GRWRHITECH

Garware Hi-Tech Films Limited

Specialty and value-added plastic films for architectural, automotive and industrial applications

Industrials›Capital Goods›Industrial Products›Plastic Products - Industrial

garwarehitechfilms.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹6970.00
Market cap
16,192 Cr
Stock P/E
41.7
P/B
6.10
Dividend yield
0.2%
ROE (FY26)
12.7%
ROCE (FY26)
17.1%
Operating margin (FY26)
18.4%
OCF / EBITDA (FY26)
63.3%
OCF / EBITDA (3Y)
67.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Garware Hi-Tech Films makes specialty plastic films, mainly sun control (window) films, paint protection films (PPF) and industrial films, and sells most of its output to export markets.

Company snapshot

3rdBy market cap

Ranked among 20 companies in Plastic Products - Industrial.

What we see

Positives
  • ✓Net margin of 16.0% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales397 Cr454 Cr447 Cr474 Cr621 Cr466 Cr548 Cr495 Cr570 Cr459 Cr597 Cr633 Cr
Operating expenses (approx.)332 Cr379 Cr368 Cr356 Cr484 Cr385 Cr443 Cr385 Cr450 Cr388 Cr461 Cr461 Cr
EBITDA65 Cr75 Cr78 Cr119 Cr137 Cr81 Cr104 Cr110 Cr119 Cr70 Cr135 Cr172 Cr
OPM %16.3%16.6%17.5%25.0%22.0%17.4%19.1%22.1%21.0%15.3%22.7%27.2%
Other income9 Cr9 Cr12 Cr11 Cr14 Cr13 Cr17 Cr13 Cr14 Cr16 Cr21 Cr20 Cr
Interest4 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Depreciation10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr11 Cr11 Cr12 Cr12 Cr13 Cr
Profit before tax61 Cr73 Cr78 Cr118 Cr138 Cr81 Cr109 Cr110 Cr120 Cr73 Cr142 Cr176 Cr
Tax %24.3%23.4%26.0%24.8%24.5%24.9%28.5%24.8%24.2%23.7%24.0%24.8%
Net profit46 Cr56 Cr58 Cr88 Cr104 Cr61 Cr78 Cr83 Cr91 Cr56 Cr108 Cr133 Cr
EPS (₹)₹19.76₹24.05₹24.88₹38.03₹44.88₹26.17₹33.49₹35.73₹39.27₹24.01₹46.58₹57.10

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales918 Cr948 Cr925 Cr989 Cr1,303 Cr1,438 Cr1,677 Cr2,109 Cr2,120 CrSign in free for the trailing twelve months
Operating expenses (approx.)845 Cr804 Cr763 Cr771 Cr1,065 Cr1,211 Cr1,395 Cr1,668 Cr1,685 CrSign in free for the trailing twelve months
EBITDA74 Cr144 Cr162 Cr218 Cr238 Cr227 Cr282 Cr441 Cr435 CrSign in free for the trailing twelve months
OPM %8.0%15.2%17.5%22.0%18.3%15.8%16.8%20.9%20.5%Sign in free for the trailing twelve months
Other income7 Cr9 Cr12 Cr16 Cr39 Cr42 Cr39 Cr54 Cr65 CrSign in free for the trailing twelve months
Interest32 Cr19 Cr18 Cr20 Cr18 Cr17 Cr12 Cr9 Cr8 CrSign in free for the trailing twelve months
Depreciation18 Cr14 Cr20 Cr24 Cr28 Cr32 Cr39 Cr41 Cr45 CrSign in free for the trailing twelve months
Profit before tax30 Cr120 Cr135 Cr190 Cr231 Cr220 Cr270 Cr445 Cr446 CrSign in free for the trailing twelve months
Tax %33.5%31.9%36.1%33.7%27.6%24.5%24.8%25.6%24.2%Sign in free for the trailing twelve months
Net profit20 Cr82 Cr86 Cr126 Cr167 Cr166 Cr203 Cr331 Cr338 CrSign in free for the trailing twelve months
EPS (₹)₹8.57₹35.14₹37.03₹54.21₹71.96₹71.51₹87.50₹142.57₹145.59Sign in free for the trailing twelve months
Dividend payout %———0.0%13.9%14.0%11.4%7.0%8.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr
Reserves581 Cr1,349 Cr1,380 Cr1,540 Cr1,688 Cr1,833 Cr2,022 Cr2,349 Cr2,633 Cr
Borrowings287 Cr117 Cr121 Cr97 Cr182 Cr141 Cr———
Other liabilities155 Cr157 Cr154 Cr208 Cr240 Cr218 Cr279 Cr310 Cr355 Cr
Total liabilities1,047 Cr1,646 Cr1,679 Cr1,868 Cr2,133 Cr2,214 Cr2,324 Cr2,682 Cr3,011 Cr
Fixed assets (net)642 Cr1,237 Cr1,278 Cr1,327 Cr1,339 Cr1,466 Cr1,449 Cr1,442 Cr1,575 Cr
CWIP8 Cr11 Cr19 Cr11 Cr96 Cr10 Cr2 Cr38 Cr26 Cr
Investments0.65 Cr120 Cr116 Cr226 Cr274 Cr393 Cr363 Cr643 Cr698 Cr
Loans & advances—0.26 Cr0.20 Cr0.52 Cr0.13 Cr0.34 Cr0.33 Cr0.47 Cr0.07 Cr
Inventories113 Cr85 Cr105 Cr124 Cr210 Cr199 Cr290 Cr309 Cr389 Cr
Trade receivables56 Cr56 Cr52 Cr42 Cr33 Cr30 Cr38 Cr42 Cr53 Cr
Cash & bank86 Cr34 Cr25 Cr63 Cr99 Cr60 Cr108 Cr111 Cr127 Cr
Other assets141 Cr103 Cr84 Cr75 Cr81 Cr56 Cr73 Cr97 Cr144 Cr
Total assets1,047 Cr1,646 Cr1,679 Cr1,868 Cr2,133 Cr2,214 Cr2,324 Cr2,682 Cr3,011 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity78 Cr141 Cr99 Cr199 Cr172 Cr218 Cr172 Cr330 Cr275 Cr
Cash from investing-12 Cr-101 Cr-44 Cr-126 Cr-141 Cr-170 Cr47 Cr-274 Cr-208 Cr
Cash from financing-39 Cr-49 Cr-64 Cr-36 Cr6 Cr-89 Cr-169 Cr-52 Cr-60 Cr
Net cash flow26 Cr-8 Cr-9 Cr38 Cr37 Cr-39 Cr48 Cr2 Cr16 Cr
Free cash flow (OCF − Capex)61 Cr115 Cr45 Cr135 Cr46 Cr148 Cr155 Cr271 Cr114 Cr

Ratios

MetricMar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %7.0%9.3%10.0%12.6%13.2%11.9%13.8%19.2%17.1%
ROE %3.3%6.0%6.1%8.1%9.8%9.0%9.9%14.0%12.7%
Debtor days2222211598879
Inventory days947096123128112129115138
Days payable416861866758715564
Cash conversion cycle752456537061666783
OCF / EBITDA %105.4%98.1%61.3%91.4%72.4%95.9%61.0%74.8%63.3%
OCF / EBITDA % (3 years)———84.0%76.2%86.3%75.3%75.7%67.1%
Debt / equity0.480.090.090.060.110.08———
Current ratio0.811.952.162.392.292.743.454.264.43
Net debt / EBITDA2.740.580.590.160.350.36-0.38-0.25-0.29