Garware Hi Tech Films Ltd

GRWRHITECH

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Market Cap

₹ 8,446 Cr

P/E

26.99

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Garware Hi-Tech Films Limited is a leading manufacturer of polyester films, including specialty films like Sun Control and Paint Protection Films. It's notable for its wide-ranging applications, from automotive to residential architecture.

Recent strategic initiatives focus on significant capacity expansion and market adaptation, such as the doubling of its Paint Protection Films capacity, positioning the company favorably for future growth.

The company is heavily invested in sustainable practices, being the first in architectural films to achieve GreenPro certification, highlighting its commitment to eco-friendly innovation and processes.

Garware's entry into the Direct-to-Consumer (D2C) market signifies a pivot towards consumer-centric growth, leveraging digital platforms for enhanced customer engagement and market penetration.

Despite challenging geopolitical and tariff conditions, Garware Hi-Tech Films Limited sustains robust financial performance with effective cost management and revenue optimization, particularly in its export markets.

Sector

Packaging

Industry

Packaging - Polyester Film

Market Cap

8,446 Cr

Volatility

High Risk

P/E Ratio

27.0

Industry P/E

31.0

PEG Ratio

0.9

P/B Ratio

3.4

52W High

5,373.00

52W Low

2,320.05

Sales CAGR

25.78%

16.44%

17.86%

10Y

9.42%

Profit CAGR

62.93%

28.37%

31.27%

10Y

39.10%

ROE

TTM

12.48%

11.17%

10.41%

10Y

7.98%

ROCE

TTM

17.00%

14.94%

14.22%

10Y

11.75%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INOXINDIA	1155.00	10,444 Cr	43.72	10.65	0.17	25.08	30.60	12.97
GRWRHITECH	3628.00	8,446 Cr	26.99	3.37	0.33	12.48	17.00	11.05
EPL	221.25	7,086 Cr	17.06	2.70	2.25	15.71	17.02	9.36
AGI	732.00	4,736 Cr	13.45	2.14	0.96	15.87	19.88	10.46
UFLEX	471.65	3,408 Cr	10.74	0.44	0.64	4.10	6.58	1.88
TCPLPACK	2929.40	2,675 Cr	21.10	4.00	1.02	18.94	17.04	7.38
POLYPLEX	831.00	2,604 Cr	35.54	0.64	1.66	1.81	2.76	0.81

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	380	397	454	447	474	621	466	548	495	570
Expenses	316	332	379	368	356	484	385	443	385	450
Operating Profit	64	65	75	78	119	137	81	104	110	119
OPM %	16.81	16.34	16.56	17.51	25.00	22.05	17.40	19.06	22.14	20.97
Other Income	8.90	9.16	9.49	12	11	14	13	17	13	14
Interest	4.33	3.65	1.88	1.92	2.03	2.16	2.41	2.18	2.05	2.10
Depreciation	9.84	9.72	9.75	9.71	10	10	10	10	11	11
Profit Before Tax	59	61	73	78	118	138	81	109	110	120
Tax %	25.39	24.32	23.41	25.95	24.82	24.51	24.94	28.51	24.75	24.22
Net Profit	44	46	56	58	88	104	61	78	83	91
EPS in Rs	18.81	19.76	24.05	24.88	38.03	44.88	26.17	33.49	35.73	39.27

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	918	842	948	925	989	1,303	1,438	1,677	2,109	2,130
Expenses	801	750	804	763	771	1,065	1,211	1,395	1,668	1,698
Operating Profit	117	92	144	162	218	238	227	282	441	432
OPM %	12.75	10.92	15.20	17.48	22.04	18.28	15.80	16.82	20.91	20.28
Other Income	7.73	5.21	9.01	12	16	39	42	39	54	56
Interest	33	25	19	18	20	18	17	12	8.78	8.80
Depreciation	14	14	14	20	24	28	32	39	41	41
Profit Before Tax	34	50	120	135	190	231	220	270	445	438
Tax %	33.15	33.53	31.89	36.15	33.74	27.65	24.46	24.78	25.65	25.65
Net Profit	22	33	82	86	126	167	166	203	331	326
EPS in Rs	—	—	35.17	37.02	54.21	71.95	71.52	87.50	142.57	134.66
Dividend Payout %	10.35	14.03	28.46	27.01	18.45	13.90	13.98	11.43	8.42	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	23	23	23	23	23	23	23	23	23	23
Reserves	562	1,231	1,269	1,349	1,380	1,540	1,688	1,833	2,022	2,349
Borrowings	289	292	154	114	121	97	182	141	0.00	0.00
Other Liabilities	145	107	124	160	154	208	240	218	279	310
Total Liabilities	1,020	1,653	1,570	1,646	1,679	1,868	2,133	2,214	2,324	2,682
Fixed Assets	648	1,231	1,226	1,238	1,279	1,329	1,341	1,467	1,450	1,442
CWIP	5.18	8.16	9.73	11	20	11	96	10	2.41	39
Investments	0.73	29	36	120	116	226	274	393	363	643
Other Assets	366	386	298	277	264	302	423	344	508	557
Total Assets	1,020	1,653	1,570	1,646	1,679	1,868	2,133	2,214	2,324	2,682

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	101	77	134	141	99	199	172	218	172	330
Cash from Investing Activity	-4.77	-12	-5.29	-101	-44	-126	-141	-170	47	-275
Cash from Financing Activity	-96	-40	-172	-49	-64	-36	5.81	-89	-169	-52
Net Cash Flow	0.21	25	-43	-7.90	-8.86	38	37	-41	50	3.17

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%
FIIs	0.07%	0.17%	0.11%	0.13%	0.11%	0.30%	0.51%	1.56%	2.68%	3.49%	3.85%	3.57%
DIIs	2.40%	2.20%	2.36%	3.51%	3.79%	4.22%	4.77%	4.49%	4.34%	4.76%	4.89%	4.96%
Public	36.81%	36.91%	36.81%	35.65%	35.39%	34.76%	34.00%	33.24%	32.27%	31.03%	30.54%	30.75%
Total Shareholders	31,924	32,022	31,580	30,410	38,092	39,316	42,191	50,963	55,518	57,364	54,335	57,619

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Corporate Action

2 days ago

Temporary Shutdown of Chips Plant for Maintenance

Garware Hi-Tech Films Limited announces a temporary shutdown of its Chips Plant and line 5 for 35 days and line 4 for 10 days starting December 16, 2025, for planned maintenance.

Analyst/Investor Meet

6 days ago

Analyst/Investor Meeting Scheduled

The company has announced the schedule for one-on-one meetings with analysts and institutional investors on December 12, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Showing 1 - 8 of 19

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Overall

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INOXINDIA	1155.00	10,444 Cr	43.72	10.65	0.17	25.08	30.60	12.97
GRWRHITECH	3628.00	8,446 Cr	26.99	3.37	0.33	12.48	17.00	11.05
EPL	221.25	7,086 Cr	17.06	2.70	2.25	15.71	17.02	9.36
AGI	732.00	4,736 Cr	13.45	2.14	0.96	15.87	19.88	10.46
UFLEX	471.65	3,408 Cr	10.74	0.44	0.64	4.10	6.58	1.88
TCPLPACK	2929.40	2,675 Cr	21.10	4.00	1.02	18.94	17.04	7.38
POLYPLEX	831.00	2,604 Cr	35.54	0.64	1.66	1.81	2.76	0.81

Overview

Detailed Summary

Garware's entry into the Direct-to-Consumer (D2C) market signifies a pivot towards consumer-centric growth, leveraging digital platforms for enhanced customer engagement and market penetration.

Sector

Packaging

Industry

Packaging - Polyester Film

Market Cap

8,446 Cr

Volatility

High Risk

P/E Ratio

27.0

Industry P/E

31.0

PEG Ratio

0.9

P/B Ratio

3.4

52W High

5,373.00

52W Low

2,320.05

Sales CAGR

25.78%

16.44%

17.86%

10Y

9.42%

Profit CAGR

62.93%

28.37%

31.27%

10Y

39.10%

ROE

TTM

12.48%

11.17%

10.41%

10Y

7.98%

ROCE

TTM

17.00%

14.94%

14.22%

10Y

11.75%