Kama Holdings

** HSBC initiates coverage on India's chemicals maker SRF SRFL.NS with a "buy" rating, betting that improving fundamentals in specialty chemicals and performance films will reignite earnings momentum

** Brokerage sets a target price of 3,390 rupees, implying 21.9% upside over the next 12 months from the stock's May 8 close of 2,780.80 rupees

** Expects SRF to deliver a 26% earnings CAGR over FY27-FY29, powered by better sector dynamics

** Specialty chemicals are seen as the main growth engine, helped by normalizing global pesticide inventories, China's anti-involution policy measures, new active-ingredient launches and a rising pharma mix

** HSBC expects pharma's share to climb to 20% from 10% over the medium term, aiding SRFL's earnings

** Refrigerant gases remain a pressure point, with elevated competition and oversupply risks

** Still, HSBC says much of that concern is priced in after SRFL's 10% year-to-date fall

** LSEG data show 28 analysts rate the stock "hold" on average, with a median target of 3,172 rupees

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Chemicals manufacturer SRF Limited shares rise 3.3% to 2,605 rupees in pre-open trade

** Co reports an 11% jump in net profit after tax to 5.82 billion rupees ($61.15 million) from 5.26 billion rupees last year

** Revenue from operations rises 7% to 46.15 billion rupees from 43.13 billion rupees a year earlier

** "Exports to the Middle East were impacted during the quarter. While we remain confident about the path ahead, the prevailing geopolitical uncertainty continues to be a key concern," says Chairman and MD Ashish Ram

** Jefferies analysts said the outperformance was led by strong Refgas performance, with export volumes and prices rising sharply

** 15 of 27 brokerages rate the stock "buy" or higher; their median PT is 3,245 rupees

** YTD, the stock is down 17.9% vs a 7.9% fall in the Nifty 50 Index .NSEI

($1 = 95.1800 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

March 16 (Reuters) - Kama Holdings Ltd KAMH.BO:

• DECLARED INTERIM DIVIDEND OF 23.20 RUPEES PER SHARE

Source text: ID:nnAZN4SLDTO

Further company coverage: KAMH.BO

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Feb 17 (Reuters) - Kama Holdings Ltd KAMH.BO:

• KAMA HOLDINGS LTD - BOARD APPROVES DISPOSAL OF UP TO 3% SHARES OF SRF LIMITED

• KAMA HOLDINGS LTD - DISPOSAL MAY REDUCE SHAREHOLDING IN SRF LIMITED BELOW 50%

Source text: ID:nBSE7ZQ9Yj

Further company coverage: KAMH.BO

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** Shares of SRF SRFL.NS extends fall, down 4.5% to 2,752 rupees, its lowest since April 9, 2025

** Stock on track for sixth straight session of losses

** Indian chemicals conglomerate's third-quarter missed revenue view, weighed by weak demand for its specialty chemicals

** However, co's third-quarter profit jumped nearly 60%, helped by a tax provision write-back of 991.2 million rupees

** Brokerage UBS says SRF's medium‑term growth looks constrained due to elevated refrigerant prices, continued Chinese pricing pressure, ongoing weakness in agri‑chem, and management abandoning its 20% specialty‑chem growth target

** SRFL rated "hold" on avg by 26 analysts covering it; median PT at 3272 rupees- data compiled by LSEG

** In 2025, SRFL gained 37%

(Reporting by Urvi Dugar and Komal Salecha in Bengaluru)

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Jan 20 (Reuters) - Indian chemicals conglomerate SRF SRFL.NS posted a smaller-than-expected quarterly revenue rise, weighed by weak demand from its specialty chemicals and lower sales at its films and foils business, sending shares down 2.7%.

The company's revenue grew 6.3% to 37.13 billion Indian rupees ($408.3 million) in the October-December quarter, but fell short of analysts' expectations of 38.45 billion rupees, per data compiled by LSEG.

Shares of SRF, which were down 1.5% before the results, dropped as much as 4.4% before paring some losses.

Quarterly profit jumped nearly 60% during the quarter to 4.33 billion rupees, topping analysts' expectations of 4.18 billion rupees, helped by a tax provision write-back of 991.2 million rupees.

The profit also accounted for a one-time charge of 732.4 million rupees, tied to India's recently enacted labour code.

KEY CONTEXT

SRF's sales of specialty chemicals slowed as agrochemical and pharmaceutical clients deferred projects and purchase decisions due to tariffs imposed by the U.S. on imports.

Still, the company's chemicals business – its largest – posted a 22% quarterly revenue growth, helped by strong demand for its highly profitable refrigerants, whose prices have held firm. The chemicals business was the only segment to post higher revenue.

Its films and foils business – the second-largest revenue contributor – is also witnessing weak overseas sales, especially in the U.S., due to Washington's levies.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 90.9330 Indian rupees

(Reporting by Nandan Mandayam in Bengaluru; Editing by Harikrishnan Nair)

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** Shares SRF SRFL.NS of rise 2% to 3,200 rupees

** Chemicals and polymers maker posts a 71.4% Y/Y rise in June-qtr profit; rev from ops rises 4.9% Y/Y

** More than 911,195 shares change hands, 1.7x of 30-day avg

** SRFL rated "hold" by 25 analysts on average; median target price is 2,975 rupees – data compiled by LSEG

** Stock up 43% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

** Indian chemical cos Navin Fluorine NAFL.NS, PI Industries PIIL.NS, SRF SRFL.NS and UPL UPLL.NS to see negative impact on FY26 earnings from U.S. reciprocal tariffs

** Jefferies estimates NAFL's revenue exposure to U.S. at 23%, followed by PIIL (15%), UPLL (10%-12%) and SRFL (8%)

** Estimates NAFL Fluorine and PIIL's operating profit in FY26 could fall by 9% and 6%, while UPLL and SRFL may see core profit decline by 5% and 3%

** Increasing competition in markets outside U.S. and slowing demand due to tariffs to squeeze Indian chemicals sector, says Kotak

** Flags PIIL, Vinati Organics VNTI.NS, Clean Science CLEA.NS, NAFL as firms most exposed to U.S. sales

** NAFL down 3%, PIIL slips 3.9% while VNTI drops 3.4%; SRFL and CLEA down 1.5% each while UPLL falls 1%, per exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

March 24 (Reuters) - Kama Holdings Ltd KAMH.BO:

• INTERIM DIVIDEND OF 17.75 RUPEES PER SHARE

Source text: ID:nBSEb68kY7

Further company coverage: KAMH.BO

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** Shares of specialty chemicals maker SRF SRFL.NS rise 2.4% to 2,833.9 rupees

** Emkay Research expects gradual pick up in specialty chemicals volume, driven by stabilization of existing products and incremental contribution from newer products

** Adds medium-term outlook remains strong, aided by firming up of refrigerant gas prices globally

** SRF well-positioned to benefit from agrochemical demand rebound, rising refrigerant prices with its specialty chemicals capex- Emkay

** New product launches in agrochemical and pharmaceutical segments to drive growth in FY26, say analysts at Systematix Institutional Equities

** Avg rating of 27 analysts is a "hold"; median PT is 2,698 rupees - LSEG data

** Stock has gained 24% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** SRF Ltd's SRFL.NS shares rise 6% to 2,827 rupees, hitting their highest level since Sept. 2022

** The chemicals and polymers maker posted a Q3 net profit of 2.71 billion rupees, higher than the avg analyst expectation of 2.34 billion rupees, according to data compiled by LSEG

** The chemicals segment's revenue rose 7%, driven by strong refrigeration gas demand - Jefferies

** Stock sees most active session in three weeks, trading vols at 4x their 30-day avg

** SRFL up 26% so far in January

(Reporting by Nishit Navin)

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BENGALURU, Jan 29 (Reuters) - Diary of India economic, corporate events on Jan.29

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

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** Shares of Indian refrigerant gas makers gain on bets that current supply tightness in US could push prices higher globally

** SRF SRFL.NS jumps ~13%, hits highest since May 2024 and set for best day since Aug 2019

** Gujarat Flourochemicals GUJL.NS gains ~6%

** Navin Flourine NAFL.NS rises 10%, hits highest since Sept 2024 and poised for best day since March 2020

** Equirus analysts note iGas USA flagged shortage of some varieties of refrigerant gas and hiked prices

** Brokerage says every $1/kg change in refrigerant R32 realization could increase SRF's EBITDA by 2.6 bln rupees and NAFL's by 770 mln rupees

** NAFL, SRF up ~20% so far in Jan, while GUJL down 1.1%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Indian specialty chemical cos will likely report a q/q and y/y drop in Q3 earnings due to weak global demand, disrupted trade flows and suppressed prices - PhillipCapital

** Brokerage expects recovery in earnings from Q4

** Says Aarti Industries ARTI.NS will lead earnings momentum sequentially on recovery in Mono Methyl Aniline exports, while Atul ATLP.NS will lead on y/y basis on improved product mix, low base

** Adds SRF SRFL.NS will see earnings decline both q/q and y/y

** ARTI, ATLP, SRF trading up 1.1%, down 0.9 and down 0.7%, respectively

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of SRF SRFL.NS closed 4.4% lower at 2,182 rupees, their sharpest drop since May 7

** The chemicals and polymers maker's Q2 PAT falls 33% Y/Y led by a 14% surge in expenses, even as revenue rises 7%

** Analysts' avg rating on stock is "hold;" their median PT is 2372 rupees - LSEG

** Stock down 12% YTD

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

March 28 (Reuters) - Kama Holdings Ltd KAMH.BO:

• KAMA HOLDINGS LTD - FURTHER SOLD 125,000 EQUITY SHARES OF SRF FOR 319 MILLION RUPEES

• KAMA HOLDINGS LTD - SHAREHOLDING OF CO IN SRF HAS REDUCED TO 50.2134%

Source text for Eikon: ID:nBSE7NXMSr

Further company coverage: KAMH.BO

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March 27 (Reuters) - Kama Holdings Ltd KAMH.BO:

• KAMA HOLDINGS LTD - CO SOLD 675000 OF EQUITY SHARES CAPITAL OF SRF

• KAMA HOLDINGS LTD - SHAREHOLDING OF CO IN SRF REDUCED TO 50.2556%

• KAMA HOLDINGS LTD - CONSIDERATION RECEIVED FROM SALE IS 1.73 BILLION RUPEES

Source text for Eikon: ID:nBSEcdhCyT

Further company coverage: KAMH.BO

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March 11 (Reuters) - Kama Holdings Ltd KAMH.BO:

• KAMA HOLDINGS LTD - DECLARED INTERIM DIVIDEND OF 19 RUPEES PER SHARE

Source text for Eikon: ID:nBSE8H9pWH

Further company coverage: KAMH.BO

(([email protected];))

BENGALURU, Jan 30 (Reuters) - Indian chemicals and polymers manufacturer SRF SRFL.NS on Tuesday reported its third-quarter profit more than halved - its fourth straight quarterly profit drop - hurt by sustained weakness in global demand for its mainstay chemicals business.

Consolidated net profit after tax fell to 2.53 billion rupees (about $30 million) for the three months ended Dec.31 from 5.11 billion rupees a year ago.

Its revenue from operations fell 12% to 30.53 billion rupees.

For further highlights, click (Full Story)

KEY CONTEXT

Indian chemical makers saw subdued global demand, and prices of refrigerant - a fluid used in the cooling process in air conditioners - remained muted in a seasonally weak quarter, hurting profitability, analysts said.

Peer Coromandel International CORF.NS also reported a fall in third-quarter profit earlier in the day, hurt by soft demand for its fertilizers and nutrient chemicals business. Brokerage Jefferies had earlier picked peer PI Industries PIIL.NS over SRF on strong volume outlook.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from Refinitiv

-- $1 = 83.1400 Indian rupees

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)

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** Shares of SRF Ltd SRFL.NS up 3.28% to 2,445 rupees; among top gainers in Nifty Next 50 .NN50 which is up 0.66%

** Brokerages reiterate positive growth outlook for the chemicals manufacturer after a meeting with the management

** Demand seen picking up in H2 FY24, while the outlook remains favourable for fluoropolymers business, says Kotak Institutional Equities, retaining a "buy" recommendation

** Specialty chemicals business to see improvement over next six to nine months, says JM Financial, adding that SRFL remains at the forefront of capturing growth in fluorochemicals space

** Jefferies lists efficient management, industry-leading execution and domain expertise as positives for SRFL; awaits favourable risk-reward before turning more constructive

** Trading volume is 2.5x the 30-day avg as of 11:18 a.m. IST - LSEG data

** Including day's gains so far, SRFL up 5.6% this year, compared to 14.6% in Nifty Next 50

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Sept 1 (Reuters) - Kama Holdings Ltd KAMH.BO:

• APPROVED BONUS ISSUE OF EQUITY SHARES IN PROPORTION OF 4 SHARE FOR EVERY 1 SHARE HELD

Source text for Eikon: ID:nBSE8vjG10

Further company coverage: KAMH.BO

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Aug 25 (Reuters) - Kama Holdings Ltd KAMH.BO:

• TO CONSIDER ISSUANCE OF BONUS SHARES

Source text for Eikon: ID:nBSE2nBprS

Further company coverage: KAMH.BO

(([email protected];))

Aug 23 (Reuters) - Kama Holdings Ltd KAMH.BO:

• DECLARED INTERIM DIVIDEND AT 82 RUPEES PER SHARE

Source text for Eikon: ID:nBSE9hynPs

Further company coverage: KAMH.BO

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** Shares of SRF Ltd SRFL.NS rise as much as 3.82%, their highest intraday pct gain more than five months

** Co commissions a dedicated facility to produce advanced intermediates for agrochemicals at Dahej in Gujarat

** Project capitalised on July 31 at an aggregate cost of 2.56 bln rupees: SRFL

** Trading volume at 1.36 mln shares as of 1:50 p.m. IST, 1.7x the 30-day avg - Refinitiv data

** Avg rating of 26 analysts close to equivalent of 'buy;' median PT is 2,600 rupees

** Including day's gains, SRFL down 1.58% in 2023 so far compared 7.20% rise in Nifty Next 50 index .NN50

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

** Shares of industrial and specialty intermediates maker SRF Ltd SRFL.NS drop as much as 4.5% to 2,320.25 rupees, their steepest intraday pct loss since Sept 30

** Jefferies believes SRFL is well-positioned to capture multi-year compounding on strong execution and foray into high-growth specialty verticals; estimates 13% EPS CAGR over FY23-25

** Brokerage maintains "hold" and price target of 2,380 rupees; remains on the sidelines until pullback in valuation creates attractive entry point, Jefferies adds

** Nuvama says SRFL anticipates the challenging environment to prevail on weak summer and global recessionary pressures hurting refrigerant gas demand

** Reiterates "buy" with price target of 3,062 rupees; adds SRFL confident of clocking over 20% uptick in specialty chemicals in FY24

** Twenty-one analysts of 25 have a "buy" or higher rating, three "hold" while one rate it at "strong sell"

** SRF stock up 1.9%, YTD

(Reporting by Priya Sagar in Bengaluru)

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