Garware Hi-Tech Films Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

GHFL reported Q2 FY26 revenue of INR 569.7 Cr (down 8.2% YoY, up 15% QoQ) and EBITDA of INR 133.3 Cr (margins 23.4%), with PAT up 10% QoQ to INR 91.2 Cr. Exports were 77%. Despite U.S. tariffs impacting PPF, non-U.S. business grew ~20%. Management is absorbing much of the tariff cost to retain customers and exploring alternative supply chains if tariffs persist. PPF capacity doubled. The TPU line, set for Oct 2027, is expected to improve EBITDA margins by 1.5-2%. D2C platforms and architectural films are key domestic growth drivers. Sentiment: proactive in managing headwinds for sustainable long-term expansion.