Garware Hi-tech Films Ltd
NSE: GRWRHITECH · Plastic Products - Industrial · sector
₹6,977.00NSE close 2026-10-26
Key numbers
Market cap₹16,208 cr
Price₹6,977.00
52w high / low₹7,990 / ₹2,691
P/E38.0xSector median 15.7x
P/B5.6xSector median 1.6x
Book value₹1,251.3
Dividend yield0.17%Sector median 0.53%
ROE15.7%Sector median 9.1%
ROCE19.8%Sector median 11.5%
OPM22.9%Sector median 10.0%
Debt / equity0.00xSector median 0.16x
EV/EBITDA27.9xSector median 10.0x
Interest cover61.2x
Current ratio4.54x
Sales growth 3y+13.8%Sector median +6.0%
Profit growth 3y+26.7%Sector median +18.9%
PEG1.42x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 51 companies in Plastic Products - Industrial (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹774 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 61.2x in the last 12 months.
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY25, FY24).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 18% of net profit in the last 12 months.
- Dividend paid in 4 of the last 5 financial years.
- Price ₹6,977.00 on 2026-10-26: -12.7% from the 52-week high, +159.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹7,409.50 · low ₹2,408.90
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 466 | 548 | 495 | 570 | 459 | 597 | 633 | 696 |
| EBITDA | 81 | 104 | 110 | 119 | 70 | 135 | 172 | 169 |
| OPM % | 17.4% | 19.1% | 22.1% | 21.0% | 15.3% | 22.7% | 27.2% | 24.4% |
| Other income | 12 | 17 | 13 | 14 | 16 | 21 | 20 | 20 |
| Net profit | 61 | 78 | 83 | 91 | 56 | 108 | 133 | 129 |
| EPS (₹) | 26.17 | 33.49 | 35.73 | 39.27 | 24.01 | 46.58 | 57.10 | 55.71 |
| Revenue YoY | -1.6% | +8.9% | +27.9% | +22.1% | ||||
| Profit YoY | -8.3% | +39.1% | +59.8% | +41.9% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,303 | 1,438 | 1,677 | 2,109 | 2,120 | 2,384 |
| EBITDA | 238 | 227 | 282 | 441 | 435 | 547 |
| Net profit | 167 | 166 | 203 | 331 | 338 | 426 |
| EPS (₹) | 71.96 | 71.51 | 87.50 | 142.57 | 145.59 | 183.40 |
| Revenue growth | +10.4% | +16.6% | +25.8% | +0.5% | +14.7% | |
| Profit growth | -0.6% | +22.4% | +62.9% | +2.1% | +36.2% | |
| Dividend / share (₹) | – | 10.00 | 10.00 | 10.00 | 12.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +13.8% | – | +14.7% |
| Net profit | +26.7% | – | +36.2% |
| EPS | +26.7% | – | – |
| Share price | – | +31.8% (2y) | +111.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,856 | 2,045 | 2,372 | 2,656 |
| Borrowings | – | 141 | 0 | 0 | 0 |
| Cash & equivalents | – | 387 | 388 | 650 | 774 |
| Total assets | – | 2,214 | 2,324 | 2,682 | 3,011 |
| Fixed assets | – | 1,466 | 1,449 | 1,442 | 1,575 |
| Capital work in progress | – | 10 | 2 | 38 | 26 |
| Investments | – | 76 | 87 | 113 | 79 |
| Receivables | – | 30 | 38 | 42 | 53 |
| Inventory | – | 199 | 290 | 309 | 389 |
| Payables | – | 104 | 160 | 148 | 181 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 172 | 218 | 172 | 330 | 275 |
| Cash from investing | -141 | -170 | 47 | -274 | -208 |
| Cash from financing | 6 | -89 | -169 | -52 | -60 |
| Capex | 126 | 70 | 17 | 59 | 161 |
| Free cash flow | 46 | 148 | 155 | 271 | 114 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 9.0% | 9.9% | 14.0% | 12.7% |
| ROCE % | – | 11.9% | 13.8% | 19.2% | 17.1% |
| Debtor days | – | 8 | 8 | 7 | 9 |
| Inventory days | – | 109 | 132 | 116 | 149 |
| Payable days | – | 57 | 73 | 55 | 69 |
| Cash conversion cycle (days) | – | 60 | 67 | 68 | 89 |
| Working capital days | – | 105 | 118 | 139 | 173 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 60.72% |
| FIIs | 4.60% |
| DIIs | 7.27% |
| of which Mutual funds | 4.63% |
| Public (non-institutions) | 27.41% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 60.72% | 60.72% | 60.72% | 60.72% | 60.72% | 60.72% | 60.72% | 60.72% |
| Promoter group | % |
|---|---|
| S B Garware Family Trust | 38.17% |
| B.D.Garware Research Centre Private Limited | 5.35% |
| Shashikant Bhalchandra Garware | 5.01% |
| Monika Garware Benefit Trust | 2.47% |
| Sarita Garware Benefit Trust | 2.47% |
| Great View Real Estates Private Limited | 2.02% |
| Sonia Shashikant Garware | 1.16% |
| Sarita Garware Ramsay | 1.15% |
| Monika Garware | 1.15% |
| Garware Industriees Private Limited | 1.01% |
| Sheela Shashikant Garware | 0.76% |
| Sonia Garware Benefit Trust | 0.00% |
| Public holders above 1% | % |
|---|---|
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.81% |
| LIC MF Equity Savings Fund | 1.66% |
| Mahindra Manulife Small CAP Fund | 1.01% |
65,382 shareholders. Pledged: – of promoter shares.
Peers in Plastic Products - Industrial
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| SUPREMEIND | ₹41,291 cr | 40.0x | 6.7x | 17.4% | 19.6% | 14.4% | +6.8% | 1.07% |
| ASTRAL | ₹36,288 cr | 63.0x | 8.9x | 15.0% | 20.0% | 16.0% | +8.4% | 0.28% |
| GRWRHITECH | ₹16,208 cr | 38.0x | 5.6x | 15.7% | 19.8% | 22.9% | +13.8% | 0.17% |
| KINGFA | ₹8,901 cr | 39.4x | 6.4x | 21.2% | 21.9% | 14.2% | +12.4% | 0.00% |
| FINPIPE | ₹8,775 cr | 14.2x | 1.4x | 10.0% | 12.1% | 17.5% | -2.2% | 2.53% |
| TIMETECHNO | ₹7,839 cr | 15.4x | 1.9x | 14.0% | 15.7% | 14.3% | +12.5% | 0.75% |
| PRINCEPIPE | ₹2,805 cr | 27.5x | 1.7x | 6.3% | 8.1% | 10.2% | -1.4% | 0.20% |
| JISLJALEQS | ₹1,701 cr | 56.5x | 0.3x | -0.9% | 4.5% | 11.2% | +3.6% | – |
| JAICORPLTD | ₹1,545 cr | 16.5x | 1.0x | 6.4% | 8.2% | 12.7% | -4.7% | 6.25% |
| APOLLOPIPE | ₹1,520 cr | – | 1.9x | -1.5% | -0.1% | 4.3% | +6.5% | 0.21% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-16 | Dividend | Dividend - Rs 12 Per Share |
| 2025-09-17 | Dividend | Dividend - Rs 12 Per Share |
| 2024-09-17 | Other | Annual General Meeting |
| 2024-09-17 | Dividend | Dividend - Rs 10 Per Share |
| 2023-09-20 | Other | Annual General Meeting |
| 2023-09-20 | Dividend | Dividend - Rs 10 Per Share |
| 2022-09-19 | Dividend | Dividend - Rs 10 Per Share |
| 2022-09-19 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of BOPET films including value added products like sun control films for automotive and architectural usage and paint protection films.: Comprises Polyester film manufacturing
| Sector | Industrials |
| Industry | Plastic Products - Industrial |
| Sub-industry | Plastic Products - Industrial |
| Symbol | GRWRHITECH |
| BSE code | 500655 |
| ISIN | INE291A01017 |
| Face value | ₹10.0 |
| Incorporated | 1957-06-06 |
| Website | https://www.garwarehitechfilms.com |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.