Garware Hi-Tech Films Q2 FY27: PAT ₹133 Cr & Rev ₹633 Cr

Investor Takeaways

Revenue surged 28% YoY to ₹633 crores in Q1 FY27, driven by specialty film demand

EBITDA margin expanded to 30.30% (record high), up from 25% in Q4 FY24

PAT grew 60% YoY to ₹133 crores, reflecting improved profitability

⚠️ No specific risks identified in this filing

Overall Tone: Positive based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹633 Cr	+28%
Net Profit	₹133 Cr	+60%
EBITDA	₹192 Cr	+56%
EBITDA Margin	30.30%	+3.30 pp
EPS	₹26.17 (Q3FY25)	N/A

What Changed

The company delivered record Q1 FY27 results with revenue growing 28% YoY to ₹633 crores and EBITDA margin expanding to 30.30% (up from 25% in Q4 FY24). Net profit rose 60% YoY to ₹133 crores, driven by structural shifts toward high-margin specialty films (Sun Control, Paint Protection, Architectural) and operational efficiencies. Management announced strategic capacity expansions including a new TPU-based manufacturing line and a dedicated sun control film line, alongside plans to scale its direct-to-consumer network with 50 new Home Solutions studios targeted by FY27. The company also raised its FY27 revenue guidance to INR2,500 crores and set a FY28 target of INR3,500 crores, with EBITDA margins expected to sustain at 25% plus/minus 2%. This reflects a clear pivot from commodity pricing to high-value specialty segments, supported by capacity investments and network expansion.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Garware Hi-Tech Films	40.34	N/A	N/A	12,553.39
Bharat Electronics Limited	62.03	N/A	N/A	3,09,678.78
Hindustan Aeronautics Limited	33.73	N/A	N/A	2,93,338.09
Cummins India Limited	74.38	N/A	N/A	1,49,466.24

Garware Hi-Tech Films trades at a P/E of 40.34, lower than peers' 62.03 (BEL) and 74.38 (CUMMINSIND), but higher than HAL's 33.73. The company's market cap of ₹12,553.39 Cr is significantly smaller than the large-cap peers, reflecting its niche positioning in specialty films.

Risks & Concerns

No specific risks identified in this filing

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	466.37	60.81	17.4%
Q2FY25	620.58	104.26	22.05%
Q1FY25	474.47	88.35	25%
Q4FY24	446.58	57.81	17.51%

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About Garware Hi-Tech Films Limited (GRWRHITECH)

Capital Goods · Industrial Products · Listed on NSE

Market Cap: ₹12,553.39 Cr P/E: 40.3

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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