Garware Hi-Tech Films Limited (GRWRHITECH)

Micro Cap

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.

₹6,684

-273.50 · -3.93%

Market cap ₹16,730 Cr

ThemesManufacturing

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 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

49Neutral

SMA20 -1.0% / mo · MACD −

Stock trend: 51

Sector RS: 46

Sector 3M: -7.1% vs Nifty 500 -5.6%

Industrials FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

GRWRHITECHD candles · FIT view+65.5%

Latest close ₹6684.00 on 2026-10-21

Bar

-4.0%

RSI

MACD hist

-7.24

52W pos

75%

2026-10-21O ₹6959.00H ₹6978.00L ₹6632.50C ₹6684.00Vol 63,032 sh

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: -3.4%
Nifty 500: -6.5%
Nifty India Manufacturing: -7.7%
Vs Nifty 500: +3.1 pp

Chart stats

21 Oct 2026

From 52W high: -16.3%
52W range position: 75%
ATR (14): 3.9%
Volume vs 20D: 1.17x
Avg traded value: ₹37.8 Cr
20D price channel: ₹6,240 - ₹7,296.5

Quarter ended 30 Jun 2026

Excellent · 100

Rev +28% YoY · PAT +60% YoY · margin expansion · +6% QoQ · operating leverage

Revenue: ₹633 Cr; YoY +27.9%
PAT: ₹133 Cr; YoY +60.2%
Operating margin: 27.0%; QoQ +400 bps
PAT margin: 21.0%; QoQ +292 bps

Filed 06 Aug 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 2 Uptrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 93; 0 ranks over 20D
Stage 2 entry: 01 Apr 2026; 143 trading sessions · established
Sector rotation: #2; leading · 600 stocks
Industry rotation: #11; leading · 38 stocks

Trend structure

Below 20-DMABelow 50-DMAAbove 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -7.24

Volume participation

1.2x average

Versus 20-session average

20-session position

42% of range

₹6,240 low · ₹7,296.5 high

Relative performance

vs Nifty 500

1M: +8.0 pp; stock +3.6%
3M: +3.1 pp; stock -3.4%
6M: +75.4 pp; stock +70.2%
1Y: +121.1 pp; stock +113.2%

From 52W high

-16.3%

High ₹7,990

52W range position

75%

₹2,690.7 - ₹7,990

ATR (14)

3.9%

₹257.72

Avg traded value

₹37.8 Cr

20-session average

Current setup

Established Stage 2

Entered 01 Apr 2026 · 143 sessions

Open detailed technicals →

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 · WATCHLIST

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Excellent · 100/100

Rev +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 21/10/2026

Revenue

₹ Cr

Latest: 633+6.0% vs prev

Net Profit

₹ Cr

Latest: 133+23.1% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend 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 · 148% 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

RS percentile

Stage 2 UptrendEstablished S2

1M return

+3.6%

3M return

-3.4%

6M return

+59.3%

1Y return

+86.8%

RS 1D

-1

RS 20D

Sector rank

Industry rank

#11

Stage evidence

Price is 11.0% above the 30-week proxy.
The 50-DMA is above the 30-week proxy and its slope is rising +6.9%.

50-DMA

price below

200-DMA

price above

S2 entered

01 Apr 2026

S2 age

143 trading sessions

Sector

leading

Industry

leading

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 238.31-3.04%

RS vs Nifty 500238

Valuation & peers

U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies

WATCHLIST

Fundamental score breakdown

U band · WATCHLIST

Valuation0/30

Growth16/25

Quality6/20

Balance Sheet11/15

Cash Flow6/10

Piotroski

8/9 (+5)

Penalties

Raw sum

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 -1.9%.
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.

Blended relative

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.

43.1

6.3

EV/EBITDA

30.8

ROE

13.5%

ROCE

18.1%

FCF Yield

0.5%

Debt/Equity

0.0

MoS

-1.9%

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

Previous: 44

Legacy U-Score band

WATCHLIST

Previous: WATCHLIST

Margin of safety

-1.9%

Previous: -6.0%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

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

-222.6% MoS

Growth-justified P/E

39.3

Growth-justified Value

₹6,561.53

-1.9% 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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

Essen Speciality Films Ltd.

Time Technoplast Limited

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 confidence

What 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

strong · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

acceptable · capital discipline

Results

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.

Compare Industrials stocks Browse Indian stocks starting with G Explore fundamental stock screeners Browse Indian investment themes

Related companies

Xpro India Limited (XPROINDIA)Essen Speciality Films Ltd. (ESFL)Time Technoplast Limited (TIMETECHNO)EPL Limited (EPL)UFLEX Limited (UFLEX)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Garware Hi-Tech Films Limited (GRWRHITECH)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

FY26 Revenue by Product

High-Value Innovation-Led Segments

Expanding D2C Platform

Strategic Customer & Channel Expansion

New Product Launches

New Sun Control Film Line

TPU Line

Tariff Structure Improvement

Strong Demand Season

New Construction Activity

Anti-Dumping Duty Expectation

Global Challenging Environment

Middle East Conflict

Uncertainty of Tariff Refunds

Raw Material Price Volatility

Customer In-house Manufacturing

Discretionary Spend Impact

What management said, and what results must prove

Q4 FY26 Consolidated Revenue

FY26 Consolidated Revenue

Q4 FY26 EBITDA

FY26 EBITDA

FY27 Revenue Target

D2C Strategy Focus

Garware Home Solutions (GHS) Target

MENA Region Growth

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Garware Hi-Tech Films Limited

Important announcements & filings

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.

Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct - Intimation of Newspaper Publication for a loss of shares certificate of a shareholder

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Oct

Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Copy of Newspaper Publication regarding special window for transfer and dematerialization ("DEMAT") of physical shares.

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.

Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Newspaper Publication containing information w.r.t. Notice of 69th AGM and e-Voting

Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug

Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul - Intimation regarding Newspaper Publication for Special Window for Transfer and Dematerialization of Physical Shares

Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - CARE upgraded long-term bank facilities to AA; stable from AA-, short-term A1+ reaffirmed.

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.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jun - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 about Schedule of meet

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.