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.

• Sun Control Window Films and Paint Protection Films divisions drove growth, with Sun Control up 37.6% and PPF up 25% year-over-year.

• 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 global expansion 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 share was recommended.

Financial highlights

• FY 2025 consolidated revenue reached INR 2,109.36 crore, a 25.8% increase over FY 2024; PAT was INR 331.22 crore, up 62.9% year-over-year.

• EBITDA stood at INR 495.5 crore, up 54.3% YoY, with margin at 23.5%.

• Q4 FY 2025 revenue was INR 548 crore, up 22.7% YoY; Q4 PAT was INR 77.8 crore, up 34.6%.

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

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

Outlook and guidance

• FY 2026 revenue guidance is INR 2,500 crore, with 20%-25% CAGR expected through FY 2027.

• Margins expected to remain in the 22%-25% range, with TPU backward integration to improve margins by 1.5%-2%.

• Second PPF line to be operational by September 2025; TPU extrusion line to start by October 2026.

• Continued strong demand anticipated globally for automotive and architectural films, with focus on value-added products and digital channels.

• Board's dividend recommendation signals confidence in ongoing profitability and cash generation.