New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-₹15m). Earnings have declined by 20% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (₹108.0m market cap, or US$1.15m). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Revenue is less than US$5m (₹103m revenue, or US$1.1m). Reported Earnings • Jun 01
Full year 2026 earnings released: EPS: ₹0.72 (vs ₹0.022 in FY 2025) Full year 2026 results: EPS: ₹0.72 (up from ₹0.022 in FY 2025). Revenue: ₹103.5m (down 5.9% from FY 2025). Net income: ₹3.62m (up ₹3.49m from FY 2025). Profit margin: 3.5% (up from 0.1% in FY 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • May 22
Garware Synthetics Limited to Report Q4, 2026 Results on May 30, 2026 Garware Synthetics Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 30, 2026 Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹19.90, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 19x in the Luxury industry in India. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹19.68, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 17x in the Luxury industry in India. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹16.65, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 16x in the Luxury industry in India. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹22.93, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 18x in the Luxury industry in India. Total returns to shareholders of 172% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹24.04, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 19x in the Luxury industry in India. Total returns to shareholders of 170% over the past three years. Reported Earnings • Feb 04
Third quarter 2026 earnings released: EPS: ₹0.37 (vs ₹0.17 loss in 3Q 2025) Third quarter 2026 results: EPS: ₹0.37 (up from ₹0.17 loss in 3Q 2025). Revenue: ₹24.9m (down 2.3% from 3Q 2025). Net income: ₹2.16m (up ₹3.13m from 3Q 2025). Profit margin: 8.7% (up from net loss in 3Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Jan 23
Garware Synthetics Limited to Report Q3, 2026 Results on Jan 30, 2026 Garware Synthetics Limited announced that they will report Q3, 2026 results on Jan 30, 2026 Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹13.68, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 19x in the Luxury industry in India. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹16.15, the stock trades at a trailing P/E ratio of 61.9x. Average trailing P/E is 20x in the Luxury industry in India. Total returns to shareholders of 47% over the past three years. New Risk • Nov 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-₹17m). Earnings have declined by 39% per year over the past 5 years. Market cap is less than US$10m (₹123.8m market cap, or US$1.40m). Minor Risks Profit margins are more than 30% lower than last year (1.4% net profit margin). Revenue is less than US$5m (₹110m revenue, or US$1.2m). Announcement • Oct 25
Garware Synthetics Limited to Report Q2, 2026 Results on Oct 31, 2025 Garware Synthetics Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Oct 31, 2025 Board Change • Sep 13
High number of new directors Additional Non- Executive Independent Director Shital Kamble was the last director to join the board, commencing their role in 2025. Announcement • Aug 25
Garware Synthetics Limited, Annual General Meeting, Sep 29, 2025 Garware Synthetics Limited, Annual General Meeting, Sep 29, 2025, at 11:00 Indian Standard Time. Announcement • Aug 23
Garware Synthetics Limited Announces Resignation of Shilpa Parab as Director, Effective August 23, 2025 The board of directors of Garware Synthetics Limited meeting held on August 23, 2025, approved resignation of Mrs. Shilpa Parab from Directorship of the Company with effect from August 23, 2025. Reported Earnings • Jul 28
First quarter 2026 earnings released: EPS: ₹0.21 (vs ₹0.12 in 1Q 2025) First quarter 2026 results: EPS: ₹0.21 (up from ₹0.12 in 1Q 2025). Revenue: ₹26.0m (down 2.4% from 1Q 2025). Net income: ₹1.20m (up 70% from 1Q 2025). Profit margin: 4.6% (up from 2.6% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Jul 26
First quarter 2026 earnings released: EPS: ₹0.21 (vs ₹0.12 in 1Q 2025) First quarter 2026 results: EPS: ₹0.21 (up from ₹0.12 in 1Q 2025). Revenue: ₹26.0m (down 2.4% from 1Q 2025). Net income: ₹1.20m (up 70% from 1Q 2025). Profit margin: 4.6% (up from 2.6% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jul 17
Garware Synthetics Limited to Report Q1, 2026 Results on Jul 25, 2025 Garware Synthetics Limited announced that they will report Q1, 2026 results on Jul 25, 2025 Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: ₹0.02 (vs ₹0.082 loss in FY 2024) Full year 2025 results: EPS: ₹0.02 (up from ₹0.082 loss in FY 2024). Revenue: ₹110.2m (up 3.0% from FY 2024). Net income: ₹130.0k (up ₹607.0k from FY 2024). Profit margin: 0.1% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 21
Garware Synthetics Limited to Report Q4, 2025 Results on May 30, 2025 Garware Synthetics Limited announced that they will report Q4, 2025 results on May 30, 2025 Announcement • Mar 19
Garware Synthetics Limited Approves the Appointment of Ujwala Somnath Tate as Chief Executive Officer Garware Synthetics Limited approved the appointment of Ms. Ujwala Somnath Tate as Chief Executive Officer of the Company for a period of Five Years Commencing from December 18, 2024 till December 18, 2029, at the Extra Ordinary General Meeting held on 18 March 2025. New Risk • Feb 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 4.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Negative equity (-₹20m). Market cap is less than US$10m (₹183.9m market cap, or US$2.12m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Revenue is less than US$5m (₹106m revenue, or US$1.2m). Announcement • Feb 03
Garware Synthetics Limited to Report Q3, 2025 Results on Feb 13, 2025 Garware Synthetics Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹35.52, the stock trades at a trailing P/E ratio of 73.8x. Average trailing P/E is 28x in the Luxury industry in India. Total returns to shareholders of 137% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹34.59, the stock trades at a trailing P/E ratio of 71.9x. Average trailing P/E is 30x in the Luxury industry in India. Total returns to shareholders of 173% over the past three years. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹0.05 (vs ₹0.34 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.05 (up from ₹0.34 loss in 2Q 2024). Revenue: ₹27.7m (up 12% from 2Q 2024). Net income: ₹313.0k (up ₹2.27m from 2Q 2024). Profit margin: 1.1% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Announcement • Nov 06
Garware Synthetics Limited to Report Q2, 2025 Results on Nov 13, 2024 Garware Synthetics Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Announcement • Sep 06
Garware Synthetics Limited, Annual General Meeting, Sep 27, 2024 Garware Synthetics Limited, Annual General Meeting, Sep 27, 2024, at 10:30 Indian Standard Time. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: ₹0.12 (vs ₹0.05 loss in 1Q 2024) First quarter 2025 results: EPS: ₹0.12 (up from ₹0.05 loss in 1Q 2024). Revenue: ₹26.7m (down 7.7% from 1Q 2024). Net income: ₹703.0k (up ₹1.01m from 1Q 2024). Profit margin: 2.6% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Jul 23
Garware Synthetics Limited to Report Q1, 2025 Results on Aug 01, 2024 Garware Synthetics Limited announced that they will report Q1, 2025 results on Aug 01, 2024 Reported Earnings • Jun 04
Full year 2024 earnings released: ₹0.08 loss per share (vs ₹0.99 profit in FY 2023) Full year 2024 results: ₹0.08 loss per share (down from ₹0.99 profit in FY 2023). Revenue: ₹107.2m (down 6.0% from FY 2023). Net loss: ₹477.0k (down 108% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 25
Garware Synthetics Limited to Report Q4, 2024 Results on May 30, 2024 Garware Synthetics Limited announced that they will report Q4, 2024 results on May 30, 2024 Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹17.50, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 28x in the Luxury industry in India. Total returns to shareholders of 49% over the past three years. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹0.06 (vs ₹0.05 loss in 3Q 2023) Third quarter 2024 results: EPS: ₹0.06 (up from ₹0.05 loss in 3Q 2023). Revenue: ₹27.2m (down 1.5% from 3Q 2023). Net income: ₹344.0k (up ₹609.0k from 3Q 2023). Profit margin: 1.3% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Announcement • Feb 02
Garware Synthetics Limited to Report Q3, 2024 Results on Feb 13, 2024 Garware Synthetics Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹16.76, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 27x in the Luxury industry in India. Total returns to shareholders of 360% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹17.49, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 25x in the Luxury industry in India. Total returns to shareholders of 825% over the past three years. Reported Earnings • Nov 10
Second quarter 2024 earnings released: ₹0.34 loss per share (vs ₹0.01 profit in 2Q 2023) Second quarter 2024 results: ₹0.34 loss per share (down from ₹0.01 profit in 2Q 2023). Revenue: ₹24.8m (down 18% from 2Q 2023). Net loss: ₹1.95m (down ₹2.00m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 102% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹13.36, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 22x in the Luxury industry in India. Total returns to shareholders of 634% over the past three years. Announcement • Aug 29
Garware Synthetics Limited, Annual General Meeting, Sep 29, 2023 Garware Synthetics Limited, Annual General Meeting, Sep 29, 2023. Reported Earnings • Aug 13
First quarter 2024 earnings released: ₹0.05 loss per share (vs ₹0.05 loss in 1Q 2023) First quarter 2024 results: ₹0.05 loss per share (in line with 1Q 2023). Revenue: ₹28.9m (down 1.1% from 1Q 2023). Net loss: ₹302.0k (loss widened 15% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 133% per year, which means it is well ahead of earnings. Announcement • Aug 04
Garware Synthetics Limited to Report Q1, 2024 Results on Aug 11, 2023 Garware Synthetics Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹14.40, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 22x in the Luxury industry in India. Total returns to shareholders of 1,465% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹9.88, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 20x in the Luxury industry in India. Total returns to shareholders of 1,023% over the past three years. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹1.00 (vs ₹0.40 in FY 2022) Full year 2023 results: EPS: ₹1.00 (up from ₹0.40 in FY 2022). Revenue: ₹117.7m (down 9.7% from FY 2022). Net income: ₹5.78m (up 151% from FY 2022). Profit margin: 4.9% (up from 1.8% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 120% per year, which means it is well ahead of earnings. Announcement • May 20
Garware Synthetics Limited to Report Q4, 2023 Results on May 30, 2023 Garware Synthetics Limited announced that they will report Q4, 2023 results on May 30, 2023 Reported Earnings • Feb 15
Third quarter 2023 earnings released: ₹0.05 loss per share (vs ₹0.32 profit in 3Q 2022) Third quarter 2023 results: ₹0.05 loss per share (down from ₹0.32 profit in 3Q 2022). Revenue: ₹27.6m (down 24% from 3Q 2022). Net loss: ₹265.0k (down 114% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 01
Garware Synthetics Limited to Report Q3, 2023 Results on Feb 13, 2023 Garware Synthetics Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Buying Opportunity • Jan 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be ₹13.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jan 11
Now 21% undervalued Over the last 90 days, the stock is up 2.5%. The fair value is estimated to be ₹13.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be ₹14.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Nov 18
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ₹14.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Nov 05
Garware Synthetics Limited to Report Q2, 2023 Results on Nov 14, 2022 Garware Synthetics Limited announced that they will report Q2, 2023 results at 3:30 PM, Indian Standard Time on Nov 14, 2022 Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹10.26, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 328% over the past three years. Buying Opportunity • Nov 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₹14.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Oct 31
High number of new directors Executive Director Deepak Kamble was the last director to join the board, commencing their role in 2022. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹10.26, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 256% over the past three years. Announcement • Sep 28
Garware Synthetics Limited Appoints of Mr. Deepak Pandurang Kamble as an Executive Director Garware Synthetics Limited at Annual General Meeting of the Company held on 28 September, 2022 approved the appointment of Mr. Deepak Pandurang Kamble as an Executive Director of the Company. Announcement • Aug 28
Garware Synthetics Limited, Annual General Meeting, Sep 28, 2022 Garware Synthetics Limited, Annual General Meeting, Sep 28, 2022. Announcement • Aug 07
Garware Synthetics Limited to Report Q1, 2023 Results on Aug 12, 2022 Garware Synthetics Limited announced that they will report Q1, 2023 results on Aug 12, 2022 Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non-Executive Independent Director Sandip Pawar was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Jul 21
Full year 2022 earnings released: EPS: ₹0.40 (vs ₹1.00 in FY 2021) Full year 2022 results: EPS: ₹0.40 (down from ₹1.00 in FY 2021). Revenue: ₹127.0m (up 54% from FY 2021). Net income: ₹2.30m (down 61% from FY 2021). Profit margin: 1.8% (down from 7.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Announcement • Jul 14
Garware Synthetics Limited to Report Q4, 2022 Results on Jul 19, 2022 Garware Synthetics Limited announced that they will report Q4, 2022 results at 3:30 PM, Indian Standard Time on Jul 19, 2022 Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 20% share price gain to ₹13.41, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 241% over the past three years. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non-Executive Independent Director Sandip Pawar was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹12.03, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 221% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 17% share price gain to ₹16.97, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 305% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₹14.60, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 248% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₹14.89, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 282% over the past three years. Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.32 (down from ₹0.45 in 3Q 2021). Revenue: ₹36.2m (up 40% from 3Q 2021). Net income: ₹1.86m (down 28% from 3Q 2021). Profit margin: 5.1% (down from 10.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 25% share price gain to ₹14.98, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 28% share price gain to ₹13.92, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 355% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹10.09, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 192% over the past three years. Reported Earnings • Nov 04
Second quarter 2022 earnings released: EPS ₹0.42 (vs ₹0.37 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹33.7m (up 48% from 2Q 2021). Net income: ₹2.43m (up 13% from 2Q 2021). Profit margin: 7.2% (down from 9.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorated over the past week After last week's 25% share price decline to ₹12.51, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 234% over the past three years. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 25% share price gain to ₹16.47, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 17x in the Luxury industry in India. Total returns to shareholders of 283% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₹12.65, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 200% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹12.95, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 162% over the past three years. Reported Earnings • Aug 11
First quarter 2022 earnings released: EPS ₹0.10 (vs ₹0.08 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹22.6m (up 247% from 1Q 2021). Net income: ₹556.0k (up ₹1.02m from 1Q 2021). Profit margin: 2.5% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹16.80, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 20x in the Luxury industry in India. Total returns to shareholders of 239% over the past three years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 21% share price gain to ₹21.75, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 21x in the Luxury industry in India. Total returns to shareholders of 295% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 20% share price gain to ₹18.75, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 19x in the Luxury industry in India. Total returns to shareholders of 121% over the past three years. Reported Earnings • Jul 06
Full year 2021 earnings released: EPS ₹1.00 (vs ₹0.19 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹82.7m (down 9.3% from FY 2020). Net income: ₹5.83m (up 428% from FY 2020). Profit margin: 7.1% (up from 1.2% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 18% share price gain to ₹6.42, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 17x in the Luxury industry in India. Total loss to shareholders of 44% over the past three years. Executive Departure • Mar 21
Company Secretary & Compliance Officer has left the company On the 18th of March, Vrunda Mehta's tenure as Company Secretary & Compliance Officer ended after 2.1 years in the role. We don't have any record of a personal shareholding under Vrunda's name. Vrunda is the only executive to leave the company over the last 12 months. Announcement • Mar 19
Garware Synthetics Limited Announces Resignation of Vrunda Mehta as Company Secretary and Compliance Officer Garware Synthetics Limited announced resignation of Ms. Vrunda Mehta as Compliance officer and company secretary with effect from March 18, 2021. The Company will have Mr. Dinesh Gurav, CFO of the Company designated as Compliance Officer of the Company in the vacancy of the Company Secretary. Is New 90 Day High Low • Mar 12
New 90-day high: ₹4.44 The company is up 68% from its price of ₹2.64 on 11 December 2020. The Indian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 12% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS ₹0.45 (vs ₹0.04 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹25.9m (up 10% from 3Q 2020). Net income: ₹2.59m (up ₹2.33m from 3Q 2020). Profit margin: 10.0% (up from 1.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Feb 06
Garware Synthetics Limited to Report Q3, 2021 Results on Feb 12, 2021 Garware Synthetics Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Jan 08
New 90-day high: ₹4.29 The company is up 120% from its price of ₹1.95 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 26% share price gain to ₹3.04, the stock is trading at a trailing P/E ratio of 2.1x, up from the previous P/E ratio of 1.7x. This compares to an average P/E of 18x in the Luxury industry in India. Total return to shareholders over the past three years is a loss of 61%. Is New 90 Day High Low • Dec 02
New 90-day high: ₹2.07 The company is up 40% from its price of ₹1.48 on 03 September 2020. The Indian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 16% over the same period. Announcement • Nov 03
Garware Synthetics Limited to Report Q2, 2021 Results on Nov 11, 2020 Garware Synthetics Limited announced that they will report Q2, 2021 results on Nov 11, 2020 Is New 90 Day High Low • Sep 29
New 90-day high: ₹1.94 The company is up 111% from its price of ₹0.92 on 30 June 2020. The Indian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 13% over the same period. Announcement • Sep 12
Garware Synthetics Limited to Report Q1, 2021 Results on Sep 14, 2020 Garware Synthetics Limited announced that they will report Q1, 2021 results on Sep 14, 2020