Garware Hi Tech Films Ltd(GRWRHITECH)

NSE: GRWRHITECHBSE: 500655

₹ 7,037.9+5.70%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 16,351 crWebsite: www.garwarehitechfilms.comUpdated: 23 Oct 2026

About

Garware Hi-Tech Films Ltd manufactures specialty polyester films - sun control window films (SCF), paint protection films (PPF) and industrial/performance films (IPD) - sold across more than 80 countries with the USA as its largest market. The company reported FY26 revenue of ₹2,120 cr and PAT of ₹338 cr, both all-time highs. It operates as a single reportable segment (Polyester Films) and is expanding into TPU film extrusion to backward-integrate its PPF business.^[1][2][3][4]

Business segments

Sun Control Films (SCF / Window Film): ~55% of revenue in Q1 FY27, up from ~48 - 50% in FY26 average; architectural SCF is the fastest-growing sub-category, crossing 25% of total company revenue in Q1 FY27.^[5][6]
Paint Protection Film (PPF): ~20% of revenue in Q1 FY27 (temporarily lower due to a vessel delayed at Jebel Ali); ~25% in FY26 average; USA is the dominant PPF market.^[5][6]
Industrial & Performance Division (IPD): ~25% of revenue in Q1 FY27, consistent with FY26 average.^[5][6]
Garware operates as a single reportable segment - Polyester Films - for statutory reporting purposes.^[2]

Geographic revenue mix

USA contributed ₹948.83 cr (~45% of FY25 consolidated revenue of ₹2,109.36 cr), making it the single largest geography.^[2]
Middle East grew from ~4% of revenue in Q3 FY25 to ~8% in Q3 FY26, driven by architectural film demand; MENA revenues stood at approximately $15 million as of Q4 FY26.^[7][3]
Non-US markets collectively grew ~20% YoY in Q2 FY26, partially offsetting tariff-driven US headwinds.^[6]

Manufacturing capacity and utilisation

PPF total capacity doubled to 600 LSF (lakh sq ft) p.a. in Q2 FY26 after commissioning of the second dedicated PPF line; the new line ran at ~65% utilisation in Q3 FY26 and ~60% in Q1 FY27.^[6][7][5]
Sun control film lines were running at 75 - 80% utilisation as of Q4 FY26 and were expected to reach full utilisation by Q2 FY27.^[3]
One customer group contributed ~34% of total product sales in FY25 (vs ~30% in FY24), indicating significant customer concentration.^[2]

Key operating metrics

Architectural film revenue mix: grew from ~10% of Consumer Products Division sales ~two years ago, to 22 - 23% in Q3 FY26, to more than 25% of total company revenue in Q1 FY27.^[7][5]
EBITDA margin reached a record 30.3% in Q1 FY27 (+544 bps YoY), crossing 30% for the first time; FY26 full-year EBITDA margin was 23.6%.^[5][3]
R&D spend is 3 - 5% of revenue in Q1 FY27.^[5]
Balance sheet is debt-free with ₹850 cr in cash and liquid investments as of Q1 FY27, up from ₹669 cr as of December 2025.^[5][7]

Distribution and D2C reach

Garware Application Studios (GAS): 250+ locations as of Q1 FY27, serving as direct-to-consumer PPF and glazing film fitment centres across Tier 1 - 3 cities in India.^[5]
Global Application Studios: 14 locations as of Q1 FY27 (including UAE), up from 11 as of Q4 FY26.^[5][3]
D2C revenues: 10 - 15% of total global revenues and ~40% of domestic Indian PPF revenues as of Q4 FY26; D2C margins run 25 - 40% above distributor-level margins.^[3]
Garware Home Solutions (GHS): a 100% D2C model for residential architectural film applications; 9 studios operational in Q1 FY27, targeting 50 studios by end of FY27.^[5]
Domestic OEM tie-ups for PPF: 4 Indian automotive OEM supply agreements formalised (including Mahindra & Mahindra model); 2 more OEMs in active discussion with samples approved, as of Q4 FY26.^[3]

Expansion and capex

TPU film extrusion line: ₹118 cr investment at Waluj; capacity 360 LSF p.a.; 75% dedicated to PPF backward integration, 25% to new products; commissioning targeted in Q3 FY27 (Oct - Dec 2026).^[5][4][3]
New sun control film line: ₹192 cr capex (adjacent to existing facility); ~1,200 LSF p.a. additional capacity with advanced robotics and automation; commercial production targeted in H1 FY28; peak revenue from this line estimated at ~₹500 - 550 cr.^[5][3]
UAE wholly owned subsidiary (free-zone structure, nil subsidiary tax) was completed as of Q4 FY26 to manage trading and exports of films, ceramic coatings and PPF across MENA.^[3][7]
Capital commitments of ₹119.52 cr were outstanding as of FY25 year-end (vs ₹12.15 cr in FY24), with ₹25.69 cr of advances already paid.^[2]

Recent developments

September 2026: Garware Hi-Tech Films and Lubrizol signed an MoU to collaborate on advanced TPU-based film solutions, coinciding with the ₹118 cr TPU platform investment.^[4]
Q1 FY27: India's DGTR recommended antidumping duty on TPU-based paint protection film imports from China, which management expects to benefit domestic PPF manufacturers.^[5]
February 2026: US additional tariff on Indian polyester films reduced from 50% to 10% (on top of the base tariff of 6.26%), enabling release of held inventory into the US market in Q4 FY26.^[3]
Q1 FY27: US tariff refunds began arriving post-quarter (30 - 40% received by July - August 2026); net benefit to Garware after customer-sharing estimated at ₹50 cr+, expected in Q2 FY27.^[5]
FY25 annual report: new joint statutory auditor M/s J. H. Mehta & Co. appointed for three years, replacing retiring Kirtane & Pandit LLP.^[2]

Market Cap

₹16,351 Cr

High / Low

₹7,987 / 2,692

Stock P/E

39.9

Price / Book

5.8

Book Value

₹1,143

EPS

₹145.6

No. of Shares

2.32 Cr

ROCE

18.0%

ROE

13.5%

OPM

20.8%

Debt / Equity

0.00

Sales

₹2,120 Cr

Net Profit

₹338 Cr

Promoter holding

60.7%

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