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Garware Hi-Tech Films Limited (GRWRHITECH)

Capital Goods · Industrial Products · NSE · Updated 16 June 2026

₹6,320.5 ↑ 46.57% (1Y)

🎯 Key Takeaways

Garware Hi-Tech Films is in a clear growth phase, transitioning from a mature industrial films manufacturer to a diversified, capacity-driven player with ambitions in high-margin architectural and specialty films. Management is executing a strategic expansion plan backed by capex and new product launches, targeting ₹2,500 crores in revenue by FY27.
Revenue declined 24.8% QoQ to ₹466 in Q3FY25.
⚠️ Execution risk around new capacity ramp-up: The success of the TPU line and new sun control plant depends on timely commissioning and market adoption.

Market Cap

₹12,553

P/E Ratio

40.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Garware Hi-Tech Films is in a clear growth phase, transitioning from a mature industrial films manufacturer to a diversified, capacity-driven player with ambitions in high-margin architectural and specialty films. Management is executing a strategic expansion plan backed by capex and new product launches, targeting ₹2,500 crores in revenue by FY27. The company has demonstrated consistent profitability and margin resilience, supported by strong cash reserves and a focus on value-accretive segments like sun control and PPF films.

📰 What's Happening

In FY26, the company reported revenue of ₹2,120 crores, up 8.9% YoY, with net profit surging 39% to ₹338 crores and EBITDA rising 29% to ₹500 crores. Management highlighted the commissioning of a 1,200 sq. ft. sun control plant in Q1 FY28 and the launch of a TPU line in October 2026, backed by ₹191 crores of capex. Architectural films are expected to be a key growth driver, with D2C channels contributing 10-15% of revenue currently, targeting 25-35% by FY28. Expansion into the Middle East and North Africa is underway, supported by successful U.S. tariff management and geopolitical resilience strategies.

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

Quarterly financials show a mixed but stabilizing trend: revenue declined slightly in Q3FY25 (₹466 crores) from Q2FY25 (₹621 crores), but profitability remained stable with OPM holding at 17.4%. This dip in revenue appears to be a quarterly fluctuation rather than a structural trend, especially given the full-year FY26 growth of 8.9%. The company’s margins have held firm despite macro pressures, reflecting operational discipline. The full-year FY26 results confirm that profitability improved significantly year-on-year, driven by volume growth and product mix, even if sequential performance varied.

🔮 Management Outlook & What's Next

Management has provided a clear forward-looking narrative, targeting ₹2,500 crores in revenue for FY27 and projecting a 15-20% CAGR in sun control and PPF segments. Key upcoming milestones include the commissioning of a new sun control plant in Q1 FY28 and the launch of a TPU line in October 2026. They also aim to scale D2C revenue share from 10-15% to 25-35% by FY28, driven by direct-to-consumer channel expansion. Management emphasized resilience to external risks and continued investment in capacity and market diversification as core growth levers.

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 new capacity ramp-up: The success of the TPU line and new sun control plant depends on timely commissioning and market adoption. 2. Margin pressure from raw material volatility: While management highlights tariff resilience, global input cost fluctuations could impact profitability if not fully passed on. 3. D2C channel scalability: The shift toward direct-to-consumer models introduces operational complexity and customer acquisition costs that may not scale linearly. 4. Leadership transition risk: The resignation of the CFO, while not material, could lead to short-term execution disruption if not managed smoothly.

📋 Recent Filings

🧠 Analyst's Read

Garware Hi-Tech Films is transitioning into a higher-growth phase with clear capital deployment plans and improving profitability. Investors should monitor the pace of new capacity utilization, margin trends in architectural films, and the contribution of D2C channels to revenue. The company’s financial discipline and cash position support continued investment, but near-term execution risks remain tied to timing of plant launches and market penetration in new segments.

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

✨ Deep Dive with AI on GRWRHITECH

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.