SRF consolidated PAT up 31% YoY to ₹509 Cr on 35% revenue growth; margins ease from Q1's seasonal high

Consolidated revenue of ₹4,904 Cr grew 34.7% YoY and net profit of ₹509 Cr grew 31.2% YoY, with no exceptional items in either period so the growth is clean. Sequentially, after a seasonally strong Q1FY27 (revenue ₹5,033 Cr, PAT ₹759 Cr), the quarter eased 2.6% QoQ on revenue and 32.9% QoQ on PAT. Standalone PAT of ₹438.48 Cr grew a slower 20.9% YoY (vs consolidated's 31.2%) — a double-digit-point gap readers will see elsewhere; the consolidated print is the stronger and primary read. Chemicals, standalone's largest segment, led growth — revenue up 23.9% YoY to ₹2,078 Cr and segment PBIT up 13.4% YoY to ₹538.85 Cr — running ahead of the 15-20% FY27 growth management guided after the Q1FY27 call. Technical Textiles segment profit jumped 71.2% YoY to ₹72.17 Cr on a 25.5% YoY revenue gain. Against this, consolidated net profit margin slipped to 10.3% from 15.0% in Q1FY27 and is roughly flat YoY (10.6%→10.3%), while the EBITDA-level margin on revenue from operations eased to ~19.3% from ~24.6% in Q1FY27 — Q1's margin strength looks like a seasonal (kharif/agrochemical-linked) peak rather than a step-change, making this quarter a normalization more than a deterioration. No Q2FY27-specific street consensus for revenue/PAT turned up in search, so vsStreet is unknown rather than inferred. Against management's own Q1FY27-call commentary (sequential Q2/Q3 moderation in refrigerant volumes/pricing on seasonality, with YoY growth to stay strong, and 15-20% FY27 Chemicals growth), this print is on-plan: QoQ eased as flagged, YoY growth of 34.7%/31.2% held up, and Chemicals ran above its guided range. Separately, the company disclosed a ₹266.32 Cr GST show-cause notice on October 1, 2026; this filing's own notes carry no related provision, so the exposure is unresolved and unquantified in these numbers. A CHRO appointment and the Q3 board-meeting date are routine disclosures not tied to this quarter's print. Going into Q3FY27, the markers are whether Chemicals holds its above-guidance pace (H1FY27 segment revenue ₹4,322 Cr, +23.1% YoY), whether NPM recovers from this quarter's 10.3% as the Q1 seasonal effect fades, and how the GST notice — sized at roughly 45% of this quarter's standalone PBT of ₹588 Cr — gets resolved.