Garware Hi-Tech Films Limited (GRWRHITECH)
₹6,970.00 -1.75% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Garware Hi-Tech's revenue was ₹597 Cr (+9.0% year on year, +30.1% on the previous quarter), and net profit ₹108 Cr (+38.8% year on year); the operating margin was 22.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹597 | +9.0% | +30.1% |
| Operating profit | ₹135 | +29.2% | +92.1% |
| Net profit | ₹108 | +38.8% | +93.7% |
| EPS (₹) | 46.58 | +39.1% | +94.0% |
| Operating margin | 22.6% | — | — |
GRWRHITECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.03% of the GRWRHITECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.24%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 48.3% · 48.5% · 45.4% · 44.1% · 50.0%
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 Hi-Tech Films 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 was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that no dematerialisation requests were received from shareholders during the quarter ended September 30, 2026. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI (DP) Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- RTA confirmed 0 dematerialisation requests received from shareholders during the quarter
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 07, 2026
Garware Hi-Tech Films Limited concluded its 69th Annual General Meeting on September 23, 2026, where shareholders passed all four tabled resolutions with requisite majority. The approved ordinary businesses include the adoption of FY26 financial statements, declaration of a final dividend, re-appointment of retiring director Ms. Sonia Garware, and ratification of cost auditors' remuneration. Overall shareholder voting turnout stood at approximately 64.48% across general resolutions, with near-unanimous approval from participating shareholders.
- Resolution 1 (FY26 Accounts) approved with 14,980,586 votes in favour (100%) and 3 against
- Resolution 2 (Final Dividend) approved with 14,980,589 votes in favour (100%) and 3 against
- Resolution 3 (Re-appointment of Ms. Sonia Garware) approved with 1,980,668 votes in favour (99.73%) with promoters abstaining as interested parties
- Overall voter participation was 64.48% of total outstanding shares (14,980,592 of 23,232,394 shares polled)
Garware Hi-Tech Films Limited successfully concluded its 69th Annual General Meeting on September 23, 2026, where all routine resolutions including financial statement adoption and dividend declaration were transacted. In the AGM address, management reiterated FY26 performance with consolidated revenue at ₹2,120 crore and PAT at ₹338 crore. Additionally, management highlighted a strong Q1 FY27 start, with revenue rising 28% YoY to ₹633 crore and PAT climbing 60% YoY to ₹133 crore. Operating EBITDA margins crossed 30% for the first time in Q1 FY27, reaching ₹192 crore.
- AGM held on September 23, 2026 transacting adoption of FY26 financials and final dividend declaration
- Reported record FY26 consolidated revenue of ₹2,120 crore, EBITDA of ₹500 crore, and PAT of ₹338 crore
- Q1 FY27 revenue rose 28% YoY to ₹633 crore with PAT expanding 60% YoY to ₹133 crore
- Q1 FY27 EBITDA reached ₹192 crore with EBITDA margin crossing 30% for the first time
- Q4 FY26 revenue stood at ₹597 crore with an EBITDA margin of 26.2%
Garware Hi-Tech Films has signed an MoU with Lubrizol to localize advanced Thermoplastic Polyurethane (TPU) technology and backward integrate its premium Paint Protection Film (PPF) business. The project involves an investment of approximately ₹118 crore (around 5.6% of TTM revenue) and is expected to become operational by December 2026. The platform supports expanding PPF capacity to over 600 LSF and is guided to lift consolidated EBITDA margins by 150-200 bps. Nearly 25% of the ₹118 crore outlay will be dedicated to new product development and specialized applications.
- MoU signed with Lubrizol to manufacture advanced TPU-based film solutions in India
- Planned investment of approximately ₹118 crore, scheduled to be operational by December 2026
- Expands PPF manufacturing capacity to over 600 LSF via backward integration
- Expected to yield an incremental consolidated EBITDA margin expansion of 150-200 bps
- Nearly 25% of the ₹118 crore investment allocated toward new product development
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.
- 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)
Garware Hi-Tech Films Limited has issued the notice for its 69th Annual General Meeting scheduled for September 23, 2026. Key agenda items include the declaration of a final dividend of ₹12 per equity share (120% on face value of ₹10) for FY26. The record date to determine shareholder eligibility for the dividend payout has been fixed as September 16, 2026. Other business includes the re-appointment of Ms. Sonia Garware as a director retiring by rotation and ratification of cost auditor remuneration of ₹3.05 lakh.
- 69th Annual General Meeting scheduled for Wednesday, September 23, 2026, at 11:30 AM IST
- Final dividend proposed at ₹12 per equity share of face value ₹10 (120%) for FY26
- Record date for dividend entitlement established as Wednesday, September 16, 2026
- Ratification of cost auditor remuneration of ₹3,05,000 for FY27
Garware Hi-Tech Films Limited has issued an intimation to shareholders regarding Tax Deduction at Source (TDS) on the recommended final dividend of ₹12.00 per equity share (120% of face value ₹10) for FY26. The record date to determine eligible shareholders is September 16, 2026, subject to shareholder approval at the AGM on September 23, 2026. Resident shareholders will face 10% TDS (or 20% if PAN is unlinked/missing), while non-residents are subject to 20% plus cess/surcharge or applicable treaty rates. Relevant tax exemption forms (e.g., Form 121/treaty docs) must be submitted by September 10, 2026.
- Final dividend of ₹12.00 per share (120% on face value ₹10) recommended for FY26
- Record date set for September 16, 2026, ahead of the AGM on September 23, 2026
- Standard TDS rate of 10% for residents with valid PAN on payouts exceeding ₹10,000; 20% for invalid/unlinked PAN
- Deadline for submitting tax exemption/DTAA documents is September 10, 2026, by 7:00 PM IST
Garware Hi-Tech Films Limited has issued reminder notices to shareholders holding shares in physical form to furnish mandatory KYC details. The communication, sent via its RTA MUFG Intime India Pvt. Ltd., complies with SEBI circulars requiring physical holders to update PAN, bank details, nomination, and specimen signatures. Un-updated physical folios remain eligible for dividend credits only via electronic mode once details are submitted. This is a standard regulatory housekeeping filing with no impact on business operations or financials.
- Reminder dispatched on August 14, 2026, to shareholders holding equity shares in physical form.
- Mandates submission of PAN, bank details, specimen signature, nomination, and contact information to RTA MUFG Intime India Pvt. Ltd.
- Pursuant to SEBI Master Circulars dated February 06, 2026, June 23, 2025, and June 10, 2024.
- Dividends for physical folios are credited electronically only upon full completion of KYC details.
Garware Hi-Tech Films Limited has announced a schedule for one-on-one institutional investor meetings at its Corporate Office in Mumbai. The company is set to meet Avendus Spark on Wednesday, August 19, 2026, from 2:00 PM to 3:00 PM IST. Additionally, a meeting with Bank of America is scheduled for Thursday, August 20, 2026, from 11:00 AM to 12:00 Noon IST. The company confirmed that no unpublished price-sensitive information will be discussed during these sessions.
- One-on-one meeting scheduled with Avendus Spark on August 19, 2026, between 02:00 PM and 03:00 PM IST
- One-on-one meeting scheduled with Bank of America on August 20, 2026, between 11:00 AM and 12:00 Noon IST
- Both meetings will be conducted in-person at the company's Corporate Office in Mumbai
- Company confirmed that no unpublished price-sensitive information (UPSI) will be shared
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.
- 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.
Garware Hi-Tech Films has released the audio recording of its earnings conference call held on August 7, 2026, for the quarter ended June 30, 2026. The company currently maintains a TTM revenue of ‡2,120 Cr and a TTM PAT of ‡338 Cr with an operating margin of 20.5%. This disclosure is a standard regulatory requirement following the announcement of un-audited financial results. Investors can use the recording to gain insights into management's 15-20% revenue CAGR target and the progress of their TPU backward integration strategy.
- Earnings conference call conducted on August 7, 2026, for the Q1 FY27 period.
- Company reported TTM revenue of ‡2,120 Cr and TTM PAT of ‡338 Cr.
- Maintains a strong debt-to-equity ratio of 0.00 with a net worth of ‡2,587 Cr.
- Audio link provided as per Regulation 30 and 46 of SEBI LODR Regulations.
Garware Hi-Tech Films has appointed Mr. Prashant L. Pai as the Interim Chief Financial Officer (CFO) effective August 06, 2026. Mr. Pai is a company veteran with over 30 years of experience in accounting and finance within the Garware group. He will hold the position until a permanent CFO is appointed by the Board. This transition occurs as the company manages a TTM revenue of ₹2,120 Cr and maintains a healthy operating profit margin of 20.5%.
- Appointment of Mr. Prashant L. Pai as Interim CFO effective August 06, 2026
- Mr. Pai brings over 3 decades (30 years) of experience in Accounting, Finance, and SAP ERP management
- The company reported a TTM Revenue of ₹2,120.42 Cr and PAT of ₹338.02 Cr for FY26
- The appointment is interim until a permanent successor is identified by the Board of Directors
Garware Hi-Tech Films has announced September 16, 2026, as the record date for determining shareholder eligibility for its final dividend and participation in the 69th Annual General Meeting (AGM). The AGM is scheduled for September 23, 2026. This administrative step follows a strong financial year where the company achieved a TTM revenue of ₹2,120.42 crore and a PAT of ₹338.02 crore. Investors holding the stock as of the record date will be entitled to the dividend payout once approved at the AGM.
- Record date for dividend entitlement fixed for September 16, 2026
- 69th Annual General Meeting scheduled for September 23, 2026, at 11:30 a.m.
- Company reported TTM PAT of ₹338.02 crore on revenue of ₹2,120.42 crore
- Operating profit margins maintained at 20.48% for FY26
- Market capitalization stands at ₹17,413 crore with a 12-month price return of 131.9%
Garware Hi-Tech Films Limited has announced its 69th Annual General Meeting (AGM) will be held on September 23, 2026. The company has fixed September 16, 2026, as the record date to determine shareholder eligibility for the dividend and remote e-voting. This procedural update follows a fiscal year where the company achieved a TTM revenue of ‡2,120 Cr and a PAT of ‡338 Cr. The meeting will take place at the company's registered office in Chhatrapati Sambhajinagar.
- 69th Annual General Meeting scheduled for September 23, 2026, at 11:30 A.M.
- Record date for dividend eligibility and e-voting fixed as September 16, 2026.
- Company maintains a strong financial position with TTM PAT of ‡338 Cr and negligible debt of ‡12 Cr.
- Promoter holding remains stable at 60.72% as of the June 2026 quarter.
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.
- 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.
Financial Performance
Revenue Growth by Segment
Specialty Chemical Films (SCF) and Paint Protection Films (PPF) are the flagship segments, contributing 49% of total revenue as of FY23. Revenue from operations for Q2 FY26 reached INR 621 Cr, representing an 8.9% increase compared to INR 570 Cr in Q2 FY25. For H1 FY26, revenue was INR 1,095 Cr, a 2.8% growth over INR 1,065 Cr in H1 FY25.
Geographic Revenue Split
The company has a significant presence in the U.S. and domestic markets. While specific regional percentages for FY26 are not fully disclosed, the non-U.S. business (domestic and other international) is reported to have grown strongly. The U.S. market has been impacted by tariff changes, with a cumulative 25% impact noted across Q1 and Q2 FY26.
Profitability Margins
Net Profit Margin improved significantly to 16.98% in FY25 from 11.44% in FY24, a 48.48% increase. Operating Profit Margin rose to 24.77% in FY25 from 18.22% in FY24. For Q2 FY26, the PAT margin stood at 16.8% compared to 16% in Q2 FY25.
EBITDA Margin
EBITDA margin for Q2 FY26 was 24.2%, up from 23.4% in Q2 FY25. The company maintains a target EBITDA margin guideline of 25% (+/- 3%). EBITDA for Q2 FY26 was INR 150 Cr, a 12.8% increase YoY from INR 133 Cr.
Capital Expenditure
The company is moving towards a net debt-zero position and has indicated that no further debt-funded capex is planned. Significant historical investments have been made in equipment modernization and a new plant where 75% of capacity is dedicated to PPF and 25% to new product lines.
Credit Rating & Borrowing
The company maintains a comfortable financial structure with a debt-equity ratio of 0.00 in FY25, down from 0.01 in FY24. Interest coverage ratio improved by 167.6% to 76.40 in FY25. Total debt/GCA was 0.82x and interest coverage was 14.76x as of March 31, 2023.
Operational Drivers
Raw Materials
Key raw materials include Polyester chips/film (PET) and Thermoplastic Polyurethane (TPU) granules. TPU is a critical input for the high-growth Paint Protection Film (PPF) segment.
Import Sources
Not specifically disclosed in the provided documents, though the company operates globally and monitors global trade dynamics for procurement.
Capacity Expansion
The company is expanding into a new plant where 75% of the capacity is allocated to PPF and 25% is reserved for new products. Current revenue levels are estimated between INR 2,000 Cr to INR 2,500 Cr as the company scales these new capacities.
Raw Material Costs
Raw material price volatility is a key risk for commoditized products, though GHFL focuses on specialty films to stabilize margins. Backward integration into TPU is expected to improve overall EBITDA margins by 1.5% to 2%.
Manufacturing Efficiency
The company focuses on high-value specialty films (SCF and PPF) to avoid the margin instability of commoditized products. Operating profit margins reached 24.77% in FY25 due to these efficiency gains.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by a 15-20% revenue CAGR through FY26 and beyond. Key strategies include backward integration into TPU (adding 1.5-2% to margins), expanding the PPF segment, and launching new products in architectural and medical segments (occupying 25% of new plant capacity).
Products & Services
Paint Protection Films (PPF), Specialty Chemical Films (SCF), Architectural Films, and Medical Grade Films.
Brand Portfolio
Garware Hi-Tech Films (GHFL).
New Products/Services
New product lines in the architectural and medical segments are under R&D, with 25% of the new plant capacity dedicated to these launches to diversify revenue streams.
Market Expansion
The company is focusing on non-U.S. international markets and the domestic Indian market to offset U.S. tariff risks. Non-U.S. business has shown strong growth trends.
External Factors
Industry Trends
The industry is shifting toward specialty and high-performance films like PPF. GHFL is positioning itself as a high-tech player rather than a commodity manufacturer to capture 15-20% CAGR.
Competitive Landscape
The company faces competition from players adding capacity in the polyester film industry, which intensifies price competition in commoditized segments.
Competitive Moat
GHFL's moat is built on a 50-year track record, GreenPro certification, and deep R&D in specialty polyester films. Its move into TPU backward integration creates a cost leadership advantage in the PPF market.
Macro Economic Sensitivity
The company is sensitive to global trade dynamics and tariff regimes, particularly between India and the U.S., which directly affect the competitiveness of its export products.
Consumer Behavior
Increasing consumer demand for vehicle protection (PPF) and energy-efficient architectural films is driving demand for GHFL's core specialty products.
Geopolitical Risks
Geopolitical shifts and evolving global trade dynamics (tariffs) are cited as primary risks. A 25% cumulative impact from U.S. tariffs was noted in the H1 FY26 period.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI Listing Regulations 2015, specifically Regulation 21 for Risk Management and Regulation 30 for disclosures. The company monitors changing global regulations regarding plastic products and industrial films.
Environmental Compliance
GHFL is a GreenPro Certified company, indicating high adherence to environmental standards in its manufacturing processes.
Taxation Policy Impact
The company follows Indian Accounting Standards (Ind-AS). Specific tax rate percentages are not provided, but the company notes compliance with Section 133 of the Companies Act, 2013.
Legal Contingencies
The company reports a harmonious industrial relation environment with no incidents of industrial unrest or disruptions during the review period.
Risk Analysis
Key Uncertainties
The primary uncertainty is the outcome of trade negotiations between India and the U.S. regarding tariffs. A failure to reduce tariffs below 25% could pressure the 22-25% margin guidance.
Geographic Concentration Risk
Significant revenue is derived from the U.S. market, making the company vulnerable to U.S. trade policy and tariff hikes.
Third Party Dependencies
The company is mitigating third-party dependency for TPU through backward integration to secure its supply chain for the PPF segment.
Technology Obsolescence Risk
The company identifies equipment obsolescence as an operational risk and mitigates it through a systematic modernization program and R&D for new product lines.
Credit & Counterparty Risk
Receivables quality is stable with a debtors turnover of 25 days. The company has a robust financial risk profile with high interest coverage (76.40x).
