ICICI Direct: Buy SRF, target Rs 3450, citing chemicals strength

• ICICI Direct upgrades SRF to 'Buy' with a revised target price of Rs 3450.
• The chemicals business is expected to improve across ref-gas, specialty chemicals, and fluoropolymers.
• Ref-gas business anticipates 15-20% upside due to higher volumes and sustained prices.
• Specialty chemicals are set to benefit from favorable pricing, increased volumes, and new product commissioning in H2FY26.
• Fluoropolymers business is projected to ramp up to INR 9-10 billion by FY28E.

Why It Matters: ICICI Direct recommends buying SRF stock with a target of Rs 3450.