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Revenue
₹459 Cr
verified against source
Revenue YoY
-1.6%
reported change
EBITDA
₹86.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Garware Hi-Tech Films reported Q3 FY26 consolidated revenue of ₹459 crore (down 1.6% YoY) and EBITDA of ₹86.7 crore (down 7.4% YoY), with EBITDA margin contracting 118 bps to 18.9%. The decline was driven by the full impact of 50% US tariffs on exports, which the company partially offset through operational efficiencies, product mix shifts toward high-margin items, and selective price pass-through. Export share remained stable at 74.3%, with US sales dipping to 40% of revenue (from 43% last year) while Middle East doubled to 8%. Management guided for Q4/Q1 margins to recover to ~20% and maintained a 15-20% CAGR growth outlook even if tariffs persist. Key risks include prolonged tariff uncertainty and potential margin pressure if demand softens further.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margin to improve to around 20% in Q4 FY26 and Q1 FY27, driven by seasonal product mix shift toward higher-margin infrared-blocking films.
- Management guided for 15-20% revenue growth in FY27, assuming tariffs remain at 50%, supported by new geographies and product launches.
- Architectural film revenue is expected to grow from current ~₹300 crore to ₹500 crore by FY27, driven by new products and global expansion.
- The new TPU manufacturing line will be commissioned by October 2026, with 25% capacity reserved for new-generation products in architectural and medical segments.
Risks flagged
- If the 50% tariff on Indian exports persists, it could continue to pressure margins and limit US revenue growth, despite mitigation strategies.
- PPF products have higher absolute prices, making them more sensitive to tariff impact; US demand may remain subdued, affecting capacity utilization of the new line.
- Changes in trade agreements or geopolitical tensions could disrupt supply chains and alter competitive dynamics, especially in the Middle East and US.
Key quotes
- We have successfully navigated the impact of roughly 40 cr for the quarter. So that's how it has gone to like a PBT level of 73 74 cr.
- Even if this situation remains, we will maintain a growth of 15 to 20% because we will not hold inventory in our warehouses, we will do whatever sales naturally happening.
- We are trying to become more as a consumer brand than as a B2B kind of business.
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