Garware Hi-Tech Films has fixed September 16, 2026, as the record date for determining shareholder eligibility for its final dividend of ₹12.00 per equity share. This declaration follows the Board of Directors' recommendation on May 6, 2026, and is subject to approval at the upcoming 69th Annual General Meeting (AGM).

The company will hold the AGM on September 23, 2026, at 11:30 am at its registered office in Naigaon, Aurangabad, Maharashtra. Shareholders on record as of September 16 will be eligible to receive the dividend, which represents a 120% payout on the face value of ₹10 per share.

Key Agenda Items

The AGM notice outlines four primary items of business for consideration by the shareholders:

• Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
• Declaration of the final dividend of ₹12 per equity share of face value ₹10 each.
• Re-appointment of Ms. Sonia Garware (DIN: 00135995) as a director, who retires by rotation.
• Ratification of remuneration for Cost Auditors M/s. B. R. Chandak & Co. for FY27.

Director Re-Appointment Details

Ms. Sonia Garware, who has been on the board since January 31, 2007, offers herself for re-appointment. She holds an MBA from Boston College, USA, and brings extensive experience in international sales and marketing. As of March 31, 2026, she holds 2,68,595 equity shares in the company. Her last drawn remuneration was ₹1.5 lakhs, and she attended all six board meetings held during the year.

Cost Auditor Remuneration

Shareholders will also vote to ratify the remuneration of ₹3,05,000 plus applicable taxes and out-of-pocket expenses payable to M/s. B. R. Chandak & Co. This appointment covers the audit of cost records for the financial year ending March 31, 2027.

Voting and Record Date

The company has enabled remote e-voting through National Securities Depository Limited (NSDL). The e-voting window opens on Saturday, September 19, 2026, at 9:00 am and closes on Tuesday, September 22, 2026, at 5:00 pm.

Dividend entitlement is determined based on shareholding status as of the record date:

• Physical Mode: Names appearing in the Register of Members as of September 16, 2026.
• Demat Mode: Names appearing in the list of beneficial owners furnished by depositories as of September 16, 2026.

Tax Deduction Guidelines

The company will deduct tax at source (TDS) from dividend payments in accordance with the Income Tax Act, 2025. Resident shareholders with valid PANs registered in their demat accounts will face a TDS rate of 10%. Those without valid PANs or with PANs not linked to Aadhaar will incur a higher deduction rate of 20%.

Resident individuals receiving total dividends up to ₹10,000 in FY27 may avoid TDS by submitting Form 121. Non-resident shareholders face a withholding tax rate of 20%, plus applicable surcharge and cess, unless they provide documentation to claim benefits under Double Tax Avoidance Agreements (DTAA).

Document Submission Deadline

Shareholders seeking lower or nil withholding tax rates must submit relevant certificates and declarations by September 10, 2026, at 7:00 pm. Documents submitted after this cutoff may not be accepted. Shareholders can upload forms via the company’s designated portal or contact the registrar for assistance.

Garware Hi-Tech Films Limited delivered its strongest quarterly performance since inception in Q1 FY27, reporting a 28% year-on-year revenue surge to ₹633 crore and a record EBITDA margin of 30.30%. The specialty film manufacturer posted an EBITDA of ₹192 crore, up 56% from the previous year, while profit after tax (PAT) grew 60% to ₹133 crore. This milestone reflects the company’s successful transition from a manufacturing-led entity to a global technology-driven business, with structural improvements in product mix driving superior profitability.

The results were discussed during an earnings conference call held on August 7, 2026, hosted by Go India Advisors. Deepak Joshi, Director of Sales and Marketing, emphasized that the margin expansion was not due to exceptional items but rather the sustained shift toward high-value specialty products, particularly Sun Control Films and Paint Protection Films (PPF). The company also expressed condolences for the passing of Joint Managing Director Mrs. Sarita Garware Ramsay.

Financial Performance Highlights

Revenue contribution from Sun Control Films rose to approximately 55% of the total, up from 48–50% in the prior year, while PPF contributed around 20%. Industrial products accounted for the remainder. Management noted that raw material price fluctuations had minimal impact on margins, as only 10–12% of costs are directly correlated with crude oil derivatives, thanks to significant backward integration.

Strategic Expansion and New Initiatives

Garware Hi-Tech Films is aggressively expanding its direct-to-consumer (D2C) footprint through Garware Home Solutions, which currently operates nine studios in India. The company aims to scale this network to 50 studios by the end of FY27, targeting homeowners with energy-efficient and aesthetic film solutions. Globally, the firm has established 14 international application studios across the Middle East and the United States, strengthening its brand visibility and customer engagement in key export markets.

On the manufacturing front, the company is progressing with two major capital expenditure projects:

• TPU Project: Expected to commission in Q3 FY27, this backward integration will support the PPF business and enable new TPU-based specialty products. Management estimates this could unlock a market size exceeding ₹1,000 crore over time.
• Sun Control Film Line: An investment of ₹192 crore for a new automated line, expected to commence production in H1 FY28. This facility will add approximately 1,200 lakh square feet of annual capacity, with a peak revenue potential of ₹500–550 crore.

What the Numbers Show

The jump in EBITDA margin to over 30% marks a structural inflection point for Garware Hi-Tech Films, significantly exceeding its long-term guidance range of 25% ± 2%. This achievement underscores the success of its strategy to move away from commoditized products toward high-margin architectural and automotive specialty films. With architectural films now contributing more than 25% of revenue—up from just 5% previously—the company is effectively competing with glass manufacturers by offering superior heat rejection and UV protection solutions. The debt-free balance sheet, bolstered by ₹850 crore in cash, provides ample firepower for these expansions without diluting shareholder value.

Looking ahead, management reaffirmed its FY27 revenue guidance of over ₹2,500 crore and maintained a medium-term revenue CAGR target of 15–20%, aiming for ₹3,500 crore in three to four years. The upcoming commissioning of the TPU line and the new sun control facility is expected to further enhance operational efficiency and margin stability, reinforcing the company’s position as a leader in the global specialty film industry.