Garware Hi-Tech Films reported a modest Q1 FY26 with consolidated revenue of 495 cr (+4.3% YoY), EBITDA of 123 cr (margin 24.8%, down 260bps YoY), and PAT of 83 cr (-6.2% YoY).
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Cumulative US tariff on Indian goods increased from 6.25% to 41.25%, with the latest 25% hike announced just before the call. Management could not quantify the impact and withdrew revenue guidance.
high · management_commentaryAnalyst raised concern that prolonged tariff uncertainty could lead to order deferrals and shift to domestic US producers or lower-tariff countries. Management acknowledged lower-margin industrial segment is most vulnerable.
medium · analyst_questionEarly monsoons caused ~25-30 cr revenue loss in domestic sun control and shrink film segments. Recovery depends on extended summer heat in Q2/Q3.
medium · management_commentaryUS-based competitors may gain pricing advantage if they can absorb tariff impacts better, especially in industrial products where margins are thin.
medium · analyst_question