Established in 1970, SRF Ltd is engaged in the manufacturing of industrial and specialty intermediates. SRF’s diversified business portfolio consists of Technical Textiles, Fluorochemicals, Specialty Chemicals, Packaging Films and Engineering Plastics.
Valuation: SRF’s dominant position in the domestic refrigerant gas space, capacity expansion drive and robust growth outlook in the speciality chemicals business will drive 29% earnings CAGR over FY18-20E. Hence, we upgrade the stock to ‘BUY’ from ‘HOLD’ earlier with a revised TP of Rs. 2,128 based on 18x FY20E EPS.
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