NSE: GRWRHITECH · BSE: 500655
GARWARE HI-TECH FILMS LTD
Makes specialty plastic films used across automotive, architectural and consumer applications. Revenue is split across three lines: sun control films for windows (~50% of revenue), paint protection film or PPF for vehicles (~25%), and industrial products labelled IPDs (~25%). Sun control films are sold through distributors and directly via the Garware Home Solutions studio network (6 studios operational, targeting 50 by FY27) and 250+ Garware Application Studios; PPF is sold to automotive OEMs (4 domestic OEM partnerships signed) and via distributors. A Dubai free-zone subsidiary was incorporated in April 2026 to serve the MENA region, where current revenue is around $15 million against an FY27 target of $20-22 million. Operating costs are dominated by raw materials at 48.5% of revenue, with employee costs at 9.2% and other opex at 25.2%. Capacity is being expanded: an INR 191 crore new sun control film line is to commission by June 2027 adding ~30% capacity, and a TPU line for PPF backward integration is to commission by October 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sun control films (50%), Paint Protection Film (PPF) (25%), Industrial Products (IPDs) (25%). Specialty plastic film manufacturer with a mix of B2B distribution and a growing direct-to-consumer window-film studio network.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,303 | 1,438 | 1,677 | 2,109 | 2,120 |
| EBITDA (ex other income) | 238 | 227 | 282 | 441 | 435 |
| margin % | 18.3 | 15.8 | 16.8 | 20.9 | 20.5 |
| Owners' profit | 167 | 166 | 203 | 331 | 338 |
| EPS, as reported (₹) | 71.96 | 71.51 | 87.50 | 142.57 | 145.59 |
| ROE % · ROCE % | 9.8 · 13.3 | 9.0 · 12.0 | 9.9 · 13.4 | 14.0 · 18.7 | 12.7 · 16.7 |
| Debt / equity (x) | 0.11 | 0.08 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 172 | 218 | 172 | 330 | 275 |
| Capex | (126) | (70) | (17) | (59) | (161) |
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 | 621 | 466 | 548 | 495 | 570 | 459 | 597 | 633 |
| Profit before tax | 138 | 81 | 109 | 110 | 120 | 73 | 142 | 176 |
| Net profit | 104 | 61 | 78 | 83 | 91 | 56 | 108 | 133 |
| EPS (₹) | 44.88 | 26.17 | 33.49 | 35.73 | 39.27 | 24.01 | 46.58 | 57.10 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,906 | 40.4 | 6.79 | 25.8 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,014 | 64.2 | 9.12 | 33.4 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD ◆ | 16,546 | 42.7 | 6.23 | 32.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,213 | 40.8 | 6.58 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,719 | 14.2 | 1.40 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,051 | 15.8 | 1.93 | 9.1 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,776 | 27.2 | 1.69 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,132 | — | 2.39 | 28.3 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.7 | 14.2 | 41 of 46 | 11% |
| P/B | 6.2 | 1.6 | 36 of 42 | 15% |
| ROCE | 16.4 | 7.0 | 12 of 56 | 80% |
| ROE | 12.7 | 7.6 | 12 of 45 | 75% |
| Debt / Equity | 0.0 | 0.2 | 1 of 45 | 82% |
| EBITDA margin | 30.3 | 11.6 | 2 of 43 | 98% |
| Revenue growth | 27.9 | 10.6 | 16 of 49 | 69% |
| Profit growth | 59.8 | 20.7 | 15 of 47 | 70% |
| Market cap | 16546 | 122 | 3 of 55 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 revenue hits INR696 cr; margin guidance raised | investor communications | medium | — | — |
| 23 Oct 2026 · Earnings call audio recording shared for September 2026 quarter | investor communications | low | — | — |
| 23 Oct 2026 · Newspaper publication of September 2026 quarter and half-year unaudited results | compliance | minimal | — | — |
| 22 Oct 2026 · Q2 and H1 FY27 results: margin guidance raised to 27 percent plus/minus 2 percent | investor communications | medium | — | — |
| 22 Oct 2026 · GHFL Q2 FY27: Record Revenue of ₹696 Cr, PAT Up 42% YoY | compliance | low | — | — |
| 22 Oct 2026 · Record Q2 revenue rises 22%; PAT rises 42% and EBITDA margin expands | results | high | — | — |
| 22 Oct 2026 · Record Q2 FY27: Revenue up 22% YoY to 696 Cr, PAT jumps 42% | results | high | — | — |
| 22 Oct 2026 · MPCB forfeits Rs 25 lakh bank guarantee over consent condition non-compliance | regulatory legal | high | — | — |
| 19 Oct 2026 · Garware Hi-Tech Films to host Q2 and H1 FY27 earnings call on Oct 23 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Oct 22 to approve Q2 FY27 results | results | low | — | — |
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.