Sun Control Films Revenue Share
50%
flat YoY
Sun control films contributed 50% of FY26 revenue, consistent with prior year.
GARWAREHITECHFILMS
Information Technology
30 Apr 2026
Garware Hi-Tech Films Ltd — Q4 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
PPF Capacity Utilization
85-89%
+5pp YoY
PPF lines are running at 85-89% utilization, expected to reach full capacity by next year.
Sun Control Capacity Utilization
75-80%
-5pp YoY
Sun control lines operated at 75-80% utilization due to tariff disruptions; expected to reach full by Q2 FY27.
Middle East Revenue
$15M
+25-30% YoY
Middle East & North Africa revenue was ~$15M in FY26, targeting $20-22M in FY27.
Management Guidance
FY27 Revenue Target of ₹2,500 crore
Management guided for minimum ₹2,500 crore revenue in FY27, implying ~18% growth over FY26.
Management guidance revenueEBITDA 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.
Management guidance marginsNew Sun Control Line Commissioning by June 2027
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.
Management guidance capexGarware Home Solutions to Cross 200 crore by FY28
The D2C home solutions business is expected to generate over ₹200 crore revenue in FY28, driven by 50 studios by end of FY27.
Management guidance growthKey Risks
US Auto Sales Decline Impact
Declining US automotive sales could affect demand for automotive sun control films and PPF, though management sees limited impact due to diversified geographies.
medium · analyst_questionKey Customer In-House PPF Manufacturing
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.
medium · analyst_questionRaw Material Cost Inflation
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.
low · analyst_questionGeopolitical Volatility in Middle East
Ongoing conflicts in the Middle East could disrupt supply chains and demand, though management believes diversified global presence mitigates impact.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Garware Hi-Tech Films's revenue in Q4 FY26?
Garware Hi-Tech Films reported revenue of ₹2,120 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Garware Hi-Tech Films management give for FY27?
FY27 Revenue Target of ₹2,500 crore: Management guided for minimum ₹2,500 crore revenue in FY27, implying ~18% growth over 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. New Sun Control Line Commissioning by June 2027: 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. Garware Home Solutions to Cross 200 crore by FY28: The D2C home solutions business is expected to generate over ₹200 crore revenue in FY28, driven by 50 studios by end of FY27.
What are the key risks for Garware Hi-Tech Films in FY27?
Key risks include US Auto Sales Decline Impact — Declining US automotive sales could affect demand for automotive sun control films and PPF, though management sees limited impact due to diversified geographies.; Key Customer In-House PPF Manufacturing — 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.; Raw Material Cost Inflation — 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.; Geopolitical Volatility in Middle East — Ongoing conflicts in the Middle East could disrupt supply chains and demand, though management believes diversified global presence mitigates impact..
Did Garware Hi-Tech Films meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Garware Hi-Tech Films Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.