Garware Hi-Tech Films Limited has released its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026.

Garware Hi-Tech Films Limited has released its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 6, 2026. Following the declaration, the company conducted an earnings conference call on May 7, 2026, to discuss business performance with analysts and investors. Pursuant to Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed the publication of its audited financial results in The Economic Times (English), Maharashtra Times (Marathi), and Sanjay Warta (Marathi). The transcript of the earnings conference call has since been filed with the stock exchanges pursuant to Regulation 30 and 46 of the SEBI (LODR) Regulations, 2015, and is available on the company's official website at www.garwarehitechfilms.com . Standalone Financial Performance The company's standalone financials reflect the following key metrics for the quarter and year ended March 31, 2026, compared to prior periods (₹ in Crores): Particulars: Q4 FY26 (31.03.2026) Audited* Q3 FY26 (31.12.2025) Unaudited Q4 FY25 (31.03.2025) Audited* FY26 (31.03.2026) Audited FY25 (31.03.2025) Audited Total Income from Operations 554.61 468.13 531.09 2,044.15 2,071.64 Net Profit/(Loss) before Tax & Exceptional Items 132.95 70.44 103.10 434.41 447.51 Net Profit/(Loss) after Tax & Exceptional Items 100.14 53.48 73.63 334.73 338.92 Total Comprehensive Income 91.09 46.86 62.73 303.60 355.66 Basic EPS (₹, not annualised) 43.10 23.02 31.69 144.08 145.88 Figures for Q4 FY26 and Q4 FY25 are balancing figures between audited full-year numbers and published unaudited year-to-date figures up to Q3. Consolidated Financial Performance The consolidated results, which include the performance of subsidiaries and associates, are presented below for the same periods (₹ in Crores): Particulars: Q4 FY26 (31.03.2026) Audited* Q3 FY26 (31.12.2025) Unaudited Q4 FY25 (31.03.2025) Audited* FY26 (31.03.2026) Audited FY25 (31.03.2025) Audited Total Income from Operations 617.82 475.21 564.86 2,184.95 2,163.76 Net Profit/(Loss) before Tax & Exceptional Items 142.39 73.11 108.83 446.22 445.48 Net Profit/(Loss) after Tax & Exceptional Items 108.21 55.77 77.80 338.23 331.22 Total Comprehensive Income 100.29 49.35 67.81 312.25 350.22 Basic EPS (₹, not annualised) 46.58 24.01 33.49 145.59 142.57 Figures for Q4 FY26 and Q4 FY25 are balancing figures between audited full-year numbers and published unaudited year-to-date figures up to Q3. Management Commentary on FY26 Performance Addressing analysts on the earnings call, Director – Sales and Marketing Mr. Deepak Joshi described FY26 as a year that tested the company's core values of innovation, integrity, and a customer-first approach amid geopolitical volatility and elevated tariff structures across key export markets. He noted that the most significant impact was felt in Q3, but the company's measured response — calibrating offtake to ensure supply chain continuity and standing by customers — helped maintain market share across key geographies. The company concluded the year on a strong note, with Q4 emerging as its highest-ever profitability quarter. CFO Mr. Abhishek Agarwal highlighted that consolidated revenue for Q4 stood at ₹597 crores, reflecting 8.90% year-on-year growth, while EBITDA came in at ₹157 crores, registering 29% year-on-year growth with margins expanding to 26.20%. PBT stood at ₹142 crores, up 31% year-on-year, and PAT increased to ₹108 crores, up 39% year-on-year. For the full year, the management reported its highest-ever revenue and profitability despite the challenging environment. The key consolidated highlights for FY26 are summarised below: Metric: FY26 Revenue ₹2,120 crores EBITDA ₹500 crores EBITDA Margin 23.60% PBT ₹446 crores PAT ₹338 crores PAT Margin 16% Cash & Liquid Investments ₹774 crores Balance Sheet Status Debt-free The company's balance sheet remained debt-free at year-end, with cash and liquid investments of ₹774 crores, providing flexibility for continued investment while maintaining financial prudence. Revenue Mix and Business Segments Management disclosed that approximately 50% of FY26 revenues were derived from sun control films, with paint protection films (PPF) and industrial/commercial products (IPDs) each contributing approximately 25%. On a geographic basis, the U.S. accounted for approximately 45% of revenues in FY26, compared to 48% in FY25, with the decline attributed to tariff-related disruptions. The Middle East and North Africa (MENA) region recorded sales of approximately $15 million, with management targeting $20 million to $22 million for the current year, implying a growth of approximately 25% to 30%. Within sun control films, architectural applications accounted for approximately 25% of total sun control sales. On the brand mix, approximately 55% of revenues were sold under the company's own Garware or Global brands, while approximately 40% to 45% went into private or neutral labels. Regarding capacity utilisation, management stated that sun control lines were running at approximately 75% to 80%, while PPF lines were operating at approximately 85% to 89%. The D2C (direct-to-consumer) channel currently accounts for approximately 10% to 15% of overall PPF revenues globally, with the domestic D2C share estimated at approximately 40%. Capex, Expansion and New Initiatives During the year, the company invested over ₹500 crores towards capacity expansion across two PPF lines, one sun control line, a metalizer, one TPU line, and other ancillary lines, entirely funded through internal accruals. An additional ₹191 crores investment was announced for a new sun control film line, adding approximately 1,200 lakh square feet of capacity, supported by advanced robotics and automation. The new sun control line is expected to commence commercial production by June 2027 (Q1 FY28) and will be set up as a new facility at the existing plant location. The TPU line, representing backward integration, remains on track for commissioning by October 2026. Management identified two initial products from the TPU line — one for the automotive segment and one for the architectural segment — with meaningful revenue contribution expected from FY27 onwards. The key expansion and strategic milestones are summarised below: Parameter: Details Capex Invested (last few years) Over ₹500 crores New Sun Control Line Capex ₹191 crores New Capacity Addition (Sun Control) ~1,200 lakh sq. ft. New Sun Control Line Commissioning June 2027 (Q1 FY28) TPU Line Commissioning October 2026 Garware Application Studios (India) 250+ locations Global Application Studios 11 new studios (incl. UAE & U.S.) Garware Home Solutions Studios 6 operational; target 50 by FY27-end New OEM Partnerships (PPF, India) 4 onboarded; 2 under discussion New Distributors Onboarded (U.S. & U.K.) Several from competition On the Garware Home Solutions (GHS) front, management targets crossing ₹200 crores in revenue from GHS and new products combined by FY28. The company's subsidiary in the Middle East has been operationalised, with value-addition work underway to provide supply chain flexibility. FY27 Outlook and Guidance Management guided for a minimum revenue of ₹2,500 crores for FY27, with EBITDA margin guidance tightened to 25% plus or minus 2% (from the earlier plus or minus 3%). The growth outlook is underpinned by the company's D2C strategy, expansion of Garware Application Studios and Global Application Studios, the scaling of Garware Home Solutions to 50 studios, and the commissioning of the TPU line. On the tariff front, management noted that the additional U.S. tariff currently stands at 10% above the base rate of 6.26%, compared to 50% additional tariff in the prior year. Regarding U.S. tariff refunds, management indicated that the process is ongoing and any accounting treatment will be determined when confirmed. On anti-dumping duties against cheap imports from China and Korea, management stated that all hearings, submissions, and government visits have been completed, with a positive outcome expected soon. Dividend and Regulatory Disclosures The Board of Directors has recommended a final dividend of ₹12 per equity share of ₹10 each for the financial year 2025-26, subject to approval by members at the ensuing Annual General Meeting. The company operates in a single reportable segment — Polyester Films — in accordance with Ind AS 108. The key regulatory disclosure details are summarised below: Parameter: Details Board Meeting Date May 6, 2026 Earnings Call Date May 7, 2026 Transcript Filing Date May 11, 2026 Newspaper Publication (English) The Economic Times Newspaper Publication (Marathi) Maharashtra Times, Sanjay Warta Applicable Regulations SEBI Regulation 30, 33, 46 & 47 Recommended Dividend ₹12 per equity share of ₹10 each Reportable Segment Polyester Films The audio recording of the earnings conference call is available on the company's official website and can be accessed at: https://www.garwarehitechfilms.com/public/storage/files/audio_file/1778148353_10042668.mp3 . Source: None/Company/INE291A01017/86bff8e4-e7ef-4513-9773-fc65940db250.pdf

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