SRF shares slide as Q2 margins miss expectations
SRF shares fell as much as 6.5% after September-quarter EBITDA of ₹946 crore and a 19.3% margin missed CNBC-TV18 poll estimates. OI Charts data showed a 3.1% rise in futures open interest with short build-up ahead of results.
after close1 source ↓machine-written, see hownot a recommendation
- SRF close
- ₹2,432
- On the day
- -1.62%
- Futures OI, short build-up
- +3.1%
- Put-call ratio
- 0.78
- Max pain
- ₹2,500
SRF shares fell as much as 6.5% on 21 Oct 2026 after the company’s September-quarter operating performance missed market expectations. Net profit rose 31.2% year on year to ₹509 crore, but remained below the CNBC-TV18 poll estimate of ₹598 crore. Revenue increased 34.7% to ₹4,904 crore, exceeding the poll estimate of ₹4,695 crore.
The key pressure came from profitability. EBITDA grew 22.1% year on year to ₹946 crore, but missed the ₹1,055 crore estimate. EBITDA margin narrowed to 19.3% from 21.3% a year earlier, while the poll had expected an expansion to 22.5%. The combination of higher revenue and weaker-than-expected operating leverage explains the negative initial reaction 📉. For a diversified chemicals and packaging business, the margin contraction indicates that revenue growth did not translate proportionately into operating earnings.
The company is also set to establish an aluminium foil-making unit, adding a new capacity and product-development angle to the results update. The project’s scale, investment requirement, commissioning timeline and expected contribution will be important for assessing its effect on future revenue and margins. The aluminium foil business also links SRF’s outlook to packaging and industrial-material demand ⚙️.
Key Points:
- OI Charts data recorded SRF at ₹2,432 on 19 Oct 2026, down 1.6% on the day, with a 3.2% decline over 20 sessions.
- Futures open interest increased 3.1% to 4,187,200 shares on 19 Oct, showing a short build-up ahead of the results.
- The futures traded at a 0.06% discount to spot, while the put-call ratio stood at 0.78.
- The ₹2,500 strike had the largest call and put open interest and was also the max-pain level for the 27 Oct 2026 expiry.
The ₹2,500 options concentration is the near-term level to monitor, while the ₹2,355 52-week low recorded on 6 Apr 2026 provides a recent downside reference. Investors will watch management commentary on margin recovery, segment demand, input costs and the aluminium foil unit’s execution. The next market response will depend on whether operating profitability improves from the reported 19.3% margin.
Source: CNBC TV18, 21 Oct 2026
Not investment advice. For informational purposes only.