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Revenue
₹597 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹500 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Garware Hi-Tech Films delivered a resilient FY26 with revenue of ₹2,120 crore and EBITDA of ₹500 crore (23.6% margin), despite 50% US tariffs that disrupted H1. Q4 was the strongest quarter ever: revenue ₹597 crore (+8.9% YoY), EBITDA ₹157 crore (26.2% margin, +29% YoY), PAT ₹108 crore (+39% YoY). Growth was driven by sun control films (50% of revenue), PPF (25%), and IPDS (25%), with strong traction in Middle East and D2C channels. Management guided for ₹2,500 crore revenue in FY27 and maintained EBITDA margin guidance of 25% ±2%. Key risks include potential demand slowdown from US auto sales decline and raw material cost inflation, though management expressed confidence in passing through costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for minimum ₹2,500 crore revenue in FY27, implying ~18% growth over FY26.
- Management expects to maintain EBITDA margin in the range of 23-27% for FY27, with potential improvement from TPU line commissioning.
- The ₹191 crore capex for a new sun control film line will add ~1,200 lakh sq ft capacity and start commercial production in Q1 FY28.
- The D2C home solutions business is expected to generate over ₹200 crore revenue in FY28, driven by 50 studios by end of FY27.
Risks flagged
- Declining US automotive sales could affect demand for automotive sun control films and PPF, though management sees limited impact due to diversified geographies.
- A major PPF customer is setting up its own manufacturing, which could reduce orders. Management downplayed the risk, citing multiple suppliers and strong own-brand growth.
- Rising PTA and MEG prices could pressure margins if not fully passed through. Management claims ability to pass on costs due to strong customer relationships.
- Ongoing conflicts in the Middle East could disrupt supply chains and demand, though management believes diversified global presence mitigates impact.
Key quotes
- We expect minimum 2500 cr revenue for FY27 and we will maintain 25% plus minus 2% margin.
- Our strategy is direct to consumer supported by digital marketing and innovative new products.
- We will not lose a single customer whatever it takes.
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