Announcement
Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015 10 Oct - Garware Hi-Tech Films reported a contra-trade violation; Audit Committee imposed Rs 5,000 penalty.
Source: Bse
Garware Hi-Tech Films Limited (GRWRHITECH)
Micro CapIndustrials stocks · Micro cap · NSE
Garware Hi-Tech Films is a global enterprise manufacturing films, guided by innovation, integrity, and a customer-first approach. FY26 saw highest-ever revenue and profitability despite global challenges, driven by value-added products, market expansion, and a growing D2C strategy. The company operates across international and domestic markets.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:30 pm ISTDetails
Quote21 Oct, 01:30 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 06:25 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
55NeutralSMA20 -1.6% / mo · MACD + · near 52W high
Stock trend: 61
Sector RS: 46
Sector 3M: -7.5% vs Nifty 500 -6.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GRWRHITECHD candles · FIT view+69.5%TODAY · PROVISIONALLatest price ₹6697.50 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.8%
RSI
43
MACD hist
-6.38
52W pos
76%
2026-10-21O ₹6959.00H ₹6978.00L ₹6680.50C ₹6697.50Vol 37,649 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GRWRHITECHNifty India ManufacturingNifty 500
- GRWRHITECH
- +0.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +6.1 pp
Chart stats
19 Oct 2026- From 52W high
- -12.9%
- 52W range position
- 81%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹36.8 Cr
- 20D price channel
- ₹6,240 - ₹7,296.5
₹7,990
₹2,690.7 - ₹7,990
₹251
Latest completed session
20-session average
44.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +27.9% · PAT +60.2% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +28% YoY · PAT +60% YoY · margin expansion · +6% QoQ · operating leverage
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹633 Cr | +27.9% | +6.0% |
| EBITDA | ₹172 Cr | +56.4% | +27.4% |
| Operating margin | 27.0% | +500 bps | +400 bps |
| PAT | ₹133 Cr | +60.2% | +23.1% |
| PAT margin | 21.0% | +424 bps | +292 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.10
- P/B
- 6.30
- EV/EBITDA
- 30.75
- Market Cap
- 16730.00Cr
Profitability
- ROE
- 13.50%
- ROCE
- 18.10%
- ROA
- 12.89%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 55.22×
- Altman Z
- 8.84
- Book Value
- 1143.00
Cash Flow
- FCF Yield
- 0.45%
- FCF Positive Y
- 12/5
- OCF
- 275.00 Cr
- EPS TTM
- 166.96
Shareholding
- Promoter Hold
- 60.73%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,120+0.5% vs prev
Net Profit
₹ CrLatest: 338+2.1% vs prev
Return on Equity
%Latest: 1,470+11694.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.0% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 149% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+3.5%
3M return
+0.5%
6M return
+71.7%
1Y return
+99.5%
RS 1D
+1
RS 20D
-1
Sector rank
#2
Industry rank
#12
Stage evidence
- Price is 15.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
01 Apr 2026
S2 age
142 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 245.77+0.86%
RS vs Nifty 500246
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth16/25
Quality6/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -2.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
43.1
PB
6.3
EV/EBITDA
30.8
ROE
13.5%
ROCE
18.1%
FCF Yield
0.5%
Debt/Equity
0.0
MoS
-2.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-2.1%
Previous: -6.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
44
44
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,072.15
-223.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹6,561.53
-2.1% MoS
PEG
1.80
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
XPROINDIA
Small
Xpro India Limited
Packaging
match 74
27
81.8
2.8%
-82%
OVERVALUED
ESFL
SME
Essen Speciality Films Ltd.
Packaging
match 59
59
22.9
16.3%
+48%
FAIR VALUE
TIMETECHNO
Micro
Time Technoplast Limited
Packaging
match 56
60
18.0
13.1%
+56%
UNDERVALUED
EPL
Micro
EPL Limited
Packaging
match 55
56
18.1
15.7%
+39%
FAIR VALUE
UFLEX
Small
UFLEX Limited
Packaging
match 49
42
6.7
4.3%
-137%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T07:13:53.944Z
Management commentary snapshot
Q4 FY26 EBITDA up 29% YoY to INR157 Cr (26.2% margin), PAT up 39.1% YoY to INR108 Cr. FY26 revenue INR2,120 Cr, EBITDA INR500 Cr (23.6% margin), PAT INR338 Cr, highest ever despite challenging global environment.
The company demonstrated resilience in FY26, achieving record financials despite tariff disruptions. Strong Q4 performance and strategic investments in D2C, new products, and capacity additions position it for future growth, though execution on new initiatives and managing competitive pressures remain key.
Current business mix
FY26 Revenue by Product
Latest issuer-disclosed distribution across 3 reported categories.
Sun Control Films50.0%
Paint Protection Films (PPF)25.0%
Industrial Products (IPDs)25.0%
Growth engines
High-Value Innovation-Led Segments
Focus on sun control, paint protection films, Graphic Solutions, Garware Home Solutions, and TPU-based new products.
Expanding D2C Platform
Global Application Studios (11 new, including UAE, US) and Garware Home Solutions (6 operational, targeting 50 by FY27 end).
Strategic Customer & Channel Expansion
Strong traction in US/UK with new distributors, 4 large OEMs onboarded in automotive, 7+ additions in architectural business in India.
New Product Launches
Sustainable TPU-based UV printable films, PDLC specialty films (privacy on demand), and advanced graphic solutions.
Capacity and execution
New Sun Control Film Line
INR191 crores investment, adding around 1,200 lakh square feet capacity, with commercial production by June 2027 (Q1 FY28).
TPU Line
Expected to be commissioned by October 2026, further strengthening innovation capabilities and backward integration.
Tailwinds
Tariff Structure Improvement
Sudden 50% tariff in key export markets went off around February 2026, leading to strong Q4 recovery.
Strong Demand Season
Q1 and Q2 are typically the strongest seasons for exports (US, Europe) and domestic market (India) due to heat.
New Construction Activity
Significant new construction in regions like the Middle East presents a good opportunity for architectural films.
Anti-Dumping Duty Expectation
Expect positive news soon on anti-dumping duty against cheap imports from China and Korea.
Headwinds
Global Challenging Environment
Geopolitical volatility and elevated tariff structure across key export markets impacted FY26, especially Q3.
Middle East Conflict
Supply chain difficulties and longer shipping routes (avoiding Hormuz/Suez Canal) due to regional conflict.
Risk radar
Uncertainty of Tariff Refunds
Refunds from the US government for previously paid tariffs are a government matter and cannot be guaranteed.
Raw Material Price Volatility
Raw materials like PTA and MEG are linked to crude oil, with 45-50% impact naturally hedged, but balance still exposed.
Customer In-house Manufacturing
One customer indicated plans to move towards in-house manufacturing of PPF, though management sees no direct volume impact.
Discretionary Spend Impact
Inflationary scenario and rising interest rates could impact demand, especially for discretionary products during weak seasons.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results show strong YoY growth and sequential recovery, indicating improving momentum. Full-year results provide a broader view of resilience against external challenges. Seasonal factors also make QoQ relevant for understanding quarterly trends.
Sector KPIs management disclosed
Q4 FY26 Consolidated Revenue
INR597 crores, reflecting a healthy 8.9% year-on-year growth, along with a strong sequential recovery.
FY26 Consolidated Revenue
INR2,120 crores, demonstrating resilience in face of tariff-related disruptions.
Q4 FY26 EBITDA
INR157 crores, registering a robust 29% year-on-year growth with margins expanding to 26.2%.
FY26 EBITDA
INR500 crores, with margins maintained at 23.6%.
Management forward view
FY27 Revenue Target
Expect minimum INR2,500 crores revenue for FY27, maintaining 25% +/- 2% EBITDA margin.
D2C Strategy Focus
Direct-to-consumer (D2C) is the key strategy for years to come, supported by digital marketing and new product innovation.
Garware Home Solutions (GHS) Target
Confident of scaling GHS to 50 studios by end of FY27, targeting INR200 crores business from GHS and new products by FY28.
MENA Region Growth
Middle East, North Africa (MENA) is a big growth driver, targeting $20-22 million in sales this year from roughly $15 million.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Garware Home Solutions (GHS) Studios | 6 operational | 50 studios by end of FY27 |
| FY27 Revenue | FY26: INR2,120 Cr | Minimum INR2,500 Cr |
| TPU Line Commissioning | Expected October 2026 | On-schedule commissioning and ramp-up of new products |
| New Sun Control Film Line Commissioning | Expected June 2027 (Q1 FY28) | On-schedule commissioning and utilization ramp-up |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 86th percentile within Industrials. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
91 docs text-extracted · 42 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Industrials: 86th pctile, median 68 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
91 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 60.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸12 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Garware Hi-Tech Films Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct - Intimation of Newspaper Publication for a loss of shares certificate of a shareholder
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Oct
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Copy of Newspaper Publication regarding special window for transfer and dematerialization ("DEMAT") of physical shares.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - One-on-one analyst/institutional investor meeting on 29 September 2026 in Mumbai with Avendus Spark.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Newspaper Publication containing information w.r.t. Notice of 69th AGM and e-Voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul - Intimation regarding Newspaper Publication for Special Window for Transfer and Dematerialization of Physical Shares
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - CARE upgraded long-term bank facilities to AA; stable from AA-, short-term A1+ reaffirmed.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Jul - ICRA assigned Garware Hi-Tech Films AA/Stable for ₹80 crore and A1+ for ₹120 crore facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jun - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 about Schedule of meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 May - Copy of Newspaper Publication regarding the information of Postal Ballot Notice including remote e-voting process.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.