Garware Hi-Tech Films Limited has informed the stock exchanges that its Chief Financial Officer (CFO), Mr. Abhishek Agarwal, has tendered his resignation effective May 15, 2026. The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Agarwal cited the pursuit of career opportunities outside the Company as the sole reason for his departure, confirming in his resignation letter that there is no other material reason for his exit.

Key Details of the Resignation

The following table summarises the key particulars of the resignation as disclosed by the Company:

Regulatory and Governance Implications

As a consequence of the resignation, Mr. Abhishek Agarwal will cease to be a Key Managerial Personnel (KMP) of Garware Hi-Tech Films under Section 203 and other applicable provisions of the Companies Act, 2013. He will also cease to be a member of the Company's Risk Management Committee. The resignation letter was addressed to Ms. Monika Garware, Vice-Chairperson & Joint Managing Director of the Company. The Company Secretary, Mr. Awaneesh Srivastava (FCS 8513), signed and submitted the regulatory filing on May 15, 2026.

Next Steps for the Company

Garware Hi-Tech Films has confirmed that it will make the necessary intimation to the stock exchanges upon the appointment of a new Chief Financial Officer, in accordance with applicable regulatory requirements. The Company has not disclosed a timeline or any candidate details for the CFO succession at this stage.

Summary

The resignation of Mr. Abhishek Agarwal as CFO marks a key managerial change at Garware Hi-Tech Films. His departure, effective May 15, 2026, was driven solely by the desire to explore external career opportunities, as confirmed in his resignation letter addressed to Ms. Monika Garware, Vice-Chairperson & Joint Managing Director. The Company remains compliant with its disclosure obligations under SEBI Listing Regulations and has committed to updating the exchanges on the CFO appointment process.

Garware Hi-Tech Films Limited has released its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 6, 2026. Following the declaration, the company conducted an earnings conference call on May 7, 2026, to discuss business performance with analysts and investors. Pursuant to Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed the publication of its audited financial results in The Economic Times (English), Maharashtra Times (Marathi), and Sanjay Warta (Marathi). The transcript of the earnings conference call has since been filed with the stock exchanges pursuant to Regulation 30 and 46 of the SEBI (LODR) Regulations, 2015, and is available on the company's official website at www.garwarehitechfilms.com .

Standalone Financial Performance

The company's standalone financials reflect the following key metrics for the quarter and year ended March 31, 2026, compared to prior periods (₹ in Crores):

Figures for Q4 FY26 and Q4 FY25 are balancing figures between audited full-year numbers and published unaudited year-to-date figures up to Q3.

Consolidated Financial Performance

The consolidated results, which include the performance of subsidiaries and associates, are presented below for the same periods (₹ in Crores):

Figures for Q4 FY26 and Q4 FY25 are balancing figures between audited full-year numbers and published unaudited year-to-date figures up to Q3.

Management Commentary on FY26 Performance

Addressing analysts on the earnings call, Director – Sales and Marketing Mr. Deepak Joshi described FY26 as a year that tested the company's core values of innovation, integrity, and a customer-first approach amid geopolitical volatility and elevated tariff structures across key export markets. He noted that the most significant impact was felt in Q3, but the company's measured response — calibrating offtake to ensure supply chain continuity and standing by customers — helped maintain market share across key geographies. The company concluded the year on a strong note, with Q4 emerging as its highest-ever profitability quarter. CFO Mr. Abhishek Agarwal highlighted that consolidated revenue for Q4 stood at ₹597 crores, reflecting 8.90% year-on-year growth, while EBITDA came in at ₹157 crores, registering 29% year-on-year growth with margins expanding to 26.20%. PBT stood at ₹142 crores, up 31% year-on-year, and PAT increased to ₹108 crores, up 39% year-on-year.

For the full year, the management reported its highest-ever revenue and profitability despite the challenging environment. The key consolidated highlights for FY26 are summarised below:

The company's balance sheet remained debt-free at year-end, with cash and liquid investments of ₹774 crores, providing flexibility for continued investment while maintaining financial prudence.

Revenue Mix and Business Segments

Management disclosed that approximately 50% of FY26 revenues were derived from sun control films, with paint protection films (PPF) and industrial/commercial products (IPDs) each contributing approximately 25%. On a geographic basis, the U.S. accounted for approximately 45% of revenues in FY26, compared to 48% in FY25, with the decline attributed to tariff-related disruptions. The Middle East and North Africa (MENA) region recorded sales of approximately $15 million, with management targeting $20 million to $22 million for the current year, implying a growth of approximately 25% to 30%. Within sun control films, architectural applications accounted for approximately 25% of total sun control sales. On the brand mix, approximately 55% of revenues were sold under the company's own Garware or Global brands, while approximately 40% to 45% went into private or neutral labels.

Regarding capacity utilisation, management stated that sun control lines were running at approximately 75% to 80%, while PPF lines were operating at approximately 85% to 89%. The D2C (direct-to-consumer) channel currently accounts for approximately 10% to 15% of overall PPF revenues globally, with the domestic D2C share estimated at approximately 40%. Management noted that D2C margins are approximately 25% to 30% higher than distributor margins. During the earnings call, management also addressed questions on OEM partnerships, noting that 4 large OEM partnerships are active in the domestic PPF segment with 2 more under discussion. On anti-dumping duties against cheap imports from China and Korea, management stated that all hearings, submissions, and government visits have been completed, with a positive outcome expected soon.

Capex, Expansion and New Initiatives

During the year, the company invested over ₹500 crores towards capacity expansion across two PPF lines, one sun control line, a metalizer, one TPU line, and other ancillary lines, entirely funded through internal accruals. An additional ₹191 crores investment was announced for a new sun control film line, adding approximately 1,200 lakh square feet of capacity, supported by advanced robotics and automation. The new sun control line is expected to commence commercial production by June 2027 (Q1 FY28) and will be set up as a new facility at the existing plant location. The TPU line, representing backward integration, remains on track for commissioning by October 2026. Management identified two initial products from the TPU line — one for the automotive segment and one for the architectural segment — with meaningful revenue contribution expected from FY27 onwards. Management also highlighted that the new sun control line offers approximately 4x the production output compared to a PPF line due to differences in thickness and speed, and that fungibility between lines will be leveraged to support PPF demand as well.

The key expansion and strategic milestones are summarised below:

On the Garware Home Solutions (GHS) front, management targets crossing ₹200 crores in revenue from GHS and new products combined by FY28. The company's subsidiary in the Middle East has been operationalised, with value-addition work underway to provide supply chain flexibility. Management also noted strong brand-building momentum, with around 18 lakh annual website visits and over 8 crores impressions annually across Meta platforms.

FY27 Outlook and Guidance

Management guided for a minimum revenue of ₹2,500 crores for FY27, with EBITDA margin guidance tightened to 25% plus or minus 2% (from the earlier plus or minus 3%). The growth outlook is underpinned by the company's D2C strategy, expansion of Garware Application Studios and Global Application Studios, the scaling of Garware Home Solutions to 50 studios, and the commissioning of the TPU line. On the tariff front, management noted that the additional U.S. tariff currently stands at 10% above the base rate of 6.26%, compared to 50% additional tariff in the prior year. Regarding U.S. tariff refunds, management indicated that the process is ongoing and any accounting treatment will be determined when confirmed. Management also noted that approximately $16 million worth of inventory is already in transit plus warehousing in the U.S. territory, with further production underway to meet seasonal demand. On the new product front, management highlighted sustainable TPU-based UV printable films, PDLC specialty films enabling privacy on demand, and advanced graphic solutions as key innovation-led growth drivers for the coming years.

Dividend and Regulatory Disclosures

The Board of Directors has recommended a final dividend of ₹12 per equity share of ₹10 each for the financial year 2025-26, subject to approval by members at the ensuing Annual General Meeting. The company operates in a single reportable segment — Polyester Films — in accordance with Ind AS 108.

The key regulatory disclosure details are summarised below:

The audio recording of the earnings conference call is available on the company's official website and can be accessed at: https://www.garwarehitechfilms.com/public/storage/files/audio_file/1778148353_10042668.mp3 .

Source: None/Company/INE291A01017/85d8441e41574bf8.pdf