GRWRHITECH

Garware Hi-Tech Films share price & financials

Price
₹6,970.5
Market cap
₹16.3k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Garware Hi-Tech Films Limited Q1 FY27

Revenue from Operations ₹633 cr +28%EBITDA ₹192 cr +56%EBITDA Margin 30.3% Profit After Tax ₹133 cr +60%

What went well

  • Q1 FY27 marked the strongest quarter in company history with highest ever quarterly revenues, EBITDA, PBT, and PAT.
  • Revenue from operations grew 28% YoY to INR633 crores.
  • EBITDA increased 56% YoY to INR192 crores, achieving a record 30.30% margin (544 bps expansion).

What to watch

  • Supply chain disruptions due to Middle East issues caused some consignments to be late, delaying products from Q1 to Q2.
  • Initial resistance from some channel partners to the D2C model led to 'tough calls' and the exit of some partners.
Read the full call →

What Garware Hi-Tech Films Limited does

Garware Hi-Tech Films is a fully vertically integrated specialty-films manufacturer that converts its own polyester chips into value-added films for automotive and architectural sun-control, automotive paint protection, safety glazing, and industrial applications such as shrink film, electrical/electronics insulation, release liners and packaging film. It sells through a global distribution network spanning over 90 countries, supported by dedicated architectural-films teams in the USA, Europe, India and the Middle East, and is expanding a direct-to-consumer footprint through Garware Application Studios and Garware Home Solutions. The company operates under two reporting divisions - Consumer Product Division and Industrial Product Division - and holds a portfolio of over 3,000 SKUs.

Segments

  • Consumer Product Division (CPD)
  • Industrial Product Division (IPD)
Manufacturing locations
2 state-of-the-art facilities with multiple production lines
Production lines
2 PPF lines, 2 SCF lines, 1 Metalizer line, 1 TPU line, plus ancillary lines
Installed capacity - Industrial Product Division (IPD)
42,000 MT per annum
Installed capacity - Sun Control Film (SCF)
4,200 LSF per annum
Installed capacity - Paint Protection Film (PPF)
600 LSF per annum
Installed capacity - polyester chips plant
66,000 MT per annum
Founded 1957Headquarters Garware House, 50-A, Swami Nityanand Marg, Vile Parle (East), Mumbai - 400 057 Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 4 delivered 2 missed 12 open
  • MENA Region Sales FY27 went quiet said Q4 FY26 Promised: $20 million to $22 million Q1 FY27: No specific update on the $20-22 million sales target for the MENA region was provided in the Q1 FY27 call.
  • TPU Extrusion Line Commissioning on track said Q3 FY25 Promised: October 2026 Q1 FY27: The TPU project remains on track for commissioning during the third quarter of FY27.
  • FY26 Revenue delivered, diluted said Q3 FY25 Promised: INR 2,500 crores Q4 FY26: FY26 revenue reached INR 2,120 crores, meeting the revised guidance of 'around INR 2,100 crores plus'.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.9%, net profit up 60.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue621 466 548 495 570 −8%459 −2%597 +9%633 +28%
EBITDA137 81 104 110 119 −13%70 −14%135 +30%172 +56%
Net profit104 61 78 83 91 −12%56 −8%108 +38%133 +60%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +108.5% 1Y

₹3.0k₹4.0k₹5.0k₹6.0k₹7.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 7 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹3,320.1 on 10 Sept 2025 → ₹6,921.5. High ₹7,409.5 (5 Aug 2026), low ₹2,704.5 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−5.0%
7 Aug
Q4 FY26
+8.1%
7 May
Q3 FY26
+10.3%
2 Feb
Q2 FY26
+4.9%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.8% a year over 3 years, FY23 to FY26. Operating margin widened to 20.5%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.7k Cr₹2.1k Cr₹2.1k Cr
Operating profit₹227 Cr₹282 Cr₹441 Cr₹434 Cr
Operating margin15.8%16.8%20.9%20.5%
Interest₹17 Cr₹12 Cr₹8 Cr₹8 Cr
Depreciation₹33 Cr₹40 Cr₹40 Cr₹46 Cr
Net profit₹166 Cr₹204 Cr₹331 Cr₹338 Cr
Net margin11.5%12.2%15.7%15.9%
Cash from operations₹218 Cr₹172 Cr₹330 Cr₹275 Cr
Free cash flow₹152 Cr₹156 Cr₹276 Cr₹114 Cr
ROCE12.0%14.0%21.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹23 Cr₹23 Cr₹23 Cr₹23 Cr₹23 Cr₹23 Cr
Reserves₹1.5k Cr₹1.7k Cr₹1.8k Cr₹2.0k Cr₹2.5k Cr₹2.6k Cr
Borrowings₹138 Cr₹182 Cr₹141 Cr₹0 Cr₹18 Cr₹16 Cr
Other liabilities₹167 Cr₹240 Cr₹218 Cr₹279 Cr₹307 Cr₹339 Cr
Total liabilities₹1.9k Cr₹2.1k Cr₹2.2k Cr₹2.3k Cr₹2.8k Cr₹3.0k Cr
Fixed assets₹1.3k Cr₹1.3k Cr₹1.5k Cr₹1.4k Cr₹1.5k Cr₹1.6k Cr
Capital work in progress₹11 Cr₹96 Cr₹10 Cr₹2 Cr₹24 Cr₹26 Cr
Investments₹226 Cr₹274 Cr₹393 Cr₹363 Cr₹685 Cr₹698 Cr
Other assets₹302 Cr₹423 Cr₹344 Cr₹508 Cr₹594 Cr₹710 Cr
Total assets₹1.9k Cr₹2.1k Cr₹2.2k Cr₹2.3k Cr₹2.8k Cr₹3.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.81 pp while DIIs added +1.46 pp. The shareholder count grew 4% to 56,759.

Promoters
60.7%
FIIs
4.2%
DIIs
6.3%
Public
28.7%

Since Jun 2025

  • Public −1.81 pp
  • DIIs +1.46 pp
  • FIIs +0.36 pp

How it drifted, 12 quarters

Over this window the public fell from 35.6% to 28.7% — −6.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.7%, FIIs 0.1%, DIIs 3.5%, Public 35.6%.Dec '23: Promoters 60.7%, FIIs 0.1%, DIIs 3.8%, Public 35.4%.Mar '24: Promoters 60.7%, FIIs 0.3%, DIIs 4.2%, Public 34.8%.Jun '24: Promoters 60.7%, FIIs 0.5%, DIIs 4.8%, Public 34.0%.Sep '24: Promoters 60.7%, FIIs 1.6%, DIIs 4.5%, Public 33.3%.Dec '24: Promoters 60.7%, FIIs 2.7%, DIIs 4.3%, Public 32.3%.Mar '25: Promoters 60.7%, FIIs 3.5%, DIIs 4.8%, Public 31.0%.Jun '25: Promoters 60.7%, FIIs 3.9%, DIIs 4.9%, Public 30.5%.Sep '25: Promoters 60.7%, FIIs 3.6%, DIIs 5.0%, Public 30.7%.Dec '25: Promoters 60.7%, FIIs 4.0%, DIIs 5.3%, Public 30.0%.Mar '26: Promoters 60.7%, FIIs 4.0%, DIIs 5.3%, Public 30.0%.Jun '26: Promoters 60.7%, FIIs 4.2%, DIIs 6.3%, Public 28.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Garware Hi-Tech Films Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
S B Garware Family Trust 38.17%newly disclosed
B.D.Garware Research Centre Private Limited 5.35%unchanged
Shashikant Bhalchandra Garware 5.01%−33.16 pp
Monika Garware Benefit Trust 2.47%newly disclosed
Sarita Garware Benefit Trust 2.47%newly disclosed
Great View Real Estates Private Limited 2.02%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.82%−0.05 pp
LIC Mf Multi Cap Fund Mutual fund1.69%−0.59 pp
Sonia Shashikant Garware 1.16%unchanged
Monika Garware 1.15%unchanged
Sarita Garware Ramsay 1.15%unchanged
JM Financial Mutual Fund - JM Flexicap Fund Mutual fund1.12%−0.22 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Fair

To justify its price of ₹6922, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹6546 — downside of 5%.

Growth the price implies
27.9% a year
for 7 years, fading to 4%
It has actually compounded at
26.7% a year
net profit, FY23–FY26 · EPS 26.7%
The gap
0.0 pp
-5% downside if it only repeats history
Price today ₹6,921.5 Value at the reference growth ₹6,546.45

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Garware Hi-Tech Films Limited

Guides on how to read this kind of business and the numbers that matter.