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Makes specialty polyester films — automotive paint-protection film and solar-control window film — for global markets.
Makes specialty polyester films — automotive paint-protection film and solar-control window film — for global markets.
Makes its film on its own coating lines in Maharashtra, India, and sells largely to export markets through distributors and installers who apply it to cars and buildings, with paint-protection film the main growth push. The Garware family controls the company.
Moat: narrow (process know-how, brand). Technical film-coating know-how and a growing global PPF brand, though 3M and XPEL are larger, more established rivals.
Headquarters: Aurangabad, India · Founded: 1957 · Employees: 2,094
Size Garware Hi-Tech Films (GRWRHITECH.NS) is an India Materials company (Chemicals: Specialty) with a market value of $1.88B, the 381st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹7,654 on 6 Nov 2026.
Performance Over six months the shares gained 40.4%, against -28.3% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 14.7% over the last twelve months (peer median +18.1%); the operating margin is 20.9% (peer median 7.6%).
Valuation It trades at 37.7× forward earnings against a peer median of 13.9× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +22 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points above its cost of capital (15.6% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹23.8B | ₹20.9B | ₹20.8B | ₹16.6B | ₹14.2B |
| Revenue growth | — | +1% | +26% | +16% | — |
| Gross profit | ₹9.36B | ₹5.56B | ₹5.54B | ₹3.84B | ₹3.25B |
| EBITDA | ₹5.47B | ₹4.19B | ₹4.18B | ₹2.65B | ₹2.16B |
| Net income | ₹4.26B | ₹3.38B | ₹3.31B | ₹2.03B | ₹1.66B |
| Free cash flow | n/a | ₹1.10B | ₹2.65B | ₹1.46B | ₹1.33B |
| Capital expenditure | n/a | ₹1.61B | ₹586M | ₹168M | ₹705M |
| Total debt | ₹126M | ₹157M | ₹152M | ₹199M | ₹1.57B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Garware Hi-Tech Films GRWRHITECH.NS | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| XPEL XPEL | $1.06B | -12% | +13% | 14% | 16.5× | n/a |
| Avery Dennison AVY | $14.1B | +14% | +7% | 13% | 17.4× | 1.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GRWRHITECH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | -13.3% | highest of 21 |
| 6-month return | +40.4% | -28.3% | 2nd highest of 20 |
| Distance from 52-week high | -4.2% | -54.0% | highest of 21 |
| Revenue growth (TTM) | +14.7% | +18.1% | 9th lowest of 20 |
| Operating margin | 20.9% | 7.6% | 2nd highest of 21 |
| Forward P/E | 37.7× | 13.9× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 38.8% | 6.0% | most demanding of 11 |
| Growth delivered (Del g) | +16.6% | +5.8% | highest of 11 |
| Hurdle (Req g minus delivered) | +22.3 pp | +0.0 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | +3.1 pp | -0.6 pp | 3rd highest of 21 |
| EV / EBITDA | 30.8× | 10.6× | most expensive of 8 |
| Net debt / EBITDA | -1.7× | 0.8× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Garware Hi-Tech Films GRWRHITECH.NS | India | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% | +16.6% |
| Verbio VBK.DE | Germany | $1.88B | -37% | +19% | 5% | 13.2× | 1.1% | +12.8% |
| Inner Mongolia Shuangxin Environment-Friendly Material 001369.SZ | China | $1.87B | -28% | +3% | 15% | n/a | n/a | n/a |
| Zibo Qixiang Tengda Chemical 002408.SZ | China | $1.87B | -33% | +18% | -1% | 220.0× | 3.7% | -0.8% |
| Lianhe Chemical Technology 002250.SZ | China | $1.90B | -16% | +28% | 13% | 19.7× | -3.4% | +6.1% |
| Transfar Zhilian 002010.SZ | China | $1.87B | -21% | -30% | 5% | 16.1× | n/a | n/a |
| Standard Nuclear STDN | United States | $1.90B | n/a | n/a | -288% | n/a | n/a | n/a |
| Lily 603823.SS | China | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% | +1.4% |
| Minerals Technologies MTX | United States | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% | +5.4% |
| Ganzhou Teng Yuan Cobalt New Material 301219.SZ | China | $1.85B | -53% | +64% | 10% | 12.5× | n/a | n/a |
| Guangdong Huate Gas 688268.SS | China | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% | +7.2% |
| Chemours CC | United States | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% | +3.2% |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Jiangsu Lopal Tech 603906.SS | China | $1.82B | -54% | +96% | 7% | 14.7× | n/a | n/a |
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |
| Crystal Clear Electronic Material 300655.SZ | China | $1.75B | -25% | +27% | 7% | 78.2× | n/a | n/a |
| Dongyue 0189.HK | Hong Kong | $2.04B | -28% | +8% | 19% | 5.6× | -12.4% | +6.6% |
| Ningbo Ronbay New Energy Technology 688005.SS | China | $2.05B | -45% | +41% | 1% | 37.8× | n/a | n/a |
| Tangshan SunFar Silicon Industries 603938.SS | China | $1.72B | +6% | +30% | 8% | 42.8× | n/a | n/a |
| Shaanxi Beiyuan Chemical Industry 601568.SS | China | $2.11B | -9% | -8% | -4% | 11.8× | 11.8% | -1.8% |
| Shida Shinghwa Advanced Material 603026.SS | China | $1.68B | -58% | +58% | 8% | 7.5× | n/a | n/a |