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Garware Hi Tech Films Q2 FY27 Share Price & Earnings Call Analysis

₹6,974.50-0.61% today
Market cap
₹16,203 Cr
P/E
41.79
ROE
13.46%
PEG
1.52
Price to sales
7.18
Debt to equity
0.00
52W high / low
₹7,410 / ₹2,704
Sales growth (5Y)
16.47%
EBITDA margin
22.01%
Net profit margin
15.96%
Promoter holding
60.72%
Sales (last year)
₹2,258 Cr

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

Guidance scorecard · Q2 FY27 call

What Garware Hi Tech Films Ltd's management guided
and where it ranks in Industrial Products

#27of 100 in
Industrial Products
Revenue20–40%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

20–40%
  • Targeting overall sales revenue of INR 3,000+ crores for FY28, up from around INR 2,600 crores in the current year.
  • Expect new capacity utilization to enable revenues of around INR 3,500 crores with upcoming lines, including INR 450-500 crores from architectural films and INR 250 crores from paint protection films (PPF).
  • Architectural sun control film segment expected to grow fastest, targeting 35-40% growth, with overall Sun Control Film (SCF) growth aimed at minimum 20%.
  • Anticipate growth in Indian domestic business at CAGR of 25-30% alongside exports, maintaining roughly 20% contribution of domestic market.
  • TPU division expects INR 75-100 crores external sales at full capacity by FY28 with estimated 35% EBITDA margin.

2 more points from Garware Hi Tech Films Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 0–2%

See what Garware Hi Tech Films Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • New Sun Control Film (SCF) production line coming online by June 2027 (H1 FY28) to support growing architectural segment.
  • This new SCF line expected to contribute INR450-500 crores in revenue at full utilization.
  • Paint Protection Film (PPF) capacity can add around INR250 crores from current levels.
  • Both capacities combined could help reach INR3,500 crores revenue potential at full utilization.
  • TPU (Thermoplastic Polyurethane) backward integration planned, expected to add 1.5-2% margin expansion from FY28 onwards.
  • Company aims to invest more capex over next 3 years to support growth momentum, particularly in architectural films and TPU films.

2 more points from Garware Hi Tech Films Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Garware Hi Tech Films Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Sun Control Film (SCF) utilization at 75% in Q2, expected to reach full capacity by Q2 next year.
  • Paint Protection Film (PPF) utilization at 73% in Q2, expected to go up to 90%-95% within 6 months.
  • New production lines contributing projected capacities: INR450-500 crores from architectural films and INR250 crores from PPF.

2 more points from Garware Hi Tech Films Ltd's call on the order book

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Full Q2 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Garware Hi Tech Films Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

Sign up free to see every company in the sector ranking and track Garware Hi Tech Films Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Garware Hi Tech Films Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Garware Hi Tech Films Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +60.73%60.73%60.73%60.73%60.73%60.73%60.73%60.73%60.73%60.73%60.73%60.73%
FIIs +0.12%0.31%0.52%1.56%2.69%3.50%3.86%3.58%3.96%3.98%4.22%4.60%
DIIs +3.77%4.21%4.76%4.48%4.33%4.75%4.89%4.96%5.35%5.28%6.35%7.27%
Public +35.38%34.75%34.00%33.25%32.27%31.03%30.53%30.74%29.98%30.04%28.72%27.41%
No. of Shareholders38,09239,31642,19150,96355,51857,36454,33557,61955,54454,49256,75965,382

Financials of Garware Hi Tech Films Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +397454447474621466548495570459597633696
Expenses +332379368356484385443385450388461461526
Operating Profit6575781191378110411011970135172169
OPM %16%17%18%25%22%17%19%22%21%15%23%27%24%
Other Income +991211141217131416212020
Interest4222222222223
Depreciation10101010101010111112121313
Profit before tax6173781181388110911012073142176173
Tax %24%23%26%25%25%25%29%25%24%24%24%25%25%
Net Profit +465658881046178839156108133129
EPS in Rs19.7624.0524.8838.0344.8826.1733.4935.7339.2724.0146.5857.1055.72

Financials of Garware Hi Tech Films Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +8968578748339489259891,3031,4381,6772,1092,1202,384
Expenses +8367768017508047637701,0651,2111,3951,6681,6851,837
Operating Profit60817383144162219238227282441435547
OPM %7%9%8%10%15%17%22%18%16%17%21%21%23%
Other Income +2768591215394239546577
Interest44443325191820181712989
Depreciation15171414142024283239414550
Profit before tax27273450120135190231220270445446565
Tax %35%38%33%34%32%36%34%28%24%25%26%24%
Net Profit +181622338286126167166203331338426
EPS in Rs7.647.089.6614.2635.1437.0354.2171.9671.5187.50142.57145.59183.41
Dividend Payout %0%0%10%14%28%27%18%14%14%11%8%8%

Financials of Garware Hi Tech Films Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital23232323232323232323232323
Reserves5455621,2311,2691,3491,3801,5401,6881,8332,0222,3492,6332,884
Borrowings +36831531217114914713818214100013
Other Liabilities +10511987107125128167240218279310354400
Total Liabilities1,0421,0201,6531,5701,6461,6791,8682,1332,2142,3242,6823,0103,320
Fixed Assets +6496481,2311,2261,2381,2791,3291,3411,4671,4501,4421,5771,567
CWIP11581011201196102392737
Investments112936120116226274393363643698813
Other Assets +381366386298277264302423344508557709902
Total Assets1,0421,0201,6531,5701,6461,6791,8682,1332,2142,3242,6823,0103,320

Financials of Garware Hi Tech Films Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +911017713414199199172218172330275
Cash from Investing Activity +-20-5-12-5-101-44-126-141-16846-275-200
Cash from Financing Activity +-107-96-40-172-49-64-366-89-169-52-60
Net Cash Flow-36025-43-8-93837-3948216
Free Cash Flow6392611241154513964152156276114
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit165%131%117%174%116%79%109%90%117%84%100%83%

Financials of Garware Hi Tech Films Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days2017261722211698879
Inventory Days93111908270100128145109132116149
Days Payable303639546862897657735569
Cash Conversion Cycle829177442458547960676889
Working Capital Days-58-58-6517517987362840
ROCE %7%8%5%5%9%10%13%13%12%14%21%18%

Guidance history

How Garware Hi Tech Films Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%Up 0–2%Planned——
Q1 FY27 call →10–20%Up 0–2%Planned——
Q4 FY26 call →20–40%Up 0–2%Planned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

88out of 100

Momentum score · price trend

88 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+98.6%93%
Last 6 months+74.4%94%
Last 3 months−2.5%63%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Garware Hi Tech Films Ltd: 0.4 × 93 + 0.4 × 94 + 0.2 × 63 = 88.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Garware Hi Tech Films Ltd's management said in earlier quarters

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