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.

Garware Hi-Tech Films published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1FY27) in three newspapers on August 7, 2026. The publication appeared in The Economic Times (English), Maharashtra Times (Marathi), and Sanjay Warta (Marathi), fulfilling the disclosure requirements under Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The financial results were previously submitted to the BSE and NSE on August 6, 2026. The Board of Directors approved the results at their meeting held on August 6, 2026, after review by the Audit Committee. The company operates in a single reportable segment, Polyester Films, in accordance with IND AS 108 "operating segments".

Publication Details

The newspaper clippings containing the financial extract are available on the company’s website at https://www.garwarehitechfilms.com . Awaneesh Srivastava, Company Secretary (FCS 8513), signed the compliance letter addressed to the Compliance Manager at BSE Limited and the Manager, Listing Department at NSE Limited.

Financial Results Overview

The published results confirm a consolidated net profit of ₹132.65 crore for Q1FY27, up from ₹83.02 crore in Q1FY26. Total income from operations stood at ₹652.80 crore for the consolidated entity. Standalone net profit was ₹126.58 crore against ₹74.59 crore in the same period last year. Earnings per share (basic) were ₹57.10 for consolidated operations and ₹54.49 for standalone operations.

Monika Garware, Vice-Chairperson and Joint Managing Director, certified the results. The figures for the quarter ended March 31, 2026, are balancing figures between audited full-year figures and published unaudited year-to-date figures up to December 31, 2025.