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Garware Hi-Tech Films

Garware Hi Tech Films Ltd

GRWRHITECH NSE
₹7,544.50 No trade today
P/E
45.19
View as Markdown
MCP
Close 4 Nov 2026 ₹7,544.50 +4,202.90 +126% 1Y
Start ₹3,341.60

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.10%
Debt to Equity
0.00
EPS (TTM)
₹166.96
Book Value
₹1,251.21
Market Cap
—
P/E (TTM)
45.19
P/B
6.03
ROE
13.50%
Dividend Yield
0.16%
EBITDA
₹500 Cr
52W High
₹7,990.00
52W Low
₹2,690.70
Volume
0

Peer Comparison

Industrials › Industrial Products › Plastic Products - Industrial

Garware Hi-Tech Films peer comparison
Supreme Industries
₹3,353.5041.26₹42,083 Cr6.660.36%15.80%20.70%₹11,326 Cr₹1,033 Cr
Astral
₹1,423.7066.43₹37,224 Cr9.430.29%13.80%19.20%₹6,785 Cr₹576 Cr
Garware Hi-Tech Films (this company)
₹7,544.5045.19₹17,078 Cr6.030.16%13.50%18.10%₹2,258 Cr₹388 Cr
Kingfa Science & Technology
₹6,816.5040.93₹9,153 Cr6.600.30%17.40%23.20%₹2,222 Cr₹225 Cr
Finolex Industries
₹143.9514.51₹8,730 Cr1.181.99%8.57%11.80%₹3,954 Cr₹616 Cr
Time Technoplast
₹171.4216.94₹8,407 Cr2.070.90%13.10%16.50%₹6,445 Cr₹498 Cr
Prince Pipes & Fittings
₹297.7532.26₹3,136 Cr2.000.36%4.60%6.03%₹2,627 Cr₹103 Cr
Median 7 companies₹1,423.7040.93₹9,153 Cr6.030.36%13.50%18.10%₹3,954 Cr₹498 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

60 Good

Data confidence 100/100

Category scores

Quality
52
Average
Returns, margins, earnings quality 22% weight
Valuation
46
Average
Cheap vs sector & own history 24% weight
Growth
28
Poor
Sales & profit trajectory 9% weight
Financial Health
85
Strong
Solvency, leverage, coverage 9% weight
Momentum
81
Strong
Trend strength, vol-adjusted 12% weight
Ownership
70
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.0% CAGR over last 5 years

Weaknesses

1
  • Company has a low return on equity of 13.1% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
64.39
Neutral
MACD (12,26,9)
97.96
Bullish
SMA (50)
6,943.64
Bullish
SMA (200)
5,596.33
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.48%
5Y+16.47%
3Y+13.81%
1Y+0.52%
TTM+6.06%

Net profit

Net profit growth by window
10Y+35.67%
5Y+21.82%
3Y+26.75%
1Y+2.11%
TTM+19.02%

Operating cash flow

Operating cash flow growth by window
10Y+10.54%
5Y+6.68%
3Y+8.05%
1Y−16.67%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+11.07 pp
5Y−1.62 pp
3Y+4.73 pp
1Y−0.39 pp
TTM+1.68 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹874 Cr
Mar 2018₹833 Cr
Mar 2019₹948 Cr
Mar 2020₹925 Cr
Mar 2021₹989 Cr
Mar 2022₹1,303 Cr
Mar 2023₹1,438 Cr
Mar 2024₹1,677 Cr
Mar 2025₹2,109 Cr
Mar 2026₹2,120 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹22.00 Cr
Mar 2018₹33.00 Cr
Mar 2019₹82.00 Cr
Mar 2020₹86.00 Cr
Mar 2021₹126 Cr
Mar 2022₹167 Cr
Mar 2023₹166 Cr
Mar 2024₹203 Cr
Mar 2025₹331 Cr
Mar 2026₹338 Cr

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Garware Hi-Tech Films Ltd trades at ₹7,395.5 as of 2026-11-03 with a market cap of ₹16,758.69 Cr, a TTM P/E of 44.3x, and zero debt on the balance sheet. The stock has compounded at a 47% CAGR over 10 years, while profit has compounded at 36% over the same period, though sales growth has been more modest at 9% over 10 years.

Bull Case 7
  • The company is virtually debt-free with a debt-to-equity ratio of 0, providing significant financial flexibility and resilience through economic cycles.
  • Compounded profit growth of 36% over 10 years and 22% over 5 years demonstrates a sustained track record of expanding earnings well above the broader market average.
  • Stock price CAGR of 135% over the trailing one-year period reflects strong market re-rating and momentum heading into late 2026.
  • ROCE stands at 16.71%, indicating efficient deployment of total capital employed in the business and healthy operating returns.
  • Compounded sales growth has accelerated to 14% over 3 years and 16% over 5 years, up from 9% over 10 years, suggesting an improving top-line trajectory.
  • The stock has delivered a 50% CAGR over 5 years and 47% over 10 years, indicating consistent long-term wealth creation for shareholders.
  • TTM profit growth of 19% continues the pattern of double-digit earnings expansion even on a larger base, with TTM EPS at ₹166.96.
Bear Case 5
  • Return on equity of 12.73% (and a 3-year average of 13%) is modest relative to the premium valuation, suggesting capital is not being deployed at exceptionally high returns.
  • TTM sales growth has slowed to 6%, a notable deceleration from the 14% three-year and 16% five-year compounded rates, raising questions about near-term revenue momentum.
  • Price-to-book ratio of 5.91x is high for a manufacturing business, implying the market is pricing in considerable future growth that may or may not materialise.
  • Dividend yield of just 0.17% offers negligible income return, meaning investor returns depend almost entirely on continued capital appreciation.
  • TTM profit growth of 19% has decelerated from the 27% three-year compounded rate, and any further slowdown could compress the 44.3x multiple quickly.

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

AI News Digest

9h ago

TL;DR: Recent news flow for Garware Hi-Tech Films is largely procedural with no major catalysts. The ₹25 lakh MPCB bank guarantee forfeiture and a minor insider trading penalty are modest governance blemishes but carry limited financial impact. On the positive side, active engagement with mutual fund houses like LIC MF and Mahindra Manulife suggests continued institutional interest. Overall, the trend is steady with no material deterioration, though investors should monitor environmental compliance developments.

Headwinds 2
  • MPCB forfeits ₹25L bank guarantee Oct 22

    MPCB forfeited a ₹25 lakh bank guarantee from Garware Hi-Tech Films for alleged non-compliance with consent conditions. The company states compliance steps were already taken and no material business impact is expected.

  • Insider trading code violation Oct 10

    A designated person executed a contra trade violating the Code of Conduct. The Audit Committee imposed a ₹5,000 penalty for the inadvertent breach.

Positives 1
  • Mutual fund engagement activity Nov 02

    Garware Hi-Tech Films is hosting a plant visit for LIC Mutual Fund on Nov 5 at its Waluj facility and held a one-on-one meeting with Mahindra Manulife Mutual Fund on Oct 22. Active institutional engagement signals sustained investor interest.

Neutral 1
  • Routine SEBI regulatory disclosures Nov 02

    Plant visit and analyst meet disclosures were made under Regulation 30 of SEBI LODR Regulations, 2015, with confirmation that no unpublished price-sensitive information would be shared.

Quarterly Results

₹ Cr
GRWRHITECH quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
380
397
454
447
474
621
466
548
495
570
459
597
633
696
Expenses
316
332
379
368
356
484
385
443
385
450
388
461
461
526
Operating Profit
64
65
75
78
119
137
81
104
110
119
70
135
172
169
OPM %
17%
16%
17%
18%
25%
22%
17%
19%
22%
21%
15%
23%
27%
24%
Other Income
9
9
9
12
11
14
12
17
13
14
16
21
20
20
Interest
4
4
2
2
2
2
2
2
2
2
2
2
2
3
Depreciation
10
10
10
10
10
10
10
10
11
11
12
12
13
13
PBT
59
61
73
78
118
138
81
109
110
120
73
142
176
173
Tax %
25%
24%
23%
26%
25%
25%
25%
29%
25%
24%
24%
24%
25%
25%
Net Profit
44
46
56
58
88
104
61
78
83
91
56
108
133
129
EPS (₹)
18.81
19.76
24.05
24.88
38.03
44.88
26.17
33.49
35.73
39.27
24.01
46.58
57.1
—

Sep 2026: from the results filed on 22 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GRWRHITECH profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
896
857
874
833
948
925
989
1,303
1,438
1,677
2,109
2,120
2,258
Expenses
836
776
801
750
804
763
770
1,065
1,211
1,395
1,668
1,685
1,761
Operating Profit
60
81
73
83
144
162
219
238
227
282
441
435
497
OPM %
7%
9%
8%
10%
15%
17%
22%
18%
16%
17%
21%
21%
22%
Other Income
27
6
8
5
9
12
15
39
42
39
54
65
71
Interest
44
44
33
25
19
18
20
18
17
12
9
8
9
Depreciation
15
17
14
14
14
20
24
28
32
39
41
45
47
PBT
27
27
34
50
120
135
190
231
220
270
445
446
512
Tax %
35%
38%
33%
34%
32%
36%
34%
28%
24%
25%
26%
24%
—
Net Profit
18
16
22
33
82
86
126
167
166
203
331
338
388
EPS (₹)
7.64
7.08
9.66
14.26
35.14
37.03
54.21
71.96
71.51
87.5
143
146
167
Div. Payout %
0%
0%
10%
14%
28%
27%
18%
14%
14%
11%
8%
8%
—

Balance Sheet

₹ Cr
GRWRHITECH balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
23
23
23
23
23
23
23
23
23
23
23
23
Reserves
545
562
1,231
1,269
1,349
1,380
1,540
1,688
1,833
2,022
2,349
2,633
Borrowings
368
315
312
171
149
147
138
182
141
0
0
0
Other Liabilities
105
119
87
107
125
128
167
240
218
279
310
354
Total Liabilities
1,042
1,020
1,653
1,570
1,646
1,679
1,868
2,133
2,214
2,324
2,682
3,010
Fixed Assets
649
648
1,231
1,226
1,238
1,279
1,329
1,341
1,467
1,450
1,442
1,577
CWIP
11
5
8
10
11
20
11
96
10
2
39
27
Investments
1
1
29
36
120
116
226
274
393
363
643
698
Other Assets
381
366
386
298
277
264
302
423
344
508
557
709
Total Assets
1,042
1,020
1,653
1,570
1,646
1,679
1,868
2,133
2,214
2,324
2,682
3,010

Cash Flow

₹ Cr
GRWRHITECH cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
91
101
77
134
141
99
199
172
218
172
330
275
Investing
−20
−5
−12
−5
−101
−44
−126
−141
−168
46
−275
−200
Financing
−107
−96
−40
−172
−49
−64
−36
6
−89
−169
−52
−60
Net Cash Flow
−36
0
25
−43
−8
−9
38
37
−39
48
2
16
Free Cash Flow
63
92
61
124
115
45
139
64
152
156
276
114
CFO/OP
165
131
117
174
116
79
109
90
117
84
100
83

Ratios

GRWRHITECH financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
20
17
26
17
22
21
16
9
8
8
7
9
Inventory Days
93
111
90
82
70
100
128
145
109
132
116
149
Days Payable
30
36
39
54
68
62
89
76
57
73
55
69
Cash Conversion Cycle
82
91
77
44
24
58
54
79
60
67
68
89
Working Capital Days
−58
−58
−65
17
5
17
9
8
7
36
28
40
ROCE %
7%
8%
5%
5%
9%
10%
13%
13%
12%
14%
21%
18%

Insights

Beta

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

Log in to view Garware Hi-Tech Films insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 60.72%
  • Public 19.68%
  • Others 7.73%
  • DIIs 7.27%
  • FIIs 4.60%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Garware Hi-Tech Films

What does Garware Hi Tech Films Ltd do?
Garware Polyester is the world's No.1 vertically integrated ''Chip to Film'' manufacturing company.
Where is Garware Hi Tech Films Ltd (GRWRHITECH) listed?
Garware Hi Tech Films Ltd trades as GRWRHITECH on the NSE and under code 500655 on the BSE.
Which sector does Garware Hi Tech Films Ltd belong to?
Garware Hi Tech Films Ltd is classified under the Industrial Products sector, in the Plastic Products - Industrial industry.
What is the PE ratio of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd trades at a PE ratio of 45.19 as of 4 Nov 2026, on earnings per share of ₹166.96, against a book value of ₹1,251.21 per share.
What is the 52-week high and low of Garware Hi Tech Films Ltd?
Over the last 52 weeks Garware Hi Tech Films Ltd has traded between ₹2,690.7 and ₹7,990 as of 4 Nov 2026.
Does Garware Hi Tech Films Ltd pay dividends?
Garware Hi Tech Films Ltd has a dividend yield of 0.16%.
What is the Return on Equity (ROE) of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd reported a return on equity of 13.50%. Its debt-to-equity ratio is 0.00.

Company Information

Garware Polyester is the world's No.1 vertically integrated ''Chip to Film'' manufacturing company.

Website garwarehitechfilms.com
CEO Dr. Shashikant Bhalchandra Garware
Employees 947
Listed 3 Jan 1994
Face Value ₹10

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