Garware Hi-Tech Films logo

Garware Hi-Tech Films

GRWRHITECH NSE

Key Fundamentals

SmallcapPlastic Products - IndustrialIndustrial Products
Market Cap
₹16,193 Cr
Volatility
Moderate
P/E Ratio
41.48
EBITDA
₹500 Cr
Return on Equity
12.73%
Debt to Equity
0
Book Value
₹1,143.3
EPS
₹106.73
52W High
₹7,990
52W Low
₹2,690.7

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
ROE
-8.81% lower than 3Y
ROCE
-10.45% lower than 3Y
EBITDA Margin (Avg.)
-0.17% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Garware Hi Tech Films has a market capitalisation of about ₹15,410 crore and trades at a P/E of 38.1x and a P/B of 5.56x. The company is almost debt free, and its profits have grown faster than its sales, at 22% vs 16% CAGR over 5 years and 19% vs 6% over the trailing twelve months. Return on equity is moderate at 13% over 3 years. The stock has returned 120% over the past year, well ahead of its trailing profit growth.

Bull Case 7
  • Profits have compounded at 36% CAGR over 10 years, 22% over 5 years and 27% over 3 years, far faster than sales (9%, 16% and 14% respectively). This points to a lasting shift toward higher-margin products and better operating leverage.
  • Trailing twelve-month profit growth of 19% against sales growth of just 6% suggests margins are still expanding even while revenue growth slows.
  • The company is almost debt free, so its balance sheet can absorb downturns or fund capacity expansion without straining a ₹15,410 crore market-cap business.
  • ROE has risen steadily from a 10-year average of 9% to 12% over 5 years and 13% over both 3 years and the last year. Capital efficiency is improving, not getting worse.
  • Sales have grown at 16% CAGR over 5 years and 14% over 3 years, well above the 10-year rate of 9%. The top line has grown faster in recent years than it did over the full decade.
  • The stock has compounded at 48% CAGR over both 5 and 10 years and 72% over 3 years. That is a long record of the market rewarding the company's earnings growth.
  • An ROE of about 13% with almost no debt means returns are not boosted by leverage, so reported returns are not inflated by borrowing.
Bear Case 7
  • A P/E of 38.1x implies an earnings yield of only about 2.6%. That prices in continued strong growth even though trailing sales growth has slowed to 6%.
  • A P/B of 5.56x against an ROE of about 13% is a stretched combination. Investors are paying over five times book value for a business that earns only mid-teens returns on equity.
  • The stock's 1-year return of 120% is far ahead of trailing profit growth of 19%. Most of the recent gain came from the market paying a higher multiple, which can reverse if sentiment changes.
  • Trailing sales growth of 6% is well below the 3-year rate of 14% and the 5-year rate of 16%. Top-line momentum has slowed noticeably.
  • Return on equity of 13.1% over the last 3 years is low for a company valued at these multiples. The 10-year average ROE is just 9%.
  • Profit growth of 19% TTM against sales growth of 6% depends on margins continuing to expand. Margin gains have a ceiling, so earnings growth could converge toward the slower sales growth.
  • A dividend yield of 0.19% gives almost no income cushion. Shareholder returns depend almost entirely on the stock price going up.

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

AI News Digest

1d ago
Positives 2
  • Record Q1FY27 profit, 30%+ margins Sep 23

    Consolidated net profit rose 59.78% YoY to ₹132.65 crore and net sales rose 27.90% to ₹633.08 crore in Q1 June 2026, with EBITDA margin above 30% for the first time. Interest cost stays below 1% of operating revenue and employee cost was 9.17% in FY26.

  • Lubrizol TPU MoU, ₹118cr capex Sep 23

    Signed an MoU with Lubrizol to develop and manufacture TPU in India. The company will invest about ₹118 crore, around 25% of it in R&D, in India's first dedicated TPU extrusion platform for premium PPF, due by December 2026. Management expects backward integration to lift PPF capacity above 600 LSF and add 150-200 bps to consolidated EBITDA margin.

Neutral 2
  • 69th AGM: all resolutions passed 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.

  • Investor meet on Sep 29 Sep 24

    One-on-one meetings with analysts and institutional investors are scheduled in Mumbai on September 29, 2026, where management may elaborate on the TPU plan and Q1 performance.

TL;DR: Garware Hi-Tech Films (market cap about ₹14,791 crore) is posting strong results, with 60% profit growth, 28% revenue growth and EBITDA margin above 30% in Q1FY27, on a nearly debt-free cost base. The Lubrizol TPU partnership supports this by reducing reliance on imported TPU films, adding PPF capacity and targeting another 150-200 bps of margin. No negative news was reported, but the main risks are timely execution of the ₹118 crore facility by December 2026, the pace at which the new products gain customers, and whether margins above 30% can hold in a competitive PPF market. The trend is improving, and the next things to watch are the commissioning timeline and any signs of the expected margin gain from FY27-end.

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.

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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 ₹16,193 Cr, 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 41.48, on earnings per share of ₹106.73, 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.
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
Issued Size 2,32,32,394

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