Garware Hi-Tech Films – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹596.69 Crore
    • QoQ Change: +30.07%
    • YoY Change: +8.90%
  • Previous Quarter (Q3 FY26): ₹458.74 Crore
  • Previous Year (Q4 FY25): ₹547.94 Crore
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹108.21 Crore
    • QoQ Change:+94.03%
    • YoY Change: +39.09%
  • Previous Quarter (Q3 FY26): ₹55.77 Crore
  • Previous Year (Q4 FY25): ₹77.80 Crore
• QoQ Performance
  • Revenue Trend: Strongly Positive
  • Profit Trend: Strongly Positive

Margin Analysis

Drivers:

• Revenue growth outpaced expense growth during the quarter.
• Inventory changes contributed positively to operating profitability.
• Employee cost growth remained controlled relative to revenue expansion.
• Stable power and fuel costs supported margin improvement.
• Finance cost remained low and manageable.
• Better product mix improved overall profitability.

Insight:

• Operating leverage improved materially in Q4 FY26, resulting in strong earnings expansion

Segment insight

Summary:

• Garware Hi-Tech Films continues to strengthen its position in specialty polyester films and value-added solutions, benefiting from industrial demand and export opportunities.

Charcateristics:

• Strong specialty product contribution.
• Export-oriented revenue profile.
• Stable operating efficiency.
• Improved profitability conversion.
• Scalable manufacturing operations.

Earning quality check

Drivers:

• Revenue growth translated effectively into net profit growth.
• Finance costs remained low despite business expansion.
• Operating cash generation stayed healthy.
• EPS improved significantly YoY and QoQ.
• Other comprehensive income remained negative during FY26.

Interpretations:

• Earnings quality improved during the quarter due to strong operational profitability and efficient cost management.

balance sheet Analysis

• Total Assets: ₹3,011.19 Crore
• Total Liabilities: ₹355.03 Crore

Insight:

• The company maintains a strong balance sheet with high equity base, low leverage, healthy cash reserves, and improving asset profile.

Key Observations:

• Equity increased to ₹2,656.16 crore from ₹2,371.79 crore.
• Cash and cash equivalents improved to ₹126.53 crore.
• Current assets increased materially YoY.
• Debt obligations remained low.
• Strong reserve accumulation supports future expansion.

key risks

• Raw material price volatility.
• Dependence on industrial and packaging demand.
• Export market fluctuations.
• Currency movement risks.
• Competitive pressure in specialty films industry.
• Energy cost volatility.

management strategy signals

Focus Area:

• Expansion in specialty film products.
• Operational efficiency enhancement.
• Export market penetration.
• Margin improvement initiatives.
• Capacity optimization.
• Product innovation and diversification.

Financial metrics table

Quarterly Performance Context