Garware Synthetics Ltd

GARWSYN

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Market Cap

₹ 11 Cr

P/E

73.08

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Garware Synthetics Ltd., founded in 1969, is a pioneer in the Indian market for manufacturing nylon monofilaments, bristles, fishing lines, and PP bristles under the 'GRAFLON' brand.

The company has developed nylon sutures, aiming to substitute imports in India, signaling its foray into the medical sector.

It is known for manufacturing a broad spectrum of bristles adaptable to various brush industries, including toothbrush, shaving, paint, industrial, and household brushes.

Garware focuses on continuous technological renewal to maintain competitive advantage and ensure international quality standards in its products.

Sector

Textiles

Industry

Textiles - Others

Market Cap

11 Cr

Volatility

Low Risk

P/E Ratio

73.1

Industry P/E

25.9

PEG Ratio

0.6

P/B Ratio

—

52W High

40.03

52W Low

16.25

Sales CAGR

0.28%

-5.47%

3.32%

10Y

3.46%

Profit CAGR

120.00%

-61.63%

-34.81%

10Y

-24.67%

ROE

TTM

-8.77%

-9.04%

-12.64%

10Y

-4.90%

ROCE

TTM

8.91%

9.49%

30.70%

10Y

7.01%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BILLWIN	30.00	13 Cr	17.24	0.89	0.00	4.29	6.19	3.53
ALPSINDUS	3.05	12 Cr	—	0.00	0.00	7.15	33.29	-696.95
SKL	9.25	11 Cr	17.13	0.48	0.00	2.80	5.29	1.66
SURYVANSPG	23.00	11 Cr	30.26	0.00	0.00	-3.53	10.63	8.21
GARWSYN	19.00	11 Cr	73.08	0.00	0.00	-8.77	8.91	1.06
YARNSYN	15.18	11 Cr	—	0.70	0.00	-34.34	-1.51	-0.66
SHESHAINDS	22.95	10 Cr	1.89	0.00	0.00	-50.47	45.37	25.74

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	2.89	2.47	2.72	2.61	2.67	2.77	2.55	2.75	2.60	2.84
Expenses	2.65	2.39	2.54	2.75	2.63	2.70	2.49	2.85	2.35	2.53
Operating Profit	0.24	0.08	0.18	-0.14	0.04	0.07	0.06	-0.10	0.25	0.31
OPM %	8.30	3.24	6.62	-5.36	1.50	2.53	2.35	-3.64	9.62	10.92
Other Income	0.00	0.01	0.00	0.29	0.19	0.07	0.01	0.29	0.00	0.00
Interest	0.09	0.17	0.05	0.05	0.05	0.05	0.06	-0.04	0.02	0.02
Depreciation	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11
Profit Before Tax	0.04	-0.19	0.02	-0.01	0.07	-0.02	-0.10	0.11	0.12	0.18
Tax %	175.00	-5.26	-100.00	1,500.00	0.00	250.00	0.00	100.00	0.00	33.33
Net Profit	-0.03	-0.20	0.03	0.14	0.07	0.03	-0.10	0.01	0.12	0.12
EPS in Rs	0.06	-0.33	0.03	0.25	0.12	-0.03	-0.17	0.01	0.21	0.31

Standalone Profit Loss (in ₹ Crores)

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	8.54	9.60	11	9.11	8.27	13	11	11	11	11
Expenses	8.11	9.11	11	8.82	7.21	12	11	10	11	10
Operating Profit	0.42	0.49	0.03	0.29	1.06	0.97	0.85	0.37	0.05	0.28
OPM %	4.92	5.11	0.28	3.21	12.83	7.61	7.47	3.45	0.50	2.62
Other Income	0.28	0.00	0.33	0.00	0.00	0.45	0.30	0.29	0.57	NaN
Interest	0.16	0.09	0.20	0.09	0.43	0.59	0.33	0.37	0.11	0.09
Depreciation	0.02	0.02	0.03	0.03	0.02	0.26	0.47	0.44	0.44	0.44
Profit Before Tax	0.53	0.38	-1.37	0.18	0.61	0.56	0.35	-0.14	0.07	0.11
Tax %	10.95	10.48	0.00	40.02	4.21	58.66	-63.84	66.92	80.77	45.45
Net Profit	0.47	0.34	-1.37	0.11	0.58	0.23	0.58	-0.05	0.01	0.06
EPS in Rs	0.89	0.59	0.23	0.32	1.05	0.40	0.60	0.01	-0.07	0.36
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81
Reserves	-8.10	-7.63	-7.28	-8.66	-8.55	-7.96	-8.37	-7.78	-7.89	-7.78
Borrowings	4.52	4.42	10	12	13	12	12	5.96	5.39	5.22
Other Liabilities	10	10	4.90	4.05	3.17	3.45	7.50	11	11	11
Total Liabilities	13	13	14	14	13	14	17	15	15	14
Fixed Assets	10	10	10	10	10	10	14	12	12	11
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	2.27	2.55	3.09	3.16	2.89	3.27	3.40	3.05	2.68	2.84
Total Assets	13	13	14	14	13	14	17	15	15	14

Standalone Cash Flows (in ₹ Crores)

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	0.14	0.26	0.25	-1.79	-0.52	0.41	1.33	0.57	0.39	0.04
Cash from Investing Activity	-0.04	0.07	-0.06	0.00	0.00	-0.01	-0.64	-0.00	-0.00	-0.03
Cash from Financing Activity	-0.20	-0.26	-0.05	1.81	0.43	-0.52	-0.60	-0.46	-0.40	-0.13
Net Cash Flow	-0.10	0.08	0.13	0.02	-0.09	-0.12	0.09	0.11	-0.02	-0.12

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	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%	45.78%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%	54.21%
Total Shareholders	13,635	13,624	13,576	13,487	13,425	13,384	13,377	13,457	13,479	13,434	13,409	13,373

Projection

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Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	2.89	2.47	2.72	2.61	2.67	2.77	2.55	2.75	2.60	2.84
Expenses	2.65	2.39	2.54	2.75	2.63	2.70	2.49	2.85	2.35	2.53
Operating Profit	0.24	0.08	0.18	-0.14	0.04	0.07	0.06	-0.10	0.25	0.31
OPM %	8.30	3.24	6.62	-5.36	1.50	2.53	2.35	-3.64	9.62	10.92
Other Income	0.00	0.01	0.00	0.29	0.19	0.07	0.01	0.29	0.00	0.00
Interest	0.09	0.17	0.05	0.05	0.05	0.05	0.06	-0.04	0.02	0.02
Depreciation	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11
Profit Before Tax	0.04	-0.19	0.02	-0.01	0.07	-0.02	-0.10	0.11	0.12	0.18
Tax %	175.00	-5.26	-100.00	1,500.00	0.00	250.00	0.00	100.00	0.00	33.33
Net Profit	-0.03	-0.20	0.03	0.14	0.07	0.03	-0.10	0.01	0.12	0.12
EPS in Rs	0.06	-0.33	0.03	0.25	0.12	-0.03	-0.17	0.01	0.21	0.31

Standalone Profit Loss (in ₹ Crores)

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	8.54	9.60	11	9.11	8.27	13	11	11	11	11
Expenses	8.11	9.11	11	8.82	7.21	12	11	10	11	10
Operating Profit	0.42	0.49	0.03	0.29	1.06	0.97	0.85	0.37	0.05	0.28
OPM %	4.92	5.11	0.28	3.21	12.83	7.61	7.47	3.45	0.50	2.62
Other Income	0.28	0.00	0.33	0.00	0.00	0.45	0.30	0.29	0.57	NaN
Interest	0.16	0.09	0.20	0.09	0.43	0.59	0.33	0.37	0.11	0.09
Depreciation	0.02	0.02	0.03	0.03	0.02	0.26	0.47	0.44	0.44	0.44
Profit Before Tax	0.53	0.38	-1.37	0.18	0.61	0.56	0.35	-0.14	0.07	0.11
Tax %	10.95	10.48	0.00	40.02	4.21	58.66	-63.84	66.92	80.77	45.45
Net Profit	0.47	0.34	-1.37	0.11	0.58	0.23	0.58	-0.05	0.01	0.06
EPS in Rs	0.89	0.59	0.23	0.32	1.05	0.40	0.60	0.01	-0.07	0.36
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81	5.81
Reserves	-8.10	-7.63	-7.28	-8.66	-8.55	-7.96	-8.37	-7.78	-7.89	-7.78
Borrowings	4.52	4.42	10	12	13	12	12	5.96	5.39	5.22
Other Liabilities	10	10	4.90	4.05	3.17	3.45	7.50	11	11	11
Total Liabilities	13	13	14	14	13	14	17	15	15	14
Fixed Assets	10	10	10	10	10	10	14	12	12	11
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	2.27	2.55	3.09	3.16	2.89	3.27	3.40	3.05	2.68	2.84
Total Assets	13	13	14	14	13	14	17	15	15	14

Standalone Cash Flows (in ₹ Crores)

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	0.14	0.26	0.25	-1.79	-0.52	0.41	1.33	0.57	0.39	0.04
Cash from Investing Activity	-0.04	0.07	-0.06	0.00	0.00	-0.01	-0.64	-0.00	-0.00	-0.03
Cash from Financing Activity	-0.20	-0.26	-0.05	1.81	0.43	-0.52	-0.60	-0.46	-0.40	-0.13
Net Cash Flow	-0.10	0.08	0.13	0.02	-0.09	-0.12	0.09	0.11	-0.02	-0.12

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BILLWIN	30.00	13 Cr	17.24	0.89	0.00	4.29	6.19	3.53
ALPSINDUS	3.05	12 Cr	—	0.00	0.00	7.15	33.29	-696.95
SKL	9.25	11 Cr	17.13	0.48	0.00	2.80	5.29	1.66
SURYVANSPG	23.00	11 Cr	30.26	0.00	0.00	-3.53	10.63	8.21
GARWSYN	19.00	11 Cr	73.08	0.00	0.00	-8.77	8.91	1.06
YARNSYN	15.18	11 Cr	—	0.70	0.00	-34.34	-1.51	-0.66
SHESHAINDS	22.95	10 Cr	1.89	0.00	0.00	-50.47	45.37	25.74

Overview

Detailed Summary

Garware Synthetics Ltd., founded in 1969, is a pioneer in the Indian market for manufacturing nylon monofilaments, bristles, fishing lines, and PP bristles under the 'GRAFLON' brand.

The company has developed nylon sutures, aiming to substitute imports in India, signaling its foray into the medical sector.

It is known for manufacturing a broad spectrum of bristles adaptable to various brush industries, including toothbrush, shaving, paint, industrial, and household brushes.

Garware focuses on continuous technological renewal to maintain competitive advantage and ensure international quality standards in its products.

Sector

Textiles

Industry

Textiles - Others

Market Cap

11 Cr

Volatility

Low Risk

P/E Ratio

73.1

Industry P/E

25.9

PEG Ratio

0.6

P/B Ratio

—

52W High

40.03

52W Low

16.25

Sales CAGR

0.28%

-5.47%

3.32%

10Y

3.46%

Profit CAGR

120.00%

-61.63%

-34.81%

10Y

-24.67%

ROE

TTM

-8.77%

-9.04%

-12.64%

10Y

-4.90%

ROCE

TTM

8.91%

9.49%

30.70%

10Y

7.01%