SRF Limited, a diversified conglomerate, continued to reinforce its market leadership in the Technical Textiles and Coated Fabrics space during FY25. While SRF’s Chemicals and Performance Films businesses remained central to its operations, its Technical Textiles Business (TTB) and allied segments like Coated and Laminated Fabrics played a vital role in the company’s overall growth narrative.
Reflecting on the year, Mr. Ashish Bharat Ram, Chairman and Managing Director, commented: “As we reflect on the fiscal year 2025, we are filled with a profound sense of pride and optimism. Despite a challenging start, we have navigated through uncertainties and emerged stronger, achieving significant milestones along the way.”
India’s Largest Technical Textiles Manufacturer
SRF has established itself as India’s largest manufacturer of technical textiles, with four advanced production facilities located in Madhya Pradesh and Tamil Nadu. These facilities support the company’s diverse and growing portfolio, which includes Nylon-6 Tyre Cord Fabrics (TCF), Polyester Tyre Cord Fabric, Chips, Belting Fabrics, and Industrial Yarn. The company’s leadership position extends not only to the domestic market but also across global markets, where SRF enjoys a strong reputation for quality and innovation.
In FY25, SRF’s Technical Textiles Business recorded revenues of ₹2,029 crore, a 7% growth compared to the previous year. This growth was achieved despite facing significant margin pressures due to low-cost imports and fluctuating raw material prices, especially lactam. SRF’s continued investments in technology, customer relationships, and capacity enhancements allowed it to maintain its market share and strengthen its presence in strategic product segments.
Mr. Bharat Ram reaffirmed the importance of this business vertical in the company’s long-term strategy, stating, “We have successfully expanded our operations, introduced innovative, value-added solutions, and strengthened our market position.”
Tyre Cord Fabrics (TCF): Commitment to Excellence and Innovation
The Tyre Cord Fabrics segment remains a cornerstone of SRF’s technical textiles offering. In FY25, SRF expanded its presence in the N66 and Polyester TCF segments. Despite intense competition and margin pressure, the company successfully enhanced its customer base and diversified its product portfolio. This strategic diversification enabled SRF to reinforce its position in both traditional and emerging markets.
SRF is the only tyre cord fabric manufacturer in India to have received the prestigious Deming Prize, highlighting its commitment to total quality management and operational excellence. The company continues to leverage its long-standing partnership with Toray Japan Inc., whose advanced technology supports end-to-end production from polymerisation to fabric dipping.
Belting Fabrics (BF): Capacity Expansion in a Soft Market
Belting Fabrics faced a subdued demand environment during FY25, largely due to delays in government spending and a decline in conveyor belt exports. The segment also experienced margin compression from increased imports from China. However, SRF responded by successfully completing a key capacity expansion project during the year. Additionally, the company introduced new types of belting fabrics with higher tensile strength, which are expected to find applications across multiple industrial sectors.
Polyester Industrial Yarn (PIY): Delivering Strong Performance
SRF’s Polyester Industrial Yarn business saw robust demand throughout the year, particularly from the Geotextile and Automotive Seat Belt segments. This translated into full capacity utilisation and improved financial performance compared to the previous year. The company sees this segment as a growth engine for the future, aligned with infrastructure development and growing safety standards across industries.
Driving Innovation Through R&D
Innovation continues to be a pillar of SRF’s growth, with the Technical Textiles Business supported by a state-of-the-art R&D centre in Manali, near Chennai. The centre features a dedicated pilot plant and advanced infrastructure to support polymerisation, spinning, twisting, and dipping processes. This allows the company to accelerate product development and enhance its responsiveness to market needs.
During the year, SRF introduced new types of belting fabrics as a result of its R&D efforts, further strengthening its value-added product offerings. The business also developed innovative solutions using recycled Nylon-6, supporting both customer needs and sustainability goals.
Coated and Laminated Fabrics: Reinforcing Leadership and Self-Reliance
The Coated and Laminated Fabrics segments continued to play a key role in SRF’s diversified product strategy. SRF’s coated fabrics are manufactured at its fully integrated Gummidipoondi facility in Tamil Nadu. This plant houses yarn manufacturing, weaving, coating, printing, and lacquering capabilities, enabling the production of high-performance PVC synthetic coated fabrics. These products are fire- and weather-resistant, UV-stabilised, and abrasion- and tear-resistant, and they serve multiple industries such as architecture, defence, mining, food and agriculture, lifestyle, and transportation. The coated fabrics range includes weights from 350 gsm to 1500 gsm and coating thicknesses from 0.3 mm to 1.5 mm, available in over 100 colour variants.
In Laminated Fabrics, the company’s Kashipur facility in Uttarakhand has a monthly production capacity of 75 lakh square metres. SRF fully ramped up its newly installed hot lamination machine during the year. These products are primarily used for hoardings, signage, and protective covers. However, the business faced challenges due to the imposition of a minimum import price on Chinese imports of knitted fabric—a critical raw material. In response, SRF decided to backward integrate and become self-sufficient by setting up in-house fabric knitting capabilities. Commissioning of the new knitting machines is underway and expected to be completed in the first quarter of FY26.
Strategic Investments and Expansion Initiatives
In FY25, SRF invested over ₹1,095 crore across brownfield projects, which included significant capital expenditure in both the Chemicals and Performance Films & Foils businesses. Although TTB constituted a portion of these investments, the focus on textile capacity expansion was evident. New looms and warper installations in the coated fabrics segment are expected to be commissioned at the start of FY26. These investments are aimed at improving capacity, vertical integration, and profitability.
Mr. Bharat Ram noted, “Despite uncertainties, we believe FY26 will surpass FY25 for the Chemicals business and the company overall.” The same confidence is reflected in the company’s projections for its technical textiles and coatings businesses.
Sustainability and Community Impact
Sustainability is deeply embedded in SRF’s growth framework. The Technical Textiles Business has made significant progress in adopting renewable energy and circular practices. The use of recycled Nylon-6 in product development highlights SRF’s commitment to reducing environmental impact. Its manufacturing facilities in Gummidipoondi and Viralimalai, Tamil Nadu, received the Bronze Medal from EcoVadis for their contributions to resource optimisation and sustainable operations.
Meanwhile, the SRF Foundation continued its impactful community initiatives, touching the lives of nearly 1.9 lakh students in 493 government schools. A significant milestone during the year was the laying of the foundation stone for a new SRF school in Bharuch, aimed at improving educational access in the region.
Reflecting on the team’s contributions, Mr. Bharat Ram said, “Our team members and management played an integral role, generously contributing to the positive developments and achievements in FY25. I extend my heartfelt gratitude to every single one of our team members and our shareholders for their continued support. We are committed to building a future where our augmented capabilities will position us as industry leaders.”
Looking Ahead: FY26 and Beyond
The outlook for FY26 remains cautiously optimistic. While pricing pressures from Chinese imports are expected to continue, SRF is focusing on fully utilising its capacities, expanding its portfolio of high-performance value-added products, and executing cost optimisation measures to protect margins.
In the Coated Fabrics segment, a key priority will be the vertical ramp-up of newly installed looms and the commercialisation of high-tensile coated fabrics. In Laminated Fabrics, the emphasis will be on ramping up the newly installed knitting machines to achieve self-sufficiency and full capacity utilisation in lamination.
As SRF continues to invest in technology, sustainability, and product innovation, its Technical Textiles and Coated Fabrics businesses are well positioned to build on their strong foundation and achieve accelerated growth in FY26.
