Garware Hi-Tech Films signs MoU with Lubrizol for advanced TPU films

2 min read | Published on 23 Sept 2026, 10:29 AM |Updated on 23 Sept 2026, 12:11 PM

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Suketu GScanX News Team

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Key Highlights

Signed MoU with Lubrizol to develop advanced TPU-based film solutions
Plans ₹118 crore investment for PPF capacity expansion and backward integration
EBITDA margins expected to improve by 150-200 bps due to operational efficiencies
Facility to be India's first dedicated TPU extrusion platform for premium PPF

*this image is generated using AI for illustrative purposes only.

Garware Hi-Tech Films has signed a Memorandum of Understanding (MoU) with Lubrizol, a subsidiary of Berkshire Hathaway, to develop advanced thermoplastic polyurethane (TPU) based film solutions. The company also plans a ₹118 crore investment to expand capacity in its paint protection film (PPF) segment.

This collaboration aims to combine Garware Hi-Tech Films' manufacturing capabilities with Lubrizol's expertise in TPU materials. The joint managing director stated that the partnership focuses on creating high-value products for specialty uses and enhancing backward integration within the PPF business.

Strategic partnership with Lubrizol

The agreement marks a significant development for Garware Hi-Tech Films in the TPU-based film segment. By partnering with Lubrizol, which is owned by Warren Buffett's conglomerate Berkshire Hathaway, the company seeks to leverage advanced material science for new product lines. This move underscores a dual focus on product innovation and supply chain control.

The partnership will apply Lubrizol's ESTANE® TPU technology and Garware's engineering excellence to localize premium PPF and new specialty TPU film applications. This dedicated TPU film extrusion capability is expected to accelerate product development, prototyping, and commercialization. It will create opportunities across automotive, architectural, industrial, electronics, and other high-value specialty applications, expanding Garware's addressable market.

Capital investment for backward integration

Alongside the partnership, Garware Hi-Tech Films has committed ₹118 crore towards strengthening its backward integration and expanding its PPF capacity. The investment is intended to build a more integrated and self-reliant production structure. Nearly 25% of this investment is expected to be allocated toward new product development and technology capabilities, highlighting the strategic focus on building future products.

The facility is expected to be India's first dedicated TPU extrusion platform for premium PPF and will support the expansion of PPF manufacturing capacity to over 600 LSF. In-house TPU extrusion is expected to provide greater control over a critical input, improve product consistency, manufacturing efficiency, and supply-chain resilience, while reducing dependence on imported TPU films.

Initiative	Details
Partnership	Lubrizol (Berkshire Hathaway subsidiary)
Investment	₹118 crore
Purpose	Backward integration and PPF capacity expansion
Margin Outlook	EBITDA margins expected to rise by 150-200 bps

What the numbers show

The anticipated margin expansion of 150-200 bps suggests that these operational enhancements are expected to yield tangible financial benefits. The dual-pronged approach of securing a technology partnership while simultaneously investing in capacity reflects the company's strategy to strengthen its position in the specialty films market. Notably, the allocation of nearly 25% of the ₹118 crore capital expenditure specifically for new product development indicates a shift from pure capacity addition to innovation-led growth, aiming to capture higher value in emerging segments like electronics and architectural films alongside traditional automotive applications.

Historical Stock Returns for Garware Hi-Tech Films

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.79%	-0.90%	-8.14%	+79.25%	+98.05%	+671.02%

How will the localization of TPU extrusion impact Garware's cost structure and pricing power relative to competitors still reliant on imported materials?

What specific timeline has Garware outlined for the commercialization of new specialty TPU films in the electronics and architectural sectors?

To what extent might the Berkshire Hathaway affiliation with Lubrizol influence investor sentiment and valuation multiples for Garware Hi-Tech Films?

Garware Hi-Tech Films

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Garware Hi-Tech Films files FY26 sustainability report with exchanges

1 min read | Published on 01 Sept 2026, 12:57 AM |Updated on 01 Sept 2026, 12:57 AM

Reviewed by

Jubin VScanX News Team

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Key Highlights

Garware Hi-Tech Films filed its FY26 BRSR report with stock exchanges on August 31, 2026
Scope 1 emissions fell 16% to 43,624.61 MT CO2e; Scope 2 dropped 35% to 49,311.90 MT CO2e
Total turnover reached ₹19,475.6 crore with exports contributing 73% of revenue
Company maintained Zero Liquid Discharge status with zero water discharge across facilities
Workforce includes 948 employees and 1,146 workers with zero safety fatalities reported

*this image is generated using AI for illustrative purposes only.

Garware Hi-Tech Films has submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the Bombay Stock Exchange and National Stock Exchange. The filing, dated August 31, 2026, outlines the company's performance across environmental, social, and governance parameters for the financial year ending March 31, 2026.

The company reported a turnover of ₹19,475.6 crore and a net worth of ₹25,867.5 crore. Exports contributed 73% of total turnover, with operations spanning 28 states in India and over 90 countries globally.

Environmental Performance

Garware Hi-Tech Films recorded a significant reduction in greenhouse gas emissions during FY26. Scope 1 emissions fell 16% to 43,624.61 metric tonnes of CO2 equivalent from 51,927.91 metric tonnes in FY25. Scope 2 emissions declined 35% to 49,311.90 metric tonnes of CO2 equivalent, down from 75,722.26 metric tonnes.

Emission Metric	FY26	FY25	Change
Scope 1 Emissions	43,624.61 MT CO2e	51,927.91 MT CO2e	-16%
Scope 2 Emissions	49,311.90 MT CO2e	75,722.26 MT CO2e	-35%
Total Energy Consumption	90,956.3 MJ	92,223.2 MJ	-1.4%

The company implemented a Zero Liquid Discharge system across all facilities, resulting in zero water discharge. Total water withdrawal decreased 14% to 421,325.62 kilolitres from 490,143.46 kilolitres. Water intensity per rupee of turnover improved to 0.000024 KL/Rs from 0.000025 KL/Rs.

Social and Governance Metrics

The workforce comprised 948 employees and 1,146 workers as of March 31, 2026. Female representation among permanent employees stood at 0.98%, while the Board of Directors included 36.36% women. The company reported zero fatalities and zero lost-time injury frequency rate for both employees and workers.

Complaints received from shareholders totaled 19, all resolved promptly. Customer complaints rose to 87 from 67 in the prior year, with four pending resolution at year-end. The company maintained 100% compliance with statutory dues and reported no instances of child labour or forced labour.

What the Numbers Show

The divergence between declining Scope 1 emissions and rising SOx emissions highlights a shift in monitoring methodology rather than operational output. While Scope 1 GHG emissions dropped 16%, SOx emissions more than doubled to 121,957.80 kg from 54,728.00 kg. The company attributes this increase to improved monitoring accuracy via instrument calibration by an accredited third-party laboratory, indicating that prior reporting may have undercounted sulfur oxide outputs.

Historical Stock Returns for Garware Hi-Tech Films

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.79%	-0.90%	-8.14%	+79.25%	+98.05%	+671.02%

How will the significant reduction in Scope 2 emissions impact Garware Hi-Tech Films' cost structure and competitiveness in international markets with strict carbon border adjustments?

What specific operational changes or technological upgrades are driving the 16% decrease in Scope 1 emissions, and can these reductions be sustained in FY27?

Given the doubling of reported SOx emissions due to improved monitoring, will this necessitate additional capital expenditure for emission control technologies to meet future regulatory standards?

Garware Hi-Tech Films

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