New Delhi, Jan. 21 -- SRF Ltd's shares fell 8% in the past two trading sessions as weaker-than-anticipated December quarter (Q3FY26) results triggered earnings downgrades by various brokerages.

Consolidated revenue at Rs.3,713 crore missed consensus estimate of Rs.3,800 crore. Ebitda at Rs.780 crore was much lower than the consensus estimate of Rs.820 crore.

The problem is that SRF's chemicals business (49% of Q3 revenue mix) has been a story of two halves lately. The chemicals business comprises fluorochemicals and specialty chemicals. Fluorochemicals delivered a solid performance in Q3 with higher realizations and increased volumes of hydrofluorocarbon (HFC) refrigerants. The outlook is upbeat as global HFC prices have been firm; the ...