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Garware Hi Tech Films Results: Latest Quarterly Results & Analysis

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Garware Hi-Tech Films Ltd. 13 Nov 2025 14:37 PM
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Q2FY26 Quarterly Result Announced for Garware Hi-Tech Films Ltd.

Containers & Packaging company Garware Hi-Tech Films announced Q2FY26 results

  • Revenue: Rs 569.7 crore (down 8.2% YoY) impacted by high base and tariff impact. However, up 15.1% QoQ, supported by improved product mix (higher SCF sales).
  • EBITDA: Rs 133.3 crore (down 11.4% YoY) with margin at 23.4% vs 24.2% last year; yet sequential improvement on operating leverage and cost discipline.
  • PAT: Rs 91.2 crore (down 12.5% YoY) with 16.0% margin.
  • EPS: Rs 39.3 for Q2FY26.

S. B. Garware, Chairman & Managing Director, Garware Hi-Tech Films, said: “As global trade dynamics evolve amid tariff changes and geopolitical shifts, the Company remains focused on sustainable growth and long-term value creation. Our strategic vision is centered on building a future-ready, innovation-driven enterprise that adapts to global transitions while capturing emerging opportunities.”

Monika Garware, Vice Chairperson & Joint Managing Director, Garware Hi-Tech Films, said: “The Company delivered a strong performance during the quarter, demonstrating solid fundamentals and efficient operations amid tariff uncertainties, geopolitical developments, and variable climate conditions. Despite these challenges, our performance remained stable, highlighting the agility of our operations and the strength of our market position. Our focus remains on maintaining market share across key segments while enhancing efficiency and cost competitiveness. The commercialisation of the new PPF production line will support the Company’s next phase of growth and value creation. As FY26 unfolds in a complex global trade environment, we continue to take proactive steps to manage risks, optimise resources, and sustain growth.”

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Containers & Packaging company Garware Hi-Tech Films announced Q1FY26 results

  • Revenue from operations for Q1FY26 were recorded at Rs 495.0 crore, an increase of 4.3% YoY.
  • EBITDA stood at Rs 123.0 crore for Q1FY26.
  • EBITDA margin of 24.8% for Q1FY26.
  • PAT stood at Rs 83.0 crore with PAT margin of 16.8% for Q1FY26.

S. B. Garware, Chairman and Managing Director, Garware Hi-Tech Films, said: "The Company remains well attuned to the current global environment as we navigate through the ongoing challenges related to tariffs and geopolitical uncertainties. Internally, we are accelerating our cost optimisation strategies with sustainable innovative methods to ensure higher operational efficiencies. Our focus remains on leveraging innovation and technology to manufacture niche and innovative consumer products, underpinned by robust R&D and a portfolio of patented solutions. We are committed to achieving sustained long-term growth through strategic adaptation and operational excellence."

Monika Garware, Vice Chairperson & Joint Managing Director, Garware Hi-Tech Films, said: “The company delivered stable performance, despite ongoing challenges stemming from tariff uncertainties, geopolitical shifts, and climate conditions. We are progressing steadily with our strategic investments in the new PPF production line and TPU facility, both of which are poised to fuel our next phase of expansion. The company has delivered stable performance in the last ten years. FY26 seems to be challenging owing to tariff uncertainties and geopolitical situation, however the company is evaluating various ways to mitigate the ongoing situation.”

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Containers & Packaging company Garware Hi-Tech Films announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operations for Q4FY25 grew significantly to Rs 547.9 crore, an increase of 22.7% YoY, driven by continued growth in Sun Control Window Films, Paint Protection Films, and Industrial Products Division.
  • EBITDA grew by 35.3% YoY to Rs 121.4 crore, supported by an improved product mix and higher contribution from premium offerings.
  • Overall, PAT increased by 34.6% YoY to Rs 77.8 crore.

FY25 Financial Highlights:

  • Revenue from operations grew significantly to Rs 2,109.4 crore, an increase of 25.8% year-on-year,
  • EBITDA at Rs 495.5 crore, up by 54.3% YoY
  • PBT at Rs 445.5 crore, up by 64.8% YoY
  • PAT at Rs 331.2 crore, up by 62.9% YoY

Commenting on the results, S. B. Garware, Chairman and Managing Director, Garware Hi-Tech Films said: " As we continue to drive growth and innovation, your Company remains focused on strengthening technical capabilities, broadening our product portfolio, and exploring new markets. This strategic approach has consistently delivered strong results, reflecting the effectiveness of our value-added offerings and comprehensive marketing efforts. With a clear focus on sustainable growth, we are confident in our future prospects and well-positioned to take advantage of emerging opportunities.”

Monika Garware, Vice Chairperson and Joint Managing Director, Garware Hi-Tech Films added, “We are proud to report a strong performance in Q4FY25 and a record-breaking annual performance with revenues surpassing Rs 2,000 crore in FY25, driven by our value-added product offerings and effective marketing strategies. We also delivered the highest-ever yearly profit, with PAT reaching Rs 331.2 crore, reflecting the strength of our business model and operational execution. Our strategic capital expenditures over the years have enabled us to meet demand, leading to these outstanding results. Investments in the TPU extrusion line and the upcoming PPF line will enhance our manufacturing capabilities and accelerate growth. We remain committed to growth, driven by demand for our products, expansion into new geographies, and strong traction in the domestic market, all while competing with world-class players in the value-added business segment.”

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Containers & Packaging company Garware Hi-Tech Films announced Q3FY25 results

  • Q3FY25 Revenue from Operations remained stable at Rs 466.4 crore compared to Rs 453.6 crore during Q3FY24, an increase of 2.8% YoY.
  • EBITDA grew by 10.7% YoY, supported by the sale of value-added products.
  • PAT stood at Rs 60.8 crore, an increased by 8.8% YoY.
  • EPS: Rs 26.2 for Q3FY25.

S. B. Garware, Chairman & Managing Director, Garware Hi-Tech Films, said: "As we continue to chart our course towards a future of innovation and excellence, our commitment to long-term sustainable growth remains unwavering. Our strategic emphasis on operational efficiency and high-quality offerings is now further strengthened by strategic partnerships and dynamic marketing strategies. These efforts are not just expanding our footprint in India and overseas markets but also reinforcing our dedication to making a positive impact on our customers and communities.”

Monika Garware, Vice Chairperson & Joint Managing Director, Garware Hi-Tech Films, said: “Our performance over the past nine months has been outstanding, driven by continuous innovation, strong focus on enhancing our product offerings and customer experience. To strengthen our future growth plans, we are pleased to inform you that the Board of Directors have approved an investment of Rs 118 crore in TPU extrusion line with an annual capacity of 360 LSF at our Waluj Plant and the production is set to commence by October 2026. This line will enhance our manufacturing capabilities, optimize operational costs and support future market demand. We have recently launched the industry's first Coloured PPF and Headlight & Taillight Glass Protection which will open up new business opportunities in the market. Additionally, we made strategic collaborations to ensure PPF offerings more accessible and supported by a comprehensive insurance program.”

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Containers & Packaging company Garware Hi-Tech Films announced Q2FY25 results

  • Revenues grew significantly to Rs 620.6 crore, an increase of 56.3% YoY.
  • EBITDA grew impressively by 103.3% YoY and 15.8% QoQ.
  • PAT increased by 127.1% YoY and 18.0% QoQ.
  • EPS: Rs 44.88 for Q2FY25.

S. B. Garware, Chairman and Managing Director, Garware Hi-Tech Films, said: "We continue to maintain the growth momentum in the second quarter of FY25 delivering remarkable overall performance. Our strategic focus on operational efficiency and premium offerings enabled us to achieve highest ever PAT of Rs 104.3 crore. We remain focused and optimistic to maintain this momentum going ahead.”

Monika Garware, Vice Chairperson and Joint Managing Director, Garware Hi-Tech Films, said, “Our second quarter results show the impact of our growth strategy across segments. By achieving the highest ever revenue and profitability in this quarter, we are reaffirming our ability to consistently deliver value to our stakeholders. Our continued focus on expanding distribution channels, newer geographies and enhancing our product portfolio has yielded results and we are well-prepared to capitalize on our capabilities to tap newer opportunities.”

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Containers & Packaging company Garware Hi-Tech Films announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenues at Rs 446.6 crore, up by 28% YoY
  • EBITDA at Rs 89.7 crore, up by 27.5% YoY
  • PAT at Rs 57.8 crore, up by 34.2% YoY

FY24 Financial Highlights:

  • Revenues at Rs 1,677.0 crore, up by 16.6% YoY
  • EBITDA at Rs 321.1 crore, up by 19.2% YoY
  • PAT at Rs 203.3 crore, up by 22.4% YoY 
  • The board approved PPF Capacity expansion and recommends a final dividend of Rs 10/- per equity share.

Commenting on the results, Dr S. B. Garware, Chairman and Managing Director, Garware HiTech Films Limited said: "We are pleased to report another strong financial year performance, driven by our strategic expansion and our commitment to offer superior quality products to customers, combined with robust R&D efforts and effective sales and marketing strategies. With the planned investment in new PPF line with a capacity of 300 LSF/annum, we are confident in sustaining growth momentum.”

Monika Garware, Vice Chairperson and Joint Managing Director, Garware Hi-Tech Films Limited added, "We continue to offer value added products to our customers and the strong demand on Specialty Products like PPF and SCF globally driving PAT above Rs 200 crore for the year. We remain committed to our product quality and Customer Centric Approach, which will continue to take the company to newer heights both on Top-Line Growth and profitability and help to deliver sustainable growth for the future.”

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Containers & Packaging company Garware Hi-Tech Films announced Q1FY24 results:

  • Revenue of Rs 380 crore in Q1FY24 compared to Rs 370 crore in Q1FY23, up 2.7% YoY
  • EBITDA of Rs 73 crore in Q1FY24 compared to Rs 71 crore in Q1FY23, up 2.9% YoY
  • Cash Profit of Rs 54 crore in Q1FY24 compared to Rs 52 crore in Q1FY23, up 3.3% YoY
  • PBT of Rs 59 crore in Q1FY24, down 1% YoY
  • PAT of Rs 44 crore in Q1FY24 compared to Rs 43 crore in Q1FY23, down 1.9% YoY
  • EPS of Rs 18.81 in Q1FY24 compared to Rs 19.17 in Q1FY23
  • Debt prepaid by Rs 50 crore, total debt presently at Rs 73 crore.
  • Solar protection and speciality films saw a recovery in volumes during Q1FY24 compared to Q4FY23.

Commenting on the results, Dr. S B Garware, Chairman and Managing Director, said, "GHFL has embarked on a major transformation journey with speciality films, expanded distribution channels, and a customer-centric approach at its core. Building on the initiatives undertaken a few years ago, the company has effectively positioned itself as a leading manufacturer and exporter of Solar Control Films, Paint Protection Films, and other specialised polyester films. In addition, the commitment to financial improvement is reflected in a strong balance sheet with a healthy cash reserve and a remarkable achievement of zero net debt.”

Monika Garware, Vice Chairman and Joint Managing Director added, "Improving our product mix towards value-added films remains a top priority, supported by expected macroeconomic improvements in key markets such as the US and Europe. While the poly-film industry faces challenges from overcapacity and oversupply, GHFL's outstanding performance is attributed to its commitment to value-added products and its ability to navigate through global macroeconomic adversity. These high-value-added speciality films account for a significant 80% of the company's total revenues, playing a key role in maintaining revenue stability and driving profitability.”  

 

 

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Containers and Packaging company Garware Hi-Tech Films announced Q4FY23 & FY23 results:

  • Consolidated FY23 Revenue stood at Rs 1,438 crores up by 10.4% and PAT at Rs 166 crores remained stable vis-a-vis FY22
  • Consolidated Q4FY23 Revenue stood at Rs 349 crores up by 7.9% and PAT at Rs 43 crores remained stable vis-a-vis Q4FY22
  • Sun control films and speciality films during the quarter witnessed better offtake from USA and other international customers
  • Higher volume growth for paint protection films through strong marketing efforts, expanding distributors/Garware application studio (GAS) network
  • 60% market share of the domestic shrink films market by providing tailored and eco-friendly solutions to the food, cosmetics, and pharma sectors
  • Proposed final dividend of Rs 10/- per share

Commenting on the results, Dr S B Garware, Chairman and Managing Director, said, "We have increased our focus and efforts on distribution network expansion and marketing activities to build brand awareness and demand for our world-class PPF and SCF products. We have also engaged Boston Consulting Group (BCG) to accelerate B2C growth in the domestic market.

For the PPF business, we are setting up B2C application studios, already associated with 65 GAS partners and 100 dealership networks to provide seamless service to our customers. We are running pilots with two major OEMs for the PPF pre-installation and are also in advanced talks with many other brands. We are leveraging SCF's existing established dealer and tinter network to accelerate growth in the architectural film business. A team of trained applicators from Garware Training Centre creating a market for our products. Lastly, our digitally driven awareness initiatives and influencer campaign with customers and applicators are driving greater adoption of automotive and architectural films in the domestic market".

 

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Garware Hi-Tech Films announced Q3FY23 results:

  • Q3FY23 & 9MFY23 :
    • 9MFY23 Revenue at Rs 979 crore, up by 11.2%
    • 9M EBITDA at Rs 199 crore
    • 9M PAT at Rs 123 crore
    • Commissioned new lamination facility of 1,800 LSF p.a.
    • Cyclical downturn in Q3 exacerbated by an economic downturn in USA and Europe, aggressive destocking by international customers, lockdown in China, and increased geopolitical risks  
    • A strong balance sheet with negative net debt, low working capital cycle and consistent cashflows from our world class value added products.

Commenting on the results Dr. S. B. Garware, Chairperson and Managing Director said, “We have witnessed a temporary cyclical downturn in performance in Q3. Despite the near  term uncertainty caused by macroeconomic issues, our strong product portfolio in the export market would ensure steady performance from a long term perspective. We pride ourselves on navigating these business challenges and in our ability to provide world class products that enable us to export 70% of our manufacture contributing to the Make in India initiative of the Government in our small way.”  

Dr. S. B. Garware also said, “Our investments in Sun Control Film and Paint Protection Film businesses would drive top line and bottom line growth going forward. With the 250-300 LSF PPF and 1,800 LSF lamination facilities we will be best positioned to capture the latent demand from the automotive sector in the USA once inflationary pressure eases.”  

 

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Containers & packaging company Garware Hi-Tech Films announced Q2FY23 results:

  • Consolidated Q2FY23:
    • Revenue up by 16.2% at Rs 395 crore in Q2FY23 vis-a-vis Rs 340 crore in Q2FY22
    • EBIDTA up by 10.1% at Rs 76 crore in Q2FY23 vis-a-vis Rs 69 crore in Q2FY22
    • PAT up by 11.1% at Rs 48 crore in Q2FY23 vis-a-vis Rs 43 crore in Q2FY22 (consolidated)
  • H1FY23:
    • Revenue up by 18.5% at Rs 765 crore in H1FY23 vis-a-vis Rs 645 crore in H1FY22
    • EBIDTA up by 8.7% at Rs 147 crore H1FY23 vis-a-vis Rs 135 crore in H1FY22
    • PAT up by 17.1% at Rs 93 crore H1FY23 vis-a-vis Rs 79 crore in H1FY22

Commenting on the results Shri S. B. Garware, Chairperson and Managing Director said, “It has been a steady quarter and half year for GHFL, despite global challenges, as we have been able to find a balance to increase our profitability as well as make investments that will contribute incrementally to GHFL's top line. These measures will eventually take the company to a niche position in the specialty films market in all the geographies where we have a presence.”

Speaking about the outlook for the year ahead, Ms. Monika Garware, Vice-Chairperson, and Joint Managing Director said, “Keeping in mind the robust demand in the specialty film space in 2023 and beyond, the ongoing production line expansion will help us cater to the increased demand from the auto as well as architectural segments, along with an increased focus and efforts in sales network expansion and marketing activities.”

 

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