1. Refrigerant gas market in H2 FY26 better than H1 with stable margins Delivered - At the Q2 FY26 presentation, management guided that the overall refrigerant gas market in H2 FY26 would be better than H1 with stable margins, CMS demand range bound and PTFE seeing positive traction. Q3 FY26 chemicals revenue grew 22% YoY on higher refrigerant volumes and realizations, and Q4 FY26 Fluorochemicals was robust on higher HFC volumes and realizations.
2. FY26 push on high-impact BOPP/BOPET sales with new downstream assets Delivered - In the FY25 annual report, management made significantly increasing sales of high-impact products across BOPP and BOPET the primary FY26 focus, with new offline coating machines in India and metallisers in Thailand and India. Q4 FY26 PFB performance improved on better BOPET and BOPP volumes and margins, and Q1 FY27 confirmed the new metallizers and coating machine commissioning to provide cushion.
3. Packaging Films better performance in FY24 on Europe energy moderation Missed - In the FY23 annual report, management said it was confident of better Packaging Films performance in FY24 following moderation in the Europe energy index. FY24 Packaging Films revenue fell 13.4% YoY to ₹4,489.3 cr with EBIT margin at 4.6% versus 10.7% in FY23, though highest-ever packed production was achieved.
4. Aluminium Foil project start towards end of Q2 FY24 Delivered - In the FY23 annual report, management said the Aluminium Foil project was likely to start towards the end of Q2 FY24, making SRF one of a handful of companies offering BOPET, BOPP and Aluminium Foil. The facility commenced operations on January 1, 2024, with initial tech challenges resolved in April and domestic sales initiated.
5. New HFC plant on track, PTFE plant commissioning shortly (FY23) Delivered - In the FY23 annual report, management said work on the new HFC plant remained on track and the PTFE plant would be commissioned shortly with approvals underway. FY24 saw the PTFE plant, F32 plant and AHCl expansion commissioned, and the AHF-3 plant was capitalized in Q4 FY25 to enhance HFC output.
6. Specialty Chemicals capex of ₹238 crore sanctioned Feb 2020 Delivered - At Q1 FY21, management noted the February 2020 sanction of Rs. 238 crore in Specialty Chemicals, realigned for revised demand projections amid COVID. By FY24, \~₹1,700 crore had been spent on expansion projects and nine dedicated facilities were commissioned at Dahej.
7. PTFE project deferred with market bounce back in 12-18 months Delivered - At Q1 FY21, management expected the fluorochemicals/PTFE market to bounce back in 12 to 18 months, deferring the PTFE project to balance FY21 cash flows. The PTFE plant was commissioned in FY24 with grade approvals underway, and FY26 recorded all-round improvement in PTFE costs, sales and customer approvals.
8. Second BOPP film line at Indore for ₹424 crore Delivered - At Q2 FY21, the Board approved a second BOPP film line in India at Indore at an approximate cost of ₹424 crore. The 2nd BOPP Film Line and Metalliser at Indore were commissioned in FY23, adding 60,000 MTPA to the existing 45,000 MTPA India capacity; a proposed \~₹490 cr BOPP facility at Indore was later deferred indefinitely in Q4 FY26.
9. Steam and power enhancement at Dahej for ₹140 crore Delivered - At Q1 FY21, management announced a sanctioned investment of Rs. 140 crore for enhancing steam and power requirements at Dahej. The Captive Power Plant at Dahej was successfully commissioned by Q2 FY23 and noted as commissioned in the FY23 annual report.
10. Chloromethanes capacity doubling for ₹315 crore on an 18-month timeline Delivered - At Q1 FY21, management said chloromethanes capacity was being doubled at a cost of Rs. 315 crore with an 18-month execution timeline. The second CMS plant at Dahej was commissioned at approximately 100,000 MTPA by Q2 FY23, alongside chloromethanes commissioning noted for FY23.
11. 4th Multi-Purpose Plant (MPP) at Dahej for \~₹375 crore Delivered - At Q4 FY21, the Board approved \~₹375 crore capex for the 4th Multi-Purpose Plant at Dahej, focused on downstream products and pharma molecules. The state-of-the-art MPP4 plant was commissioned at Dahej in Q2 FY23 with ramp-up in process, and the FY23 report confirmed the fourth MPP and a new pharma intermediates facility.
12. Dedicated facility for 1,000 MTPA advanced agrochemical intermediate, ₹250 crore Delivered - At Q1 FY23, the Board approved a dedicated facility at Dahej to produce 1,000 MTPA of an advanced agrochemical intermediate at a projected cost of ₹250 crore. Nine dedicated facilities were commissioned at Dahej in FY24, and FY26 saw over ₹680 crore capitalised including new agro intermediates production.
13. Robust investments of ₹1,200-1,500 crore in Chemicals/Specialty Chemicals over 12-18 months Delivered - At Q1 FY23, management planned robust investments of \~₹1,200-1,500 crore over 12-18 months in the Chemicals/Specialty Chemicals business. FY24 saw \~₹1,700 crore spent on expansion projects with nine facilities commissioned at Dahej, plants of \~₹1,800 crore capitalised over six months, and total FY24 capex of ₹2,347.45 cr.
14. New HF plant commissioning soon with cost advantages post-stabilization Delivered - In the Q3 FY25 outlook, management said the new HF plant would commission soon and provide cost advantages post-stabilization. The AHF-3 plant was capitalized in Q4 FY25 to enhance HFC output, and FY26 Fluorochemicals delivered exceptional growth on firm pricing and stable operations.
15. Q4 FY25 Fluorochemicals significantly better on higher HFC volumes Delivered - In the Q3 FY25 outlook, management guided Q4 Fluorochemicals to perform significantly better supported by higher HFC volumes, maximizing production for CY 24-26 quota requirements. Q4 FY25 delivered strong performance on higher HFC volumes and realizations with record domestic ref gas sales on highest-ever R32 production; chemicals EBIT rose 50.4% YoY to ₹748.5 cr at a 31.8% margin.
16. PIY capacity expansion fully utilised in FY25 Delivered - In the FY24 annual report, management said the TTB's expanded PIY capacity was expected to be fully utilised in FY25, with moderately improved results over FY24. PIY demand was strong in FY25 driven by Geotextile and Seat Belts, resulting in full capacity utilisation and improved performance; segment revenue rose 6.9% YoY to ₹2,029.1 cr.
17. Technical Textiles FY25 growth in TCF, BF and PIY on infrastructure spending Delivered - At Q4 FY24, management expected TCF growth in FY25 from expanded tyre production and BF/PIY growth driven by government infrastructure spending. FY25 saw highest-ever production and sales of Tyre Cord Fabrics, PIY and Belting Fabrics, Belting Fabrics capacity commissioned in Q4, and market share regained in TCF; segment revenue rose 6.9% YoY to ₹2,029.1 cr.
18. New BOPP lines added over next 18-36 months Missed - At Q4 FY25, management said new BOPP lines were expected to be added over the next 18-36 months without adversely impacting the demand-supply balance. Instead, the Board deferred the proposed \~₹490 cr BOPP facility at Indore indefinitely in Q4 FY26, and Q1 FY27 approvals covered only a BOPET Thick Film Line at ₹250 cr.
19. Hungary unit expanding sales in Mainland Europe Delivered - At Q4 FY24, management guided the Hungary unit to expand sales in Mainland Europe, restated at Q4 FY25 with higher Mainland Europe sales and lower energy costs expected. FY26 saw competitive pressure from low-priced imports in Hungary, but by Q1 FY27 overseas operations including Hungary had improved significantly over two quarters across revenue, EBITDA and EBIT.
20. Specialty Chemicals new plants (\~₹1,800 cr capitalized in FY24) ramped up to support FY25 growth Delivered - At Q4 FY24, management focused on ramping up production of new plants capitalized in FY24 at \~₹1,800 crs to support FY25 growth. FY25 Specialty Chemicals launched 5 new agro and 3 new pharma products with positive Q4 traction and debottlenecking; Chemicals revenue grew 6.3% YoY to ₹6,690.7 cr.
21. PTFE full ramp-up in FY26 Partial - At Q4 FY25, management expected PTFE to witness traction with positive developments and full ramp-up in FY26. FY26 brought all-round improvement in costs, sales and global key account approvals, but Q1 FY27 guidance moved meaningful scale to end of Q4/early Q1 and full fluoropolymer stream to '28-'29.
22. Aluminium Foil facility contributing positively in FY25/FY26 Delivered - At Q4 FY24, management guided the newly commissioned Aluminium Foil facility to contribute positively in FY25, restated at Q4 FY25 to FY26. FY25 saw positive change on higher export volumes with new US and Europe customers, FY26 an improved product mix with higher exports, and by Q1 FY27 close to half of Q1 volume moved into Europe.
23. TTB FY26 performance better than FY25 Missed - In the FY25 annual report, management projected TTB to achieve better performance in FY26 vs FY25 through full capacity utilisation, cost optimisation and premium products, while flagging margin pressure from inexpensive Chinese imports. FY26 Technical Textiles revenue fell 7.5% YoY to ₹1,877.0 cr with EBIT down 20.1% to ₹190.1 cr and margin at 10.1% vs 11.7%.
24. New looms and warper (Coated Fabrics) due at beginning of FY26 Partial - In the FY25 annual report, management said the Coated Fabrics business was expanding textile capacity with new looms and a warper, to be commissioned at the beginning of the next financial year (FY26). No FY26 commissioning was reported; the only cited start-up is two new looms in June 2026, attributed to Laminated Fabrics, with the warper not evidenced; Coated Fabrics maintained domestic market leadership.
25. New dipping machine project in Technical Textiles on schedule Pending - At Q2 FY26, management said the new dipping machine project in Technical Textiles was on schedule, with Q1 FY27 noting post-commissioning the TCF segment should increase share over time. No commissioning disclosure appears in the latest record, though Q1 FY27 Technical Textiles revenue rose 27.9% YoY with an 18.1% EBIT margin.
26. Belting Fabric capacity contributing to higher volumes in H2 FY26 Delivered - At Q2 FY26, management said the new Belting Fabric capacity was ramping up and expected to contribute to higher volumes in H2 FY26. Q4 FY26 Technical Textiles revenue rose 5% YoY to ₹483 cr with operating profit up 63% to ₹65 cr, with FY26 Belting Fabrics showing early recovery on US duty rationalization and robust US exports in Q1 FY27.
27. Specialty fluoropolymers facility (Chemours agreements) with capacity by December 2026, ₹745 cr Partial - On 27th October 2025, the Board approved revised capex of ₹745 crores for the Specialty Fluoropolymers facility under the Chemours strategic agreements, with capacity of "Various" to be added by December 2026, financed by debt and internal accruals. At Q1 FY27, management said Chemours (FP3 and FP4) timelines slipped marginally - 3-4 months versus December timelines - with no commissioning disclosed.
28. Packaging Films margins north of the historical 8%-12% EBIT range On track - At the Q1 FY27 call, management expected Packaging Films margins to be "north of" the historical 8%-12% EBIT margin range, supported by overseas performance and value-added shift, calling Q1 an aberration not to be used as the peg. Q1 FY27 Packaging Films EBIT was \~17% against \~10% previously, with the PFB segment EBIT margin at 17.3% vs FY26's 8.8%.
29. Aseptic packaging (aluminium foil) coming through by Q1 FY28 On track - At the Q1 FY27 call, management said aseptic packaging in aluminium foil, if testing goes well, was expected to come through by Q1 of next year, opening a new revenue segment. Customer approvals for aseptic packaging were progressing through stages of testing, with the business progressing well on approvals in higher-value applications.
30. BOPET Thick Film Line in India - 25,000 MTPA, ₹250 cr, 24-month commissioning On track - At the Q1 FY27 call, the Board approved a new BOPET Thick Film Line in India with 25,000 MTPA capacity at a projected cost of ₹250 crores and a 24-month commissioning timeframe. Work on ongoing Performance Films & Foil capex projects was progressing as per schedule, with no further milestone disclosed.
31. Fluoropolymer portfolio (PTFE, PVDF, FP3, FP4) at full stream during '28-'29 On track - At the Q1 FY27 call, management said the whole fluoropolymer portfolio would see significant, meaningful volumes kicking in towards end '27-'28 and early '28-'29, with full stream capacity during '28-'29, having earlier guided PTFE full ramp-up in FY26. FY26 saw all-round PTFE improvement and global approvals, with small PTFE capex for higher grades on track in Q1 FY27.
32. PVDF plant commissioned by end of Q2 FY27 On track - At the Q1 FY27 call, management expected to commission the PVDF plant towards the end of Q2 FY27, describing it as on track. No commissioning has been disclosed yet, with management expecting meaningful PVDF volumes and realizations by the start of next financial year.
33. Capacitor grade BOPP film line - early revenue by Q2 FY27, full capacity by Q1-Q2 FY28 On track - At the Q1 FY27 call, management expected early-stage revenue from the capacitor grade BOPP film line in the later part of Q2 FY27, close to full capacity by Q1 or Q2 FY28. After successful trial runs in Q4 FY26, the project was capitalized in Q1 FY27 with approvals from several leading customers and extensive customer testing underway.
34. Dahej HFC debottlenecking taking capacity beyond 65,000 MTPA within months Pending - At Q4 FY26, the Board approved a \~₹88 cr debottlenecking capex at Dahej aligned with HCFC entitlement under the Kigali Amendment, taking HFC capacity beyond 65,000 MTPA, to be commissioned within the next few months with environmental clearance in place. No commissioning disclosure appears in Q1 FY27 records, though HFC facilities continue at high utilization.
35. Odisha HFO/HF project - final phase completed by February 2028 On track - On 22nd October 2024 the Board approved ₹1,100 crores for fourth-generation refrigerant facilities at Gopalpur, Odisha, revised on 5th May 2026 to ₹2,285 crores covering 20,000 MTPA HFO plants, a 30,000 MTPA AHF plant with VHF integration, completion by February 28, 2028. FY26 saw an MoU for 300 acres of leasehold land at Gopalpur, and Q1 FY27 showed capex progressing as per plan with regulatory approvals being applied for.
36. Specialty Chemicals FY26 - 20% growth in overall chemicals segment Missed - At the Q3 FY26 call, management confirmed "For sure" it would fall short on specialty growth this year against the start-of-year expectation of 20% growth in the overall chemicals segment. FY26 Chemicals Business segment revenue grew 16.3% YoY to ₹7,779.0 cr, with Specialty Chemicals facing Chinese pricing pressure before a Q4-over-Q3 improvement.
37. AI (active ingredient) launches - one in FY26, a couple in FY27 Partial - At the Q3 FY26 call, management said the earlier guidance of launching one AI in FY26 and a couple in FY27 was "pretty much on track", with registration for one done and launch in the coming year. No AI launch is disclosed in FY26 or Q1 FY27 notes, and Q1 FY27 flagged registrations/launches by innovators as the only hurdle, with uncertain timelines.
38. Q4 FY26 Specialty Chemicals significantly better than Q3 FY26 Delivered - At the Q3 FY26 call, management said Q4 Specialty Chemicals would be "significantly better than quarter 3" on pent-up POs on hand, with the H2 demand revival having moved forward to quarter 4. Q4 FY26 Specialty Chemicals delivered improvement over Q3 FY26 despite the challenging global environment and Chinese pricing pressure, against a Q3 impacted by deferred offtake.
39. Second pharma intermediate plant at Dahej commissioned within 8 months, ₹180 crore Pending - At the Q3 FY26 call, management said a second pharma intermediate plant was being added at Dahej at an investment of ₹180 crore, "expected to be commissioned in the next 8 months". The record holds no commissioning disclosure as of Q1 FY27, which mentions only Specialty Chemicals "first green shoots" and AI capacity readiness.
40. Pharma to reach at least 20% of Specialty Chemicals revenue On track - At the Q3 FY26 call, management reiterated the target of pharma growing to at least 20% of the Specialty Chemicals business from \~10% currently, restated at Q1 FY27 as a 20%-30% revenue range by 2030 with "baby steps" progress. Pharma was close to 10% of the business at Q3 FY26, with no further quantitative read in Q1 FY27 notes.
41. Chemicals business FY27 growth of 15-20% On track - At the Q1 FY27 call, management reiterated guidance for the Chemicals business to grow 15% to 20% in FY27, with the CFO stating "We continue to hold that guidance" and hoping to land at the higher end on a strong Q1. Q1 FY27 Chemicals revenue grew 25.9% YoY to ₹2,314.9 cr, above the guided range, with Q2 FY27 guided lower than Q1 on seasonality but strong YoY growth.