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Swing Capital

Garware Hi Tech Films Ltd

NSE: GRWRHITECH BSE: 500655

Garware Polyester is the world's No.1 vertically integrated ''Chip to Film'' manufacturing company.[1]

₹5,269
52W: ₹2681 — ₹5560
PE 36.6 · Book ₹1113 · +373% vs book
Market Cap₹12,242 Cr
Stock P/E36.6Price to Earnings
ROCE17.9%Return on Capital
ROE13.7%Return on Equity
Div. Yield0.22%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 23.2% CAGR over last 5 years

Weaknesses

  • −Company has a low return on equity of 13.2% over last 3 years.
  • −Debtor days have increased from 30.2 to 36.4 days.
  • −Working capital days have increased from 82.2 days to 164 days

Shareholding Pattern

Promoters60.73%
FIIs3.98%
DIIs5.28%
Public30.04%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.73%60.73%60.73%60.73%60.73%60.73%60.73%60.73%
FIIs0.52%1.56%▲1.02.69%▲1.13.5%▲0.83.86%▲0.43.58%▼0.33.96%▲0.43.98%▲0.0
DIIs4.76%4.48%▼0.34.33%▼0.24.75%▲0.44.89%▲0.14.96%▲0.15.35%▲0.45.28%▼0.1
Public34%33.25%▼0.832.27%▼1.031.03%▼1.230.53%▼0.530.74%▲0.229.98%▼0.830.04%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales433439449589442516453512451532
Expenses363362333464364416356411385408
Operating Profit697711612578999710166124
OPM %16%17%26%21%18%19%21%20%15%23%
Net Profit51581049666747510753100
EPS ₹21.824.9944.7841.2128.2131.6932.1145.8523.0243.1

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,948Cr, down 2.4% YoY. OPM at 20%.

Debt Position

Borrowings at ₹12Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 5.28% (+2.93pp change). FIIs: 3.98% (+3.86pp change). Promoters hold 60.73%.

Margin & Efficiency

ROCE improving from 7% (Mar 2015) to 18% (Mar 2026). Working capital days: 164.

Valuation

PE 36.6x with 17.9% ROCE. Price is 373% above book value of ₹1,113. Dividend yield: 0.22%.

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