Garware Hi-Tech Films Limited (GRWRHITECH) Q2 FY27 Financial Results: PAT ₹133 Cr & Revenue ₹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

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

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

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