Garware Hi-Tech Films LimitedQuarter Ended 30.09.2026 Results & Financial Update
Garware Hi-Tech Films Limited: Quarter Ended 30.09.2026 consolidated results and company financials – revenue ₹695.53 Cr, PAT ₹129.44 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Garware Hi-Tech Films Quarter Ended 30.09.2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Garware Hi-Tech Films Limited reported record-breaking consolidated revenue from operations of INR 695.53 crore for Q2 FY27, marking a 22.09% year-on-year expansion from INR 569.69 crore in Q2 FY26 and a 9.86% sequential increase over INR 633.08 crore in Q1 FY27.
Profit after tax (PAT) for the quarter rose 41.88% year-on-year to INR 129.44 crore compared to INR 91.23 crore in the corresponding period of the previous year, though it reflected a slight sequential dip of 2.42% from INR 132.65 crore in Q1 FY27.
Earnings per share (EPS) for Q2 FY27 stood at INR 55.71, compared to INR 39.27 in Q2 FY26 and INR 57.10 in Q1 FY27, reflecting the strong underlying earnings expansion over the year.
EBITDA for the quarter expanded to INR 189.00 crore, representing a 42% year-on-year increase compared to INR 133.00 crore in Q2 FY26, driven by operating leverage and a favorable product mix.
The EBITDA margin for Q2 FY27 reached 27.2%, expanding by 377 basis points compared to 23.4% in Q2 FY26, offsetting higher raw material and logistics costs.
Management noted that the performance was achieved despite geopolitical headwinds and a slowdown in the Middle East, supported by strong demand and improved realizations across product segments.
01 · Business model
What does Garware Hi-Tech Films do?
Garware Hi-Tech Films Limited (GHFL) is a global manufacturer of specialty films, operating two state-of-the-art manufacturing facilities with vertically integrated chips-to-film operations spanning more than 3,000 SKUs.
The company's revenue is structured around two main divisions: the Consumer Product Division (CPD), which covers Sun Control Films for architectural and automotive applications, Paint Protection Films (PPF), safety films, and Garware Home Solutions, accounting for 73% of revenue; and the Industrial Product Division (IPD), covering shrink films, electrical and electronics insulation, release liners, thermal lamination, and packaging films, representing 27% of revenue.
GHFL operates on a global scale with a distribution presence spanning over 90 countries, supported by dedicated architecture film teams and a growing network of Garware Application Studios (GAS) and Garware Home Solutions (GHS) touchpoints.
02 · Historical context
What shaped the business before this quarter
Beginning in FY18, the company transitioned from commodity films into value-added specialty films, expanding its value-added product contribution to 86% of H1 FY27 revenue.
Since entering the Paint Protection Film market in FY21 with an initial capacity of 30 mn sq. ft., the company doubled its PPF capacity to 60 mn sq. ft. upon commissioning new capacity in Q2 FY26.
The company previously increased Sun Control Film capacity from 240 mn sq. ft. to 420 mn sq. ft. in FY22, supported by subsequent debottlenecking of older SCF lines in FY24.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter Ended 30.09.2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹695.53 Cr | ₹569.69 Cr | ₹633.08 Cr |
| Total income | ₹715.06 Cr | ₹583.55 Cr | ₹652.80 Cr |
| Profit before tax | ₹173.06 Cr | ₹120.39 Cr | ₹176.46 Cr |
| Profit after tax | ₹129.44 Cr | ₹91.23 Cr | ₹132.65 Cr |
| EPS | ₹55.71 | ₹39.27 | ₹57.10 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations reached INR 695.53 crore, growing 22.09% YoY and 9.86% QoQ, driven by solid customer demand and improved product realizations across key specialty segments.
What drove margins
EBITDA margin expanded by 377 basis points YoY to 27.2% in Q2 FY27, bolstered by operational efficiencies, operating leverage on higher revenue scale, and a favorable product mix that helped absorb higher raw material and logistics costs.
PAT margin for Q2 FY27 improved to 18.61% compared to 16.01% in Q2 FY26, reflecting enhanced profitability and operational performance.
05 · Demand, customers & order book
Where demand is coming from
Secured new business opportunities with leading malls and hospitality chains during the quarter, supported by channel expansion and participation in industrial exhibitions.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Accounts for 73% of consolidated revenue, encompassing automotive and architectural Sun Control Films, Paint Protection Films, safety films, and Garware Home Solutions.
Accounts for 27% of consolidated revenue, including shrink films where GHFL holds a ~70% market share in India, electrical and electronics insulation, release liners, thermal lamination, and packaging films.
Geography and market mix
Opened two new Global Application Studios in the USA during Q2 FY27, taking the total global studio network to 14, comprising 11 in the USA and 3 in the Middle East.
Scaled Garware Home Solutions (GHS) studios to 14 locations domestically, up from 9 studios in Q1 FY27.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commissioning of the TPU extrusion platform remains on track for Q3 FY27 following an investment of INR 118 crore.
An INR 191 crore SCF line equipped with advanced robotics and automation is expected to commence commercial production in H1 FY28, adding approximately 1,200 LSF of fungible capacity.
Projects, capex and execution
Capital expenditure momentum is anchored by the INR 118 crore TPU extrusion platform and the upcoming INR 191 crore SCF line project.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Signed an MoU with Lubrizol to develop advanced TPU-based film solutions in India, combining Lubrizol's technology expertise with GHFL's manufacturing capabilities to strengthen the premium PPF offering.
Launched a state-of-the-art facility for polymer dispersed liquid crystal (PDLC) switchable privacy films, entering the smart architecture vertical for retrofit-led glass applications.
Introduced car-care products, Ultra Series WF kits with a 1-year warranty, an e-Warranty portal, and Pine Labs No Cost EMI facilities.
09 · Reported developments
What changed operationally
Achieved H1 FY27 revenue of INR 1,329 crore and an EBITDA margin of 28.7%, significantly outperforming historical guidance ranges.
Website traffic reached up to 1.1 lakh visitors per month, with Instagram community growing 25% YoY, Facebook growing 10%, and global LinkedIn followers increasing by 400%.
10 · Pressure points & risks
What is not going smoothly
Encountered a demand slowdown in the Middle East amid ongoing regional conflicts, which was successfully offset by growth across other markets.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash and cash equivalents stood at INR 933 crore as of September 30, 2026.
Working capital days stood at 29 days as of September 30, 2026, remaining broadly stable against 28 days in FY26, reflecting disciplined inventory, receivable, and payable management as revenue scaled.
12 · Management guidance & targets
What management is targeting from here
Management raised its FY27 EBITDA margin guidance by 200 bps to 27% ±2% (from 23%-27%), backed by a robust 28.7% H1 FY27 EBITDA margin.
Management reaffirmed its FY27 revenue target of INR 2,500+ crore.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Global Exhibition Participation
GHFL participated in several key international exhibitions during the period, including Automechanika Frankfurt, Tinter Battle, WFCT (USA), and LOUPE Chicago.
Reported update
Domestic Industry Engagement
Participated in domestic industry events such as ESP Expo Mumbai, Media Expo Delhi, Technology Day at Reliance Corporate Park, and Architect Meet Jammu.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 9.86% sequentially from INR 633.08 crore in Q1 FY27 to INR 695.53 crore in Q2 FY27.
Garware Home Solutions expanded from 9 domestic studios in Q1 FY27 to 14 studios at the end of Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Garware Hi-Tech Films do?
Garware Hi-Tech Films Limited (GHFL) is a global manufacturer of specialty films, operating two state-of-the-art manufacturing facilities with vertically integrated chips-to-film operations spanning more than 3,000 SKUs.
What is the clearest takeaway from Quarter Ended 30.09.2026?
Garware Hi-Tech Films Limited reported record-breaking consolidated revenue from operations of INR 695.53 crore for Q2 FY27, marking a 22.09% year-on-year expansion from INR 569.69 crore in Q2 FY26 and a 9.86% sequential increase over INR 633.08 crore in Q1 FY27.
What drove revenue or demand?
Revenue from operations reached INR 695.53 crore, growing 22.09% YoY and 9.86% QoQ, driven by solid customer demand and improved product realizations across key specialty segments.
What mattered most for margins or profitability?
EBITDA margin expanded by 377 basis points YoY to 27.2% in Q2 FY27, bolstered by operational efficiencies, operating leverage on higher revenue scale, and a favorable product mix that helped absorb higher raw material and logistics costs.
What changed operationally beyond the headline numbers?
Commissioning of the TPU extrusion platform remains on track for Q3 FY27 following an investment of INR 118 crore.
What is management guiding or targeting from here?
Management raised its FY27 EBITDA margin guidance by 200 bps to 27% ±2% (from 23%-27%), backed by a robust 28.7% H1 FY27 EBITDA margin.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
TPU Line Commercialization: Monitor the commercialization progress of the TPU extrusion platform scheduled for Q3 FY27.
- 02
GHS Studio Expansion Milestone: Track the planned addition of 12 new Garware Home Solutions studios in Q3 FY27, targeting 50 total studios by December 2027.
- 03
SCF Line Execution: Track the execution milestone of the INR 191 crore SCF line toward commercial production in H1 FY28.
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