6.6b, with margin expansion of 230bp YoY to 19.6%. The company plans incur capex of USD50m toward a BOPP plant in Thailand. Technical Textiles revenue declined by a significant...
|2019-11-05||SRF Ltd. +||Reliance Securities||2957.45||2908.00||2957.45 (98.34%)||Target met||Hold|
SRF has delivered a steady operating performance in 2QFY20 largely on the back of healthy chemicals business. EBITDA grew by 5.6% YoY to Rs3.35bn (vs. our estimate of Rs3.62bn), while EBITDA margin rose by 120bps YoY to 19.3% (vs. our estimate of 17.8%). Adjusting for a one-off expense of Rs288mn (pertaining to stamp duty paid related to tyre cord division in MP), its EBITDA grew by 14.7% YoY to Rs3.64bn, while margin expanded by 280bps to 20.9%. However, its revenue fell by 1% YoY to Rs17.38bn vs. Our estimate of Rs20.35bn. PAT grew by 40.5% YoY to Rs2.05bn (vs. our estimate ofRs1.82bn) primarily on account of lower tax rate of 2% (vs. 22.6%...
|2019-08-07||SRF Ltd. +||Edelweiss||2831.25||2900.00||2831.25 (107.19%)||Target met||Hold|
|2019-08-06||SRF Ltd. +||Motilal Oswal||2980.80||3500.00||2980.80 (96.79%)||Target met||Buy|
Better-than-expected performance: Revenue grew 9% YoY to INR18.3b (our estimate: INR16.8b) in 1QFY20, driven by Chemicals segment (+26% YoY to INR6b). EBITDA increased 10% YoY to INR3.5b (our estimate: INR2.8b), with the margin improving 20bp YoY to 19.2% (our estimate: 16.4%). Adj. PAT was up 18% YoY to INR1.7b (our estimate: INR986m). We note that SRF reported a beat on all fronts as (a) Packaging Film segment outperformed and (b) impact from Dahej plant shutdown was not as severe as expected. Technical Textiles disappoints: Chemical revenue increased 26% YoY to...
|2019-05-15||SRF Ltd. +||Edelweiss||2960.15||2900.00||2960.15 (98.16%)||Hold|