Jefferies has downgraded SRF to underperform, setting a target price of ₹2,070, implying a 6.0% downside from the current market price of ₹2,203.90. The company’s weak Q2 performance was driven by inventory destocking in the chemical segment, which impacted the offtake of key molecules. Although management is guiding for a better H2, Jefferies remains cautious due to ongoing issues such as high inventory levels in the U.S. refrigerant gas market and muted performance in the packaging segment.
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