SRF reported a weak performance in 2QFY25, with a 22% YoY decline in EBIT, primarily due to challenges in the Chemicals sector, which saw a 29% drop. While the Technical Textiles business also struggled, the Packaging Film segment grew by 7%. The management anticipates a recovery in the Chemicals business in 3Q and 4QFY25, supported by a strong order book in specialty chemicals. Consequently, FY25/FY26 EBITDA estimates have been reduced by 13% and 7%, respectively, leading to a target price of INR 2,080, maintaining a Neutral rating.