Garware Hi-Tech Films (500655) Q4 24/25 earnings summary

Executive summary

• Achieved record annual consolidated revenue of INR 2,109.36 crore in FY 2025, with highest-ever PAT of INR 331.22 crore, reflecting robust growth, innovation, and operational excellence.

• SunControl window films grew 37.6% year-over-year, and PPF business grew 25%, driven by new products, expanded market reach, and global demand.

• Strategic focus on value-added products, innovation, and market expansion drove strong performance in both domestic and export markets.

• Investments in new manufacturing lines, digital initiatives, and expansion of Garware Application Studios position the company for sustained future growth.

• Audited financial results for FY 2025 were approved with unmodified opinions, and a final dividend of Rs.12 per equity share was recommended.

Financial highlights

• FY 2025 consolidated revenue: INR 2,109.36 crore (up 25.8% YoY); PAT: INR 331.22 crore (up 62.9% YoY); EBITDA: INR 495.5 crore (up 54.3% YoY); EBITDA margin at 23.5%.

• Q4 FY 2025 revenue: INR 548 crore (up 22.7% YoY); Q4 PAT: INR 77.8 crore (up 34.6% YoY).

• 77% of FY 2025 revenue from exports; 80% from value-added films.

• Zero net debt and cash reserves of INR 650 crore as of March 31, 2025.

• Basic and diluted EPS (consolidated) for FY 2024-25 stood at Rs. 142.57, up from Rs. 87.50 in FY 2023-24.

Outlook and guidance

• FY 2026 revenue guidance: INR 2,500 crore; FY 2027 expected CAGR of 20%-25%.

• Margins expected in the 22%-25% range over the next two years, with TPU backward integration to add 1.5%-2% to margins.

• Capacity expansions: second PPF line to be operational by Q2 FY 2026; TPU extrusion line to start by October 2026.

• Domestic market expected to grow 30%-40% in FY 2026.

• Dividend recommendation signals confidence in ongoing profitability and cash generation.