SRF has 3 business verticals – Fluorine based Chemicals/Refrigerant Gases, High grade Packaging Films and Technical Textiles. Our primary Investment thesis is based on the Fluorine based chemical segment where they have a highly differentiated franchise.

SRF has tail-winds on its own merit but will benefit from “China+1”. They have been investing in Capex aggressively over the last few years & with the agri Cycle poised to turn, the company should witness strong growth over the next few years.

Enclosed is a brief note to explain our thought process underlying this investment.