India · Delayed Price · Currency is INR Garware Hi-Tech Films Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY 2027 delivered record revenue and profitability, driven by a richer specialty product mix, strong growth in Sun Control and architectural films, and expanding direct-to-consumer channels. Guidance for FY 2027 is reaffirmed, with margin expansion expected from new capacity and innovation.
Fiscal Year 2026
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Record revenue and profitability achieved in FY 2026, with strong Q4 recovery and robust growth in sun control and architectural films. Strategic investments, D2C expansion, and innovation position the company for 25% growth in FY 2027, supported by a debt-free balance sheet.
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Revenue and EBITDA declined modestly year-over-year due to a 50% U.S. tariff, but export sales remained robust at 74% of revenue. Strategic expansion in the Middle East, new D2C initiatives, and strong liquidity position support a positive outlook, with 15%-20% sales growth targeted even if tariffs persist.
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Despite a challenging environment with increased U.S. tariffs, the company achieved 15% sequential revenue growth and maintained strong margins, driven by export strength and segment expansion. Strategic investments in capacity and D2C platforms position the business for sustainable growth.
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Revenue grew 4.3% year-over-year to INR 495 crore despite early monsoon and U.S. tariff headwinds, with strong 28% growth in Paint Protection Film offsetting declines in Sun Control and Shrink Films. The company remains debt-free, focusing on cost efficiencies and global expansion.
Fiscal Year 2025
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Record FY 2025 revenue of INR 2,109 crore (up 25.8% YoY) and PAT of INR 331 crore, driven by strong growth in SunControl and PPF segments. FY 2026 revenue guidance is INR 2,500 crore, with margins expected at 22%-25% and major capacity expansions underway.
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Q3 FY25 delivered stable year-over-year growth with revenue up 2.8% and PAT up 8.8%, despite seasonal softness. Nine-month results showed robust 27% revenue and 75% PAT growth, driven by strong export and value-added product performance. Guidance for FY25 and FY26 remains unchanged, with continued margin expansion expected.
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Q2 FY25 saw record revenue of INR 620.6 crores (up 56.3% YoY), with PAT at INR 104.3 crores and EBITDA at INR 150.5 crores. Growth was led by PPF and Sun Control Films, with exports at 81.3% of sales. Management maintains strong guidance and expects further gains as new capacity comes online.
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Q1 FY 2025 saw record revenue and profitability, with strong growth in high-end SCF and PPF segments, robust export performance, and margins reaching historic highs. Capacity utilization is above 100%, new PPF capacity is on track, and the company remains confident in achieving its FY 2026 revenue target.