Garware Technical Fibres Ltd(GARFIBRES)

NSE: GARFIBRESBSE: 509557

₹ 740.25+1.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,228 crNext results: 29 Oct 2026Website: www.garwarefibres.comUpdated: 24 Oct 2026

About

Garware Technical Fibres Limited (GTFL), established in 1976, is a leading manufacturer of technical textiles with manufacturing facilities in Wai and Pune, Maharashtra, delivering value-added solutions across domestic fisheries, international aquaculture, shipping, geosynthetics, and sports surfaces. The company reported consolidated revenue of ₹1,528.79 crores in FY26 and is present in over 75 countries worldwide. Aquaculture is its largest business segment, and it holds ICRA AA+ (Stable) long-term and ICRA A1+ short-term credit ratings on a ₹400 crore line of credit.^[1][2]

Business segments

Synthetic Cordage: ₹1,215.25 crores revenue (78.2% of total) in FY26, with 20.5% EBIT margin - covers aquaculture nets, sports nets, fishing cordage and value-added ropes.^[3]
Fibre and Industrial Products & Projects: ₹338.73 crores revenue (21.8% of total) in FY26, with 20.0% EBIT margin - covers geosynthetics and industrial fibre products.^[3]

Products and brands

GTFL delivers value-added solutions across domestic fisheries, international aquaculture, shipping, geosynthetics, and sports surfaces, supported by a broad portfolio of SKUs and proprietary technologies.^[1]
Aquaculture product platforms ACE and MaxPro demonstrated strong potential in global aquaculture markets in FY26.^[1]
HDPE cage net portfolio spans multiple product lines (V2, V4, X18, Sapphire, CFR) addressing fish escape, bio-fouling, and predation challenges; more than 30,000 cage nets supplied globally since 2010.^[4][5]
Value Added Ropes (VAR) segment covers mooring, towing, offshore, transmission, and defence applications; new product development actively used to win new customers as of FY26.^[5]

Operations

Manufacturing facilities located in Wai and Pune, Maharashtra.^[1]
R&D is supported by a dedicated team, proprietary technologies, and a growing intellectual-property portfolio; also operates innovation labs.^[1][4]
65% of power sourced from renewable sources as of Q3 FY26.^[6]

Key operating numbers

Consolidated revenue declined 0.74% to ₹1,528.79 crores in FY26 from ₹1,540.11 crores in FY25; consolidated EBITDA fell to ₹269.7 crores from ₹318.8 crores.^[1]
RoIC (pre-tax) fell to 37.3% in FY26 from 58.0% in FY25; return on average net worth declined to 15.3% from 18.7%.^[1]
Debt-equity ratio improved to 0.03 in FY26 from 0.05 in FY25; interest coverage ratio stands at 20.87 in FY26.^[1]

Customers and distribution

Present in over 75 countries worldwide as of FY26.^[1]
In the USA, strong long-term customer relationships maintained business continuity through the tariff period in FY26; demand and business momentum recovered after tariff removal.^[1]
Expanding presence in the UK aquaculture market and deepening engagement with global aquaculture majors; participated in HavExpo as of FY26.^[1]
Sports Nets US business: orders resumed at higher rates from all major customers after tariff resolution, with new customers also added, as of Q4 FY26.^[5]

Subsidiaries and acquisitions

GTF UK acquired Offshore and Trawl Supply AS (OTS) and Advance Mooring Supply AS (AMS), both Norwegian companies, on 7 July 2025 for an aggregate NOK 122 million; OTS delivered planned financial performance and was ROCE & EPS positive for GTFL in FY25.^[1][5]
Garware Technical Fibres AS (GTF AS) incorporated in Norway on 17 June 2025; recorded revenue of ₹91.82 crores and net profit of ₹0.65 crores for the period ended 31 March 2026.^[1]
Garware Environmental Services Private Limited (GESPL), a wholly owned Indian subsidiary, is yet to start commercial operations as of FY26.^[1]
Norway Branch (Garware Technical Fibres NUF) transferred its business undertaking to GTF AS on 25 June 2025.^[1]

Expansion and capex

Geosynthetics: first large-scale ash pond lining project Phase-1 commissioned for a 600 MW power plant as of Q4 FY26, marking entry into a new application segment.^[5]
Technical and operational integration of OTS with GTFL commenced as of Q4 FY26, with synergy unlocking in value-added ropes targeted over the medium term.^[5]

Recent developments

Middle East conflict escalating from March 2026 caused sharp, unprecedented raw material cost increases and logistics disruption; company building inventory as a buffer and passing costs through to customers with a time lag.^[1]
ICRA reaffirmed long-term rating at ICRA AA+ (Stable) and short-term at ICRA A1+ on a ₹400 crore line of credit during FY26.^[1]
Promoters hold 53.36% stake with no shares pledged or encumbered by the promoter group as of 31 March 2026.^[1]
Geosynthetics reported strong topline and profit growth through FY26, led by landfill & lining and slope protection segments; strong order book provides visibility for FY27 as of Q4 FY26.^[5]

Market Cap

₹7,228 Cr

High / Low

₹863 / 579

Stock P/E

34.8

Price / Book

5.4

Book Value

₹136

EPS

₹20.0

No. of Shares

9.93 Cr

ROCE

21.9%

ROE

15.3%

OPM

18.8%

Debt / Equity

0.03

Sales

₹1,529 Cr

Net Profit

₹199 Cr

Promoter holding

54.3%

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Garware Technical Fibres Ltd(GARFIBRES)

About

Business segments

Products and brands

Operations

Key operating numbers

Customers and distribution

Subsidiaries and acquisitions

Expansion and capex

Recent developments

Signal history

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