Arrow Greentech Ltd(ARROWGREEN)

NSE: ARROWGREENBSE: 516064

₹ 674-1.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,017 crWebsite: www.arrowgreentech.comUpdated: 24 Oct 2026

About

Arrow Greentech Ltd is an Indian specialty materials company with two segments: High-tech Products (anti-counterfeit security materials and pharma drug-delivery films) and Green Products (water-soluble and bio-compostable films). It is India's largest manufacturer of water-soluble films, sold under the Watersol® brand, and reported consolidated revenue of Rs. 200.51 Cr in FY26. In Q1 FY27 consolidated revenue surged to Rs. 878 Mn, with the High-tech segment contributing Rs. 816 Mn.^[1][2][3]

Business segments

High-tech Products contributed Rs. 163.61 Cr (81.6% of revenue) in FY26, covering anti-counterfeit products, intellectual property and the Avery Pharma subsidiary; EBIT margin was 36.8%.^[4][1]
Green Products contributed Rs. 36.9 Cr (18.4% of revenue) in FY26, covering water-soluble films, bio-compostable products and other green products; EBIT margin was 34.4%.^[4][1]
In Q1 FY27, High-tech segment revenue reached Rs. 816 Mn (+137% YoY, +135% QoQ), while Green Products fell to Rs. 63 Mn (-12% YoY).^[3]
Management describes the High-tech segment as the cash-flow engine that funds reinvestment into the Green Products growth platform.^[5]

Products and brands

The Watersol® range covers AD film for detergent unit-dose packaging, dye and pigment packaging, toilet block packaging, water-soluble laundry bags, mould release film, construction chemical packaging, fibre packaging, seed bomb packaging and seed tape packaging.^[1]
Security products include anti-counterfeit threads, security fibres and security films with capabilities in metalising, demetallising, holography, nano printing and functional coatings, used in banknotes, passports, tax stamps and brand protection.^[1]
Avery Pharmaceuticals organises its offering around three platforms: MDS Films (mouth dissolving strips), Novel Drug Delivery Device, and RX Matrix; the MDS technology rests on a granted patent for Active Embedded Water-Soluble Film.^[1]
Avery Pharma has entered the transdermal patch segment to broaden its portfolio, in addition to its MDS platform.^[6]
The Bioplast brand covers the company's bio-compostable film product line.^[1]

Operations

The Watersol® manufacturing facility is at Ankleshwar, Gujarat (~350 km from Mumbai), on a 99-year renewable lease from GIDC, with an on-site R&D centre.^[1]
Avery Pharma operates a WHO-GMP-approved facility at Sanand, Gujarat, equipped with German-designed machinery and an in-house product development centre; certifications include FSSAI, GLP, ISO 9001 and ISO 22000.^[1]
The company holds a 3-acre industrial plot at Dahej-II Industrial Estate, Gujarat, intended for future capacity expansion in green technologies; the company is debt-free and plans to fund this without external leverage.^[1]
As of March 31, 2026, the workforce consisted of 120 employees.^[1]

IP and approvals

24 patents are currently in force across India (10), the US (6), UK and Europe (6), Sri Lanka (1) and Malaysia (1), out of more than 50 granted globally; more than 10 Indian and 3 foreign applications are under process.^[1]
The company holds 40 in-force registered trademarks, with 19 trademark applications under processing.^[1]
Avery Pharma has 40 products approved under FSSAI and 21 products under prescription (Rx) approval as of FY26.^[1]
AGTL has received the National Intellectual Property Award from CII and DPIIT in 2019, 2021, 2022, 2023, 2024 and 2025; its Water-Soluble Film technology won the Commercial Innovation Award at the FIPSA Awards for Responsible Packaging 2026.^[1]

Customers and distribution

Security products are primarily supplied to paper manufacturers.^[1]
Watersol® distribution reaches Europe, Asia, North America, South America and Africa, served through three supply points in India, the UK and South America.^[1]
A related-party transaction with Advance Business Solutions of Rs. 70 Cr is proposed for FY27, representing 33% of FY26 consolidated turnover, indicating significant customer concentration.^[1]
Avery Pharma has signed a long-term supply contract with a large MNC for export markets and is in discussions with other domestic and international companies for additional MDS supply agreements.^[5][6]

Group structure

International operations run through Arrow Green Technologies (UK) Limited (wholly owned), which holds Advance IP Technologies Limited (UK) and Advance Secure Products B.V. (Netherlands), serving as hubs for Europe, Asia, the Americas and Africa.^[1]
Indian group companies include Arrow Secure Technology Pvt Ltd, Avery Pharmaceuticals Pvt Ltd (both wholly owned), LQ Arrow Security Products (India) Pvt Ltd and SP Arrow Bio-polymer Products Pvt Ltd.^[1]

Expansion and capex

Capacity expansion is planned at the 3-acre Dahej-II Industrial Estate plot in Gujarat to support green technologies; the company states its debt-free balance sheet can fund this without external leverage.^[1]
The Security division plans to extend market reach globally, beginning with exports to the EU and EEA regions.^[1][7]
Avery Pharma is pursuing product registrations in Russia, Yemen and Vietnam as part of an export-led growth strategy.^[1][3]

Key operating numbers

High-tech segment revenue was Rs. 1,636 Mn in FY26, down from Rs. 2,191 Mn in FY25, impacted by geopolitical headwinds and evolving customer demand.^[8]
Green Products segment revenue was Rs. 369 Mn in FY26, up 52% from Rs. 243 Mn in FY25, representing 18% of consolidated revenue.^[8]
Consolidated EBITDA margin was 40.9% in Q1 FY27 (vs. 34.3% in Q1 FY26), expanding 1,610 bps QoQ from 24.8% in Q4 FY26.^[3]
Gross profit margin was 54.5% in FY26, up marginally from 54.0% in FY25; Q1 FY27 gross margin was 54.7%.^[8][3]

Market Cap

₹1,017 Cr

High / Low

₹950 / 342

Stock P/E

15.9

Price / Book

4.3

Book Value

₹155

EPS

₹31.4

No. of Shares

1.51 Cr

ROCE

30.5%

ROE

22.4%

OPM

31.3%

Debt / Equity

0.00

Sales

₹201 Cr

Net Profit

₹47 Cr

Promoter holding

65.7%

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Arrow Greentech Ltd(ARROWGREEN)

About

Business segments

Products and brands

Operations

IP and approvals

Customers and distribution

Group structure

Expansion and capex

Key operating numbers

Signal history

The analysis Screener can't give you

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