Garware Hi-Tech Films Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Garware Hi-Tech Films Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Garware Hi-Tech Films reported its highest ever quarterly and full-year revenue and profitability for Q4 and FY26, with Q4 EBITDA at Rs 157 crore up 29% year-on-year and full-year revenue at Rs 2,120 crore. Management attributed the performance to disciplined offtake management through tariff-related disruptions, a stronger product mix, and expansion into paint protection films, sun control films and TPU-based products. The company also outlined capacity expansion plans, including a new sun control film line and a TPU line expected to commission in October 2026.
Numbers mentioned
EBITDA: INR157 crores (Q4 FY26)
p. 3
“EBITDA at INR157 crores, up 29% year-on-year basis and margins expanding to 26.2%”
Deepak Joshi, page 3 of the filed PDF · View the filing
PAT: INR108 crores (Q4 FY26)
p. 3
“Profit after tax stood at INR108 crores, up 39.1% year-on-year, a clear reflection of our operating leverage, improved realization and a stronger product mix.”
Deepak Joshi, page 3 of the filed PDF · View the filing
Revenue: INR2,120 crores (FY26)
p. 4
“we delivered our highest ever revenue and profitability with revenue at INR2,120 crores, EBITDA at INR500 crores and PAT at INR338 crores”
Deepak Joshi, page 4 of the filed PDF · View the filing
Consolidated revenue: INR597 crores (Q4 FY26)
p. 5
“Consolidated revenue for the quarter stood at INR597 crores, reflecting a healthy 8.9% year-on-year growth, along with a strong sequential recovery.”
Abhishek Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 26.2% (Q4 FY26)
p. 5
“EBITDA for the quarter came in at INR157 crores, registering a robust 29% year-on-year growth with margins expanding to 26.2%.”
Abhishek Agarwal, page 5 of the filed PDF · View the filing
PBT: INR142 crores (Q4 FY26)
p. 5
“While the PBT stood at INR142 crores, up 31% year-on-year, while PAT increased to INR108 crores, up 39% year-on-year, reflecting the strong bottom line expansion and improved operating efficiency.”
Abhishek Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 23.6% (FY26)
p. 5
“EBITDA for the year was INR500 crores, with margins maintained at INR23.6 crores -- 23.6%, sorry, reflecting our ability to sustain profitability across cycles.”
Abhishek Agarwal, page 5 of the filed PDF · View the filing
PBT: INR446 crores (FY26)
p. 5
“PBT came in at INR446 crores, while PAT stood at INR338 crores, with margins improving to 16%.”
Abhishek Agarwal, page 5 of the filed PDF · View the filing
Cash and liquid investments: INR774 crores (as of FY26 year-end)
p. 5
“We continued to maintain a healthy debt-free balance sheet with cash and liquid investments of INR774 crores at year-end.”
Abhishek Agarwal, page 5 of the filed PDF · View the filing
Sun control film capacity utilization: 75% to 80% (current)
p. 7
“So our sun control lines are running around 75% to 80%.”
Deepak Joshi, page 7 of the filed PDF · View the filing
PPF capacity utilization: 85% to 89% (current)
p. 7
“PPF, we are running at the rate of around 85% to 89% at current rate.”
Deepak Joshi, page 7 of the filed PDF · View the filing
Middle East and North Africa sales: $15 million (current)
p. 8
“As of now, let me tell you, the sale of that is roughly around $15 million.”
Deepak Joshi, page 8 of the filed PDF · View the filing
U.S. share of revenue: 45% (FY26)
p. 14
“So it is -- last year, it was 45%. It was -- I mean, if you talk of FY '25, it was 48%. Last year, because of tariff and all situation, it was 45%.”
Deepak Joshi, page 14 of the filed PDF · View the filing
Own brand share of sales: 55% (current)
p. 18
“So if we see roughly 55% goes into own Garware brands and -- Garware or Global, I mean, our brands and roughly 40% to 45% goes into the private labels.”
Deepak Joshi, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — minimum INR2,500 crores · FY27
stated firmly by Deepak Joshi
p. 6
“So we expect minimum INR2,500 crores revenue for FY '27, right?”
Deepak Joshi, page 6 of the filed PDF · View the filing
EBITDA margin — 25% plus/minus 2% · FY27
stated firmly by Deepak Joshi
p. 6
“And we will maintain 25% plus/minus 2% of the guidance.”
Deepak Joshi, page 6 of the filed PDF · View the filing
TPU line commissioning — October 2026
stated firmly by Deepak Joshi
p. 4
“Looking ahead, the upcoming TPU line expected to be commissioned by October 2026 will further strengthen our innovation capabilities.”
Deepak Joshi, page 4 of the filed PDF · View the filing
New sun control film line commercial production — Q1 FY28
stated firmly by Deepak Joshi
p. 5
“So this new sun control film expansion, commercial production will start by June 2027. So that is Q1 FY '28.”
Deepak Joshi, page 5 of the filed PDF · View the filing
Garware Home Solutions studios — 50 studios · end of FY27
stated as an aspiration by Deepak Joshi
p. 4
“We are confident of scaling this to 50 studios by the end of FY '27.”
Deepak Joshi, page 4 of the filed PDF · View the filing
MENA region sales — $20 million to $22 million · this year
stated as an aspiration by Deepak Joshi
p. 8
“So we are targeting $20 million to $22 million in -- during this year, right?”
Deepak Joshi, page 8 of the filed PDF · View the filing
Garware Home Solutions and new products revenue — around INR200 crores · FY28
stated as an aspiration by Deepak Joshi
p. 12
“But at least I can say for next financial year, FY '28, we should cross INR200 crores business from Garware Home Solutions and plus added new products like PDLC and others.”
Deepak Joshi, page 12 of the filed PDF · View the filing
Application Studio volume share — 25% and then 35% · next 1 year and going forward
stated as an aspiration by Deepak Joshi
p. 14
“And we definitely would like to go 25% and then 35% as a target going forward for our business.”
Deepak Joshi, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said roughly 50% came from sun control films and 25% each from PPF and IPD products.
Answered by Deepak Joshi
Asked by Mahesh Bendre: What proportion of full year revenue came from sun control films, PPF, and other commodity products?
p. 5
“So our revenues for last year, I mean, were almost 50% from sun control films and both 25% from PPF and 25% from IPDs.”
Deepak Joshi, page 5 of the filed PDF · View the filing
Management confirmed 4 strong OEM partnerships with 2 more under discussion.
Answered by Deepak Joshi
Asked by Dikshi Jain: Are there exclusive partnerships with OEMs for PPF sales in India?
p. 7
“We have 4 such strong partnerships and 2 are already in discussion and samples are already approved.”
Deepak Joshi, page 7 of the filed PDF · View the filing
Management said hearings and submissions were complete and expected positive news soon.
Answered by Deepak Joshi
Asked by Dikshi Jain: Any update on the antidumping duty on cheap imports from China and Korea?
p. 7
“So we expect a positive news pretty soon as fast as maybe this month or next month.”
Deepak Joshi, page 7 of the filed PDF · View the filing
Management described current sales of about $15 million with a targeted CAGR of 25-30%, and confirmed the subsidiary is operational.
Answered by Deepak Joshi
Asked by Rahul Jain: What is the current status and outlook for Middle East sales and the subsidiary set up there?
p. 8
“we consider Middle East, North Africa region MENA, which is a growth -- biggest growth driver for us.”
Deepak Joshi, page 8 of the filed PDF · View the filing
Management declined to give a specific figure, citing accounting uncertainty, but expects a positive outcome eventually.
Answered by Deepak Joshi
Asked by Akhand Pratap Singh: What is the expected refund amount from U.S. tariffs paid earlier?
p. 12
“But definitely, there will be a positive news on that.”
Deepak Joshi, page 12 of the filed PDF · View the filing
Management said D2C margins are typically 25-30% higher than distributor margins.
Answered by Deepak Joshi
Asked by Akhand Pratap Singh: What is the margin difference between D2C and B2B/distributor sales in PPF?
p. 13
“But of course, the margins are definitely 25%, 30% higher than the distributor margins.”
Deepak Joshi, page 13 of the filed PDF · View the filing
Management said they see growth potential from the U.S. now that tariff pressure has eased.
Answered by Deepak Joshi
Asked by Ankit Gupta: How will declining U.S. automotive sales impact SCF and PPF sales given heavy reliance on the U.S. market?
p. 22
“In fact, we see a growth -- good growth potential coming from U.S. market now because the real challenge has gone from the market.”
Deepak Joshi, page 22 of the filed PDF · View the filing
Management said they are not solely dependent on that customer and do not see business impact given their unique product properties.
Answered by Deepak Joshi
Asked by Ankit Gupta: How will the relationship evolve with a large PPF customer reportedly setting up its own manufacturing?
p. 22
“I don't see any impact on our business because our growth has been phenomenal.”
Deepak Joshi, page 22 of the filed PDF · View the filing
Management explained they strategically managed inventory and supply chain timing to minimize tariff impact while growing other geographies.
Answered by Deepak Joshi
Asked by Vinay Nadkarni: How did the company maintain margins despite absorbing most of the U.S. tariff impact on nearly half its business?
p. 23
“So it was like a very strategically and well maintained supply chain where we were -- we did not flush the material at the highest tariff.”
Deepak Joshi, page 23 of the filed PDF · View the filing
Risks flagged
Geopolitical volatility and elevated tariff structures across key export markets impacted the business, especially in Q3.
p. 3
“The global environment remained challenging with geopolitical volatility and elevated tariff structure across key export markets.”
Deepak Joshi, page 3 of the filed PDF · View the filing
Ongoing conflict in the Middle East creating supply chain difficulty, including avoidance of certain shipping routes.
p. 11
“in the past also, we have avoided Hormuz and we have also avoided Suez Canal.”
Deepak Joshi, page 11 of the filed PDF · View the filing
A large PPF customer reportedly moving toward in-house manufacturing.
p. 14
“one of our customers has indicated plans to move towards in-house manufacturing of PPF.”
A Sriram Palaniappan, page 14 of the filed PDF · View the filing
Uncertain timing and treatment of tariff refunds from the U.S. government.
p. 12
“I cannot guarantee because this is a government matter.”
Deepak Joshi, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.