The growth catalyst for SRF Ltd would be missing in the December quarter (Q3FY25) even after a dismal H1 earnings show. Revenue from the chemicals business, which made up 41% of H1 revenue, fell 8% year-on-year. The slowdown in the global agrochemical market continues due to elevated inventory at customers' end. Refrigerant gas exports were weak. Plus, cheaper supply from China maintains pricing pressure.
In the Q2 earnings call, SRF withdrew FY25 growth guidance, adding that recovery in H2 will be gradual. Two of SRF's crucial products—the active ingredient (AI) supplied to BASF Ltd and P-17—grapple with weak demand.
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