Garware Hi-Tech Films logo

Garware Hi-Tech Films

GRWRHITECH NSE

Key Fundamentals

SmallcapPlastic Products - IndustrialIndustrial Products
Market Cap
₹16,098 Cr
P/E (TTM)
41.5
EBITDA
₹500 Cr
Return on Equity
12.73%
Debt to Equity
0
Book Value
₹1,143.30
EPS (TTM)
₹166.96
52W High
₹7,990.00
52W Low
₹2,690.70

Price-based figures as of 8 Oct 2026, 3:57 pm IST · EPS basis: Consolidated · TTM

Tapetide Score

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

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.0% CAGR over last 5 years

Weaknesses

1
  • Company has a low return on equity of 13.1% over last 3 years.

Growth Rate

Revenue Growth
0.98% lower than 3Y
Net Income Growth
2.11% lower than 3Y
Cash Flow Change
-16.5% lower than 3Y
EBITDA Margin (Avg.)
-0.17% lower than 3Y

AI Analysis — Bull vs Bear

Figures as of 1 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of the 2026-10-01 close, Garware Hi Tech Films Ltd traded at ₹6,925.5, giving it a market cap of ₹16,089.59 Cr, a TTM P/E of 41.48x and a P/B of 6.06x. The company is debt-free (debt-to-equity 0) and has grown profit at a 27% CAGR over 3 years and 22% over 5 years. Its return ratios are moderate, with ROE at 12.73% and ROCE at 16.71%, and TTM sales growth has slowed to 6%. The stock is up 123% over the past year, against TTM profit growth of 19%.

Bull Case 7
  • The balance sheet carries no debt (debt-to-equity of 0). That lowers financial risk and leaves room to fund capacity expansion or working capital without leverage.
  • Profits have compounded at 27% over 3 years, 22% over 5 years and 36% over 10 years, which shows a sustained record of earnings growth.
  • Profit has grown much faster than revenue: 27% vs 14% over 3 years and 36% vs 9% over 10 years. This points to a shift toward higher-margin products and improving operating leverage.
  • Return on equity has improved from a 10-year average of 9% to 12% over 5 years and 13% over 3 years and in the last year. TTM ROE is 12.73%, so capital efficiency has been rising gradually.
  • ROCE of 16.71% is about 4 percentage points above ROE of 12.73%. With no debt in the structure, this suggests the core business earns healthy pre-tax returns on capital employed.
  • TTM profit still grew 19% even though TTM sales grew only 6%, which suggests margins are holding up despite slower top-line growth.
  • The stock has compounded at 49% over 10 years, 50% over 5 years and 67% over 3 years. That long record of value creation is backed by EPS (TTM) of ₹166.96.
Bear Case 7
  • The valuation is demanding. A TTM P/E of 41.48x implies an earnings yield of about 2.4%, and a P/B of 6.06x is high for a business with 12.73% ROE.
  • The share price has risen far faster than the fundamentals. The stock gained 123% over 1 year while TTM profit grew 19% and TTM sales grew 6%, so most of the return came from a higher valuation multiple rather than earnings growth.
  • Revenue growth is slowing. TTM sales growth of 6% is well below the 3-year CAGR of 14% and 5-year CAGR of 16%, which raises questions about future demand or pricing.
  • ROE is low relative to the valuation: about 13% over 3 years and 12.73% TTM. Paying 6.06x book value for that return implies a return of roughly 2.1% on the price paid for book value.
  • The stock has been highly volatile. At ₹6,925.5 it is about 157% above its 52-week low of ₹2,690.7 and about 13% below its 52-week high of ₹7,990, so sharp swings in either direction have been common.
  • Shareholders receive little income. The dividend yield is 0.17%, which implies a payout of roughly 7% of earnings at a 41.48x P/E, so returns depend almost entirely on further price gains.
  • Over 10 years, sales grew at only a 9% CAGR. Much of the 36% profit CAGR came from margin expansion, and that may be harder to repeat from a higher base.

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

AI News Digest

8h ago
Headwinds 2
  • TPU capex execution risk Sep 23

    The company plans to invest about ₹118 crore in a TPU film extrusion facility that is expected to be operational by December 2026. Any delay or cost overrun would push back the expected 150-200 bps EBITDA margin gain.

  • Current reliance on imported TPU Sep 23

    The PPF business currently depends on imported TPU films for a key input. That leaves it exposed to supply-chain and input-cost swings until in-house extrusion is running.

Positives 3
  • Q1FY27 profit jumps 60% Sep 23

    Consolidated net profit rose 59.78% YoY to ₹132.65 crore and net sales grew 27.90% to ₹633.08 crore in Q1 June 2026. EBITDA margin crossed 30% for the first time.

  • Lubrizol MoU for TPU films Sep 23

    The company signed an MoU with Lubrizol to develop and manufacture TPU technology in India, backed by about ₹118 crore of capex, with roughly 25% going to new product development. The plant is set to be India's first dedicated TPU extrusion platform for premium PPF, should lift PPF capacity above 600 LSF and is expected to add 150-200 bps to consolidated EBITDA margins.

  • Lean cost structure Sep 23

    Interest costs were under 1% of operating revenue and employee costs were 9.17% in FY ending March 31, 2026. This supports high margins as the company grows across 90+ countries.

Neutral 3
  • Singapore institutional investor meet Oct 3

    The company will hold one-on-one meetings with institutional investors in Singapore on October 7-9, 2026, hosted by Motilal Oswal.

  • Mumbai analyst meet scheduled Sep 24

    The company scheduled a one-on-one meeting with analysts and institutional investors in Mumbai on September 29, 2026.

  • 69th AGM approves all resolutions Sep 24

    At the AGM on September 23, 2026, shareholders approved all four ordinary resolutions, including the final dividend and Sonia Garware's re-appointment.

TL;DR: Garware Hi-Tech Films (market cap ₹14,790.90 crore) is growing fast, with Q1FY27 profit up about 60%, revenue up about 28% and EBITDA margin above 30% for the first time. The Lubrizol TPU partnership adds backward integration and could lift margins by another 150-200 bps. The articles report no direct negatives, so the main risks are delivering the ₹118 crore TPU plant on time and keeping margins near their current record level. The trend is improving, and the next things to watch are whether the TPU facility starts by December 2026 and how it affects PPF margins in FY28.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
380
397
454
447
474
621
466
548
495
570
459
597
633
Expenses
316
332
379
368
356
484
385
443
385
450
388
461
461
Operating Profit
64
65
75
78
119
137
81
104
110
119
70
135
172
OPM %
17%
16%
17%
18%
25%
22%
17%
19%
22%
21%
15%
23%
27%
Other Income
9
9
9
12
11
14
12
17
13
14
16
21
20
Interest
4
4
2
2
2
2
2
2
2
2
2
2
2
Depreciation
10
10
10
10
10
10
10
10
11
11
12
12
13
PBT
59
61
73
78
118
138
81
109
110
120
73
142
176
Tax %
25%
24%
23%
26%
25%
25%
25%
29%
25%
24%
24%
24%
25%
Net Profit
44
46
56
58
88
104
61
78
83
91
56
108
133
EPS in Rs
18.81
19.76
24.05
24.88
38.03
44.88
26.17
33.49
35.73
39.27
24.01
46.58
57.1
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
896
857
874
833
948
925
989
1,303
1,438
1,677
2,109
2,120
2,258
Expenses
836
776
801
750
804
763
770
1,065
1,211
1,395
1,668
1,685
1,761
Operating Profit
60
81
73
83
144
162
219
238
227
282
441
435
497
OPM %
7%
9%
8%
10%
15%
17%
22%
18%
16%
17%
21%
21%
22%
Other Income
27
6
8
5
9
12
15
39
42
39
54
65
71
Interest
44
44
33
25
19
18
20
18
17
12
9
8
9
Depreciation
15
17
14
14
14
20
24
28
32
39
41
45
47
PBT
27
27
34
50
120
135
190
231
220
270
445
446
512
Tax %
35%
38%
33%
34%
32%
36%
34%
28%
24%
25%
26%
24%
—
Net Profit
18
16
22
33
82
86
126
167
166
203
331
338
388
EPS in Rs
7.64
7.08
9.66
14.26
35.14
37.03
54.21
71.96
71.51
87.5
143
146
167
Div. Payout %
0%
0%
10%
14%
28%
27%
18%
14%
14%
11%
8%
8%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
23
23
23
23
23
23
23
23
23
23
23
23
Reserves
545
562
1,231
1,269
1,349
1,380
1,540
1,688
1,833
2,022
2,349
2,633
Borrowings
368
315
312
171
149
147
138
182
141
0
0
0
Other Liabilities
105
119
87
107
125
128
167
240
218
279
310
354
Total Liabilities
1,042
1,020
1,653
1,570
1,646
1,679
1,868
2,133
2,214
2,324
2,682
3,010
Fixed Assets
649
648
1,231
1,226
1,238
1,279
1,329
1,341
1,467
1,450
1,442
1,577
CWIP
11
5
8
10
11
20
11
96
10
2
39
27
Investments
1
1
29
36
120
116
226
274
393
363
643
698
Other Assets
381
366
386
298
277
264
302
423
344
508
557
709
Total Assets
1,042
1,020
1,653
1,570
1,646
1,679
1,868
2,133
2,214
2,324
2,682
3,010
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
91
101
77
134
141
99
199
172
218
172
330
275
Investing
-20
-5
-12
-5
-101
-44
-126
-141
-168
46
-275
-200
Financing
-107
-96
-40
-172
-49
-64
-36
6
-89
-169
-52
-60
Net Cash Flow
-36
0
25
-43
-8
-9
38
37
-39
48
2
16
Free Cash Flow
63
92
61
124
115
45
139
64
152
156
276
114
CFO/OP
165
131
117
174
116
79
109
90
117
84
100
83
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
20
17
26
17
22
21
16
9
8
8
7
9
Inventory Days
93
111
90
82
70
100
128
145
109
132
116
149
Days Payable
30
36
39
54
68
62
89
76
57
73
55
69
Cash Conversion Cycle
82
91
77
44
24
58
54
79
60
67
68
89
Working Capital Days
-58
-58
-65
17
5
17
9
8
7
36
28
40
ROCE %
7%
8%
5%
5%
9%
10%
13%
13%
12%
14%
21%
18%

Insights

Beta

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

Log in to view Garware Hi-Tech Films insights

62 extracted metrics + investor summaries across FY10–FY27.

Log in — free

Shareholding Pattern

FIIs4.22%Promot.60.72%DIIs6.35%Others7.97%Public20.74%As ofJun 2026

Documents

Frequently Asked Questions about Garware Hi-Tech Films

What does Garware Hi Tech Films Ltd do?
Garware Polyester is the world's No.1 vertically integrated ''Chip to Film'' manufacturing company.[1]
Where is Garware Hi Tech Films Ltd (GRWRHITECH) listed?
Garware Hi Tech Films Ltd trades as GRWRHITECH on the NSE and under code 500655 on the BSE.
Which sector does Garware Hi Tech Films Ltd belong to?
Garware Hi Tech Films Ltd is classified under the Industrial Products sector, in the Plastic Products - Industrial industry.
What is the market capitalisation of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd has a market capitalisation of ₹16,098 Cr as of 8 Oct 2026, which places it in the Mid Cap band.
What is the PE ratio of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd trades at a PE ratio of 41.50 as of 8 Oct 2026, on earnings per share of ₹166.96, against a book value of ₹1,143.3 per share.
What is the 52-week high and low of Garware Hi Tech Films Ltd?
Over the last 52 weeks Garware Hi Tech Films Ltd has traded between ₹2,690.7 and ₹7,990 as of 8 Oct 2026.
Does Garware Hi Tech Films Ltd pay dividends?
Garware Hi Tech Films Ltd has a dividend yield of 0.17%.
What is the Return on Equity (ROE) of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd reported a return on equity of 12.73%. Its debt-to-equity ratio is 0.00.

Company Information

Garware Polyester is the world's No.1 vertically integrated ''Chip to Film'' manufacturing company.[1]

Website garwarehitechfilms.com
CEO Dr. Shashikant Bhalchandra Garware
Employees 947
Listed 1994-01-03
Face Value ₹ 10
Shares Outstanding 2,32,32,394

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/GRWRHITECH.md for Garware Hi Tech Films Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Industrial Products → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List