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33 announcements match the current filters (relevance ≥ 5).
Garware Hi-Tech Films Sets Sep 16, 2026 as Record Date for Rs 12/Share Dividend
Garware Hi-Tech Films Limited has scheduled its 69th Annual General Meeting for September 23, 2026, and fixed September 16, 2026, as the record date for dividend eligibility. The Board had previously recommended a dividend of Rs. 12 per equity share of face value Rs. 10 (120%) for FY26. Against the FY26 EPS of Rs. 145.59, this represents a payout ratio of approximately 8.2%. The dividend will be disbursed post-shareholder approval at the AGM.
Confidence: HIGH
What changedThe company formalized the record date (Sep 16, 2026) and AGM date (Sep 23, 2026) for the recommended Rs 12 per share final dividend.
Why it mattersConfirms the timeline for cash distribution to shareholders following strong FY26 profitability (PAT of Rs 338.02 Cr).
Dividend per share: Rs. 12Face value: Rs. 10Record date: 16-Sep-2026AGM date: 23-Sep-2026Dividend yield (approx on Rs 7,225.5): ~0.17%
📅 Short termRoutine corporate action; the stock will trade ex-dividend leading up to September 16, 2026.
📈 Long termLimited direct impact; reflects steady capital return policies supported by net-debt free balance sheet and strong operating cash flows.
Key Highlights
Fixed September 16, 2026, as the Record Date for FY26 dividend eligibility
Recommended dividend of Rs. 12 per equity share of face value Rs. 10 (120%)
69th Annual General Meeting to be held on September 23, 2026
Dividend payout represents ~8.2% of FY26 EPS (Rs. 145.59)
👀 What to Watch
Investors seeking dividend entitlement must hold shares before the ex-dividend date prior to September 16, 2026; track shareholder approval outcomes at the September 23 AGM.
30.3% Record EBITDA Margin: Garware Hi-Tech Q1 FY27 Revenue Grows 28% to Rs 633 Cr
Garware Hi-Tech Films reported its strongest quarterly performance to date in Q1 FY27, with revenue growing 28% YoY to Rs 633 Cr. Profitability saw a significant jump as EBITDA margins reached a record 30.30%, up 544 bps, driven by a shift toward high-value specialty films like Paint Protection Films (PPF). The company is progressing on its Rs 192 Cr capex for a new sun control film line and expects its TPU backward integration project to commission in Q3 FY27. With a cash balance of ~Rs 850 Cr, management is evaluating inorganic growth and further capacity expansions.
Confidence: HIGH
What changedThe company has successfully transitioned into a high-margin specialty technology player, with margins now exceeding its previous long-term guidance ranges.
Why it mattersThe shift from commodity polyester to specialty films (PPF and Sun Control) and backward integration into TPU creates a structural moat and higher pricing power, reflected in the record 21% PAT margins.
Q1 FY27 Revenue: Rs 633 CrEBITDA Margin: 30.30%New Capex Investment: Rs 192 CrCapex vs Net Worth: ~7.4%Cash Balance: Rs 850 CrHome Solutions Studio Target: 50 by FY27-end
📅 Short termThe record-breaking financial performance and margin expansion are likely to be viewed very positively by the market in the coming weeks.
📈 Long termThe company's focus on D2C branding and backward integration into TPU positions it for sustainable 15-20% revenue growth and superior ROCE over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Supply chain disruptions in the Middle East due to conflict
- Execution risk on the new Rs 192 Cr manufacturing line
- High dependence on global trade routes for exports
Key Highlights
Achieved highest-ever quarterly revenue of Rs 633 Cr and PAT of Rs 133 Cr (+60% YoY).
EBITDA margins crossed the 30% milestone for the first time, reaching 30.30%.
TPU backward integration project on track for Q3 FY27 commissioning, expected to boost margins by 1.5-2%.
Committed Rs 192 Cr investment for a new 1,200 lakh sq ft sun control film line due in H1 FY28.
Expanded domestic D2C network to 250+ Garware Application Studios and 9 Home Solutions studios.
👀 What to Watch
Watch for the successful commissioning of the TPU plant in Q3 FY27 and the final notification of anti-dumping duties on Chinese PPF imports, which could further strengthen domestic market positioning.
Garware Hi-Tech Q1 FY27 PAT Jumps 60% to ₹133 Cr; ₹310 Cr Capex Roadmap Outlined
Garware Hi-Tech Films (GHFL) delivered a strong Q1 FY27 with revenue growing 28% YoY to ₹633 Cr and PAT surging 60% to ₹133 Cr. Profitability was bolstered by significant EBITDA margin expansion to 30.3% (up from 24.8% YoY), driven by a high 87% contribution from Value-Added Products (VAP). The company detailed a ₹310 Cr capex plan, including a ₹118 Cr TPU line for Q3 FY27 and a ₹192 Cr Sun Control Film line for H1 FY28. With a liquidity surplus of ₹774 Cr and near-zero debt, GHFL is targeting a 15-20% revenue CAGR.
Confidence: HIGH
What changedThe company has demonstrated a sharp jump in profitability and formalized its next phase of capacity expansion totaling ₹310 Cr.
Why it mattersThe shift toward high-margin specialty films (PPF and SCF) is successfully decoupling the business from commodity cycles, leading to record-high margins and robust cash flows.
Q1 FY27 Revenue: ₹633 CrQ1 FY27 PAT Growth (YoY): 60%EBITDA Margin: 30.3%Total Planned Capex: ₹310 CrCapex vs Net Worth: ~12%Liquidity Surplus: ₹774 Cr
📅 Short termThe stock is likely to react positively to the substantial margin expansion and strong bottom-line growth reported in the presentation.
📈 Long termStructural growth is supported by the expansion into architectural and automotive specialty films, with a clear roadmap to sustain a 15-20% revenue CAGR.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Geopolitical uncertainty affecting export markets (75% revenue share)
- U.S. import tariffs exceeding 50% on certain films
Key Highlights
Q1 FY27 Revenue increased 28% YoY to ₹633 Cr, while PAT grew 60% YoY to ₹133 Cr.
EBITDA margins expanded to 30.3% in Q1 FY27 from 24.8% in the previous year's quarter.
Value-Added Products (VAP) now account for 87% of total revenue, up from 85% guidance.
Planned capex of ₹118 Cr for TPU line (Q3 FY27) and ₹192 Cr for SCF line (H1 FY28).
Maintains a strong liquidity surplus of ₹774 Cr as of March 2026 with net zero debt.
👀 What to Watch
Watch for the timely commissioning of the TPU line in Q3 FY27, which is expected to add 1.5-2% to margins through backward integration.
60% PAT Growth: Garware Hi-Tech Reports Record Q1 FY27 with 30.3% EBITDA Margin
Garware Hi-Tech Films (GHFL) delivered its strongest-ever quarterly performance in Q1 FY27, with revenue growing 28% YoY to ₹633 crore. Profitability surged as PAT rose 60% YoY to ₹133 crore, driven by EBITDA margins crossing the 30% threshold for the first time (up 544 bps YoY). The growth was fueled by strong momentum in architectural and automotive segments and improved realizations. The company is also advancing its ₹191 crore specialty film line expansion, which is expected to commence production in H1 FY28.
Confidence: HIGH
What changedGHFL achieved record-high quarterly revenue and profitability, with EBITDA margins (30.3%) significantly exceeding its TTM average of 20.5%.
Why it mattersThe shift toward high-margin specialty products like Paint Protection Films (PPF) and Architectural films is successfully de-commoditizing the business and driving superior earnings growth.
Q1 FY27 Revenue: ₹633 crPAT Growth (YoY): 60%EBITDA Margin: 30.3%New SCF Line Capex: ₹191 crCapex vs Net Worth: ~7.4%Quarterly EPS: ₹57
📅 Short termThe stock is likely to react positively to the significant margin expansion and record-breaking bottom-line performance.
📈 Long termThe company's transition into a high-tech specialty film player, supported by backward integration and D2C expansion, positions it for sustained 15-20% CAGR as targeted.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Geopolitical uncertainty affecting global trade routes
- Volatility in raw material costs for specialty chemicals
Key Highlights
Consolidated Revenue reached a record ₹633 crore, up 28% YoY and 6% QoQ.
EBITDA margins expanded significantly to 30.3%, a 544 bps increase over the previous year.
PAT grew 60% YoY to ₹133 crore, resulting in an EPS of ₹57 compared to ₹36 in Q1 FY26.
Ongoing ₹191 crore investment in a new Specialty Chemical Film (SCF) line is on track for H1 FY28 commissioning.
Expanded global footprint with 14 new international Global Application Studios added in the Middle East and USA.
👀 What to Watch
Monitor the commissioning of the TPU line scheduled for Q3 FY27 and the final implementation of anti-dumping duties on Chinese TPU-based imports, which could further boost domestic margins.
60% PAT Growth: Garware Hi-Tech Reports Record Q1 FY27 with 30.3% EBITDA Margin
Garware Hi-Tech Films delivered its strongest-ever quarterly performance in Q1 FY27, with revenue growing 28% YoY to ₹633 crore. Profitability surged as PAT rose 60% YoY to ₹133 crore, supported by a record EBITDA margin of 30.3%, up 544 bps from the previous year. The company is progressing on its ₹191 crore Sun Control Film (SCF) line expansion, expected to add ~1,200 LSF capacity by H1 FY28. Additionally, the DGTR's recommendation for anti-dumping duties on Chinese TPU-based imports provides a significant competitive tailwind for their domestic business.
Confidence: HIGH
What changedThe company achieved record-high quarterly revenue and profitability, with EBITDA margins crossing the 30% threshold for the first time.
Why it mattersThe results validate the company's shift from commoditized films to high-margin specialty products like Paint Protection Films (PPF) and Architectural films, significantly improving the earnings profile.
Revenue (Q1 FY27): ₹633 CrPAT Growth (YoY): 60%EBITDA Margin: 30.3%Planned Capex (SCF Line): ₹191 CrCapex vs TTM Revenue: ~9%EPS (Q1 FY27): ₹57
📅 Short termThe stock is likely to react positively to the significant margin expansion and record profitability, which exceeded historical averages.
📈 Long termStructural growth is supported by backward integration into TPU and capacity expansions in high-value segments, aligning with management's 15-20% CAGR guidance.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Geopolitical uncertainty affecting global trade routes
- Volatility in raw material costs for specialty chemicals
- Execution risk on the ₹191 Cr SCF line expansion
Key Highlights
Revenue reached a record ₹633 crore in Q1 FY27, representing a 28% YoY and 6% QoQ growth.
EBITDA margins hit a peak of 30.3%, expanding by 544 bps YoY due to favorable product mix and operating leverage.
PAT grew 60% YoY to ₹133 crore, with EPS increasing to ₹57 from ₹36 in the same quarter last year.
Ongoing ₹191 crore capex for a new SCF line is on track for H1 FY28, adding approximately 1,200 LSF of capacity.
Expanded global footprint by adding 14 international Global Application Studios (GAS) across the Middle East and USA.
👀 What to Watch
Watch for the commissioning of the TPU line in Q3 FY27 and the final government notification regarding anti-dumping duties on Chinese imports. Investors should monitor if the 30%+ EBITDA margin is sustainable as the company scales its new capacity and product lines.
Demise of Mrs. Sarita Garware Ramsay, Joint Managing Director of Garware Hi-Tech Films
Garware Hi-Tech Films has announced the sudden demise of Mrs. Sarita Garware Ramsay, Joint Managing Director, on July 09, 2026. Mrs. Ramsay had been a key member of the leadership team, serving as JMD since 2002. This loss comes at a time when the company has shown strong financial momentum, with TTM revenue of 2,120 Cr and a market capitalization of 16,150 Cr. Investors should monitor the board's next steps regarding succession and any potential impact on the promoter group's 60.73% holding.
Confidence: HIGH
What changedThe sudden vacancy of the Joint Managing Director position following the demise of a long-standing promoter-executive.
Why it mattersAs a key member of the promoter family and executive leadership since 2002, her absence may necessitate a reorganization of management responsibilities during a high-growth phase for the company.
Tenure as JMD: Since 2002Promoter Holding: 60.73%Market Capitalization: 16,150 CrTTM Revenue: 2,120 CrTTM PAT: 338 Cr
📅 Short termThe stock may experience minor volatility as the market processes the loss of a long-term leader, though day-to-day operations are expected to continue under the remaining board.
📈 Long termThe company's structural growth story (15-20% CAGR target) remains tied to its expansion in Paint Protection Films (PPF) and specialty chemicals; leadership continuity will be key to executing this strategy.
⚠ Risk flags
- Succession risk
- Potential changes in promoter group dynamics
Key Highlights
Mrs. Sarita Garware Ramsay served as Joint Managing Director for approximately 24 years, since 2002.
The demise occurred on July 09, 2026, and was reported to the exchanges on July 10, 2026.
The company maintains a significant promoter holding of 60.73% as of the March 2026 quarter.
Garware Hi-Tech Films reported a TTM PAT of 338 Cr and an operating profit margin of 20.5%.
The company is currently valued at a P/E of 47.8 with a market cap of 16,150 Cr.
👀 What to Watch
Monitor upcoming board meetings for the appointment of a new Joint Managing Director and any disclosures regarding changes in the promoter group's shareholding structure.
CARE Upgrades Long-Term Rating to 'AA'; Stable from 'AA-'
CARE Ratings has upgraded Garware Hi-Tech Films' long-term bank facility rating to 'CARE AA; Stable' from 'CARE AA-; Stable', while reaffirming the short-term rating at 'CARE A1+'. The upgrade reflects the company's robust financial profile, characterized by a negligible debt of Rs 12 Cr and a Debt-to-Equity ratio of 0.00. With TTM revenue at Rs 2,120 Cr and healthy operating margins of 20.5%, the rating action validates the company's strong cash flow generation and balance sheet strength.
Confidence: HIGH
What changedCARE Ratings has upgraded the company's long-term credit rating by one notch, reflecting improved creditworthiness.
Why it mattersA higher credit rating typically leads to lower borrowing costs and confirms the company's financial stability, which is significant given its zero-debt status and ongoing expansion into high-tech specialty films.
New Long Term Rating: CARE AA; StablePrevious Long Term Rating: CARE AA-; StableTotal Debt: Rs 12 CrDebt-to-Equity Ratio: 0.00TTM Revenue: Rs 2,120 Cr
📅 Short termThe rating upgrade is likely to be viewed positively by the market in the coming days as a validation of the company's financial health.
📈 Long termThe upgrade underscores the company's structural shift towards high-value specialty products and its ability to fund growth through internal accruals.
Key Highlights
Long-term bank facility rating upgraded to CARE AA; Stable from CARE AA-; Stable on July 6, 2026
Short-term bank facility rating reaffirmed at CARE A1+
Company maintains a minimal debt of Rs 12 Cr against a net worth of Rs 2,587 Cr
TTM Operating Profit Margin (OPM) stands at 20.5% as of the latest financial data
Company is targeting a 15-20% revenue CAGR driven by high-margin Paint Protection Films (PPF)
👀 What to Watch
Monitor the execution of the new plant capacity, where 75% is dedicated to PPF, and observe if the backward integration into TPU further improves the current 20.5% margins.
ICRA assigns [ICRA]AA (Stable) and [ICRA]A1+ ratings for Rs 200 Cr bank facilities
ICRA has assigned high-investment-grade ratings to Garware Hi-Tech Films' bank facilities totaling Rs 200 crore. The long-term fund-based facilities (Rs 80 crore) received an [ICRA]AA (Stable) rating, while short-term non-fund facilities (Rs 120 crore) were assigned [ICRA]A1+. These ratings underscore the company's exceptionally strong balance sheet, featuring a Debt-to-Equity ratio of 0.00 and TTM operating margins of 20.5%. The assignment of these ratings facilitates access to competitive financing as the company pursues its 15-20% revenue growth target.
Confidence: HIGH
What changedFormal credit rating assignment by ICRA for the company's bank facilities, providing an independent validation of creditworthiness.
Why it mattersHigh credit ratings (AA/A1+) confirm the company's superior liquidity and low default risk, ensuring low-cost access to capital for future specialty film expansions and working capital needs.
Total Rated Amount: Rs 200.00 CrLong-term Facility: Rs 80.00 CrShort-term Facility: Rs 120.00 CrRated Amount vs Net Worth: ~7.7%Current Debt: Rs 12 Cr
📅 Short termConfirms financial health; likely to maintain investor confidence in the stock's recent strong price performance.
📈 Long termHigh ratings support the company's structural transition into high-tech specialty films by providing the financial flexibility needed for large-scale R&D and capacity growth.
Key Highlights
Long-term rating of [ICRA]AA (Stable) assigned to Rs 80.00 crore in working capital facilities.
Short-term rating of [ICRA]A1+ assigned to Rs 120.00 crore in non-fund based facilities.
Total bank facilities rated by ICRA amount to Rs 200.00 crore.
Company currently operates with minimal debt of Rs 12 crore against a net worth of Rs 2,587 crore.
Ratings assigned on June 30, 2026, and communicated on July 1, 2026.
👀 What to Watch
Monitor the utilization of these bank limits in upcoming quarterly reports to see if they are being deployed to accelerate the 15-20% revenue CAGR strategy through capacity expansion.
Garware Hi-Tech Shareholders Approve Director Appointments with Over 99% Majority
Garware Hi-Tech Films Limited has announced the successful passage of two special resolutions via postal ballot with overwhelming shareholder support. Ms. Sonali Rajesh Mehta has been appointed as an Independent Director, receiving 99.99% of the votes cast. Additionally, Ms. Monika Garware was re-appointed as Vice-Chairperson and Joint Managing Director with 99.99% approval. The resolutions also secured approval for minimum remuneration to be paid to Ms. Garware in the event of inadequate profits, ensuring leadership continuity.
Key Highlights
Appointment of Ms. Sonali Rajesh Mehta as Independent Director approved with 99.9962% votes in favor
Re-appointment of Ms. Monika Garware as Vice-Chairperson and JMD approved with 99.9950% majority
Total valid votes cast for the first resolution reached 16,111,674, representing 69.35% of total shares
The resolutions were passed as Special Resolutions, requiring at least 75% majority, which was significantly exceeded
The voting process was conducted via remote e-voting from May 25 to June 23, 2026
👀 What to Watch
Investors should take confidence in the near-unanimous shareholder support for the management team and governance structure. No immediate action is required as these results ensure leadership stability for the company.
DGTR Recommends Anti-Dumping Duty on TPU-Based Paint Protection Film Imports from China
The Directorate General of Trade Remedies (DGTR) has concluded its investigation into the dumping of Thermoplastic Polyurethane (TPU) based Paint Protection Film (PPF) originating from China. The authority has recommended the imposition of an anti-dumping duty to eliminate the injury caused to the domestic industry. Garware Hi-Tech Films, as a primary domestic manufacturer and the applicant in this case, is expected to be the direct beneficiary of this protectionist measure. The final implementation now awaits a formal notification from the Central Government.
Key Highlights
DGTR issued final findings on June 12, 2026, recommending anti-dumping duties on TPU-based PPF from China.
The recommended duty will be the lesser of the margin of dumping and the margin of injury to protect domestic players.
Garware Hi-Tech Films initiated the application on behalf of the domestic industry and expects significant benefits.
The investigation concluded that domestic industry suffered injury due to dumped imports from the People's Republic of China.
Final notification from the Central Government is the next step for the duty to become effective.
👀 What to Watch
Investors should monitor the upcoming Central Government notification for the specific duty rates, as this will likely improve Garware's pricing power and market share in the high-margin PPF segment.
Garware Hi-Tech Films Seeks Approval for JMD Re-appointment and Director Induction
Garware Hi-Tech Films Limited has issued a postal ballot notice to seek shareholder approval for key leadership roles. The company proposes the re-appointment of Ms. Monika Garware as Vice-Chairperson and Joint Managing Director for a five-year term starting November 1, 2026, with a monthly basic salary of ₹60 lakh. Additionally, the company seeks to appoint Ms. Sonali Rajesh Mehta as an Independent Director for a one-year term. Shareholders can cast their votes via the e-voting facility between May 25 and June 23, 2026.
Key Highlights
Proposed re-appointment of Ms. Monika Garware as Joint Managing Director for 5 years (2026-2031)
Ms. Garware's proposed basic salary is ₹60,00,000 per month with a 10% annual increment starting April 2027
Appointment of Ms. Sonali Rajesh Mehta as an Independent Director for a 1-year term effective June 25, 2026
Remote e-voting period scheduled from May 25, 2026, to June 23, 2026
Remuneration includes perquisites capped at 40% of basic salary plus performance-linked commission
👀 What to Watch
Investors should monitor the voting results to ensure leadership continuity and evaluate if the executive remuneration is commensurate with the company's financial performance.
Garware Hi-Tech Films Incorporates Dubai Subsidiary with AED 2 Million Capital
Garware Hi-Tech Films has incorporated a wholly-owned subsidiary, Garware Hi Tech Global Trading FZCO, in the Dubai Airport Free Zone, UAE. The new entity will focus on trading and exporting films, ceramic coatings, and paint protection films (PPF) to the MENA region and global markets. The company has committed an initial share capital of AED 2,000,000, consisting of 400,000 shares at AED 5 each. This strategic move is expected to enhance the company's international distribution and market reach.
Key Highlights
Incorporation of 100% subsidiary Garware Hi Tech Global Trading FZCO in Dubai, UAE
Initial capital investment of AED 2,000,000 (approx. INR 4.5 Crore)
Subsidiary to handle trading of Films, Ceramic Coatings, and PPF for MENA and global markets
Received Certificate of Formation and Trading license on May 21, 2026
👀 What to Watch
Investors should monitor how this international trading hub impacts export margins and revenue growth in the medium term. The expansion into the MENA region is a positive signal for the company's global scaling strategy.
Garware Hi-Tech Films CFO Abhishek Agrwal Resigns; New Authorized Persons Named
Garware Hi-Tech Films Limited has announced the resignation of Mr. Abhishek Agrwal from the position of Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective May 15, 2026. Consequently, he will no longer serve as an authorized person for determining the materiality of events under SEBI regulations. The company has confirmed that Mr. Uday V. Joshi (Whole Time Director) and Mr. Awaneesh Srivastava (Company Secretary) will continue as the authorized persons for stock exchange disclosures. This transition marks a change in the top financial leadership of the company.
Key Highlights
Mr. Abhishek Agrwal resigned as Chief Financial Officer and Key Managerial Personnel effective May 15, 2026.
The resignation results in his removal as an authorized person under Regulation 30(5) of SEBI (LODR) Regulations.
Mr. Uday V. Joshi, Whole Time Director, remains an authorized person for determining event materiality.
Mr. Awaneesh Srivastava, Company Secretary, continues to be an authorized person for making disclosures to Stock Exchanges.
👀 What to Watch
Investors should monitor the company's upcoming announcements regarding the appointment of a new CFO to ensure continuity in financial oversight. While leadership changes are common, a CFO exit warrants a brief review of the company's financial reporting stability.
Garware Hi-Tech Films CFO Abhishek Agarwal Resigns to Pursue Outside Opportunities
Garware Hi-Tech Films Limited has announced the resignation of its Chief Financial Officer, Mr. Abhishek Agarwal, effective May 15, 2026. Mr. Agarwal is stepping down to pursue external career opportunities and will also cease to be a Key Managerial Personnel (KMP) and a member of the Risk Management Committee. The company has stated there are no other material reasons for his departure. A successor has not yet been named, and the company will update the exchanges upon a new appointment.
Key Highlights
Mr. Abhishek Agarwal resigned as Chief Financial Officer on May 15, 2026.
The resignation leads to his cessation as a Key Managerial Personnel (KMP) under Section 203 of the Companies Act.
He will also step down from his position on the company's Risk Management Committee.
The company is currently in the process of identifying a replacement for the CFO role.
👀 What to Watch
Investors should monitor the company's announcement regarding the appointment of a new CFO to ensure a smooth leadership transition. While the resignation appears routine, any delay in finding a qualified successor should be monitored.
Garware Hi-Tech Films CFO Abhishek Agarwal Resigns to Pursue External Opportunities
Garware Hi-Tech Films Limited (GRWRHITECH) has announced the resignation of its Chief Financial Officer, Mr. Abhishek Agarwal, effective May 15, 2026. Mr. Agarwal is stepping down from his role as CFO and Key Managerial Personnel (KMP) to pursue career opportunities outside the organization. He also ceases to be a member of the company's Risk Management Committee. The company has confirmed there are no other material reasons for his departure and will initiate the process to appoint a successor.
Key Highlights
Mr. Abhishek Agarwal resigned as CFO and Key Managerial Personnel on May 15, 2026.
The resignation includes his exit from the company's Risk Management Committee.
Departure is attributed to pursuing career opportunities outside the company with no other material reasons cited.
The company will notify stock exchanges regarding the appointment of a new CFO in due course.
👀 What to Watch
Investors should monitor the company's upcoming announcements for the appointment of a new CFO to ensure leadership stability and continuity in financial management.
Garware Hi-Tech Q4 FY26 PAT Jumps 39% to ₹108 Cr; Sets ₹2,500 Cr Revenue Target for FY27
Garware Hi-Tech Films reported a strong Q4 FY26 with PAT rising 39.1% YoY to ₹108 crores and EBITDA margins expanding to 26.2%. Despite geopolitical headwinds and tariff issues earlier in the year, the company achieved its highest-ever annual revenue of ₹2,120 crores and PAT of ₹338 crores. Management has guided for a revenue target of ₹2,500 crores in FY27, supported by a shift towards a direct-to-consumer (D2C) model and new capacity. The company remains debt-free with significant cash reserves of ₹774 crores to fund its ₹191 crore expansion in sun control films.
Key Highlights
Q4 FY26 EBITDA grew 29% YoY to ₹157 crores with margins expanding to 26.2%.
FY26 full-year revenue reached ₹2,120 crores with a PAT of ₹338 crores.
Management guided for FY27 revenue of ₹2,500 crores and EBITDA margins of 25% (+/- 2%).
Investing ₹191 crores in a new sun control film line to add 1,200 lakh sq ft capacity by June 2027.
Maintains a debt-free balance sheet with ₹774 crores in cash and liquid investments.
👀 What to Watch
Investors should note the strong margin recovery and the company's transition to a high-margin D2C model through its expanding studio network. The upcoming TPU line commissioning in October 2026 and the ₹2,500 crore revenue guidance for FY27 provide clear growth visibility.
Garware Hi-Tech Re-appoints Monika Garware as JMD for 5 Years; Appoints New Independent Director
Garware Hi-Tech Films has approved the re-appointment of Ms. Monika Garware as Vice-Chairperson and Joint Managing Director for a five-year term starting November 1, 2026. Additionally, the board appointed Ms. Sonali Rajesh Mehta as an Independent Director for a one-year term effective June 25, 2026, succeeding Ms. Devanshi Nanavati. These leadership decisions aim to ensure continuity in management and bring legal expertise to the board. The re-appointment of Ms. Garware, who has been with the company since 1989, underscores stability in the executive leadership.
Key Highlights
Ms. Monika Garware re-appointed as Vice-Chairperson and JMD for a 5-year term until October 2031.
Ms. Sonali Rajesh Mehta appointed as Independent Director for 1 year starting June 25, 2026.
Ms. Monika Garware has been associated with the company for over 35 years since March 1989.
Ms. Sonali Rajesh Mehta replaces outgoing Independent Director Ms. Devanshi Nanavati.
👀 What to Watch
Investors should view this as a routine move to ensure leadership continuity and regulatory compliance. No immediate action is required as the core management structure remains stable.
Garware Hi-Tech Films to Invest ₹191 Cr to Expand Lamination Capacity by 1200 LSF/P.A.
Garware Hi-Tech Films has approved a significant capacity expansion for its New Lamination Line (SCF) at its Waluj facility in Maharashtra. The project involves an investment of approximately ₹191 crores, which will be funded entirely through internal accruals, indicating strong cash flow generation. This expansion will add 1200 LSF/P.A. to the existing capacity of 4200 LSF/P.A., representing a capacity increase of approximately 28.5%. The project is slated for completion within 14 months to address future growth as current facilities are operating at optimum utilization.
Key Highlights
Approved investment of ₹191 crores for a new Lamination Line (SCF) at Waluj.
Proposed capacity addition of 1200 LSF/P.A. to the existing 4200 LSF/P.A.
Entire project to be funded through internal accruals, avoiding additional debt.
Project completion timeline set at 14 months from the date of approval.
Expansion necessitated by current capacity utilization reaching optimum levels.
👀 What to Watch
Investors should view this as a positive long-term growth indicator, reflecting management's confidence in demand and strong internal liquidity. Monitor the project's progress over the next 14 months for timely execution and subsequent revenue ramp-up.
Garware Hi-Tech Films FY26 Revenue Hits ₹2,120 Cr; Q4 PAT Surges 38% YoY
Garware Hi-Tech Films reported a steady FY26 with revenue reaching ₹2,120 crore and a PAT of ₹338 crore. The company achieved its highest-ever quarterly profitability in Q4 FY26, with PAT rising to ₹108 crore from ₹78 crore YoY. It maintains a strong balance sheet with zero net debt and a liquidity surplus of ₹774 crore. Management is focusing on high-margin Value Added Products (VAP), which now contribute 87% of total revenue.
Key Highlights
FY26 Revenue grew to ₹2,120 Cr with a 5-year revenue CAGR of 17% (FY21-FY26).
Q4 FY26 PAT increased by 38% YoY to ₹108 Cr compared to ₹78 Cr in the previous year's quarter.
Value Added Products (VAP) contribution remains strong at 87% of total revenue, supporting a 23.6% EBITDA margin.
Maintained a debt-free status with a significant liquidity surplus of ₹774 Cr as of March 31, 2026.
Future growth secured via ₹310 Cr planned capex for a new TPU line (Oct 2026) and SCF line (June 2028).
👀 What to Watch
Investors should monitor the successful commissioning of the new TPU and SCF lines as they are key to sustaining the 15-20% revenue growth guidance. The company's shift toward a B2C model and high-margin specialty films makes it a strong play in the premium automotive and architectural film segments.
Garware Hi-Tech Reports Record FY26 PAT of ₹338 Cr; Approves ₹191 Cr Capex for New SCF Line
Garware Hi-Tech Films delivered its highest-ever quarterly and annual profitability in FY26, with Q4 PAT surging 39.1% YoY to ₹108 crore. The company achieved record annual revenue of ₹2,120 crore despite global volatility, supported by strong demand in Sun Control and Paint Protection Films. To sustain growth, the board approved a ₹191 crore investment in a high-tech Sun Control Film line expected to start production in June 2027. Additionally, the company is aggressively expanding its direct-to-consumer footprint with over 250 domestic studios and 11 new international locations.
Key Highlights
Q4 FY26 PAT grew 39.1% YoY to ₹108 crore, with EBITDA margins expanding 409 bps to 26.2%.
Achieved record annual revenue of ₹2,120 crore and PAT of ₹338 crore for FY26.
Board approved ₹191 crore capex for a new automated Sun Control Film line with 1,200 LSF capacity.
Expanded global footprint with 11 new international Application Studios in the USA and UAE.
Domestic network reached 250+ Application Studios with a target to scale Home Solutions to 50 by FY27.
👀 What to Watch
Investors should view the record profitability and significant margin expansion as a sign of strong operational efficiency and market leadership. The new capex and D2C expansion provide a clear roadmap for long-term growth, justifying a positive outlook.
