Garware Hi-Tech Films Limited — Investor Meet, 19-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Garware Hi-Tech Films posted record revenue of INR 2,109 Cr in FY25, up 25.8% YoY, with PAT at INR 331 Cr (+62.9%). Growth was led by Sun Control Window films (+37.6%), expanding in new geographies, and Paint Protection Films (+25%) driven by new launches and capacity addition. Exports account for 77% of revenue, mainly North America (48.5%). Zero net debt and strong cash (~INR 650 Cr) support a new TPU line (INR 118 Cr capex) for margin expansion. Domestic volumes rose ~50%, aided by 200+ application studios. FY26 revenue is expected around INR 2,500 Cr with 22-25% margins, targeting 20-25% CAGR through scaling key segments. U.S. tariff impacts are mitigated by diversification and backward integration, with potential U.S. capacity expansions underway.