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Dolat Capital Report
FY25 should see restoration in growth momentum for SRF Ltd., with contribution from both existing and newer products (including R-32, PIP, PTFE, aluminium foils etc).
Healthy cash flows (operating cash flow ~Rs 94 billion over FY24-26E) led by chemicals, to aid self-funded growth capex.
We leave estimates unchanged and retain ‘Accumulate’ rating with revised SoTP based target price of Rs 2700 as we roll forward to FY26 (earlier target price Rs 2450).
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