Garware Hi-Tech Films logo

Garware Hi-Tech Films

GRWRHITECH NSE

Key Fundamentals

SmallcapPlastic Products - IndustrialIndustrial Products
Market Cap
₹15,937 Cr
Volatility
Moderate
P/E Ratio
41.46
EBITDA
₹500 Cr
Return on Equity
12.73%
Debt to Equity
0
Book Value
₹1,143.3
EPS
₹106.73
52W High
₹7,990
52W Low
₹2,690.7

Tapetide Score

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

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.

Growth Rate

Revenue Growth
0.98% lower than 3Y
Net Income Growth
2.11% lower than 3Y
Cash Flow Change
-16.5% lower than 3Y
ROE
-8.81% lower than 3Y
ROCE
-10.45% lower than 3Y
EBITDA Margin (Avg.)
-0.17% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Garware Hi Tech Films Ltd is a nearly debt-free industrial products company with a market cap of ₹15,937 Cr trading at a P/E of 41.4x. The company has delivered strong profit CAGR of 22% over 5 years and 27% over 3 years, though ROE remains moderate at 13% and TTM sales growth has decelerated to 6%.

Bull Case 8
  • Company is almost debt free, providing significant financial flexibility and resilience against interest rate cycles
  • Compounded profit growth of 27% CAGR over 3 years demonstrates strong and accelerating earnings momentum
  • 5-year compounded profit CAGR of 22% reflects sustained long-term earnings expansion well above broader industrial sector averages
  • 10-year compounded profit CAGR of 36% indicates a structural earnings growth trajectory over a full business cycle
  • Stock price CAGR of 76% over 3 years and 51% over 10 years reflects consistent long-term wealth creation
  • 5-year compounded sales CAGR of 16% shows the company has been able to grow its topline at a healthy pace
  • P/B ratio of 6.05x paired with near-zero debt suggests the premium is driven by asset-light, high-margin operations rather than leverage
  • ROE has improved from a 10-year average of 9% to 13% in the last year and 3-year period, indicating improving capital efficiency
Bear Case 7
  • P/E of 41.4x is elevated for an industrial products company, leaving limited margin of safety if growth decelerates
  • TTM sales growth has sharply decelerated to 6% compared to the 3-year CAGR of 14% and 5-year CAGR of 16%, signaling potential topline slowdown
  • ROE of 13% over 3 years is moderate and below the 15%+ threshold typically expected for a stock trading at over 40x earnings
  • Dividend yield of just 0.17% offers negligible income return, meaning investor returns are entirely dependent on capital appreciation
  • Stock price CAGR of 105% over 1 year has significantly outpaced TTM profit growth of 19%, suggesting valuation expansion rather than fundamental improvement
  • P/B of 6.05x is rich and implies the market is pricing in sustained high growth that may not materialise if sales growth remains at the current 6% TTM level
  • 10-year sales CAGR of only 9% suggests the underlying business growth rate is modest, with recent profit growth partly driven by margin expansion that may not be sustainable indefinitely

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 1
  • ₹12 final dividend declared Aug 26

    Garware Hi-Tech Films declares a final dividend of ₹12 per share for FY26, with record date September 16 and AGM approval scheduled for September 23.

Neutral 1
  • FY26 BRSR report filed Aug 31

    Company submitted its Business Responsibility and Sustainability Report for FY26, highlighting a 16% drop in Scope 1 emissions and adherence to Zero Liquid Discharge protocols.

TL;DR: Garware Hi-Tech Films shows steady shareholder returns with a ₹12 final dividend for FY26 and is making progress on sustainability metrics with a 16% reduction in Scope 1 emissions. No notable headwinds emerged in recent news. The limited news flow suggests a stable period, though investors should watch for operational and demand updates post-AGM on September 23.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
380
397
454
447
474
621
466
548
495
570
459
597
633
Expenses
316
332
379
368
356
484
385
443
385
450
388
461
461
Operating Profit
64
65
75
78
119
137
81
104
110
119
70
135
172
OPM %
17%
16%
17%
18%
25%
22%
17%
19%
22%
21%
15%
23%
27%
Other Income
9
9
9
12
11
14
12
17
13
14
16
21
20
Interest
4
4
2
2
2
2
2
2
2
2
2
2
2
Depreciation
10
10
10
10
10
10
10
10
11
11
12
12
13
PBT
59
61
73
78
118
138
81
109
110
120
73
142
176
Tax %
25%
24%
23%
26%
25%
25%
25%
29%
25%
24%
24%
24%
25%
Net Profit
44
46
56
58
88
104
61
78
83
91
56
108
133
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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62 extracted metrics + investor summaries across FY10–FY27.

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Shareholding Pattern

FIIs4.22%Promot.60.72%DIIs6.35%Others7.97%Public20.74%As ofJun 2026

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.[1]
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 market capitalisation of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd has a market capitalisation of ₹15,937 Cr, which places it in the Mid Cap band.
What is the PE ratio of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd trades at a PE ratio of 41.46, on earnings per share of ₹106.73, against a book value of ₹1,143.3 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.
Does Garware Hi Tech Films Ltd pay dividends?
Garware Hi Tech Films Ltd has a dividend yield of 0.17%.
What is the Return on Equity (ROE) of Garware Hi Tech Films Ltd?
Garware Hi Tech Films Ltd reported a return on equity of 12.73%. 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.[1]

Website garwarehitechfilms.com
CEO Dr. Shashikant Bhalchandra Garware
Employees 947
Listed 1994-01-03
Face Value ₹ 10
Issued Size 2,32,32,394

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