SRF Ltd. closed at ₹2,536.90 on the BSE, up 2.3% after HSBC lifted its target to ₹3,300, a 33% upside from Wednesday’s ₹2,480.10.
HSBC’s research team cites a 17,000‑tonne decline in Chinese R32 exports between January and July 2026, tightening supply and supporting India’s refrigerant demand curve.
The brokerage warns that an 81,000‑tonne capacity addition in India slated for 2027 could dilute the rally, though a shift toward R134a may partially offset the impact.
Of the 35 analysts covering SRF, 22 recommend a “Buy”, five a “Hold”, and eight a “Sell”, with a 12‑month consensus target of ₹2,935.7—an 18% upside over Monday’s close.
SRF’s specialty chemicals business is expected to lift momentum, and the company’s FY26 guidance remains unchanged, positioning it for a potential upside if supply constraints persist.