Garware Technical Fibres Ltd logo

Garware Technical Fibres Ltd

GARFIBRES NSE

Key Fundamentals

MicrocapTextile ProductsTextiles
Market Cap
₹7,429 Cr
Volatility
Moderate
P/E Ratio
36.62
EBITDA
₹270 Cr
Return on Equity
18.65%
Debt to Equity
0.03
Book Value
₹136.44
EPS
₹106.83
52W High
₹870.45
52W Low
₹579.75

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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29 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Promoter holding has increased by 0.89% over last quarter.

Weaknesses

2
  • The company has delivered a poor sales growth of 8.12% over past five years.
  • Working capital days have increased from 79.6 days to 147 days

Growth Rate

Revenue Growth
-3.13% ↘
Net Income Growth
-14.51% ↘
Cash Flow Change
-10.83% ↘
ROE
9.45% ↘
ROCE
12.17% ↗
EBITDA Margin (Avg.)
-24.33% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk medium

Garware Technical Fibres Ltd is a near debt-free specialty technical textiles company with a market cap of ₹7,207 Cr trading at a PE of 36.3x. The company has delivered a 10-year profit CAGR of 13% but recent performance shows a TTM sales decline of -1% and profit decline of -10%, with working capital days nearly doubling from 80 to 147 days.

Bull Case 7
  • Company is almost debt-free, having actively reduced debt, which provides financial flexibility and resilience during downturns
  • Consistent long-term ROE averaging 18-19% over 5 and 10 year periods demonstrates strong capital efficiency and durable competitive advantages
  • 10-year compounded profit growth of 13% significantly outpaces the 6% sales CAGR over the same period, indicating sustained margin expansion
  • 10-year stock CAGR of 25% reflects long-term value creation and market recognition of the company's niche positioning
  • Price-to-book ratio of 5.33x is supported by consistent 16-19% ROE, suggesting the premium is backed by genuine earnings power
  • Dividend yield of 1.09% provides some income return for a growth-oriented specialty manufacturer, indicating shareholder-friendly capital allocation
  • 5-year compounded profit growth of 6% and sales growth of 8% demonstrate the company can grow through various economic cycles
Bear Case 8
  • Working capital days have nearly doubled from 79.6 days to 147 days, signaling potential inefficiency in inventory or receivables management and locking up cash
  • TTM sales growth is negative at -1%, indicating possible demand weakness or loss of market share in recent quarters
  • TTM profit has declined by -10%, showing deteriorating profitability alongside revenue weakness
  • 5-year sales CAGR of only 8.12% is modest for a company trading at 36.3x earnings, raising questions about growth-to-valuation alignment
  • ROE has declined from the 18-19% historical average to 16% in the last year, suggesting returns on capital may be compressing
  • Stock has delivered -19% returns over 1 year and only 5% CAGR over 3 years, reflecting market's fading confidence in near-term growth
  • PE of 36.3x is elevated relative to the current single-digit or negative growth trajectory in both sales and profits
  • 5-year stock CAGR of just 2% versus 10-year CAGR of 25% indicates the recent growth narrative has weakened considerably

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 1
  • ₹110 crore buyback completed Jun 11

    Garware Technical Fibres bought back 16,17,500 equity shares at ₹680 per share, utilizing ₹109.99 crore. The buyback was oversubscribed 3.08 times, signaling strong shareholder confidence.

Neutral 1
  • Promoter holds 53.36% stake Jun 20

    Promoter Vayu Ramesh Garware and PACs hold 5,29,70,480 shares with no encumbrance created on promoter shares in FY 2025-26.

TL;DR: Garware Technical Fibres demonstrates shareholder-friendly capital allocation with a successfully completed and oversubscribed buyback worth ₹110 crore. Promoter holding remains stable at 53.36% with zero encumbrance, reflecting financial strength. No visible headwinds in recent news flow. The trend appears steady with management prioritizing returns to shareholders.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
326
328
289
382
336
421
351
433
367
348
387
426
482
Expenses
267
260
236
291
272
329
286
334
299
299
316
330
392
Operating Profit
58
69
53
91
64
91
65
98
68
48
71
96
90
OPM %
18%
21%
18%
24%
19%
22%
18%
23%
19%
14%
18%
23%
19%
Other Income
9
10
11
13
11
10
9
9
13
9
18
-6
9
Interest
4
4
3
6
6
6
4
3
3
3
4
3
3
Depreciation
6
6
7
7
7
7
7
7
7
9
9
9
9
PBT
57
68
55
91
62
88
62
97
70
46
75
78
86
Tax %
25%
23%
21%
23%
25%
25%
23%
27%
25%
30%
25%
27%
25%
Net Profit
43
52
43
70
47
66
48
71
53
32
56
57
65
EPS in Rs
4.22
5.15
4.25
6.88
4.71
6.64
4.81
7.16
5.35
3.22
5.68
5.77
6.51
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
782
825
846
885
1,018
953
1,035
1,189
1,306
1,326
1,540
1,529
1,644
Expenses
703
722
710
724
826
775
830
966
1,076
1,054
1,221
1,245
1,338
Operating Profit
79
103
136
161
192
178
204
223
230
272
319
284
306
OPM %
10%
13%
16%
18%
19%
19%
20%
19%
18%
21%
21%
19%
19%
Other Income
4
6
8
18
21
32
35
25
28
43
38
34
30
Interest
10
9
7
10
14
12
10
11
12
17
20
14
14
Depreciation
12
13
14
15
17
19
21
21
22
26
28
34
36
PBT
61
87
123
153
182
179
208
216
223
272
308
269
285
Tax %
29%
29%
32%
31%
31%
21%
24%
24%
23%
23%
25%
26%
—
Net Profit
43
62
84
105
126
141
158
165
172
210
232
199
210
EPS in Rs
3.94
5.66
7.71
9.61
11.49
12.85
15.36
15.98
16.9
20.63
23.33
20.01
21.18
Div. Payout %
15%
12%
13%
9%
9%
26%
3%
9%
4%
3%
6%
5%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
22
22
22
22
22
22
21
21
20
20
99
99
Reserves
289
344
424
515
628
717
790
950
996
1,213
1,142
1,255
Borrowings
40
45
86
138
108
133
102
80
134
123
65
43
Other Liabilities
349
412
309
310
319
319
406
365
343
414
450
482
Total Liabilities
699
822
842
985
1,078
1,191
1,319
1,415
1,493
1,771
1,757
1,879
Fixed Assets
166
199
203
221
227
244
247
240
246
262
277
419
CWIP
7
0
0
0
0
0
0
0
0
0
0
1
Investments
9
9
111
244
330
376
467
521
617
689
703
496
Other Assets
517
613
528
519
521
570
605
654
630
820
777
963
Total Assets
699
822
842
985
1,078
1,191
1,319
1,415
1,493
1,771
1,757
1,879
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
74
143
120
28
133
110
228
64
189
219
195
162
Investing
-25
-37
-147
-53
-78
-47
-120
8
-102
-73
-3
64
Financing
-48
-36
27
29
-56
-37
-135
-38
-85
-39
-331
-152
Net Cash Flow
2
70
1
4
-1
25
-27
34
3
108
-139
73
Free Cash Flow
49
103
102
-5
110
72
205
49
161
177
151
107
CFO/OP
112
160
114
43
95
91
134
52
107
102
84
85
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
85
94
85
90
87
90
85
79
65
72
75
66
Inventory Days
138
145
176
206
186
250
235
234
187
256
227
321
Days Payable
67
186
247
257
215
241
308
220
169
227
221
215
Cash Conversion Cycle
156
53
14
40
58
99
12
93
83
102
81
172
Working Capital Days
61
42
12
24
37
41
24
61
34
36
56
147
ROCE %
20%
25%
28%
26%
26%
23%
24%
23%
21%
23%
25%
22%

Shareholding Pattern

As of Jun 2026
Promoters 54.25%
Public 19.83%
DIIs 10.11%
FIIs 8.67%
Others 7.14%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024Jun 2024Sep 2024Dec 2024Jan 2025Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
52.62%
52.62%
52.62%
52.62%
52.62%
52.62%
52.62%
52.70%
52.70%
52.70%
52.70%
52.70%
52.70%
53.00%
53.00%
53.00%
53.00%
53.00%
53.00%
53.00%
53.00%
53.36%
53.36%
54.25%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
9.34%
9.25%
9.56%
9.82%
10.15%
10.15%
9.80%
9.89%
10.05%
9.07%
9.12%
8.67%
DIIs
1.72%
1.86%
2.01%
2.65%
3.81%
4.16%
5.08%
7.01%
7.61%
7.00%
7.92%
8.71%
10.04%
10.20%
10.39%
10.44%
10.37%
10.24%
10.97%
10.97%
10.99%
10.45%
10.29%
10.11%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
28.33%
28.21%
28.18%
28.27%
27.60%
27.22%
25.90%
25.45%
24.87%
23.87%
23.19%
22.51%
22.31%
21.97%
21.58%
21.31%
21.30%
21.32%
20.16%
19.98%
19.41%
20.17%
20.07%
19.83%
Others
17.34%
17.32%
17.19%
16.46%
15.97%
16.00%
16.40%
14.84%
14.81%
16.43%
16.18%
16.08%
5.62%
5.57%
5.48%
5.44%
5.18%
5.29%
6.07%
6.16%
6.55%
6.96%
7.15%
7.14%
No. of Shareholders
30,485
31,932
39,047
41,797
42,928
45,019
44,518
44,346
42,859
42,625
41,185
38,111
92,445
40,877
37,164
36,832
42,654
45,348
46,773
43,980
43,116
41,958
41,415
39,254

Documents

1
Concall - Nov 2022 Nov 2022
2
Concall - Feb 2023 Feb 2023
3
Concall - May 2023 May 2023
4
Concall - May 2026 May 2026
5
Concall - May 2026 May 2026

Frequently Asked Questions about Garware Technical Fibres Ltd

What does Garware Technical Fibres Ltd do?
Established in 1976, Garware-Wall Ropes (GWRL) is one of India's leading players in the technical textiles sector, providing specialized solutions to the cordage and infrastructure industry worldwide. The company manufactures and provides world class solutions in high performance polymer ropes, f...
Where is Garware Technical Fibres Ltd (GARFIBRES) listed?
Garware Technical Fibres Ltd is listed on the Indian stock exchanges. It is listed on NSE: GARFIBRES and BSE: 509557. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Garware Technical Fibres Ltd belong to?
Garware Technical Fibres Ltd operates in the Textiles sector within the Textile Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Garware Technical Fibres Ltd?
Garware Technical Fibres Ltd has a market capitalisation of approximately ₹7429.06 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Garware Technical Fibres Ltd?
The Price-to-Earnings (PE) ratio of Garware Technical Fibres Ltd is 36.62. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Garware Technical Fibres Ltd?
Over the past 52 weeks, Garware Technical Fibres Ltd has traded between a low of ₹579.75 and a high of ₹870.45. This range helps investors understand the stock's price volatility and recent trading levels.
Does Garware Technical Fibres Ltd pay dividends?
Yes, Garware Technical Fibres Ltd has a dividend yield of 1.20%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Garware Technical Fibres Ltd?
Garware Technical Fibres Ltd has a Return on Equity (ROE) of 18.65%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Garware Technical Fibres Ltd on Tapetide?
On Tapetide, you can view Garware Technical Fibres Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Established in 1976, Garware-Wall Ropes (GWRL) is one of India's leading players in the technical textiles sector, providing specialized solutions to the cordage and infrastructure industry worldwide. The company manufactures and provides world class solutions in high performance polymer ropes, fishing nets, sports nets, safety nets, aquaculture cages, coated fabrics, agricultural netting and geosynthetics.

Website garwareropes.com
CEO Mr. Vayu Ramesh Garware
Employees 1,112
Listed 2007-04-03
Face Value ₹ 10
Issued Size 9,92,65,845

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