- **lead** - SRF Ltd is a chemicals-to-materials conglomerate that turns fluorine chemistry and polymer science into industrial building blocks - the refrigerants in your car’s air-conditioning, the film wrapping your food, and the intermediates inside crop-protection sprays. It began in 1970 as a textile maker called Shri Ram Fibres, diversified into chemicals after being renamed SRF in 1990 to manufacture refrigerants, and has since reinvented itself through successive technology transitions - from ozone-depleting CFCs to HFCs and now to next-generation HFOs - each time using in-house process know-how rather than buying licences. That same pattern - build deep backward integration, master a difficult chemistry, then scale it globally - recurs across every business it runs, and is held together by a management philosophy built on Total Quality Management (TQM), for which two of its divisions have won the Deming Prize. # Business segments Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Chemicals: where the group’s cash and complexity sit **A fully integrated fluorochemicals platform that makes everything from bulk refrigerants to high-precision pharma intermediates, with a specialty-chemicals arm that runs complex reactions for the world’s agrochemical and pharmaceutical majors.** - **One of the few fully backward-integrated refrigerant makers globally** - it produces its own hydrogen fluoride, chloromethanes, and refrigerant gases (R-134a, R-32, R-125) in a single chain, so it captures margin at every step rather than buying intermediates from competitors. - **The only Indian company making pharma-grade propellants** - its Dymel™-branded 134a/P is used in metered-dose inhalers for asthma patients, a niche where purity is non-negotiable and the customer base is concentrated among global pharma companies. - **Home-grown technology that lets it swing between products** - the fluorochemicals plants can shift output between co-products depending on market demand, a flexibility that comes from in-house process design rather than licensed technology. - **A specialty-chemicals kitchen handling complex reactions** - from Grignard to cyanation to asymmetric synthesis, it cooks complex fluorinated intermediates for crop-protection molecules and is now building a second pharma-intermediate plant at Dahej for ₹180 crore. - **The R&D engine behind both halves** - the Chemicals Technology Group has commercialised over 125 molecules, filed 40 new patents in FY26 alone, and works across eight different fluorination chemistries, which is how the company keeps moving into harder-to-copy products. ## 2. Packaging Films: a global factory for flexible packaging **One of the largest exporters of BOPET films from India, running eight plants across four countries to supply the material that becomes food wrappers, spice pouches, and solar-panel backsheets.** - **Multi-substrate, multi-country manufacturing** - it makes BOPET, BOPP, and CPP films, plus aluminium foil, from plants in India, Thailand, South Africa, and Hungary, putting production close to customers in more than 90 countries. - **Moving up the value chain into technical films** - a capacitor-grade BOPP film line (KAPLAR™) was commissioned in May 2026 at a cost of ₹277 crore, producing dielectric film for power-factor correction and defence applications, which carries higher margins than standard packaging film. - **Aluminium foil is the new leg** - the foil facility under subsidiary SRF Altech started production in January 2024 and is now scaling exports, aiming to build a globally balanced order book less exposed to domestic price swings. - **R&D that chases sustainability** - the Indore lab runs a pilot polymerisation plant and develops mono-family and post-consumer-recycled films, responding to brand-owner demands for recyclable packaging structures. ## 3. Technical Textiles: the reinforcement inside every tyre **India’s largest tyre-cord-fabric maker and the world’s fifth-largest in nylon tyre cord, running an end-to-end chain from polymerisation to fabric dipping.** - **Dominant domestic position with global scale** - roughly 40% of India’s nylon tyre cord market and the second-largest conveyor-belt fabric maker worldwide, supplying tyre and belt manufacturers from four plants in Madhya Pradesh and Tamil Nadu. - **Technology partnership with Toray of Japan** - the manufacturing process runs from polymerisation through spinning and twisting to dipping, all under one roof, using advanced Japanese technology that competitors cannot easily replicate. - **A Deming Prize-winning quality system** - the business earned the Deming Prize for quality excellence and IATF 16949 automotive certification, which matters because tyre companies audit suppliers relentlessly on consistency. - **Belting fabrics recovering as US duties shift trade** - after a period of aggressive Chinese pricing, the belting segment is seeing early recovery as rationalization of U.S. duties benefits customers and aids order flows. ## 4. Coated and Laminated Fabrics: the material behind billboards and truck covers **A fully backward-integrated maker of PVC-coated fabrics and signage materials, from its own polyester yarn through to finished, printed sheets.** - **Yarn-to-fabric control** - it spins its own polyester industrial yarn, weaves it, then coats and prints it at Gummidipoondi, Tamil Nadu, which means it is not dependent on third-party fabric suppliers for quality or delivery. - **Over 300 colour options across a wide weight range** - the coated-fabrics catalogue spans 270 to 1,500 GSM with UV-stabilised, fire-retardant properties, serving everything from defence tarpaulins to architectural tensile structures. - **Laminated fabrics under price pressure** - the withdrawal of minimum import pricing on textile imports has intensified pricing pressure, squeezing margins. # Group structure and partners **A listed operating company held by a family-controlled holding entity, with wholly owned manufacturing subsidiaries in Thailand, South Africa, Hungary, and the UAE, plus a strategic fluoropolymers partnership with Chemours.** - KAMA Holdings Limited holds just over half the shares, with the Bharat Ram family in key executive roles - Ashish Bharat Ram as Chairman and Managing Director, Kartik Bharat Ram as Joint Managing Director. - Wholly owned subsidiaries run the international packaging-film plants (Thailand, South Africa, Hungary), the aluminium-foil business (SRF Altech), and a Dubai trading entity for refrigerant gases. - The Chemours collaboration covers manufacturing, supply, and distribution of fluoropolymers and fluoroelastomers, with a ₹745 crore specialty-fluoropolymers facility under construction at Dahej, due by December 2026.