Garware Hi-Tech Films Limited (GRWRHITECH)

Capital Goods · Industrial Products · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹7,132.5 ↑ 149.65% (1Y)

🎯 Key Takeaways

Garware Hi-Tech Films is in a clear growth phase driven by structural transformation into high-margin specialty films, with revenue growth accelerating and margins expanding significantly. The company is transitioning from commodity-based industrial films to value-added segments like Sun Control, Paint Protection, and Architectural films, supported by capacity investments and direct-to-consumer expansion.
Revenue declined 24.8% QoQ to ₹466 in Q3FY25.
⚠️ Execution risk around timely commissioning of new capacity projects (TPU line in Q3 FY27, SCF line in H1 FY28) — delays could impact margin trajectory

Market Cap

₹12,553

P/E Ratio

40.3

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About GRWRHITECH 📊 Interactive Charts

📖 The Story

Garware Hi-Tech Films is in a clear growth phase driven by structural transformation into high-margin specialty films, with revenue growth accelerating and margins expanding significantly. The company is transitioning from commodity-based industrial films to value-added segments like Sun Control, Paint Protection, and Architectural films, supported by capacity investments and direct-to-consumer expansion. This shift is reflected in record profitability and upward guidance, signaling a deliberate move up the value chain.

📰 What's Happening

In Q1 FY27, the company reported record revenue of ₹633 crores (+28% YoY) and PAT of ₹133 crores (+60% YoY), with EBITDA margin expanding to 30.30% (up 544 bps YoY). Management highlighted progress on new capacity projects including a TPU-based manufacturing line (₹118 crore capex planned for Q3 FY27) and a Sun Control Film line (₹192 crore capex for H1 FY28). The company also expanded its Global Application Studios (GAS) to 250+ locations and added 14 international studios. Forward guidance was raised to INR2,500 crores revenue for FY27 and INR3,500 crores for FY28, with EBITDA margins targeted at 25% plus/minus 2%. These developments underscore a capital-intensive but strategically focused expansion into higher-growth, higher-margin segments.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	349	380	397	454	447	474	621	466
Operating Profit	70	73	74	85	90	130	150	94
OPM %	15.3%	16.8%	16.3%	16.6%	17.5%	25.0%	22.1%	17.4%
Net Profit	43	44	46	56	58	88	104	61
EPS	₹18.54	₹18.81	₹19.76	₹24.05	₹24.88	₹38.03	₹44.88	₹26.17

The financial trajectory shows a clear inflection point: revenue growth has accelerated to 28% YoY in Q1 FY27 from lower single-digit growth in prior quarters, while EBITDA margin hit a record 30.30%, up from 22.1% in Q2 FY25 and 17.4% in Q3 FY25. This margin expansion is not incidental but tied directly to management's disclosed strategy of shifting toward specialty films with higher margins. The company is investing ₹191 crores in capex for new lines, which is being funded through operational cash flow and debt, as evidenced by stable net debt levels. The consistent beat on revenue and profit growth, coupled with upward guidance revisions, confirms that the business model transformation is gaining traction and driving profitability at scale.

🔮 Management Outlook & What's Next

Management expressed a strongly optimistic outlook, raising FY27 revenue guidance to INR2,500 crores and targeting INR3,500 crores by FY28, with EBITDA margins targeted at 25% plus/minus 2%. They emphasized that TPU-based products and architectural films are the highest-margin segments and will be key growth drivers. Specific milestones include commissioning of the TPU line in Q3 FY27 and commercial production in H1 FY28, as well as expanding the GAS network to 50 locations by FY27 end. This forward guidance is explicit, quantified, and tied directly to capital investments and product launches, indicating confidence in sustained momentum.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI SUPREMEIND

⚠️ Risk Factors

1. Execution risk around timely commissioning of new capacity projects (TPU line in Q3 FY27, SCF line in H1 FY28) — delays could impact margin trajectory. 2. Margin sustainability — while EBITDA margin reached 30.30%, management targets 25% plus/minus 2% for FY27, implying potential compression if scaling costs rise or competition intensifies. 3. Commodity price volatility — although shifting to specialty films, the company still has exposure to raw material inputs like TPU, which could pressure input costs if market conditions deteriorate.

📋 Recent Filings

🧠 Analyst's Read

Garware Hi-Tech Films is transitioning from a volume-driven industrial player to a high-margin specialty films leader, with Q1 FY27 results confirming the early traction of this strategy. The key watchpoint is execution of upcoming capex projects and whether margin guidance can be sustained as scale increases. Investors should monitor progress on TPU commercialization and international studio expansion as next catalysts.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on GRWRHITECH

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when GRWRHITECH files new disclosures

Track GRWRHITECH filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track GRWRHITECH — Free

Free account · 2 AI queries/day