Is Garware Hi-Tech Films Ltd (GRWRHITECH) a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Garware Hi-Tech Films Ltd is a average quality company .

Is Garware Hi-Tech Films Ltd (GRWRHITECH) undervalued or overvalued?

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 .

What is Garware Hi-Tech Films Ltd (GRWRHITECH) share price return in the past 10 years?

Garware Hi-Tech Films Ltd share price has appreciated 43.4% annually (CAGR) over the past ten years.

Is Garware Hi-Tech Films Ltd (GRWRHITECH) a good buy now?

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.

What is the share price of Garware Hi-Tech Films Ltd (GRWRHITECH)?

Company share prices are keep on changing according to the market conditions. The current trading price of Garware Hi-Tech Films Ltd (GRWRHITECH) on 30-Apr-2026 16:59:59 at 16:59 is 3982.45.

What is the market cap of Garware Hi-Tech Films Ltd (GRWRHITECH)?

Market capitalization is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 30-Apr-2026 at 16:59, the market cap of Garware Hi-Tech Films stood at Rs. 9252.18 Cr.

What is the P/E ratio of Garware Hi-Tech Films?

The latest standalone P/E ratio of Garware Hi-Tech Films as of 30-Apr-2026 is 30.02.

What is the P/B ratio of Garware Hi-Tech Films Ltd (GRWRHITECH)?

The latest standalone P/B ratio of Garware Hi-Tech Films Ltd (GRWRHITECH) as of 30-Apr-2026 is 3.70.

What is the 52-week high and low of Garware Hi-Tech Films Ltd (GRWRHITECH)?

The 52-week high of Garware Hi-Tech Films Ltd (GRWRHITECH) is Rs. 4799.70 and the 52-week low is Rs. 2681.10.

What is the TTM revenue of Garware Hi-Tech Films Ltd (GRWRHITECH)?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Garware Hi-Tech Films is Rs. 1931.16 (Cr.).

Garware Hi-Tech Films Ltd (GRWRHITECH) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Garware Hi-Tech Films Ltd (GRWRHITECH)
Brand: Garware Hi-Tech Films

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	8.5%	5.7%	5%	8.6%	9.7%	12.2%	13.4%	10.9%	12.6%	21%	-
Value Creation Index ⓘ	-0.4	-0.6	-0.6	-0.4	-0.3	-0.1	-0.1	-0.2	-0.1	0.6	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	842	860	823	923	877	960	1,264	1,311	1,582	1,995	1,931
Sales YoY Gr.	-	2.1%	-4.3%	12.1%	-4.9%	9.5%	31.6%	3.7%	20.6%	26.2%	-
Adj EPS ⓘ	7.2	8.2	14.3	30.5	35.9	48	58.7	54.8	71.3	138	132.7
YoY Gr.	-	13.5%	73.5%	113.9%	17.7%	33.6%	22.4%	-6.7%	30.2%	93.6%	-
BVPS (₹) ⓘ	207.9	539.4	555.6	587.1	600.5	666.1	726.5	780.6	851.7	994.9	1,077.1
Adj Net Profit ⓘ	16.9	19.1	33.1	70.9	83.4	111	136	127	166	321	308
Cash Flow from Ops. ⓘ	96.8	80.1	129	137	90	179	138	243	117	306	-
Debt/CF from Ops. ⓘ	3.2	3.9	1.3	1.1	1.8	0.9	1.5	0.6	0.2	0	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	10.1%	17.9%	16.4%	26.2%
Adj EPS ⓘ	38.8%	30.9%	33%	93.6%
BVPSⓘ	19%	10.6%	11.1%	16.8%
Share Price	43.4%	39.5%	92.8%	25.9%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	2.9	2.1	2.6	5.3	6	7.6	8.4	7.3	8.7	15	12.8
Op. Profit Mgn % ⓘ	9.4	8.2	10.2	14.4	16.3	21.6	18.1	15.4	15.8	21	18.8
Net Profit Mgn % ⓘ	2	2.2	4	7.7	9.5	11.6	10.8	9.7	10.5	16.1	16
Debt to Equity ⓘ	0.6	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0	0	-
Working Cap Days ⓘ	128	111	99	79	83	86	86	87	80	80	90
Cash Conv. Cycle ⓘ	51	49	43	24	26	26	33	38	33	34	69

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 12.80%

Sales growth is growing at healthy rate in last 3 years 16.44%

Net Profit is growing at healthy rate in last 3 years 32.99%

Sales growth is not so good in last 4 quarters at 1.81%

	Standalone	Consolidated
TTM EPS (₹)	132.7	132.5
TTM Sales (₹ Cr.)	1,931	2,071
BVPS (₹) ⓘ	1,077.1	1,102.9
Reserves (₹ Cr.) ⓘ	2,479	2,539
P/BV ⓘ	3.70	3.61
PE ⓘ	30.02	30.06

From the Market
52 Week Low / High (₹)	2681.10 / 4799.70
All Time Low / High (₹)	2.80 / 5373.00
Market Cap (₹ Cr.)	9,252
Equity (₹ Cr.)	23.2
Face Value (₹)	10
Industry PE ⓘ	39.4

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	842	860	823	923	877	960	1,264	1,311	1,582	1,995
Operating Expenses ⓘ +	763	790	740	790	734	753	1,036	1,109	1,332	1,577
Manufacturing Costs	171	186	176	200	205	213	275	294	308	356
Material Costs	447	458	423	441	370	355	532	601	779	931
Employee Cost	72	69	68	74	84	97	104	100	118	149
Other Costs ⓘ	73	77	72	76	74	89	125	114	127	141
Operating Profit ⓘ	79	70	84	133	143	207	228	202	249	418
Operating Profit Margin (%)	9.4%	8.2%	10.1%	14.4%	16.3%	21.6%	18.1%	15.4%	15.8%	21.0%
Other Income ⓘ +	6	10	6	9	26	16	40	40	39	76
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	43	35	25	19	18	18	17	15	10	6
Depreciation ⓘ	17	13	13	14	20	24	28	32	38	40
Profit Before Tax ⓘ	25	33	51	110	130	181	223	196	240	448
Tax ⓘ	8	11	17	35	43	62	62	48	59	109
Profit After Tax	17	22	34	74	87	119	160	148	181	339
PAT Margin (%)	2.1%	2.5%	4.1%	8.1%	9.9%	12.4%	12.7%	11.3%	11.4%	17.0%
Adjusted EPS (₹)	7.5	9.4	14.5	32.0	37.4	51.1	69.0	63.5	77.9	145.9
Dividend Payout Ratio (%)	0%	10.60%	13.80%	31.30%	26.70%	19.60%	14.50%	15.70%	12.80%	8.20%

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	584	1,253	1,291	1,364	1,395	1,547	1,688	1,813	1,979	2,311
Share Capital ⓘ	23	23	23	23	23	23	23	23	23	23
Reserves ⓘ	561	1,230	1,268	1,341	1,372	1,524	1,665	1,790	1,955	2,288
Debt +	281	292	154	117	136	112	130	84	14	7
Long Term Debt	35	18	137	113	131	112	130	84	14	7
Short Term Debt	246	274	17	4	5	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	44	48	63	83	65	86	109	104	160	146
Others Liabilities ⓘ	100	-5	1	25	43	105	177	176	105	156
Total Liabilities ⓘ	1,009	1,589	1,509	1,590	1,639	1,851	2,104	2,178	2,257	2,620
Fixed Assets
Net Fixed Assets ⓘ +	780	1,230	1,225	1,238	1,279	1,329	1,340	1,466	1,449	1,438
Gross Block	1,420	1,243	1,252	1,284	1,344	1,410	1,448	1,603	1,613	1,633
Accumulated Depreciation	640	13	26	46	65	81	107	137	164	195
CWIP ⓘ	5	8	10	11	20	11	96	10	2	39
Investments ⓘ	2	30	37	122	117	227	275	394	364	645
Inventories	131	106	84	75	94	94	150	157	241	257
Trade Receivables	42	75	62	75	62	88	132	82	123	142
Cash Equivalents	50	76	31	24	19	37	43	30	19	29
Others Assets ⓘ	-1	64	60	46	49	65	67	38	58	71
Total Assets ⓘ	1,009	1,589	1,509	1,590	1,639	1,851	2,104	2,178	2,257	2,620

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	97	80	129	137	90	179	138	243	117	306
PBT ⓘ	25	33	51	110	130	181	223	196	240	448
Adjustment ⓘ	58	40	34	27	15	34	20	31	25	-9
Changes in Working Capital ⓘ	17	14	54	24	-30	-5	-68	57	-93	-31
Tax Paid ⓘ	-4	-7	-10	-24	-25	-31	-36	-41	-56	-102
Cash Flow From Investing Activity ⓘ +	-5	-11	-5	-101	-31	-126	-141	-170	45	-253
Capex	-9	-15	-11	-26	-54	-60	-109	-66	-16	-54
Net Investments	1	0	-1	-77	6	-66	-33	-105	61	-223
Others ⓘ	4	4	6	3	17	1	1	2	1	24
Cash Flow From Financing Activity ⓘ +	-95	-44	-171	-48	-63	-35	7	-87	-167	-49
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	-31	-21	117	-6	5	-5	51	-42	-141	0
Interest Paid ⓘ	-43	-32	-24	-18	-17	-19	-17	-15	-10	-6
Dividend Paid ⓘ	-0	0	-3	-5	-54	0	-24	-23	-23	-23
Others ⓘ	-21	9	-261	-19	2	-11	-3	-7	7	-19
Net Cash Flow ⓘ	-2	25	-47	-12	-4	19	4	-14	-5	4

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	3.66	2.52	2.65	5.6	6.3	8.07	9.9	8.43	9.54	15.8
ROCE (%)	8.45	5.7	5.03	8.62	9.67	12.22	13.36	10.93	12.6	21.02
Asset Turnover Ratio	0.87	0.7	0.54	0.6	0.54	0.55	0.64	0.61	0.71	0.82
PAT to CFO Conversion(x)	5.71	3.64	3.79	1.85	1.03	1.5	0.86	1.64	0.65	0.9
Working Capital Days
Receivable Days	18.40	23.60	30.10	27	28.40	28.40	31.80	29.90	23.60	24.20
Inventory Days	54.50	47.90	41.80	31.60	35.20	35.70	35.30	42.60	45.90	45.50
Payable Days	36.40	36.80	48.20	60.60	73.10	77.90	67	64.70	61.90	59.90

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.

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Garware Hi-Tech Films Ltd (GRWRHITECH) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Garware Hi-Tech Share Price