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Garware Technical Fibres Limited (GARFIBRES)

₹767.20 +0.20% last close, 16 Oct

📊 NSE: GARFIBRES 🏢 Textiles - Products 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Garware Technical's revenue was ₹426 Cr (-1.6% year on year, +10.0% on the previous quarter), and net profit ₹57.0 Cr (-19.7% year on year); the operating margin was 22.5%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹426	-1.6%	+10.0%
Operating profit	₹96.0	-2.0%	+35.6%
Net profit	₹57.0	-19.7%	+1.2%
EPS (₹)	5.77	-19.4%	+1.9%
Operating margin	22.5%	—	—

Full quarterly financials → Results calendar →

GARFIBRES delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 62.96% of the GARFIBRES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.67%. That is higher than usual for this stock. Turnover was only ₹79 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.

62.96%Delivery, 16 Oct

50.67%Own 20-session average

0.3×Volume vs its average

₹767.20NSE close · +0.20%

Delivery in the last 5 sessions: 33.2% · 41.6% · 46.0% · 71.4% · 63.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Garware Technical Fibres Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 02:41 PM

Garware Technical Fibres Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that securities received for dematerialisation were verified, mutilated, and cancelled. Additionally, depository records have been updated accordingly. This filing is standard quarterly regulatory compliance and carries no financial or operational impact.

Compliance certificate submitted under Regulation 74(5) of SEBI regulations
Covers the quarter ended September 30, 2026
Confirmation issued by RTA MUFG Intime India Private Limited on October 6, 2026
Dematerialised securities confirmed to be listed on stock exchanges

💡 Track Garware Technical Fibres' upcoming Q2 FY27 financial results announcement for updates on revenue growth and operating margins.

Garware Technical Fibres Schedules Investor Plant Visit for September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 03:40 PM

Garware Technical Fibres Limited has informed the exchanges regarding a scheduled plant visit and physical group meeting for investors and analysts. The visit is set to take place at the company's plant in Wai, District Satara, Maharashtra on September 22, 2026. GTFL stated that no unpublished price sensitive information (UPSI) will be discussed during the interaction. This is a routine investor relations engagement.

Plant visit scheduled for September 22, 2026
Meeting format is a physical group meeting with investors and analysts
Location of the visit is the Wai manufacturing facility in Satara, Maharashtra
Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared

💡 Track whether any presentation materials or transcripts from the plant visit are submitted to the exchanges post-event for updates on operational focus.

Garware Technical Fibres Approves MD Re-appointment and AGM Resolutions with 94% In Favour

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Sep 2026, 07:57 PM

Garware Technical Fibres has submitted the scrutinizer's report and voting results for its 49th Annual General Meeting held on September 8, 2026. A total of 6,88,48,021 votes were polled across 9,76,48,345 outstanding shares (70.51% turnout). Shareholders approved key special resolutions including the re-appointment of Mr. Vayu Ramesh Garware as Managing Director (94.0% votes in favour) and independent directors. Notably, institutional dissent was observed on the re-appointments, with 28.43% institutional votes cast against the MD and ~39.5-40.0% against the independent directors.

Shareholder turnout reached 70.51% with 6,88,48,021 votes polled out of 9,76,48,345 total shares
Special resolution for re-appointment of Managing Director Vayu Ramesh Garware passed with 94.00% overall approval
Institutional shareholders cast 28.43% of their votes (41,31,626 votes) against the MD re-appointment
Special resolutions for Independent Directors Anil Sadashiv Wagle and Dr. Shridhar Shrikrishna Rajpathak passed with 91.57% and 91.66% overall favour, respectively
Promoter group voted 100% of their 5,29,70,480 shares in favour of all resolutions

💡 Track subsequent corporate disclosures for operational execution under the renewed MD term and monitor upcoming quarterly financial performance.

Garware Technical Fibres Re-appoints CMD V.R. Garware and Independent Director for 5-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Sep 2026, 07:35 PM

Shareholders of Garware Technical Fibres Limited approved the re-appointment of Mr. V. R. Garware as Chairman and Managing Director for a five-year term starting December 1, 2026. Additionally, Dr. Shridhar Shrikrishna Rajpathak was re-appointed as a Non-Executive Independent Director for a second five-year term from November 12, 2026, to November 11, 2031. The decisions ensure continuous leadership stability at the helm of the Rs 8,104 Cr market cap technical textiles manufacturer. Neither director is debarred by SEBI, MCA, or other statutory authorities.

Re-appointment of Mr. V. R. Garware as Chairman & Managing Director for a 5-year term from December 1, 2026
Re-appointment of Dr. Shridhar Shrikrishna Rajpathak as Independent Director for a 5-year term from November 12, 2026, to November 11, 2031
Dr. Rajpathak brings over 47 years of experience in finance, costing, and export procedures
Approval granted at the 49th Annual General Meeting held on September 8, 2026

💡 Track ongoing execution on the geosynthetic division and value-added product expansion (targeting >75% mix) in upcoming quarterly earnings releases.

Garware Technical Fibres Shareholders Approve Rs 1/Share Final Dividend and Key Appointments at 49th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 07:09 PM

Garware Technical Fibres Limited concluded its 49th Annual General Meeting on September 8, 2026, with all 8 resolutions passed by requisite majorities. Shareholders approved a final dividend of Rs 1.00 (10%) per equity share alongside confirming the Rs 8.00 (80%) interim dividend already paid for FY 2025-26. Key special resolutions were also passed, including the re-appointment of Managing Director Mr. Vayu Ramesh Garware (6.47 crore votes in favor) and non-executive independent directors. A total of 61 members attended the meeting out of 38,585 shareholders as of the September 1, 2026 cut-off date.

Final dividend of Rs 1/- (10%) per equity share confirmed; interim dividend of Rs 8/- (80%) approved.
Re-appointment of Managing Director Mr. Vayu Ramesh Garware passed with 6,47,15,361 votes in favor and 41,32,660 against.
Continuation and re-appointment of independent directors Mr. Anil Sadashiv Wagle and Dr. Shridhar Rajpathak approved.
Total shareholder count stood at 38,585 as of the cut-off date of September 1, 2026, with 61 members attending via VC.

💡 Track the payment timeline for the Rs 1.00 final dividend and monitor the company's upcoming Q2 FY27 operational and financial results.

Garware Technical Fibres Approves Re-appointments & ₹1 Final Dividend at 49th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 07:04 PM

Garware Technical Fibres Limited concluded its 49th Annual General Meeting on September 08, 2026, with all 8 resolutions passed by requisite majorities. Shareholders approved the confirmation of an ₹8.00 per share interim dividend alongside declaring a final dividend of ₹1.00 per share for FY26. Key special resolutions were also cleared, including the re-appointment of Mr. Vayu Ramesh Garware as Managing Director (6,47,15,361 votes in favor) and Dr. Shridhar Shrikrishna Rajpathak as Non-Executive Independent Director. Total shareholder participation stood at 61 members via video conference out of 38,585 total shareholders as of the September 01, 2026 cut-off date.

Final dividend of ₹1.00 (10%) per equity share of face value ₹10 approved; interim dividend of ₹8.00 (80%) confirmed
Managing Director Mr. Vayu Ramesh Garware re-appointed with 6,47,15,361 votes in favor versus 41,32,660 against
Independent Directors Mr. Anil Sadashiv Wagle and Dr. Shridhar Shrikrishna Rajpathak re-appointments approved with over 6.30 cr votes each
A total of 61 members attended the AGM via video conference out of 38,585 shareholders as of cut-off date September 01, 2026

💡 Track the payment date for the ₹1.00/share final dividend and watch for Q2 FY27 earnings disclosures to assess demand momentum in export markets.

Garware Technical Fibres Sets September 1, 2026 as Record Date for FY26 Final Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 17 Aug 2026, 01:16 PM

Garware Technical Fibres Limited has fixed Tuesday, September 1, 2026, as the record date for the purpose of determining shareholder eligibility for the final dividend for FY 2025-26. The intimation applies to fully paid equity shares of face value Rs 10 each. The specific per-share dividend amount was not detailed in this filing. For FY26, the company reported net profit of Rs 198.48 crore on full-year revenue of Rs 1,528.48 crore.

Record date fixed as close of business hours on Tuesday, September 1, 2026
Purpose is payment of final dividend for Financial Year 2025-26
Applicable to fully paid equity shares of face value Rs 10 each
Specific dividend payout amount per share is not disclosed in this notice

💡 Shareholders seeking dividend eligibility must hold shares before the ex-dividend date prior to September 1, 2026, and track the final dividend payout date following AGM approval.

Garware Technical Fibres Schedules 49th AGM for Sept 8, 2026; Dispatches FY26 Report Links

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 12:38 PM

Garware Technical Fibres Limited has issued a statutory intimation regarding the dispatch of physical letters to shareholders whose email addresses are not registered. The communication provides access web-links to the Notice of the 49th Annual General Meeting (AGM) and the FY2025-26 Annual Report. The 49th AGM is scheduled to take place on Tuesday, September 8, 2026, at 10:30 AM IST via Video Conferencing. Additionally, the notice serves as a reminder for physical shareholders to update mandatory KYC details per SEBI directives.

49th Annual General Meeting scheduled for Tuesday, September 8, 2026, at 10:30 AM IST via VC/OAVM.
Notice and FY26 Annual Report web-links dispatched to members without registered emails as of August 7, 2026.
Mandatory KYC updation and physical share dematerialisation reminder issued per SEBI circulars.

💡 Shareholders should note the AGM date on September 8, 2026, and physical equity holders should update KYC details with the RTA to ensure uninterrupted receipt of corporate actions and dividends.

GARFIBRES Files FY26 BRSR: Exports Constitute 55.76% of Turnover, Netting Dominates at 57.56%

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 12:34 PM

Garware Technical Fibres Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 under SEBI LODR regulations. The disclosure highlights that exports accounted for 55.76% of total company turnover, spanning roughly 75 international markets. Netting remained the core revenue driver at 57.56% of turnover, followed by Twine, Ropes, and Yarn at 21.66%. The company operates 2 primary manufacturing facilities in Pune and Wai, supported by 22 R&D scientists and 29 patents.

Export sales accounted for 55.76% of total revenue in FY 2025-26 across ~75 countries
Netting products contributed 57.56% of turnover, while Twines, Ropes, and Yarn contributed 21.66%
Maintains an R&D team of 22 scientists holding 29 patents across >20,100 SKUs
Manufacturing footprint encompasses 2 plants in Maharashtra (Pune and Wai) along with 9 overseas offices/subsidiaries

💡 This is a routine annual compliance disclosure. Investors should look out for upcoming quarterly financial results to monitor export volume trends and operating margin sustainability.

Garware Technical Fibres Convenes 49th AGM on Sep 8, 2026; Proposes ₹1/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 12:31 PM

Garware Technical Fibres Limited has issued the notice and annual report for its 49th Annual General Meeting scheduled for September 08, 2026. The key ordinary and special business items include approval of the FY26 financial statements and declaration of a final dividend of ₹1.00 per share (10%), complementing the ₹8.00 per share interim dividend already paid. Additionally, shareholders will vote on the re-appointment of Mr. Vayu Ramesh Garware as Chairman & Managing Director for a 5-year term starting December 01, 2026. The meeting will also consider the re-appointment and tenure continuation of independent directors and cost auditor remuneration of ₹6,30,000.

49th Annual General Meeting scheduled for Tuesday, September 08, 2026, via Video Conferencing.
Proposed final dividend of ₹1.00 (10%) per equity share of ₹10 each for FY26, alongside ₹8.00 (80%) interim dividend already paid.
Special resolution proposed for re-appointment of Mr. Vayu Ramesh Garware as Chairman & Managing Director for 5 years effective December 01, 2026.
Resolution proposed for re-appointment of Dr. Shridhar Shrikrishna Rajpathak as Independent Director for a second 5-year term from November 12, 2026.
Approval sought for cost auditor remuneration of ₹6,30,000 plus taxes and expenses for FY27.

💡 Educational only: Shareholders eligible on the record date can participate in e-voting and track voting results post the AGM on September 08, 2026.

Garware Technical Fibres Sets Sept 1, 2026 as Cut-off Date for 49th AGM e-Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 04:36 PM

Garware Technical Fibres Limited (GTFL) has announced the schedule for its 49th Annual General Meeting (AGM), to be held on September 8, 2026, via video conferencing. The company has fixed September 1, 2026, as the cut-off date to determine the eligibility of members for exercising their voting rights. Remote e-voting will be facilitated through NSDL from September 5 to September 7, 2026. This is a standard procedural filing in compliance with the Companies Act, 2013 and SEBI regulations.

49th Annual General Meeting scheduled for Tuesday, September 8, 2026, at 10:30 a.m. IST
Cut-off date for determining voting eligibility fixed as Tuesday, September 1, 2026
Remote e-voting period starts on September 5, 2026 (9:00 a.m.) and ends on September 7, 2026 (5:00 p.m.)
Voting facility provided through National Securities Depository Limited (NSDL)

💡 Investors should review the upcoming AGM notice for specific resolutions and ensure their shares are held in their demat accounts by the September 1 cut-off date to participate in voting.

49th AGM Scheduled for Sept 8, 2026; Cut-off Date Fixed for Sept 1

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 04:30 PM

Garware Technical Fibres Limited has announced its 49th Annual General Meeting (AGM) will be held on September 8, 2026, via video conferencing. The company has established September 1, 2026, as the cut-off date to determine shareholder eligibility for electronic voting. The remote e-voting window is set to open on September 5 and close on September 7, 2026. This is a standard regulatory procedure for listed companies to conduct annual shareholder business.

49th Annual General Meeting scheduled for September 8, 2026, at 10:30 a.m. IST
Cut-off date for e-voting eligibility fixed as September 1, 2026
Remote e-voting period runs from September 5, 2026 (9:00 a.m.) to September 7, 2026 (5:00 p.m.)
Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM)

💡 Shareholders should monitor for the full AGM notice to review specific resolutions, including potential dividend declarations or management appointments, and ensure shares are in their demat account by the Sept 1 cut-off to exercise voting rights.

31.4% Revenue Growth in Q1 FY27; PAT Rises 21.5% to Rs 64.5 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Aug 2026, 04:18 PM

Garware Technical Fibres reported a robust Q1 FY27 with consolidated revenue increasing 31.4% YoY to Rs 482.4 Cr. Profit After Tax (PAT) grew 21.5% to Rs 64.5 Cr, supported by strong performance in the Synthetic Cordage and Geosynthetics segments. Despite inflationary pressures from raw materials and elevated freight rates due to the Middle East conflict, the company maintained a PBT growth of 22.7% by passing on costs to customers. The recovery of the US market post-tariff disruptions and healthy domestic demand were key growth drivers.

Net Sales increased by 31.4% YoY to Rs 482.4 Cr in Q1 FY27 compared to Rs 367.2 Cr in Q1 FY26
Profit Before Tax (PBT) rose 22.7% YoY to Rs 86.4 Cr
Consolidated PAT grew 21.5% YoY to Rs 64.5 Cr from Rs 53.1 Cr
Earnings Per Share (EPS) increased 22.6% to Rs 6.56 from Rs 5.35
Geosynthetics business sustained strong growth momentum and delivered excellent profitability

💡 Investors should monitor the company's ability to maintain margins if freight costs remain elevated and track the execution of the Geosynthetics expansion, which is a high-margin segment.

GARFIBRES Q1 Results: 21.5% YoY Consolidated PAT Growth to ₹64.6 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 05 Aug 2026, 04:07 PM

Garware Technical Fibres reported a strong consolidated performance for Q1 FY27, with revenue growing 31.3% YoY to ₹482.37 Cr. Consolidated Net Profit rose 21.5% to ₹64.60 Cr, significantly outpacing the standalone profit of ₹48.99 Cr, which actually declined 11.2% YoY. The growth was primarily driven by the Synthetic Cordage segment and strong performance from international subsidiaries. The company's Q1 revenue represents approximately 31.5% of its TTM revenue, indicating a robust start to the fiscal year.

Consolidated Revenue from Operations increased 31.3% YoY to ₹482.37 Cr from ₹367.23 Cr.
Consolidated Net Profit (attributable to owners) grew 21.5% YoY to ₹64.60 Cr.
Standalone Synthetic Cordage segment revenue rose 15.4% YoY to ₹299.64 Cr.
Standalone Fibre and Industrial Products segment profit jumped 51% YoY to ₹23.31 Cr.
Consolidated Total Comprehensive Income surged 89% YoY to ₹106.89 Cr, aided by ₹42.28 Cr in other comprehensive income.

💡 Monitor the performance of international subsidiaries in the US, Chile, and Norway, which are currently driving the consolidated growth delta. Watch for management commentary on whether the standalone margin contraction is due to raw material costs or domestic demand shifts.

Garware Technical Fibres Issues KYC Update Notice for Physical Shareholders

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 04 Aug 2026, 03:09 PM

Garware Technical Fibres has dispatched notices to shareholders holding shares in physical form to update mandatory KYC details as per SEBI mandates. This includes PAN, bank account details, mobile numbers, and specimen signatures. The move follows SEBI circulars from May and June 2024 aimed at streamlining investor records. Shareholders who fail to update these details will only receive dividends via electronic mode once the information is provided.

Compliance with SEBI Master Circulars dated May 07, 2024, and June 10, 2024
Mandatory update required for PAN, Address, Mobile Number, Bank Account, and Specimen Signature
Dividends declared after April 01, 2024, will be held until KYC details are updated for electronic credit
Company encourages conversion of physical shares to demat form for better market liquidity

💡 Investors holding physical share certificates should immediately submit Form ISR-1 and other relevant documents to the RTA, MUFG Intime India Private Limited, to avoid delays in dividend payments.

View All GARFIBRES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company reported a 17% YoY revenue growth in 9M FY2025, a significant recovery from the modest 2% YoY growth in FY2024. The Geosynthetic division has maintained robust growth momentum, while the domestic business showed steady performance. Export volumes, which were muted in FY2024 due to supply chain overstocking, improved in FY2025.

Geographic Revenue Split

Exports constitute approximately 65% of total revenue as of FY2022, with the remaining 35% derived from the domestic Indian market. This high export exposure provides a competitive cost advantage in developed economies but increases sensitivity to global demand shifts.

Profitability Margins

Operating Profit Margins (OPM) have consistently ranged between 16% and 20% over the past few years. Consolidated Profit Before Tax (PBT) for FY2025 reached INR 308.45 Cr, representing a 13.52% increase over the previous year, driven by a shift toward value-added products.

EBITDA Margin

EBITDA margins are maintained at 16-20%. This core profitability is supported by the share of value-added products increasing from ~50% to 70-75% of the total mix, allowing for better pricing flexibility against inflationary pressures.

Capital Expenditure

The company maintains moderate capex plans with limited outgo, which, combined with strong accruals, has allowed for the generation of free cash flow. Specific INR values for future capex were not disclosed in the provided documents.

Credit Rating & Borrowing

ICRA reaffirmed ratings of [ICRA]AA+(Stable) and [ICRA]A1+ on April 7, 2025. The company maintains a net-cash surplus position with a Total Debt/OPBIDTA ratio well below 1.0 times and a gearing of 0.1 times as of late 2022.

⚙️ Operational Drivers

Raw Materials

Not specifically named in the documents, though referred to generally as 'commodities' and 'energy' which represent a significant portion of the cost structure.

Capacity Expansion

Current and planned capacity in MT/units is not disclosed; however, the company is focusing on 'technologically advanced' and 'value-added' product expansion to drive growth.

Raw Material Costs

Raw material costs are subject to volatile commodity and energy prices. The company mitigates these costs by increasing the share of premium, value-added products (now 70-75% of the portfolio) which offer higher pricing flexibility.

Manufacturing Efficiency

Manufacturing efficiency is driven by a focus on innovation and technologically advanced products. RoCE has remained strong at more than 20% over the past few years.

Logistics & Distribution

Logistical bottlenecks are cited as a pressure point that demands heightened agility and risk mitigation to maintain operational resilience.

📈 Strategic Growth

Expected Growth Rate

17%

Growth Strategy

Growth will be achieved by expanding the Geosynthetic division, increasing the share of value-added products to over 75%, and targeting export markets to offset stagnant domestic demand (which saw only ~1% CAGR over five years). The company also issued a 4:1 bonus share in January 2025 to reward shareholders and signal confidence.

Products & Services

Fishnets, twines, ropes, and geosynthetic products used in fisheries, aquaculture, shipping, and industrial sectors.

Brand Portfolio

Garware

New Products/Services

Technologically advanced and value-added products are the primary focus, with their revenue contribution increasing from 50% to 70-75% recently.

Market Expansion

Focusing on geographically diversifying the revenue base to mitigate demand risks from specific overseas markets, particularly in developed economies where they have a cost advantage.

Market Share & Ranking

GTFL holds a market-leading position across many segments and a dominant share in the organized domestic market.

🌍 External Factors

Industry Trends

The industry is shifting toward technical textiles and value-added fibres. GTFL is positioning itself by moving away from commodity products toward specialized aquaculture and geosynthetic solutions.

Competitive Landscape

The domestic market is price-sensitive and fragmented with many unorganized players, though GTFL dominates the organized segment.

Competitive Moat

The moat is built on a market-leading position, a strong brand name in fishnets and ropes, and a high-entry barrier created by technologically advanced, value-added products (70-75% of mix).

Macro Economic Sensitivity

Highly sensitive to global economic activities and trade dynamics; domestic demand is sensitive to extreme weather events and regulatory changes like GST.

Consumer Behavior

There is a shift toward premium, technologically advanced products in the fisheries and aquaculture sectors, which GTFL is capturing through its R&D focus.

Geopolitical Risks

Ongoing geopolitical tensions and the resurgence of trade tariffs are identified as threats that could disrupt supply chains and increase costs.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act, 2013 and SEBI Listing Obligations is noted. The company monitors critical regulatory requirements through a dedicated tool.

Environmental Compliance

The company focuses on safe operations and remaining compliant with regulations to ensure the safety of employees and the community.

Taxation Policy Impact

Direct taxes paid are reflected in the cash flow statement, though the specific effective tax rate % is not explicitly stated in the snippets.

Legal Contingencies

The company has disclosed the impact of pending litigations on its financial position in Note No. 44 of the Standalone Financial Statements. Specific case values in INR were not provided in the text.

⚠️ Risk Analysis

Key Uncertainties

Global demand volatility and overstocking in the supply chain can impact export volumes, as seen in the 2% growth rate of FY2024. Forex movements are a primary risk given the 65% export share.

Geographic Concentration Risk

65% of revenue is concentrated in export markets, making the company vulnerable to global economic cycles.

Technology Obsolescence Risk

The company mitigates technology risk through continuous efforts to introduce technologically advanced products and investing in IT infrastructure for automation.

Credit & Counterparty Risk

Trade receivables stood at INR 300.09 Cr (17.47% of total assets) as of March 31, 2025. Management uses 'Expected Credit Loss' models to manage the risk of doubtful debts.