Global brokerage Morgan Stanley has maintained its Underweight rating on SRF Ltd while raising the target price to ₹2,209 from ₹2,177 following the company's F3Q26 results. According to reports from ET Now, this reflects an increase of nearly 1.5% from its previous target. The brokerage increased its Chemicals segment EBITDA estimates by 2-3%, supported by strength in refrigerant gases and benefit of a weaker rupee, while cutting Packaging EBITDA estimates by 13% for FY26 and 6% for FY27 citing muted demand and persistent pricing pressure. Overall, consolidated EBITDA estimates remain largely unchanged, with FY26 EPS lowered by 1.5% while FY27-28 EPS estimates have been marginally raised by 0.5-1%.
Last month, chemical-based multi-business entity SRF Ltd reported a 59.6% rise in consolidated profit after tax to ₹432.66 crore for the third quarter ended December 31, 2025, driven by strong performance in its chemicals vertical. As reported by ET Now, consolidated total revenue from operations in the third quarter stood at ₹3,712.53 crore, compared with ₹3,491.31 crore in the year-ago period. Total expenses in the quarter under review rose to ₹3,214.95 crore from ₹3,162.25 crore in the same period last year.
On Tuesday, the share price of SRF Ltd settled 2.5% lower, or ₹67.25 at ₹2,582.40. According to ET Now, shares of SRF Ltd have declined 15.58% year-to-date (YTD), falling ₹476.50 during the period. The price target given by Morgan Stanley for SRF Ltd implies a downside of nearly 15% from the current price level of ₹2,582.40. SRF Limited is a component of the BSE 100 and had a market capitalisation of ₹76,548.75 crore as of February 25.
