India's SRF rises as HSBC retains 'buy', cites R32 refrigerant gas tailwind

SRF

17/09/2026 07:02

** Shares of chemicals maker SRF SRFL.NS rise as much as 2.91% to 2,554 rupees
** HSBC reiterates "buy" rating on SRF 
** Brokerage retains price target of 3,300 rupees, implying a 33.1% upside over next 12 months 
** HSBC sees near-term support for SRFL from firmer R32 refrigerant fundamentals after China's exports decline sharply during January-July 2026
** India's R32 exports rise by about 4 kilo-tons, suggesting domestic producers capture share vacated by Chinese suppliers
** SRFL is one of the largest exporters of R32 refrigerant gas from India
** Prices for R32, R134a and R410a remain resilient at roughly $9-$9.5 per kg in China, says HSBC
** Company says recovery in specialty chemicals, improving films profitability and scaling fluoropolymer grades provide additional catalysts for SRFL's growth
** Average rating of 28 analysts tracking SRFL is "hold"; median PT is 3,001 rupees, according to data compiled by LSEG
** SRFL down 19.4% year-to-date, according to exchange data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))