Garware Hi-Tech Films Limited — Investor Meet, 12-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Garware Hi-Tech Films reported Q1 FY26 revenue of INR 495 Cr (+4.3% YoY), but EBITDA dipped to INR 123 Cr (24.8% margin) due to higher costs. PAT was INR 83 Cr. The company remains debt-free with over INR 700 Cr cash.

Early monsoon affected domestic Suncontrol Films (-7% YoY) and shrink films (-29% YoY). Paint Protection Films (PPF) grew 28% globally, with India's PPF and Suncontrol businesses growing 25-30% and 15-20% respectively, driven by 250+ Garware Application Studios (targeting 300 by March 2026).

US market faces significant tariff increases, currently at 16.25% (absorbed) with recent additions potentially reaching 50%. Management is navigating challenges through cost efficiencies, exploring alternative geographies (Middle East +30-40% growth, Europe +20% expected), and leveraging strong product quality. The company expects FY26 to be challenging, but remains committed to innovation and global expansion.

**Investor Angle:** Management acknowledges tariff headwinds but is actively implementing strategies to mitigate impact and maintain customer base, showing a proactive, yet cautious, approach.