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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 42,745 | 41.2 | 6.93 | 26.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,967 | 65.9 | 9.36 | 34.3 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD ◆ | 16,077 | 41.5 | 6.05 | 31.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| FINOLEX INDUSTRIES LTD | 9,504 | 15.4 | 1.53 | 11.1 | 9.6 | 11.8 | 3.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Notice of 69th AGM published in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · Newspaper publication of 69th AGM notice and e-voting information | compliance | minimal | — | — |
| 31 Aug 2026 · Garware Hi-Tech Films fixes Sept 16 as record date for dividend | corporate actions | high | — | — |
| 31 Aug 2026 · Garware Hi-Tech Films files BRSR for FY 2025-26 | compliance | minimal | — | — |
| 31 Aug 2026 · Garware Hi-Tech Films files FY26 Annual Report; Rs 12 dividend proposed | general | medium | — | — |
| 31 Aug 2026 · Notice of 69th AGM on September 23, 2026 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Newspaper notice on TDS on dividend for FY 2025-2026 | compliance | minimal | — | — |
| 26 Aug 2026 · Tax Deduction on Final Dividend - Shareholder Communication | compliance | low | — | — |
| 11 Aug 2026 · Garware Hi-Tech Films Q1 FY27: Record Revenue INR 633 Cr, EBITDA Margin 30% | investor communications | medium | — | — |
| 7 Aug 2026 · Garware Hi-Tech Films Q1 FY27 Results Published in Newspapers | compliance | minimal | — | — |
| 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 |
| 20.6 |
| TIME TECHNOPLAST LTD. | 8,934 | 17.6 | 2.14 | 10.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| KINGFA SCI & TEC IND LTD. | 8,422 | 37.3 | 6.02 | — | 13.2 | 17.7 | — | 16.9 |
| PRINCE PIPES FITTINGS LTD | 2,950 | 28.9 | 1.79 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,444 | — | 2.74 | 32.3 | 0.5 | 1.0 | — | 1.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.5 | 15.2 | 48 of 54 | 11% |
| P/B | 6.0 | 1.8 | 39 of 43 | 10% |
| ROCE | 16.4 | 7.1 | 13 of 57 | 79% |
| ROE | 12.7 | 7.6 | 12 of 48 | 77% |
| Debt / Equity | 0.0 | 0.1 | 4 of 48 | 77% |
| 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 | 16077 | 130 | 3 of 56 | 96% |
| 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 |
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.
