Garware Hi-Tech Films Management Guidance Tracker

12 forward-looking guidance items tracked across 3 quarters.

Revenue

Q1 FY26FY26 revenue guidance of 2,500 cr withdrawnTracked

Management withdrew the earlier 2,500 cr revenue guidance due to extreme tariff uncertainty and dynamic trade policy.

Q3 FY26Architectural film revenue target of ₹500 crore by FY27Tracked

Architectural film revenue is expected to grow from current ~₹300 crore to ₹500 crore by FY27, driven by new products and global expansion.

Q4 FY26FY27 Revenue Target of ₹2,500 croreTracked

Management guided for minimum ₹2,500 crore revenue in FY27, implying ~18% growth over FY26.

Growth

Q1 FY26Middle East growth target of 30-40% in FY26Active

Management targets 30-40% revenue growth in Middle East, driven by architectural segment and new manpower in Saudi Arabia.

Q1 FY26Europe growth target of ~20% in FY26Active

Management targets ~20% growth in Europe, leveraging new manpower added six months ago.

Q3 FY2615-20% revenue CAGR even with 50% tariffsTracked

Management guided for 15-20% revenue growth in FY27, assuming tariffs remain at 50%, supported by new geographies and product launches.

Q4 FY26Garware Home Solutions to Cross 200 crore by FY28Tracked

The D2C home solutions business is expected to generate over ₹200 crore revenue in FY28, driven by 50 studios by end of FY27.

Expansion

Q1 FY26Garware Application Studios target of 300 by March 2026Tracked

Management targets 300 franchisee studios by end of FY26, up from 250+ currently.

Margins

Q3 FY26Q4/Q1 EBITDA margin target of ~20%Active

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.

Q4 FY26EBITDA Margin Guidance of 25% ±2%Tracked

Management expects to maintain EBITDA margin in the range of 23-27% for FY27, with potential improvement from TPU line commissioning.

Capex

Q3 FY26TPU line commissioning by October 2026Tracked

The new TPU manufacturing line will be commissioned by October 2026, with 25% capacity reserved for new-generation products in architectural and medical segments.

Q4 FY26New Sun Control Line Commissioning by June 2027Tracked

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.