NSE: ARROWGREEN · BSE: 516064
ARROW GREENTECH LIMITED
Makes specialty films used in security and anti-counterfeit applications, plus sustainable packaging films. FY26 revenue of Rs 200.51 cr was earned almost entirely from two segments — Hightech Products at Rs 163.61 cr (81.6% of segment revenue) and Green Products at Rs 36.9 cr (18.4%). The Hightech segment sells graphene-based security threads, color shift films used in security labels and decorative applications, and anti-counterfeit products, serving security printers and authentication buyers. Green Products covers sustainable packaging films, which grew 52% year-on-year in FY26 driven by demand for eco-friendly packaging. Two Indian patents were granted in 2026 — one for a graphene-based security thread (Patent No. 593008) and one for a color shift base film (Patent No. 589622). Materials at 30.6% of revenue are the biggest input cost, followed by other operating expenses at 13.8% and employees at 8.5%. The EBITDA margin stood at 36.5% and the board declared Rs 5 per share as dividend. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hightech Products (82%), Green Products (18%). Capital-light specialty films maker with two segments (security/anti-counterfeit and sustainable packaging)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 34 | 109 | 149 | 243 | 201 |
| EBITDA (ex other income) | (7) | 24 | 46 | 88 | 65 |
| margin % | (21.8) | 21.6 | 31.2 | 36.3 | 32.2 |
| Owners' profit | (9) | 12 | 30 | 63 | 47 |
| EPS, as reported (₹) | (6.62) | 8.52 | 19.56 | 41.83 | 31.38 |
| ROE % · ROCE % | (12.1) · (12.9) | 12.2 · 18.3 | 22.8 · 31.3 | 33.2 · 45.1 | 20.1 · 27.4 |
| Debt / equity (x) | 0.04 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 3 | 9 | 51 | 119 | 43 |
| Capex | (9) | (4) | (10) | (7) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 65 | 55 | 57 | 42 | 61 | 56 | 42 | 88 |
| Profit before tax | 26 | 18 | 16 | 14 | 21 | 19 | 11 | 36 |
| Net profit | 19 | 13 | 11 | 11 | 16 | 13 | 7 | 27 |
| EPS (₹) | 12.37 | 8.52 | 7.58 | 7.21 | 10.42 | 8.81 | 4.90 | 18.15 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Green Products | 37 | 18.4 |
| Hightech Products | 164 | 81.6 |
| Total, before eliminations | 201 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.9 | 16.2 | 34 of 64 | 48% |
| P/B | 4.5 | 1.3 | 55 of 61 | 10% |
| ROCE | 27.2 | 6.9 | 2 of 68 | 99% |
| ROE | 20.1 | 6.8 | 3 of 61 | 97% |
| Debt / Equity | 0.0 | 0.4 | 1 of 61 | 95% |
| EBITDA margin | 43.2 | 12.1 | 5 of 62 | 93% |
| Revenue growth | 111.2 | 14.0 | 3 of 61 | 97% |
| Profit growth | 151.2 | 23.4 | 14 of 60 | 78% |
| Market cap | 1076 | 118 | 10 of 73 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Singapore Patent Granted for Secure Document Laminates | business updates | medium | — | — |
| 21 Sept 2026 · 34th AGM: All 8 resolutions passed, dividend declared, new auditor appointed | compliance | low | — | — |
| 19 Sept 2026 · New Statutory Auditor Appointed at Arrow Greentech | management changes | medium | — | — |
| 18 Sept 2026 · Arrow Greentech 34th AGM concludes; 8 items including dividend, auditor change | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · Arrow Greentech schedules analyst/investor meet on Sept 22 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Arrow Greentech schedules one-on-one investor meeting | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Intimation of Analyst/Investor Meet on September 2, 2026 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Arrow Greentech publishes newspaper ad for 34th AGM notice and E-voting details | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.