Garware Hi-Tech Films Limited (GRWRHITECH)

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Garware Hi-Tech Films Limited (GRWRHITECH) · mywealthgrid

About

Garware Hi-Tech Films manufactures industrial plastic films in Industrials sector. Market cap ₹16,445 Cr reflects established scale; quarterly revenue ₹450–630 Cr across end-markets.

Face value: ₹10

Market cap

₹16,067 Cr

P/E

41.4×

P/B

6.1×

Dividend yield

0.3%

ROE

13.5%

ROCE

17.6%

Debt / equity

OPM

20.5%

EPS (TTM)

₹167.0

Book value

₹1,143.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 42.4 prices growth; OPM swing 14.65%–28.45% questions margin sustainability
Quarterly revenue ₹451–633 Cr oscillates; identify cyclical drivers and end-market exposure
ROE 13.45%; benchmark against industrial peer standards for capital efficiency
Stock returned 116.44% in 1 year; verify fundamentals support valuation or reversion risk exists

Generated analysis · source review pending

Growth drivers

Jun 2026 OPM jumped to 27–28% from Dec 2025 ~15%; clarify if pricing/mix improvement durable
Recent revenue ₹600+ Cr (Jun) vs ₹450s (Dec); ascertain demand recovery or capacity-addition drivers
Dividends paid 2021–2025 signal cash generation; verify dividend sustainability at payout levels
Industrial plastic films serve auto, renewable energy, consumer sectors; confirm Garware's addressable market and segment growth

Generated analysis · source review pending

2,190 historical price candles were omitted because the exchange source has not been verified.

₹6,925.5-1.3%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.5%
+Profit CAGR of 21.8% over the last 5 years
+Revenue CAGR of 16.5% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 55.4×
+High promoter holding of 60.7% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 66
Growth: 86
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.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

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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 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	857	842	948	925	989	1,303	1,438	1,677	2,109	2,120
COGS	-7	396	442	396	354	530	665	801	974	956
Gross profit	—	446	506	529	635	773	773	876	1,136	1,164
	722	363	362	367	417	535	546	594	695	729
	142	83	144	162	218	238	227	282	441	435
OPM %	16.5%	9.9%	15.2%	17.5%	22%	18.3%	15.8%	16.8%	20.9%	20.5%
Depreciation	17	14	14	20	24	28	32	39	41	45
Interest	44	25	19	18	20	18	17	12	9	8
	6	5	9	12	16	39	42	39	54	65
Profit before tax	27	50	120	135	190	231	220	270	445	446
Tax	10	17	38	49	64	64	54	67	114	108
Tax %	38.1%	33.5%	31.9%	36.2%	33.7%	27.7%	24.5%	24.8%	25.7%	24.2%
	17	33	82	86	126	167	166	203	331	338
PAT margin %	1.9%	3.9%	8.6%	9.3%	12.7%	12.8%	11.6%	12.1%	15.7%	16%
EPS (₹)	—	14.3	35.1	37	54.2	72	71.5	87.5	142.6	145.6
EPS adjusted (₹)	7.1	14.3	35.2	37	54.2	72	71.5	87.5	142.6	145.6
	—	14%	28.5%	27%	18.4%	13.9%	14%	11.4%	8.4%	8.2%
Annual report	Annual report for Mar 2016	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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	23	23	23	23	23	23	23	23	23	23	23
Reserves	562	581	1,269	1,349	1,380	1,540	1,688	1,833	2,022	2,349	2,633
	289	287	154	114	121	153	202	141	0	0	0
	145	155	124	160	154	152	220	218	279	310	355
Total equity & liabilities	1,020	1,047	1,570	1,646	1,679	1,868	2,133	2,214	2,324	2,682	3,011
	648	643	1,226	1,238	1,279	1,329	1,341	1,467	1,450	1,442	1,577
CWIP	5	8	10	11	19	11	96	10	2	38	26
Investments	1	1	36	120	116	226	274	393	363	643	698
	367	395	298	277	265	302	423	344	508	558	711
Total assets	1,020	1,047	1,570	1,646	1,679	1,868	2,133	2,214	2,324	2,682	3,011

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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 %	53.4%	57.2%	64.2%	59.3%	53.8%	52.3%	53.8%	54.9%
EBITDA margin %	15.2%	17.5%	22%	18.3%	15.8%	16.8%	20.9%	20.5%
EBIT margin %	13.7%	15.3%	19.6%	16.1%	13.5%	14.5%	19%	18.4%
PAT margin %	8.6%	9.3%	12.7%	12.8%	11.6%	12.1%	15.7%	16%
Working capital
Receivable days	22	21	16	9	8	8	7	9
Inventory days	71	96	128	145	109	132	116	149
Payable days	69	60	89	76	57	73	55	69
NWC days	24	57	54	79	60	67	68	89
Leverage
Current ratio	1.95	2.16	2.39	2.29	2.74	3.45	4.26	4.43
Debt to EBITDA	0.79	0.75	0.7	0.85	0.62	0	0	0
Debt to equity	0.08	0.09	0.1	0.12	0.08	0	0	0
Interest coverage	7.2	8.3	10.7	13.7	13.9	23.9	51.7	55.4
Asset turnover	0.58	0.55	0.53	0.61	0.65	0.72	0.79	0.7
Return ratios
Return on assets %	5%	5.1%	6.7%	7.8%	7.5%	8.7%	12.3%	11.2%
Return on capital employed %	9.5%	10.1%	13%	14%	12.3%	13.8%	20%	17.6%
Return on equity %	6%	6.1%	8.1%	9.8%	9%	9.9%	14%	12.7%

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
	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%	60.72%
	0.13%	0.11%	0.31%	0.52%	1.56%	2.69%	3.5%	3.85%	3.58%	3.96%	3.98%	4.22%
	3.5%	3.78%	4.22%	4.76%	4.48%	4.33%	4.75%	4.89%	4.96%	5.35%	5.27%	6.35%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.65%	35.39%	34.75%	34%	33.24%	32.26%	31.03%	30.54%	30.74%	29.97%	30.03%	28.71%
No. of shareholders	—	—	—	—	—	—	—	—	57,619	55,544	54,492	56,759

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 4 Apr 2025 – 4 Apr 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,16,633	₹2,787.59	₹32.51 Cr
4 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,16,633	₹2,787.81	₹32.52 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. SHASHIKANT BHALCHANDRA GARWAREExecutive Director-Chairperson related to Promoter-MD
Ms. MONIKA GARWAREExecutive Director-MD
Mrs. SARITA GARWARE RAMSAYExecutive Director-MD
Ms. SONIA GARWARENon-Executive - Non Independent Director
Mr. VIVEKANAND HEROOR KAMATHNon-Executive - Independent Director
Mr. NAYAN JAGDISHCHANDRA RAWALNon-Executive - Independent Director
Mr. DEEPAK NITYANAND CHAWLANon-Executive - Independent Director
Mr. MANOJ KISHORCHANDRA SONAWALANon-Executive - Independent Director
Mr. CHIRAG HIMATLAL DOSHINon-Executive - Independent Director
Mr. UDAY VASANTRAO JOSHIExecutive Director
Ms. SONALI RAJESH MEHTANon-Executive - Independent Director

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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 5 fund houses

Held by these funds

2.49%

of the company's equity

All mutual funds

4.95%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 5 fund houses

		Shares
MF MULTI CAP FUND	LIC Mutual Fund	1.24 L	88.23	3.91%	0.533%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	76,292	54.45	4.71%	0.329%	+11,972
MF SMALL CAP FUND	LIC Mutual Fund	56,660	40.44	4.86%	0.244%	-0
MF INFRASTRUCTURE FUND	LIC Mutual Fund	53,599	38.26	3.26%	0.231%	-3,718
MF DIVIDEND YIELD FUND	LIC Mutual Fund	45,338	32.36	4.26%	0.195%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	39,333	28.07	4.01%	0.17%	+6,942
MF MANUFACTURING FUND	LIC Mutual Fund	35,185	25.11	3.22%	0.152%	-2,972
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	22,675	16.18	0.65%	0.098%	-497

1–8 of 24

1 / 3

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Documents

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

Announcements

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Events

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

16

Final dividend16 Sept 2026 · ex-date₹12
Final dividend17 Sept 2025 · ex-date₹12
Dividend dividend17 Sept 2024 · ex-date₹10
Final dividend20 Sept 2023 · ex-date₹10
Dividend dividend19 Sept 2022 · ex-date₹10
Dividend dividend20 Sept 2021 · ex-date₹10
Interim dividend23 Mar 2020 · ex-date₹10
Dividend dividend16 Sept 2019 · ex-date₹10
Dividend dividend12 Sept 2018 · ex-date₹2
Dividend dividend14 Sept 2017 · ex-date₹1
Dividend dividend23 Aug 2012 · ex-date₹1.5
Special dividend16 Dec 2011 · ex-date₹7
Final dividend16 Dec 2011 · ex-date₹1.5
Interim dividend18 Nov 2010 · ex-date₹1.5
Dividend dividend16 Sept 2010 · ex-date₹1.5
Dividend dividend16 Dec 2009 · ex-date₹1

1

Board meeting to consider results6 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

30 Sept 2026, 5:55 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

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 %	53.4%	57.2%	64.2%	59.3%	53.8%	52.3%	53.8%	54.9%
EBITDA margin %	15.2%	17.5%	22%	18.3%	15.8%	16.8%	20.9%	20.5%
EBIT margin %	13.7%	15.3%	19.6%	16.1%	13.5%	14.5%	19%	18.4%
PAT margin %	8.6%	9.3%	12.7%	12.8%	11.6%	12.1%	15.7%	16%
Working capital
Receivable days	22	21	16	9	8	8	7	9
Inventory days	71	96	128	145	109	132	116	149
Payable days	69	60	89	76	57	73	55	69
NWC days	24	57	54	79	60	67	68	89
Leverage
Current ratio	1.95	2.16	2.39	2.29	2.74	3.45	4.26	4.43
Debt to EBITDA	0.79	0.75	0.7	0.85	0.62	0	0	0
Debt to equity	0.08	0.09	0.1	0.12	0.08	0	0	0
Interest coverage	7.2	8.3	10.7	13.7	13.9	23.9	51.7	55.4
Asset turnover	0.58	0.55	0.53	0.61	0.65	0.72	0.79	0.7
Return ratios
Return on assets %	5%	5.1%	6.7%	7.8%	7.5%	8.7%	12.3%	11.2%
Return on capital employed %	9.5%	10.1%	13%	14%	12.3%	13.8%	20%	17.6%
Return on equity %	6%	6.1%	8.1%	9.8%	9%	9.9%	14%	12.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Supreme Industries LimitedSUPREMEINDSUPREMEIND	₹42,926 Cr	₹42,926 Cr	₹11,326 Cr	₹1,632 Cr	13.9%	₹1,032 Cr	8.5%	19.1%	16.1%	44
Garware Hi-Tech Films LimitedGRWRHITECHGRWRHITECH	₹16,067 Cr	₹16,067 Cr	₹2,258 Cr	₹497 Cr	20.5%	₹388 Cr	16%	17.6%	13.5%	89
Finolex Industries LimitedFINPIPEFINPIPE	₹9,338 Cr	₹9,775 Cr	₹3,954 Cr	₹692 Cr	16.5%	₹615 Cr	14.6%	12.2%	9.7%	133
Kingfa Science & Technology (India) LimitedKINGFAKINGFA	₹8,958 Cr	₹8,958 Cr	₹2,222 Cr	₹314 Cr	13.1%	₹226 Cr	9.3%	23.6%	17.4%	100
Time Technoplast LimitedTIMETECHNOTIMETECHNO	₹8,869 Cr	₹9,508 Cr	₹6,445 Cr	₹922 Cr	14.6%	₹490 Cr	7.8%	18.2%	13.4%	161
Prince Pipes And Fittings LimitedPRINCEPIPEPRINCEPIPE	₹2,731 Cr	₹2,871 Cr	₹2,627 Cr	₹270 Cr	8.9%	₹102 Cr	2.8%	6.4%	4.5%	71
Apollo Pipes LimitedAPOLLOPIPEAPOLLOPIPE	₹2,255 Cr	₹2,379 Cr	₹1,125 Cr	₹49 Cr	6%	₹-15 Cr	0.4%	2.1%	0.6%	58
Jain Irrigation Systems LimitedJISLJALEQSJISLJALEQS	₹1,951 Cr	₹6,013 Cr	₹6,362 Cr	₹765 Cr	12.5%	₹-53 Cr	-0.6%	7.3%	-0.4%	230
Jai Corp LimitedJAICORPLTDJAICORPLTD	₹1,571 Cr	₹1,571 Cr	₹541 Cr	₹70 Cr	10.6%	₹93 Cr	32.9%	13.1%	11.7%	269
Premier Polyfilm LimitedPREMIERPOLPREMIERPOL	₹949 Cr	₹949 Cr	₹365 Cr	₹50 Cr	13.6%	₹35 Cr	9.4%	31.2%	24.1%	102
R M Drip And Sprinklers Systems LimitedRMDRIPRMDRIP	₹587 Cr	₹640 Cr	₹207 Cr	₹53 Cr	26.6%	₹35 Cr	17.7%	33.6%	31.5%	268
Prakash Pipes LimitedPPLPPL	₹582 Cr	₹621 Cr	₹780 Cr	₹118 Cr	15.1%	₹83 Cr	10.7%	28.6%	20.5%	—

Date	Category	Subject	Filing
30 Sept 2026, 5:55 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Sept 2026, 6:26 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
1 Sept 2026, 5:41 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Aug 2026, 7:27 pm	Corp. Action Record Date	Record Date	PDF
31 Aug 2026, 7:01 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
31 Aug 2026, 6:42 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
31 Aug 2026, 6:23 pm	AGM/EGM AGM	Notice Of 69Th Annual General Meeting Of The Company To Be Held On September 23, 2026	PDF
27 Aug 2026, 6:32 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	101	78	134	141	99	199	172	218	172	330	275
	-5	-12	-5	-101	-44	-126	-141	-170	47	-275	-208
	-96	-39	-172	-49	-64	-36	6	-89	-169	-52	-60
Net cash flow	0	26	-43	-8	-9	38	37	-41	50	3	8
Free cash flow	91	61	124	115	45	135	46	148	155	271	114
CFO / Operating profit %	71.5%	—	161.2%	98.1%	61.3%	91.4%	72.4%	95.9%	61%	74.8%	63.3%

Garware Hi-Tech Films Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

16

1

Announcements

16

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Garware Hi-Tech Films Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends16

Board meetings1

Announcements

Dividends16

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

16

1

16

1