GRWRHITECH - Garware Hi Tech
📢 Recent Corporate Announcements
Garware Hi-Tech Films Limited has scheduled a one-on-one in-person meeting with SBI Mutual Fund on March 4, 2026. The meeting will take place at the company's corporate office in Mumbai from 11:30 AM to 12:30 PM. This interaction is part of the company's regular investor relations activities under SEBI (LODR) Regulations. The company has explicitly stated that no unpublished price-sensitive information will be shared during the discussion.
- One-on-one in-person meeting scheduled with SBI Mutual Fund.
- Interaction date set for Wednesday, March 4, 2026, at the Mumbai corporate office.
- Meeting duration is scheduled for one hour between 11:30 AM and 12:30 PM.
- Company confirms no unpublished price-sensitive information (UPSI) will be disclosed.
Garware Hi-Tech Films Limited has scheduled a series of one-on-one in-person meetings with major institutional investors on February 27, 2026. The company will meet representatives from ICICI Prudential Mutual Fund, UTI Mutual Fund, and Trust Mutual Fund in Mumbai. These meetings are part of a Non-Deal Roadshow aimed at discussing the company's business outlook. The company has clarified that no unpublished price-sensitive information will be shared during these interactions.
- Three one-on-one in-person meetings scheduled for February 27, 2026, in Mumbai.
- Participating institutions include ICICI Prudential Mutual Fund, UTI Mutual Fund, and Trust Mutual Fund.
- The meetings are part of a Non-Deal Roadshow to engage with institutional investors.
- Company explicitly stated that no unpublished price-sensitive information (UPSI) will be disclosed.
Garware Hi-Tech Films Limited is seeking shareholder approval via postal ballot for the appointment of Mr. Uday Vasantrao Joshi as a Whole-time Director. The proposed tenure is for three years, effective from February 1, 2026, with a total annual remuneration package of ₹1.11 crore. The voting process will be conducted electronically from February 23 to March 24, 2026, with results expected by March 26, 2026. This appointment is part of the company's efforts to formalize its senior management structure and ensure leadership continuity.
- Appointment of Mr. Uday Vasantrao Joshi as Whole-time Director for a 3-year term starting Feb 1, 2026
- Proposed gross annual remuneration is ₹1,11,06,000, inclusive of all perquisites and allowances
- Remote e-voting period for shareholders begins Feb 23, 2026, and concludes on March 24, 2026
- Resolution includes a provision for minimum remuneration payment even in the event of inadequate profits
- Cut-off date for eligibility to vote in the postal ballot is Tuesday, February 17, 2026
Garware Hi-Tech Films Limited has announced the schedule for a postal ballot to seek shareholder approval for the appointment of Mr. Uday V. Joshi as a Whole-time Director. The cut-off date for determining voting eligibility is February 17, 2026. The e-voting period will run for 30 days, starting from February 23, 2026, and concluding on March 24, 2026. Final results of the voting process are expected to be declared by March 26, 2026.
- Postal ballot initiated for the appointment of Mr. Uday V. Joshi (DIN: 09753984) as Whole-time Director
- Cut-off date for identification of voting rights is Tuesday, February 17, 2026
- E-voting period scheduled from February 23, 2026 (09:00 AM) to March 24, 2026 (05:00 PM)
- Declaration of results and scrutinizer report submission set for on or before March 26, 2026
- M/s Manish Ghia & Associates appointed as the Scrutinizer for the process
Garware Hi-Tech Films reported a marginal 1.6% YoY revenue decline to ₹459 crores in Q3 FY26, primarily due to the full impact of a 50% US tariff structure. Despite these headwinds, EBITDA margins remained healthy at 18.9%, supported by cost optimization and a shift toward high-end product mixes. The company is aggressively expanding its global footprint with a new UAE subsidiary and has successfully doubled its Paint Protection Film (PPF) capacity to 600 LSF. With a debt-free balance sheet and ₹669 crores in cash, the company is well-funded for its upcoming TPU line commissioning in October 2026.
- Q3 FY26 revenue stood at ₹459 crores, a slight 1.6% YoY decline, with exports contributing 74.3% of total sales.
- EBITDA for the quarter was ₹86.7 crores with margins at 18.9%, down 118 bps YoY due to tariff-related cost absorption.
- Paint Protection Film (PPF) capacity doubled to 600 LSF in September 2025, with a new TPU line expected by October 2026.
- Company remains debt-free with a strong cash and liquid investment balance of ₹669 crores as of December 31, 2025.
- Retail footprint expanded to over 250 Garware Application Studios, with a target to cross 300 by the end of FY26.
Garware Hi-Tech Films (GHFL) has expanded its automotive portfolio by launching four new product lines: Ceramic & Graphene Coating, Car Care Kits, Window Film Kits, and Wind-Shield Pro. These products were unveiled at the ACMA Automechanika New Delhi 2026 to target the growing vehicle protection and maintenance market. The Window Film Kits are tiered into Gold, Silver, and Bronze categories to capture different price segments. This move leverages GHFL's existing presence in 90+ countries and its vertically integrated manufacturing capabilities to drive revenue growth in the high-margin automotive care segment.
- Launched 4 new products: Ceramic & Graphene Coating, Car Care Kit, Window Film Kits, and Wind-Shield Pro
- Introduced tiered Window Film Kits (Gold, Silver, Bronze) to address premium, mid, and economy market segments
- Products unveiled at the ACMA Automechanika New Delhi 2026 to strengthen automotive solutions portfolio
- Company leverages vertical integration and a global presence in over 90 countries for these new launches
Garware Hi-Tech Films Limited has reported a violation of the SEBI (Prohibition of Insider Trading) Regulations by an immediate relative of a former employee. The individual executed a contra trade involving 35 shares between September and November 2025. The company's Audit Committee reviewed the matter and imposed a penalty of ₹10,000, which has been deposited into the SEBI Investor Protection and Education Fund. The company stated the trade was inadvertent and not based on any unpublished price sensitive information.
- Violation involved a contra trade of 35 shares by a relative of an ex-employee who left on Oct 4, 2025
- Transactions included purchases in Sept 2025 and a sale in Nov 2025 totaling approximately ₹10,446
- Audit Committee imposed a penalty of ₹10,000 on January 31, 2026
- Penalty amount was successfully deposited to the SEBI-IPEF account on February 4, 2026
- Company confirmed the breach was inadvertent and did not involve UPSI
Garware Hi-Tech Films Limited has officially released the audio recording of its earnings conference call held on February 02, 2026. The call addressed the company's unaudited financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to understand management's perspective on recent business trends.
- Audio recording of the Q3 FY26 earnings call is now available for public access.
- The call discussed financial results for the nine-month period ended December 31, 2025.
- Submission made in compliance with SEBI (LODR) Regulations 30 and 46.
- Recording link provided: https://www.garwarehitechfilms.com/public/storage/files/pdf_file/1770024138_10040022.mp3
Garware Hi-Tech Films reported a slight year-on-year decline in Q3 FY26, with revenue at ₹459 crore and PAT at ₹56 crore. Despite tariff-related impacts affecting margins, the company is aggressively expanding its D2C footprint through 'Garware Home Solutions' and a new UAE subsidiary for the MENA region. The company maintains a robust financial position with a liquidity surplus of ₹669 crore and remains net debt-free. Future growth is supported by the doubling of PPF capacity to 60 million sq. ft. and an upcoming ₹118 crore TPU line investment.
- Q3 FY26 Revenue reached ₹459 Cr with EBITDA margins at 18.9% vs 20.1% YoY.
- Consolidated PAT for the quarter stood at ₹56 Cr compared to ₹61 Cr in the previous year.
- Strong liquidity position with ₹669 Cr in surplus and zero net debt as of Dec 2025.
- PPF capacity doubled to 60 million sq. ft. in Q2 FY26; new TPU line planned for Oct 2026 with ₹118 Cr capex.
- Value-Added Products (VAP) continue to dominate the mix, contributing 86% to total revenue.
Garware Hi-Tech Films reported a slight decline in performance for Q3 FY26, with consolidated revenue dipping 1.6% YoY to ₹458.7 crore. Profitability was impacted as EBITDA fell 7.4% YoY to ₹86.7 crore, with margins contracting by 118 bps to 18.9%. The company faced significant sequential pressure, with PAT dropping 38.9% QoQ, which management attributed to a seasonally strong base in Q2 and global trade volatility. Despite the dip, the company is aggressively expanding its international footprint with a new UAE subsidiary and launching a domestic D2C brand, Garware Home Solutions.
- Consolidated Revenue for Q3 FY26 stood at ₹458.7 crore, down 1.6% YoY and 19.5% QoQ.
- Net Profit (PAT) decreased by 8.3% YoY to ₹55.8 crore, with EPS falling to ₹24.0 from ₹26.2.
- EBITDA margins contracted to 18.9% compared to 20.1% in Q3 FY25 and 23.4% in Q2 FY26.
- 9MFY26 Revenue and PAT are down 2.4% and 9.2% respectively compared to the same period last year.
- Announced a new wholly owned subsidiary in UAE and launched the Garware Home Solutions D2C business in Mumbai.
Garware Hi-Tech Films reported a standalone revenue of ₹451.03 crore for Q3 FY26, a marginal 2% increase compared to ₹441.83 crore in Q3 FY25. However, standalone net profit saw a significant decline of 18.4% YoY, falling to ₹53.48 crore from ₹65.53 crore. On a sequential basis, the performance was sharply lower, with net profit dropping nearly 50% from the ₹106.52 crore recorded in Q2 FY26. The company also announced plans to seek shareholder approval for the appointment of Mr. Uday V. Joshi as a Whole-Time Director.
- Standalone Revenue from Operations at ₹451.03 crore, up 2% YoY but down 12% sequentially from Q2 FY26.
- Standalone Net Profit after tax fell to ₹53.48 crore, compared to ₹65.53 crore in the same quarter last year.
- Basic and Diluted EPS decreased to ₹23.02 from ₹28.21 in Q3 FY25.
- Subsidiaries contributed ₹125.32 crore in revenue and ₹6.08 crore in net profit to the consolidated results for the quarter.
- Board approved a Postal Ballot for the regularization of Mr. Uday V. Joshi as Director/Whole-Time Director.
Garware Hi-Tech Films Limited has announced its earnings conference call scheduled for February 02, 2026, at 11:30 AM IST. The management will discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. This call is a standard procedure for the company to engage with analysts and institutional investors regarding its business performance. Participants can join using the provided dial-in numbers or pre-register via Diamond Pass to bypass wait times.
- Earnings conference call set for February 02, 2026, at 11:30 AM IST.
- Discussion will cover Q3 and 9MFY26 financial performance and business outlook.
- Primary dial-in numbers are +9122 6280 1557 and +9122 7115 8383.
- International toll-free access provided for USA, UK, Singapore, and Hong Kong.
Garware Hi-Tech Films Limited (GHFL) has announced the incorporation of a 100% wholly-owned subsidiary in Dubai, UAE. The new entity will have a proposed capital of up to 40 million AED (approximately ₹91 crore) and will focus on the trading and export of films, ceramic coatings, and Paint Protection Films (PPF). This strategic move is designed to capture market share in the MENA region and facilitate exports to other global markets. The investment will be made through a cash subscription to the initial paid-up share capital.
- Approved incorporation of a 100% wholly-owned subsidiary in Dubai and UAE
- Proposed capital commitment of up to 40 million AED (approximately ₹91 crore)
- Focus on high-margin segments including Films, Ceramic Coatings, and Paint Protection Films (PPF)
- Strategic objective to serve the MENA region and enhance global export capabilities
Garware Hi-Tech Films Limited (GHFL) has approved the incorporation of a wholly-owned subsidiary (WOS) in Dubai, UAE, to strengthen its international footprint. The new entity will have a proposed capital of up to 40 Million AED and will focus on the trading and export of specialized films, ceramic coatings, and Paint Protection Films (PPF). This strategic move is designed to capture market share in the MENA region and serve as a hub for global exports. The investment will be 100% cash-funded by the parent company.
- Board approved 100% Wholly-owned Subsidiary incorporation in Dubai and UAE
- Proposed capital investment of up to 40 Million AED to be funded via cash
- Focus areas include high-growth segments: Films, Ceramic Coatings, and Paint Protection Film (PPF)
- Strategic objective to target the MENA region and facilitate exports to other global markets
- The entity will be a related party of GHFL once incorporation is completed
Garware Hi-Tech Films has appointed Mr. Uday V. Joshi as an Additional and Whole-Time Director for a three-year period, effective February 01, 2026. Mr. Joshi possesses 35 years of specialized experience in BOPET film manufacturing, process enhancement, and resource management. Concurrently, Mr. Mohan S. Adsul will conclude his tenure as Whole-time Director on January 31, 2026. This leadership change is subject to shareholder approval through a forthcoming postal ballot.
- Appointment of Mr. Uday V. Joshi as Whole-Time Director for 3 years starting February 01, 2026
- Mr. Joshi brings 35 years of technical and manufacturing experience in the BOPET film industry
- Outgoing Director Mr. Mohan S. Adsul will step down on January 31, 2026
- The new director holds a B.E. (Production) from VJTI and a PG Diploma in Finance and Management
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).