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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +28% YoY · PAT +60% YoY · margin expansion · +6% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
FY26 Revenue by Product
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%.
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.
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.
Trend score and candlestick chart
54NeutralSMA20 +1.2% / mo · MACD − · near 52W high
Technical chart
GRWRHITECHdaily · 1Y · AUTO+77.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.2% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 163% 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.
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -7.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 60.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 86th pctile, median 68 · Micro: 74th pctile, median 73
91 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 42.40
- P/B
- 6.20
- EV/EBITDA
- 30.26
- Market Cap
- 16464.00Cr
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
- 0.46%
- FCF Positive Y
- 12/5
- OCF
- 275.00 Cr
- EPS TTM
- 166.96
Shareholding
- Promoter Hold
- 60.73%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.