Garware Hi-Tech Films, a global leader with over 90 years of legacy, epitomizes technology, innovation, and excellence in Suncontrol Window Films, Paint Protection Films, and Polyester Films. The company was formerly known as Garware Polyester Limited and was incorporated in June 1957. The Company was renamed from 'Garware Polyester Limited' to 'Garware Hi-Tech Films Limited' effective on April 20, 2021.
Garware Polyester is the world's No.1 vertically integrated 'Chip to Film' manufacturing company. Its backward integrated production capability allows it to produce crucial intermediate products from petrochemicals in-house, making it different from its Indian counterparts. The company traces its origins to the visionary leadership of Late Padma Bhushan Dr. Bhalchandra Garware, whose dedication to excellence continues to guide the organization's growth and market leadership.
The company is a leading Indian manufacturer of polyester films and high-margin specialty films. It is also the sole producer of Solar Control window films in India and the only company globally with backward integration for producing the raw materials and components needed for these films. Their 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, their Paint Protection Films have set industry standards with pioneering technology and unmatched resilience. The company introduced Paint Protection Film (PPF) for automobile application. These films provide superior protection for automotive surfaces while maintaining aesthetic appeal.
Their 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. It is a leading player in India's shrink film market with a 70% market share. The company is engaged in the business of manufacturing of specialty performance polyester Films like Sun Control window films used in Automobiles, Buildings, etc., Paint Protection Films used in Automobiles, and a variety of other specialty polyester films such as PET Shrink films used for Label applications, Low Oligomer PET films used for insulation of hermetically sealed compressors motors, Electric motor insulation and cable insulation, sequin application films, TV and LCD screen application, Packaging applications etc.
Garware Hi-Tech Films Limited is one of the largest manufacturers of Sun Control window films for architectural & automotive applications, paint protection films, and high-end BOPET films for label and industrial applications. The Company has been recognized as a world-class brand and leverages its state-of-the-art nano-dispersion and other cutting-edge technologies to maintain its market leadership. GHFL has a presence in over 80 countries across 5 continents with four manufacturing units that house the administrative, manufacturing, and R&D for the production of various products.
Net profit of Garware Hi Tech Films rose 34.58% to ₹77.80 Crore in the quarter ended March 2025, as against ₹57.81 Crore during the previous quarter ended March 2024. Sales rose 22.70% to ₹547.94 Crore in the quarter ended March 2025, as against ₹446.58 Crore during the previous quarter ended March 2024.
For the full year FY25, net profit rose 62.93% to ₹331.22 Crore in the year ended March 2025, as against ₹203.29 Crore during the previous year ended March 2024. Sales rose 25.78% to ₹2,109.36 Crore in the year ended March 2025, as against ₹1,677.02 Crore during the previous year ended March 2024.
The market cap of Garware Hi-Tech Films Ltd (GRWRHITECH) is ₹9,638.42 Crore as of June 27, 2025. The P/E (price-to-earnings) ratio of Garware Hi-Tech Films Ltd (GRWRHITECH) is 29.10. The current dividend yield of Garware Hi-Tech Films Ltd (GRWRHITECH) is 0.29.
The company demonstrates strong financial fundamentals with the company being almost debt-free. Company has delivered good profit growth of 31.3% CAGR over the last 5 years. Garware Hi-Tech Films has consistently delivered core operating ROCEs of > 25% for the last several years. Not many manufacturing businesses can consistently provide an ROCE of 25-30%.
In the recent earnings call, the company showcased a remarkable financial performance, achieving record annual revenues of INR 2,109 Crore, driven by strong demand in the automotive and architectural segments. With a strategic focus on innovation, including the introduction of new Paint Protection Film products and a commitment to sustainability, the company is well-positioned for future growth, targeting INR 2,500 Crore in revenue for FY '26.
The company continues to invest in research and development to maintain its technological edge, with the Company introducing many Coated Products, Co Extruded Products, PETG Shrink Films for label applications with Low, Medium, and High Shrink Force. High heat rejection films were also introduced in International Market.
Being vertically integrated, it tightly controls product quality and provides a great value proposition to its customers. Another remarkable feature of Garware Hi-Tech Films is the highly lean working capital days. As of FY23, the company had debtor days of 8, inventory days of 50, and payable days of 26. Such figures for a business with 75%+ revenues in exports are Phenomenal.
The company's manufacturing excellence is evident in its healthy cash generation with the 5-year average CFO/EBITDA ratio being 75%, and the 10-year average being 82%, which is extremely good.
Garware Hi-Tech Films stands as a testament to Indian manufacturing excellence, combining technological innovation with strategic market positioning to deliver consistent growth and value creation for stakeholders while maintaining its leadership position in the global specialty films industry.
