Garware Technical Fibres logo

Garware Technical Fibres

GARFIBRES NSE

Key Fundamentals

MicrocapTextile ProductsTextiles
Market Cap
₹7,862 Cr
Volatility
Moderate
P/E Ratio
37.37
EBITDA
₹331 Cr
Return on Equity
14.65%
Debt to Equity
0.03
Book Value
₹138.54
EPS
₹106.83
52W High
₹863.4
52W Low
₹579.75

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Promoter holding has increased by 0.89% over last quarter.

Weaknesses

2
  • The company has delivered a poor sales growth of 8.12% over past five years.
  • Working capital days have increased from 57.3 days to 80.2 days

Growth Rate

Revenue Growth
0.13% lower than 3Y
Net Income Growth
-14.3% lower than 3Y
Cash Flow Change
-17.36% higher than 3Y
ROE
-21.45% lower than 3Y
ROCE
-22.1% lower than 3Y
EBITDA Margin (Avg.)
-7.27% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk medium

Garware Technical Fibres Ltd is a near debt-free specialty technical textiles company with a market cap of ₹7,207 Cr trading at a PE of 36.3x. The company has delivered a 10-year profit CAGR of 13% but recent performance shows a TTM sales decline of -1% and profit decline of -10%, with working capital days nearly doubling from 80 to 147 days.

Bull Case 7
  • Company is almost debt-free, having actively reduced debt, which provides financial flexibility and resilience during downturns
  • Consistent long-term ROE averaging 18-19% over 5 and 10 year periods demonstrates strong capital efficiency and durable competitive advantages
  • 10-year compounded profit growth of 13% significantly outpaces the 6% sales CAGR over the same period, indicating sustained margin expansion
  • 10-year stock CAGR of 25% reflects long-term value creation and market recognition of the company's niche positioning
  • Price-to-book ratio of 5.33x is supported by consistent 16-19% ROE, suggesting the premium is backed by genuine earnings power
  • Dividend yield of 1.09% provides some income return for a growth-oriented specialty manufacturer, indicating shareholder-friendly capital allocation
  • 5-year compounded profit growth of 6% and sales growth of 8% demonstrate the company can grow through various economic cycles
Bear Case 8
  • Working capital days have nearly doubled from 79.6 days to 147 days, signaling potential inefficiency in inventory or receivables management and locking up cash
  • TTM sales growth is negative at -1%, indicating possible demand weakness or loss of market share in recent quarters
  • TTM profit has declined by -10%, showing deteriorating profitability alongside revenue weakness
  • 5-year sales CAGR of only 8.12% is modest for a company trading at 36.3x earnings, raising questions about growth-to-valuation alignment
  • ROE has declined from the 18-19% historical average to 16% in the last year, suggesting returns on capital may be compressing
  • Stock has delivered -19% returns over 1 year and only 5% CAGR over 3 years, reflecting market's fading confidence in near-term growth
  • PE of 36.3x is elevated relative to the current single-digit or negative growth trajectory in both sales and profits
  • 5-year stock CAGR of just 2% versus 10-year CAGR of 25% indicates the recent growth narrative has weakened considerably

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 1
  • ₹110 crore buyback completed Jun 11

    Garware Technical Fibres bought back 16,17,500 equity shares at ₹680 per share, utilizing ₹109.99 crore. The buyback was oversubscribed 3.08 times, signaling strong shareholder confidence.

Neutral 1
  • Promoter holds 53.36% stake Jun 20

    Promoter Vayu Ramesh Garware and PACs hold 5,29,70,480 shares with no encumbrance created on promoter shares in FY 2025-26.

TL;DR: Garware Technical Fibres demonstrates shareholder-friendly capital allocation with a successfully completed and oversubscribed buyback worth ₹110 crore. Promoter holding remains stable at 53.36% with zero encumbrance, reflecting financial strength. No visible headwinds in recent news flow. The trend appears steady with management prioritizing returns to shareholders.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
326
328
289
382
336
421
351
433
367
348
387
426
482
Expenses
267
260
236
291
272
329
286
334
299
299
316
330
392
Operating Profit
58
69
53
91
64
91
65
98
68
48
71
96
90
OPM %
18%
21%
18%
24%
19%
22%
18%
23%
19%
14%
18%
23%
19%
Other Income
9
10
11
13
11
10
9
9
13
9
18
-6
9
Interest
4
4
3
6
6
6
4
3
3
3
4
3
3
Depreciation
6
6
7
7
7
7
7
7
7
9
9
9
9
PBT
57
68
55
91
62
88
62
97
70
46
75
78
86
Tax %
25%
23%
21%
23%
25%
25%
23%
27%
25%
30%
25%
27%
25%
Net Profit
43
52
43
70
47
66
48
71
53
32
56
57
65
EPS in Rs
4.22
5.15
4.25
6.88
4.71
6.64
4.81
7.16
5.35
3.22
5.68
5.77
6.62
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
782
825
846
885
1,018
953
1,035
1,189
1,306
1,326
1,540
1,529
1,644
Expenses
703
722
710
724
826
775
830
966
1,076
1,054
1,234
1,262
1,338
Operating Profit
79
103
136
161
192
178
204
223
230
272
306
267
306
OPM %
10%
13%
16%
18%
19%
19%
20%
19%
18%
21%
20%
17%
19%
Other Income
4
6
8
18
21
32
35
25
28
43
51
51
30
Interest
10
9
7
10
14
12
10
11
12
17
20
14
14
Depreciation
12
13
14
15
17
19
21
21
22
26
28
34
36
PBT
61
87
123
153
182
179
208
216
223
272
308
269
285
Tax %
29%
29%
32%
31%
31%
21%
24%
24%
23%
23%
25%
26%
—
Net Profit
43
62
84
105
126
141
158
165
172
210
232
199
210
EPS in Rs
3.94
5.66
7.71
9.61
11.49
12.85
15.36
15.98
16.9
20.63
23.33
20.01
21.29
Div. Payout %
15%
12%
13%
9%
9%
26%
3%
9%
4%
3%
6%
5%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
22
22
22
22
22
22
21
21
20
20
99
99
Reserves
289
344
424
515
628
717
790
950
996
1,213
1,142
1,255
Borrowings
40
45
86
138
108
133
102
80
134
123
65
43
Other Liabilities
349
412
309
310
319
319
406
365
343
414
450
481
Total Liabilities
699
822
842
985
1,078
1,191
1,319
1,415
1,493
1,771
1,757
1,879
Fixed Assets
166
199
203
221
227
244
247
240
246
262
277
419
CWIP
7
0
0
0
0
0
0
0
0
0
0
1
Investments
9
9
111
244
330
376
467
521
617
689
703
496
Other Assets
517
613
528
519
521
570
605
654
630
820
777
963
Total Assets
699
822
842
985
1,078
1,191
1,319
1,415
1,493
1,771
1,757
1,879
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
74
143
120
28
133
110
228
64
189
219
196
162
Investing
-25
-37
-147
-53
-78
-47
-120
8
-102
-73
10
68
Financing
-48
-36
27
29
-56
-37
-135
-38
-85
-39
-332
-152
Net Cash Flow
2
70
1
4
-1
25
-27
34
3
108
-125
78
Free Cash Flow
49
103
102
-5
110
72
205
49
161
177
152
107
CFO/OP
112
160
114
43
95
91
134
52
107
102
88
90
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
85
94
85
90
87
90
85
79
65
72
75
66
Inventory Days
138
145
176
206
186
250
235
234
187
256
227
321
Days Payable
67
186
247
257
215
241
308
220
169
227
216
215
Cash Conversion Cycle
156
53
14
40
58
99
12
93
83
102
86
172
Working Capital Days
61
42
12
24
37
41
24
61
34
36
56
80
ROCE %
20%
25%
28%
26%
26%
23%
24%
23%
21%
23%
25%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY11–FY26.

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Shareholding Pattern

Others7.14%Promot.54.25%FIIs8.67%DIIs10.11%Public19.83%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Sep 2025 Sep 2025
4
Concall - Mar 2025 Mar 2025
5
Concall - Dec 2024 Dec 2024

Frequently Asked Questions about Garware Technical Fibres

What does Garware Technical Fibres Ltd do?
Established in 1976, Garware-Wall Ropes (GWRL) is one of India's leading players in the technical textiles sector, providing specialized solutions to the cordage and infrastructure industry worldwide. The company manufactures and provides world class solutions in high performance polymer ropes, f...
Where is Garware Technical Fibres Ltd (GARFIBRES) listed?
Garware Technical Fibres Ltd trades as GARFIBRES on the NSE and under code 509557 on the BSE.
Which sector does Garware Technical Fibres Ltd belong to?
Garware Technical Fibres Ltd is classified under the Textiles sector, in the Textile Products industry.
What is the market capitalisation of Garware Technical Fibres Ltd?
Garware Technical Fibres Ltd has a market capitalisation of ₹7,862 Cr, which places it in the Mid Cap band.
What is the PE ratio of Garware Technical Fibres Ltd?
Garware Technical Fibres Ltd trades at a PE ratio of 37.37, on earnings per share of ₹106.83, against a book value of ₹138.54 per share.
What is the 52-week high and low of Garware Technical Fibres Ltd?
Over the last 52 weeks Garware Technical Fibres Ltd has traded between ₹579.75 and ₹863.4.
Does Garware Technical Fibres Ltd pay dividends?
Garware Technical Fibres Ltd has a dividend yield of 1.15%.
What is the Return on Equity (ROE) of Garware Technical Fibres Ltd?
Garware Technical Fibres Ltd reported a return on equity of 14.65%. Its debt-to-equity ratio is 0.03.

Company Information

Established in 1976, Garware-Wall Ropes (GWRL) is one of India's leading players in the technical textiles sector, providing specialized solutions to the cordage and infrastructure industry worldwide. The company manufactures and provides world class solutions in high performance polymer ropes, fishing nets, sports nets, safety nets, aquaculture cages, coated fabrics, agricultural netting and geosynthetics.

Website garwareropes.com
CEO Mr. Vayu Ramesh Garware
Employees 1,112
Listed 2007-04-03
Face Value ₹ 10
Issued Size 9,92,65,845

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