NSE: GARFIBRES · BSE: 509557
GARWARE TECH FIBRES LTD
Manufactures technical textiles and synthetic cordage products serving four end-use markets: aquaculture, sports, value-added ropes, and geosynthetics. In FY26, the synthetic cordage segment generated Rs 1,105.45 crore (76.5% of segment revenue), while Fibre and Industrial Products & Projects contributed Rs 338.73 crore (23.5%). The aquaculture business has supplied over 30,000 HDPE cage nets globally since 2010, primarily to salmon farming operators, in a market where the company cites global salmon demand growing at 8% CAGR against 3% supply growth. The sports nets business serves global sports customers, with US tariff issues resolved in FY26 and orders normalizing. Value-added ropes include the OTS acquisition (Norway) completed in July 2025, serving marine and industrial customers. Geosynthetics serves infrastructure projects and showed strong profitability growth in FY26, with the company pointing to Indian Railways (Rs 2.8 lakh crore) and MoRTH (Rs 3.9 lakh crore) capex as context. Materials account for 26.8% of revenue, employees 15.5%, and other operating expenses 36.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Synthetic cordage (77%), Fibre and Industrial Products & Projects (24%). Diversified technical textiles manufacturer with asset-light balance sheet (debt-free) and end-use exposure to aquaculture, sports, marine/industrial, and infrastructure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,189 | 1,306 | 1,326 | 1,540 | 1,529 |
| EBITDA (ex other income) | 223 | 230 | 272 | 319 | 270 |
| margin % | 18.7 | 17.6 | 20.5 | 20.7 | 17.6 |
| Owners' profit | 165 | 172 | 208 | 232 | 199 |
| EPS, as reported (₹) | 79.92 | 83.54 | 102.16 | 23.32 | 20.01 |
| ROE % · ROCE % | 17.0 · 22.3 | 16.9 · 22.1 | 16.9 · 22.4 | 18.6 · 25.2 | 14.7 · 19.6 |
| Debt / equity (x) | 0.08 | 0.13 | 0.10 | 0.05 | 0.03 |
| Cash from operations | 64 | 189 | 219 | 195 | 162 |
| Capex | (14) | (29) | (38) | (43) | (56) |
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 | 421 | 351 | 433 | 367 | 348 | 387 | 426 | 482 |
| Profit before tax | 88 | 62 | 97 | 70 | 46 | 75 | 78 | 86 |
| Net profit | 66 | 48 | 71 | 53 | 32 | 56 | 57 | 65 |
| EPS (₹) | 33.11 | 24.00 | 7.16 | 5.35 | 3.22 | 5.66 | 5.77 | 6.56 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Synthetic cordage | 350 | 22.5 |
| b) Fibre and Industrial Products & Projects | 81 | 5.2 |
| Synthetic cordage | 596 | 38.3 |
| Fibre and Industrial Products & Projects | 258 | 16.6 |
| Synthetic Cordage | 270 | 17.4 |
| Total, before eliminations | 1,554 | 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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD ◆ | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.3 | 16.8 | 133 of 179 | 26% |
| P/B | 5.4 | 1.1 | 171 of 185 | 8% |
| ROCE | 18.7 | 4.3 | 20 of 215 | 91% |
| ROE | 14.7 | 4.7 | 26 of 188 | 87% |
| Debt / Equity | 0.0 | 0.4 | 36 of 188 | 81% |
| EBITDA margin | 20.5 | 9.8 | 27 of 198 | 87% |
| Revenue growth | 31.4 | 6.9 | 43 of 192 | 78% |
| Profit growth | 21.6 | 20.0 | 99 of 203 | 52% |
| Market cap | 7310 | 61 | 6 of 223 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Quarterly dematerialisation compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Submission of newspaper publication copy to the Exchange | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2/H1 FY26 results consideration | compliance | minimal | — | — |
| 17 Sept 2026 · Plant visit scheduled for investors and analysts on September 22, 2026 | investor communications | low | — | — |
| 8 Sept 2026 · Garware Tech Fibres AGM: All 8 resolutions passed, Rs 9 total dividend approved | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Garware Tech re-appoints CMD and Independent Director for 5 years | management changes | high | — | — |
| 8 Sept 2026 · Board re-appointments approved at AGM; Chairman MD and Independent Director for 5 years | management changes | medium | — | — |
| 8 Sept 2026 · Garware Technical Fibres 49th AGM: all 8 resolutions passed, Rs 9 dividend | compliance | minimal | — | — |
| 8 Sept 2026 · 49th AGM of Garware Tech Fibres held; all 8 resolutions passed; total dividend Rs. 9 per share | board shareholder meetings | 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.