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Garware Hi-Tech Films Margin Trend — Quarter by Quarter

Garware Hi-Tech Films's EBITDA margin moved from 24.8% in Q1 FY26 to 23.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2623.0%—
Q3 FY2618.9%-118 bps
Q1 FY2624.8%-260 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA Margin Guidance of 25% ±2%

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

G

Q3 FY26 · Q4/Q1 EBITDA margin target of ~20%

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.