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10 Yrs X-Ray 
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Analyst Note 
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Garware Hi-Tech Films Ltd (GRWRHITECH)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500655 NSE: GRWRHITECH Plastic Products | Small Cap | Garware Hi-Tech Film Share Price
₹6,720.95 218.25 (3.36%)
As on 18-Sep'26 16:59
Garware Hi-Tech Films Ltd (GRWRHITECH)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500655 NSE: GRWRHITECH Plastic Products | Small Cap | Garware Hi-Tech Film Share Price
₹6,720.95 218.25 (3.36%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹15,614 Cr.
Current Price
₹6,721
52-Week Low / High
₹2,692 / 7,987
TTM EPS
₹167
TTM Sales
₹2,258 Cr.
Book Value per Share
₹1,200.4
P/E Ratio
40.26
Higher than its 5-year historical median
Industry PE
37.1
Price to Book (P/B)
5.60
Higher than its 5-year historical median
Price to Sales (P/S)
6.91
Higher than its 5-year historical median
EV/EBITDA
27.20
Higher than its 5-year historical median
Dividend Yield
0.18%
Profitability Efficiency
Return on Equity (ROE)
13.45%
Outperforms industry median
Return on Capital Employed (ROCE)
18.08%
Outperforms industry median
Return on Assets (ROA)
11.88%
Operating Profit Margin
20.5%
Net Profit Margin
15.95%
Gross Profit Margin
23.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-2.4%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-1.45%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
2.12%
Asset Quality
Promoter Holding
60.72%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,766 Cr.
Equity
₹23.2 Cr.
Face Value
₹10
All Time Low / High
₹2.80 / 7987.20
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Garware Hi-Tech Films Ltd a good quality company?
Garware Hi-Tech Films Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Garware Hi-Tech Films Ltd performance compare with that of its Peers?
Revenue growth of Garware Hi-Tech Films Ltd vs industry peers?
Garware Hi-Tech Films Ltd revenue CAGR is 16.47%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Garware Hi-Tech Films Ltd?
Promoters hold 60.72% of the Garware Hi-Tech Films Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Garware Hi-Tech Films Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 48.5% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Garware Hi-Tech Films Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 5.7% | 5% | 8.6% | 9.7% | 12.2% | 13.4% | 10.9% | 12.6% | 21.1% | 18% | - |
| Value Creation Index ⓘ | -0.6 | -0.6 | -0.4 | -0.3 | -0.1 | -0.1 | -0.2 | -0.1 | 0.6 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 860 | 823 | 923 | 877 | 960 | 1,264 | 1,311 | 1,582 | 1,995 | 1,948 | 2,079 |
| Sales YoY Gr. | - | -4.3% | 12.1% | -4.9% | 9.5% | 31.6% | 3.7% | 20.6% | 26.2% | -2.4% | - |
| Adj EPS ⓘ | 8.2 | 14.3 | 30.5 | 35.9 | 48 | 58.7 | 54.8 | 71.3 | 138 | 135 | 166.5 |
| YoY Gr. | - | 73.5% | 113.9% | 17.7% | 33.6% | 22.4% | -6.7% | 30.2% | 93.6% | -2.2% | - |
| BVPS (₹) ⓘ | 539.4 | 555.6 | 587.1 | 600.5 | 666.1 | 726.5 | 780.6 | 851.7 | 994.9 | 1,113.5 | 1,167.9 |
| Adj Net Profit ⓘ | 19.1 | 33.1 | 70.9 | 83.4 | 111 | 136 | 127 | 166 | 321 | 314 | 387 |
| Cash Flow from Ops. ⓘ | 80.1 | 129 | 137 | 90 | 179 | 138 | 243 | 117 | 306 | 262 | - |
| Debt/CF from Ops. ⓘ | 3.9 | 1.3 | 1.1 | 1.8 | 0.9 | 1.5 | 0.6 | 0.2 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.5% | 15.2% | 14.1% | -2.4% | ||||
| Adj EPS ⓘ | 36.5% | 23% | 35.1% | -2.2% | ||||
| BVPSⓘ | 8.4% | 10.8% | 12.6% | 11.9% | ||||
| Share Price | 48.5% | 47.4% | 74.6% | 98.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 2.1 | 2.6 | 5.3 | 6 | 7.6 | 8.4 | 7.3 | 8.7 | 15 | 12.8 | 14.6 |
| Op. Profit Mgn % ⓘ | 8.2 | 10.2 | 14.4 | 16.3 | 21.6 | 18.1 | 15.4 | 15.8 | 21 | 19.9 | 22 |
| Net Profit Mgn % ⓘ | 2.2 | 4 | 7.7 | 9.5 | 11.6 | 10.8 | 9.7 | 10.5 | 16.1 | 16.1 | 18.6 |
| Debt to Equity ⓘ | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 111 | 99 | 79 | 83 | 86 | 86 | 87 | 80 | 80 | 95 | 99 |
| Cash Conv. Cycle ⓘ | 49 | 43 | 24 | 26 | 26 | 33 | 38 | 33 | 34 | 44 | 76 |
Valuation of Garware Hi-Tech Film - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 874 | 833 | 948 | 925 | 989 | 1,303 | 1,438 | 1,677 | 2,109 | 2,120 |
| Operating Expenses ⓘ + | 801 | 750 | 804 | 763 | 771 | 1,065 | 1,211 | 1,395 | 1,668 | 1,685 |
| Operating Profit ⓘ | 73 | 83 | 144 | 162 | 218 | 238 | 227 | 282 | 441 | 435 |
| Operating Profit Margin (%) | 8.3% | 10.0% | 15.2% | 17.5% | 22.0% | 18.3% | 15.8% | 16.8% | 20.9% | 20.5% |
| Other Income ⓘ + | 10 | 6 | 9 | 12 | 16 | 39 | 42 | 39 | 54 | 65 |
| Interest ⓘ | 35 | 26 | 19 | 19 | 20 | 18 | 17 | 12 | 9 | 8 |
| Depreciation ⓘ | 14 | 14 | 14 | 20 | 24 | 28 | 32 | 39 | 41 | 45 |
| Profit Before Tax ⓘ | 34 | 50 | 120 | 135 | 190 | 231 | 220 | 270 | 445 | 446 |
| Tax ⓘ | 11 | 17 | 38 | 49 | 64 | 64 | 54 | 67 | 114 | 108 |
| Profit After Tax | 22 | 33 | 82 | 86 | 126 | 167 | 166 | 203 | 331 | 338 |
| PAT Margin (%) | 2.6% | 4.0% | 8.6% | 9.3% | 12.7% | 12.8% | 11.6% | 12.1% | 15.7% | 16.0% |
| Adjusted EPS (₹) | 9.7 | 14.3 | 35.1 | 37.0 | 54.2 | 72.0 | 71.5 | 87.5 | 142.6 | 145.6 |
| Dividend Payout Ratio (%) | 10.40% | 14% | 28.50% | 27% | 18.50% | 13.90% | 14% | 11.40% | 8.40% | 8.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,254 | 1,292 | 1,372 | 1,404 | 1,564 | 1,711 | 1,856 | 2,045 | 2,372 | 2,656 | |
| Debt + | 292 | 154 | 117 | 136 | 112 | 130 | 85 | 14 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 49 | 63 | 83 | 65 | 86 | 110 | 104 | 160 | 148 | 181 | |
| Others Liabilities ⓘ | -4 | 2 | 26 | 49 | 107 | 182 | 170 | 105 | 162 | 173 | |
| Total Liabilities ⓘ | 1,591 | 1,511 | 1,599 | 1,654 | 1,868 | 2,133 | 2,214 | 2,324 | 2,682 | 3,010 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,231 | 1,226 | 1,238 | 1,279 | 1,329 | 1,341 | 1,467 | 1,450 | 1,442 | 1,577 | |
| CWIP ⓘ | 8 | 10 | 11 | 20 | 11 | 96 | 10 | 2 | 39 | 27 | |
| Investments ⓘ | 29 | 36 | 120 | 116 | 226 | 274 | 393 | 363 | 643 | 698 | |
| Inventories | 113 | 95 | 85 | 105 | 124 | 210 | 199 | 290 | 309 | 389 | |
| Trade Receivables | 62 | 39 | 56 | 52 | 42 | 33 | 30 | 38 | 42 | 53 | |
| Cash Equivalents | 86 | 46 | 43 | 32 | 70 | 108 | 70 | 113 | 120 | 155 | |
| Others Assets ⓘ | 63 | 60 | 46 | 50 | 66 | 71 | 45 | 68 | 86 | 111 | |
| Total Assets ⓘ | 1,591 | 1,511 | 1,599 | 1,654 | 1,868 | 2,133 | 2,214 | 2,324 | 2,682 | 3,010 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 77 | 134 | 141 | 99 | 199 | 172 | 218 | 172 | 330 | 275 |
| Cash Flow From Investing Activity ⓘ + | -12 | -5 | -101 | -44 | -126 | -141 | -170 | 47 | -275 | -208 |
| Cash Flow From Financing Activity ⓘ + | -40 | -172 | -49 | -64 | -36 | 6 | -89 | -169 | -52 | -60 |
| Net Cash Flow ⓘ | 25 | -43 | -8 | -9 | 38 | 37 | -41 | 50 | 3 | 8 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 2.58 | 2.6 | 6.13 | 6.2 | 8.49 | 10.21 | 9.32 | 10.42 | 15 | 13.45 |
| ROCE (%) | 5.81 | 5 | 9.32 | 9.95 | 12.78 | 13.74 | 12.07 | 13.83 | 20.48 | 18.08 |
| Asset Turnover Ratio | 0.7 | 0.54 | 0.61 | 0.57 | 0.56 | 0.65 | 0.66 | 0.74 | 0.84 | 0.75 |
| PAT to CFO Conversion(x) | 3.5 | 4.06 | 1.72 | 1.15 | 1.58 | 1.03 | 1.31 | 0.85 | 1 | 0.81 |
| Working Capital Days | ||||||||||
| Receivable Days | 20.30 | 21.80 | 18.30 | 21.40 | 17.40 | 10.50 | 8 | 7.40 | 6.90 | 8.10 |
| Inventory Days | 49.40 | 45 | 34.70 | 37.50 | 42.20 | 46.80 | 51.90 | 53.10 | 51.80 | 59.80 |
| Payable Days | 37.30 | 48.30 | 59.90 | 70.80 | 78.30 | 67.70 | 58.60 | 60.10 | 57.70 | 62.70 |
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Garware Hi-Tech Films Ltd FAQs
The current trading price of Garware Hi-Tech Film on 18-Sep-2026 16:59 is ₹6,721.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Garware Hi-Tech Film stood at ₹15,614.4 Cr
The latest P/E ratio of Garware Hi-Tech Film as of 17-Sep-2026 is 40.38.
The latest P/B ratio of Garware Hi-Tech Film as of 17-Sep-2026 is 5.75.
The 52-week high of Garware Hi-Tech Film is ₹7,987.2 and the 52-week low is ₹2,692.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Garware Hi-Tech Film is ₹2,079 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Garware Hi-Tech Films Ltd is a average quality company.
The key valuation ratios of Garware Hi-Tech Films Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Garware Hi-Tech Films Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Garware Hi-Tech Films Ltd
Garware Hi-Tech Films (Formerly known as Garware Polyester) is a manufacturer of specialized solar control films & paint protection films for the automotive segment, sun control films for architectural applications, and highend BOPET films for industrial applications. Also, it is the sole manufacturer of Solar Control window and paint protection films in India and perhaps the only company in the world with fully backward integration for manufacturing. The company leverages its state-of-the-art nano-dispersion and other cutting-edge technologies to maintain its market leadership. The company has established itself as a trendsetter in the Solar Control Film industry, backed by over decades of technological development. The company’s well-established global brands, 'Sun Control Window Films’ and ‘Global Window Films’ are known for their high-quality standards and continuous innovation.
The company offers a wide range of products with diverse end applications, including Solar Control and Paint Protection Films for automotive applications, Bi-axially Oriented Polyethylene Terephthalate (BOPET) Films, Thermal Lamination Films, Low Oligomer Films, and high shrink films etc. for industrial applications and specialized solar control films for architectural applications. The company has streamlined its production of Paint Protection Film at its facility in Waluj, Aurangabad, ensuring internationally approved product quality. The company is now officially ASTM standard (formerly American Society for Testing and Materials) compliant in both solar control and safety films.
Business area of the company
The company epitomizes technology, innovation, and excellence in Suncontrol Window Films, Paint Protection Films and Polyester Films. Its Suncontrol Window Films are revolutionizing spaces by enhancing cooling efficiency across residential, commercial, and automotive sectors, while driving substantial energy savings. At the forefront of automotive protection, its Paint Protection Films have set industry standards with pioneering technology and unmatched resilience. Its Speciality Films (BOPET) represents the pinnacle of innovation, setting benchmarks across diverse applications from shrink films to thermal films to lidding films to liner films.
Businesses of the company
- Polyester Films (BOPET): It embody the pinnacle of technological innovation, setting the industry standard across a diverse range of applications-from shrink films to lidding, thermal to Electrical Insulation and release liner films.
- Paint Protection Films: It is a prime example of cutting-edge technology, meticulously engineered to provide unparalleled durability and aesthetic enhancement.
- Garware Detailing Solutions: It is a complete automotive surface care and protection system designed to enhance, protect, and maintain vehicle aesthetics.
- Architectural Films: It provides superior UV protection, enhancing comfort and ambience while significantly reducing energy consumption.
- Garware Home Solutions: It is the latest direct-to-consumer initiative from Garware Hi-Tech Films bringing world-class architectural window films straight to your home.
- Sun Control Films: These films not only enhance visibility and ensure your safety but also play a pivotal role in conserving energy.
Awards/ recognition
- 2019-20: The company has been recipient of Safety Award at National Level from Director General Factory Advice Service & Labour Institutes, (DG-FASLI) Government of India, Ministry of Labour & Employment and Safety Awards at State Level by Maharashtra State Chapter of National Safety Council (NSC - MC).
- 2020-21: Company has been recipient of Silver Medal under the category of India Green Manufacturing Challenge 2020-21 for Sustainability and Environment which is organized by International Research Institute for Manufacturing and Safety Award at state Level from Maharashtra State Chapter of National Safety Council for Lowest accident average accident frequency rate - A Plaque & longest accident free period - A Plaque.
- 2021-22: Company has been recipient of Safety Award at National Level from DG-FASLI Govt. of India, Ministry of Labour and Employment and State Level from Maharashtra State Chapter of National Safety Council for Lowest accident average accident frequency rate - A Plaque & longest accident-free period - A Plaque.
- 2022-23: The company won the JIPM TPM Excellence Award - Category ‘A’ in recognition of our outstanding performance and commitment to Total Productive Maintenance (TPM). As a part of the JIPM Award, it has received a plaque and 2 ceremony medals.
- 2023-24: The “CII Technology Conclave & Innovation Awards 2023”, New Delhi in the month of December 2023.
- 2024-25: GHFL’s Architectural Film received the “GreenPro Ecolabel Certification’’ as a Green Product by IGBC-CII in March 2025.
- 2024-25: The “International Sustainability and Carbon Certification’’ i.e. ISCC PLUS Certification from M/s Alcumus ISOQAR Ltd. in the month of NOV’2024 for both Waluj & Chikalthana Plant.
Milestones/ Achievements
- 1933: The birth of Garware Motors Ltd - a company that dealt in the trade of imported cars.
- 1942: The formation of an organisation that operated in the plastics industry.
- 1946: Dominion Plastic Industries, The takeover of Vasco Plastic Corp.
- 1957: Garware plastic introduced new plastic production technologies.
- 1960: The introduction of new technologies to create a new line of plastic moulded products saw the emergence of polyester films.
- 1970: Two new plants were introduced in Aurangabad (polyester films) and Nashik (metallising unit), exports to the Middle-east commenced.
- 1981: The birth of Garware Plastics & Polymer ltd produced breakthrough products like Garfilm, Sun Control, X-ray film, and Garvare Video Cassettes (GVC). The first US patent and the commission for a polyester chips plant was received.
- 1990: Newly established plants with improved efficiency, more installation capacity and modern technology, polyester chips were introduced.
- 2011: The preparation for a new era was complete with the amalgamation of Great Designs PPL and Garware Chemicals ltd into Garware Polyester Ltd.
- 2020: The technological revolution helped the company create several new products to solve the problems of consumers and file numerous patents.
- 2021: Garware Hi-Tech Films was born with high-performance polyester film products made using futuristic technology to safeguard consumers’ possessions.
- 2023: Innovation Award by Confederation of Indian Industry
- 2024: Top Exporter for 4 decades by PlexConcil
- 2025: Commenced commercial production of the new PPF line situated at Waluj, Chhatrapati Sambhaji Nagar, Maharashtra
- 2026: Launched four new innovations in automotive care segment. The new offerings highlight the company’s continued focus on product performance, practical usability, and solutions designed around customer needs.
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