Garware Technical Fibres Limited (GARFIBRES)

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Garware Technical Fibres Limited (GARFIBRES) · mywealthgrid

About

Garware Technical Fibres manufactures specialized Other Textile Products within the Consumer Discretionary sector. With a market cap of ₹7,502 Cr and quarterly revenues of ₹350–480 Cr, it operates at mid-cap scale in the textiles and apparels industry.

Face value: ₹10

Market cap

₹7,630 Cr

P/E

40.2×

P/B

5.6×

Dividend yield

1.2%

ROE

15.3%

ROCE

21.6%

Debt / equity

0.03

OPM

18.6%

EPS (TTM)

₹19.1

Book value

₹136.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 39.55 vs ROE of 15.31% signals elevated valuation expectations relative to current capital efficiency—verify earnings growth trajectory needed to justify the multiple
Operating margins highly volatile across recent quarters (13.92% to 24.59%), with latest at 16.84%—verify drivers of volatility and whether margin compression reflects sector-wide or company-specific factors
1-year return of -12.48% despite consistent profitability—verify whether valuation repricing or sector headwinds explain the decline
Technical textiles sector exposed to commodity price cycles and global competition—verify company's competitive position and pricing power in specialty segments

Generated analysis · source review pending

Growth drivers

Net profit of ₹48–65 Cr per quarter with ROE of 15.31%; buyback initiated May 2026 demonstrates cash generation and management confidence in underlying value
Very low D/E of 0.03 provides balance-sheet flexibility—verify if company is investing in capacity expansion, R&D, or acquisition opportunities
Quarterly revenue base of ₹350–480 Cr with recurring profitability indicates scale—verify growth rate relative to technical textiles sector and market share trajectory
Operating margin of 18.55% (headline) despite recent compression to 16.84%—verify if volatility reflects sector cycles or company-specific operational issues

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹768.4+1.9%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.8%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 21.9×
+Dividend payout of 47.1% of profit

Cons

−Modest revenue growth of 8.1% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 68
Growth: 53
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	886	886	1,018	953	1,035	1,189	1,306	1,326	1,540	1,529
COGS	291	291	330	279	296	349	419	366	434	454
Gross profit	595	595	688	674	738	840	886	960	1,106	1,075
	434	434	496	496	534	617	657	688	788	791
	160	160	192	178	204	223	230	272	319	284
OPM %	18.1%	18.1%	18.9%	18.6%	19.8%	18.7%	17.6%	20.5%	20.7%	18.6%
Depreciation	15	15	17	19	21	21	22	26	28	34
Interest	10	10	14	12	10	11	12	17	20	14
	18	18	21	32	35	26	28	43	38	34
Profit before tax	153	153	182	179	208	216	223	272	308	270
Tax	48	48	56	38	50	52	51	64	77	71
Tax %	31.3%	31.3%	31%	21.4%	23.9%	23.9%	22.8%	23.4%	24.9%	26.3%
	105	105	126	141	158	165	172	208	232	199
PAT margin %	11.9%	11.9%	12.4%	14.7%	15.3%	13.9%	13.2%	15.7%	15%	13%
EPS (₹)	48.1	48.1	57.4	64.2	74.6	79.9	83.5	102.2	23.3	20
EPS adjusted (₹)	—	—	—	12.9	15.4	16	16.9	20.4	23.3	20
	10.4%	9.4%	26.1%	10.9%	3.3%	8.8%	4.2%	2.9%	6.4%	45%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	22	21	21	20	20	99	99
Reserves	—	790	950	996	1,213	1,142	1,255
	—	102	80	133	119	61	40
	—	406	365	344	418	454	484
Total equity & liabilities	—	1,319	1,415	1,493	1,771	1,757	1,879
	244	247	240	246	262	277	419
CWIP	—	—	—	0	—	0	1
Investments	—	467	521	617	689	703	496
	—	605	654	630	820	777	963
Total assets	—	1,319	1,415	1,493	1,771	1,757	1,879

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Synthetic cordage	1,215.25	249.72	959.6	331.15	628.45	39.74
Fibre and Industrial Products & Projects	338.73	67.73

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	67.6%	70.7%	71.4%	70.6%	67.9%	72.4%	71.8%	70.3%
EBITDA margin %	18.9%	18.6%	19.8%	18.7%	17.6%	20.5%	20.7%	18.6%
EBIT margin %	17.2%	16.6%	17.8%	16.9%	15.9%	18.5%	18.9%	16.3%
PAT margin %	12.4%	14.7%	15.3%	13.9%	13.2%	15.7%	15%	13%
Working capital
Receivable days	—	—	85	79	65	72	75	66
Inventory days	—	—	235	234	187	256	227	321
Payable days	—	—	308	220	169	227	221	215
NWC days	—	—	12	93	83	102	81	172
Leverage
Current ratio	—	—	1.79	2.05	1.42	1.92	1.88	2.74
Debt to EBITDA	—	—	0.5	0.36	0.58	0.44	0.19	0.14
Debt to equity	—	—	0.13	0.08	0.13	0.1	0.05	0.03
Interest coverage	14.3	16.5	21.2	21.5	19.7	16.8	16.4	21.9
Asset turnover	—	—	0.78	0.84	0.87	0.75	0.88	0.81
Return ratios
Return on assets %	—	—	12%	11.6%	11.5%	11.8%	13.2%	10.6%
Return on capital employed %	—	—	25.4%	24.2%	22.6%	24.6%	25.3%	21.6%
Return on equity %	—	—	19.5%	17%	16.9%	16.9%	18.6%	14.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.7%	52.7%	52.7%	53%	53%	53%	53%	53%	53%	53.36%	53.36%	54.25%
	8.58%	8.77%	9.34%	9.56%	9.82%	10.15%	9.8%	9.89%	10.05%	9.07%	9.12%	8.67%
	9.65%	10.22%	10.04%	10.39%	10.44%	10.37%	10.97%	10.97%	10.99%	10.45%	10.29%	10.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	29.07%	28.31%	27.92%	27.05%	26.74%	26.48%	26.23%	26.14%	25.96%	27.12%	27.23%	26.97%
No. of shareholders	—	—	—	—	—	—	—	—	43,116	41,958	41,415	39,254

Promoter holding up 1.55 percentage points since Sep 2023.

2 deals · 16 May 2023 – 16 May 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 May 2023	SBI MUTUAL FUND	Bulk	NSE	Buy	2,13,707	₹2,976.75	₹63.62 Cr
16 May 2023	SBI MUTUAL FUND	Bulk	NSE	Sell	2,09,183	₹2,976.75	₹62.27 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. VAYU RAMESH GARWAREExecutive Director-Chairperson-CEO-MD
Ms. MAYURI VAYU GARWARENon-Executive - Non Independent Director
Mr. SHRIDHAR SHRIKRISHNA RAJPATHAKNon-Executive - Independent Director
Mr. ANIL SADASHIV WAGLENon-Executive - Independent Director
Mr. ASHISH DHURVENDRA GOELNon-Executive - Independent Director
Ms. KIRTI DHARMESH MANGWANINon-Executive - Independent Director
Mr. Shashank GuptaChief Financial Officer
Mr. Sunil AgarwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

7.93%

of the company's equity

All mutual funds

9.24%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

12 schemes · 4 fund houses

		Shares
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	47.4 L	385.76	1.96%	4.773%	+1.2 L
MNC Fund	SBI Mutual Fund	16 L	130.22	1.94%	1.611%	-0
Portfolio of Kotak MNC Fund	Kotak Mahindra Mutual Fund	4 L	32.55	1.41%	0.403%	-0
Portfolio of Kotak ELSS Tax Saver Fund	Kotak Mahindra Mutual Fund	3.53 L	28.71	0.45%	0.355%	-0
Conservative Hybrid Fund	SBI Mutual Fund	2.08 L	16.95	0.17%	0.21%	-0
Portfolio of Kotak Manufacture In India Fund	Kotak Mahindra Mutual Fund	1.81 L	14.72	0.47%	0.182%	-0
Small Cap Fund	Bajaj Finserv Mutual Fund	1.49 L	12.09	0.46%	0.15%	-0
Long Term Advantage Fund - Series V	SBI Mutual Fund	1.13 L	9.19	2.41%	0.114%	-0

1–8 of 12

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulatrions, 2015, we wish to inform you that ICRA Limited have reviewed the credit rating assigned ....2 Apr 2026 from ICRA

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

23

Final dividend1 Sept 2026 · ex-date₹1
Interim dividend14 Nov 2025 · ex-date₹8
Final dividend26 Aug 2025 · ex-date₹1.5
Final dividend12 Sept 2024 · ex-date₹3
Final dividend11 Sept 2023 · ex-date₹3.5
Final dividend5 Sept 2022 · ex-date₹7
Final dividend8 Sept 2021 · ex-date₹2.5
Special dividend20 Mar 2020 · ex-date₹10
Interim dividend20 Mar 2020 · ex-date₹7
Final dividend6 Sept 2019 · ex-date₹5
Dividend dividend30 Aug 2018 · ex-date₹4.5
Special dividend27 Jul 2017 · ex-date₹1.5
Dividend dividend27 Jul 2017 · ex-date₹3.5
Dividend dividend2 Aug 2016 · ex-date₹3.3
Dividend dividend25 Aug 2015 · ex-date₹3
Dividend dividend18 Sept 2014 · ex-date₹2.7
Dividend dividend22 Aug 2013 · ex-date₹2.5
Dividend dividend20 Sept 2012 · ex-date₹2.5
Dividend dividend15 Sept 2011 · ex-date₹2.5
Dividend dividend8 Sept 2010 · ex-date₹2.5
Dividend dividend16 Sept 2009 · ex-date₹2.5
Dividend dividend16 Sept 2008 · ex-date₹2.5
Dividend dividend15 Nov 2007 · ex-date₹2.5

1

Board meeting to consider results5 Aug 2026

1

Bonus 4:13 Jan 2025 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

118 announcementsExport CSV

30 Sept 2026, 2:57 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	67.6%	70.7%	71.4%	70.6%	67.9%	72.4%	71.8%	70.3%
EBITDA margin %	18.9%	18.6%	19.8%	18.7%	17.6%	20.5%	20.7%	18.6%
EBIT margin %	17.2%	16.6%	17.8%	16.9%	15.9%	18.5%	18.9%	16.3%
PAT margin %	12.4%	14.7%	15.3%	13.9%	13.2%	15.7%	15%	13%
Working capital
Receivable days	—	—	85	79	65	72	75	66
Inventory days	—	—	235	234	187	256	227	321
Payable days	—	—	308	220	169	227	221	215
NWC days	—	—	12	93	83	102	81	172
Leverage
Current ratio	—	—	1.79	2.05	1.42	1.92	1.88	2.74
Debt to EBITDA	—	—	0.5	0.36	0.58	0.44	0.19	0.14
Debt to equity	—	—	0.13	0.08	0.13	0.1	0.05	0.03
Interest coverage	14.3	16.5	21.2	21.5	19.7	16.8	16.4	21.9
Asset turnover	—	—	0.78	0.84	0.87	0.75	0.88	0.81
Return ratios
Return on assets %	—	—	12%	11.6%	11.5%	11.8%	13.2%	10.6%
Return on capital employed %	—	—	25.4%	24.2%	22.6%	24.6%	25.3%	21.6%
Return on equity %	—	—	19.5%	17%	16.9%	16.9%	18.6%	14.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
K.p.r. Mill LimitedKPRMILLKPRMILL	₹36,607 Cr	₹37,203 Cr	₹6,820 Cr	₹1,332 Cr	19.1%	₹912 Cr	13%	21.4%	16.2%	181
Welspun Living LimitedWELSPUNLIVWELSPUNLIV	₹22,941 Cr	₹24,744 Cr	₹9,934 Cr	₹884 Cr	8.4%	₹278 Cr	2.3%	6.6%	4.2%	108
Vardhman Textiles LimitedVTLVTL	₹15,322 Cr	₹17,177 Cr	₹10,186 Cr	₹1,387 Cr	12.6%	₹848 Cr	7.6%	8.6%	7.3%	259
Trident LimitedTRIDENTTRIDENT	₹11,293 Cr	₹13,061 Cr	₹6,781 Cr	₹877 Cr	13%	₹395 Cr	5.6%	10.6%	8%	103
Indo Count Industries LimitedICILICIL	₹8,789 Cr	₹9,862 Cr	₹4,390 Cr	₹424 Cr	9.5%	₹151 Cr	3.1%	10%	5.5%	215
Garware Technical Fibres LimitedGARFIBRESGARFIBRES	₹7,630 Cr	₹7,671 Cr	₹1,644 Cr	₹306 Cr	18.6%	₹190 Cr	13%	21.6%	15.3%	172
Kusumgar LimitedKUSUMGARKUSUMGAR	₹6,222 Cr	₹6,445 Cr	₹692 Cr	₹188 Cr	27.2%	₹98 Cr	14.2%	43.8%	35.2%	—
Filatex India LimitedFILATEXFILATEX	₹4,712 Cr	₹4,840 Cr	₹4,256 Cr	₹346 Cr	8.3%	₹191 Cr	4.4%	17.4%	12.9%	-4
Jindal Worldwide LimitedJINDWORLDJINDWORLD	₹4,594 Cr	₹5,152 Cr	₹2,300 Cr	₹124 Cr	5.9%	₹80 Cr	3.1%	13.5%	7.9%	112
Sanathan Textiles LimitedSANATHANSANATHAN	₹4,257 Cr	₹5,744 Cr	₹4,401 Cr	₹323 Cr	7.5%	₹61 Cr	2%	6.9%	4.2%	-25
Raymond Lifestyle LimitedRAYMONDLSLRAYMONDLSL	₹3,823 Cr	₹5,023 Cr	₹6,973 Cr	₹671 Cr	9.6%	₹43 Cr	0.7%	4%	0.5%	102
Alok Industries LimitedALOKINDSALOKINDS	₹3,505 Cr	₹29,610 Cr	₹3,775 Cr	₹66 Cr	0.8%	₹-711 Cr	-20%	-4%	—	93

Date	Category	Subject	Filing
30 Sept 2026, 2:57 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Sept 2026, 3:36 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 7:56 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
8 Sept 2026, 7:27 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
8 Sept 2026, 7:13 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015	PDF
8 Sept 2026, 7:07 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Aug 2026, 2:54 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Aug 2026, 1:16 pm	Corp. Action Record Date	Intimation Of Record Date For Payment Of Final Dividend On Equity Shares Of The Company For Financial Year 2025-26	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	230	64	189	219	195	162
	-120	8	-102	-73	-3	64
	-135	-38	-85	-39	-331	-152
Net cash flow	-25	34	3	108	-139	73
Free cash flow	207	50	161	181	152	106
CFO / Operating profit %	112.6%	28.7%	82.5%	80.6%	61.2%	57.1%

Garware Technical Fibres Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

23

1

1

Announcements

23

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

FIBRE AND INDUSTRIAL PRODUCTS AND PROJECTS · revenue

Garware Technical Fibres Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends23

Board meetings1

Bonus issues1

Announcements

Dividends23

Board meetings1

Bonus issues1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

FIBRE AND INDUSTRIAL PRODUCTS AND PROJECTS · revenue

23

1

1

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