Garware Q4 FY26: GHFL PAT up 39%, GTF down 19% YoY

Two listed Garware group companies reported sharply different Q4 FY26 outcomes, with Garware Hi-Tech Films (GHFL) posting a record year and strong Q4 profitability, while Garware Technical Fibres (GTF) saw profit decline and its stock react negatively. The divergence matters for investors tracking packaging and specialty film demand on one side, and technical fibres and related end-markets on the other.

The market’s immediate reaction was visible in Garware Technical Fibres. The stock fell 2.49% to Rs 620 after the company reported a year-on-year decline in consolidated net profit for the quarter ended March 31, 2026. On the other hand, GHFL highlighted Q4 FY26 as its strongest profitability quarter and closed FY26 with its highest-ever consolidated revenue and profit.

Garware Technical Fibres: stock falls after profit drop

Garware Technical Fibres declined 2.49% to Rs 620 following its Q4 FY26 earnings update. The company said consolidated net profit fell 19.45% year-on-year to ₹57.25 crore. Revenue from operations was reported at ₹426.41 crore for the quarter.

The update also disclosed that profit before exceptional items and tax declined 5.11% year-on-year to ₹91.83 crore in Q4 FY26 from ₹96.78 crore in the corresponding quarter last year. During the quarter, the company reported an exceptional loss of ₹13.90 crore. Results were stated on a consolidated basis.

In another summary of the same quarter, the company’s profit after tax (PAT) was described as about ₹57 crore for the quarter ended March 31, 2026, down around 19% year-on-year compared to about ₹71 crore in Q4 FY25. Revenue from operations was described at about ₹426 crore, noted as down about 1% year-on-year in that summary. Gross profit was stated at about ₹87 crore, down 4%.

Key numbers: Garware Technical Fibres Q4 FY26

The reported numbers for the quarter point to a weaker profitability print despite revenue staying close to last year’s level. The exceptional loss also reduced reported earnings for the period.

Result date and reporting basis

Garware Technical Fibres’ Q4 FY26 results were stated to have been declared on May 20, 2026. The quarter referenced in the update ended March 31, 2026. The company’s figures were described on a consolidated basis.

For investors, the combination of lower year-on-year profit and an exceptional loss is typically a key focus area. The company also provided a figure for profit before exceptional items and tax, which offers a view of performance before one-off impacts.

Garware Hi-Tech Films: record FY26 and strongest Q4 profitability

Garware Hi-Tech Films reported its highest-ever FY26 consolidated revenue of ₹2,120 crore and PAT of ₹338 crore. The company said Q4 FY26 was its strongest profitability quarter. It also cited global volatility and tariff headwinds in the backdrop, while still reporting record full-year numbers.

For Q4 FY26, GHFL reported consolidated revenue from operations of ₹597 crore, up 8.9% year-on-year and 30.1% quarter-on-quarter. EBITDA was reported at ₹157 crore, up 29.0% year-on-year and 80.5% quarter-on-quarter. The EBITDA margin improved to 26.2% from 22.2% in Q4 FY25, an expansion of 409 basis points.

Profit after tax for the quarter was reported at ₹108 crore, up 39.1% year-on-year and 94.0% quarter-on-quarter. PAT margin for Q4 FY26 was reported at 18.1%. Earnings per share (EPS) for Q4 FY26 was reported at ₹47.

A separate highlight sheet for the quarter referenced total income of ₹596.69 crore (up 8.90% YoY), operating profit of ₹123.45 crore (up 31.20% YoY), PAT of ₹108.21 crore (up 39.09% YoY), and operating margin of 20.69%.

GHFL Q4 and FY26 highlights at a glance

The quarter showed both growth and margin expansion, while FY26 extended the profitability trend to a record annual outcome.

What stood out in the contrast between the two companies

The key difference in the two Q4 FY26 updates is directionally clear. Garware Technical Fibres reported a year-on-year decline in net profit and disclosed an exceptional loss, while GHFL reported strong year-on-year profit growth and margin expansion in the quarter.

In market terms, GTF’s stock move of 2.49% lower to Rs 620 indicates investors reacted to the weaker reported earnings. For GHFL, the narrative in the update was centred on record full-year numbers and Q4 profitability strength, supported by year-on-year and sequential gains in EBITDA and PAT.

Market impact and investor checklist

For Garware Technical Fibres, the investor checklist is likely to centre on the size and nature of the exceptional loss (₹13.90 crore), and whether earnings normalise when viewed before exceptional items. The disclosed PBT before exceptional items and tax at ₹91.83 crore versus ₹96.78 crore a year earlier provides one reference point for that assessment.

For Garware Hi-Tech Films, investors typically track whether Q4’s margin improvement (EBITDA margin at 26.2%) sustains, and how FY26’s record revenue of ₹2,120 crore and PAT of ₹338 crore translate into consistent quarterly performance. The company also reported a strong quarter-on-quarter trajectory in Q4, with revenue up 30.1% and PAT up 94.0%.

Conclusion

Q4 FY26 delivered two different outcomes for Garware-linked stocks. Garware Technical Fibres reported a year-on-year fall in consolidated profit alongside an exceptional loss, while Garware Hi-Tech Films reported record FY26 revenue and PAT with Q4 showing strong profitability metrics. The next set of quarterly disclosures will be important to see whether GTF’s profitability stabilises and whether GHFL can maintain the higher margin profile reported in Q4 FY26.