Duyuru • Aug 01
Garware Hi-Tech Films Limited to Report Q1, 2027 Results on Aug 06, 2026 Garware Hi-Tech Films Limited announced that they will report Q1, 2027 results on Aug 06, 2026 Reported Earnings • May 07
Full year 2026 earnings released: EPS: ₹146 (vs ₹143 in FY 2025) Full year 2026 results: EPS: ₹146 (up from ₹143 in FY 2025). Revenue: ₹21.8b (up 3.6% from FY 2025). Net income: ₹3.38b (up 2.1% from FY 2025). Profit margin: 16% (in line with FY 2025). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₹5,039, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 23x in the Chemicals industry in India. Total returns to shareholders of 781% over the past three years. Duyuru • May 04
Garware Hi-Tech Films Limited to Report Q4, 2026 Results on May 06, 2026 Garware Hi-Tech Films Limited announced that they will report Q4, 2026 results on May 06, 2026 Board Change • Mar 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Whole Time Director Uday Joshi was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₹4,243, the stock trades at a trailing P/E ratio of 32x. Average forward P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 575% over the past three years. Reported Earnings • Feb 01
Third quarter 2026 earnings released: EPS: ₹24.01 (vs ₹26.17 in 3Q 2025) Third quarter 2026 results: EPS: ₹24.01 (down from ₹26.17 in 3Q 2025). Revenue: ₹4.75b (up 1.9% from 3Q 2025). Net income: ₹557.7m (down 8.3% from 3Q 2025). Profit margin: 12% (down from 13% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 24
Garware Hi-Tech Films Limited to Report Q3, 2026 Results on Jan 31, 2026 Garware Hi-Tech Films Limited announced that they will report Q3, 2026 results at 9:15 AM, Indian Standard Time on Jan 31, 2026 New Risk • Jan 15
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 6.8% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹4,163, the stock trades at a trailing P/E ratio of 30.9x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 512% over the past three years. Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹39.27 (vs ₹44.88 in 2Q 2025) Second quarter 2026 results: EPS: ₹39.27 (down from ₹44.88 in 2Q 2025). Revenue: ₹5.84b (down 6.0% from 2Q 2025). Net income: ₹912.3m (down 13% from 2Q 2025). Profit margin: 16% (down from 17% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 08
Garware Hi-Tech Films Limited to Report Q2, 2026 Results on Nov 13, 2025 Garware Hi-Tech Films Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹3,716, the stock trades at a trailing P/E ratio of 26.5x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 451% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹3,387, the stock trades at a trailing P/E ratio of 24.1x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 338% over the past three years. New Risk • Sep 10
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 6.2% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Sep 10
Upcoming dividend of ₹12.00 per share Eligible shareholders must have bought the stock before 17 September 2025. Payment date: 24 October 2025. Payout ratio is a comfortable 8.4% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Declared Dividend • Aug 10
Dividend increased to ₹12.00 Dividend of ₹12.00 is 20% higher than last year. Ex-date: 17th September 2025 Payment date: 24th October 2025 Dividend yield will be 0.4%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 36% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹35.73 (vs ₹38.03 in 1Q 2025) First quarter 2026 results: EPS: ₹35.73 (down from ₹38.03 in 1Q 2025). Revenue: ₹5.08b (up 7.1% from 1Q 2025). Net income: ₹830.2m (down 6.0% from 1Q 2025). Profit margin: 16% (down from 19% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 08
Garware Hi-Tech Films Limited, Annual General Meeting, Sep 24, 2025 Garware Hi-Tech Films Limited, Annual General Meeting, Sep 24, 2025, at 11:30 Indian Standard Time. Location: naigaon, post waluj, chhatrapati sambhajinagar, aurangabad, maharashtra., aurangabad India Duyuru • Aug 02
Garware Hi-Tech Films Limited to Report Q1, 2026 Results on Aug 08, 2025 Garware Hi-Tech Films Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 16
Full year 2025 earnings released: EPS: ₹143 (vs ₹87.51 in FY 2024) Full year 2025 results: EPS: ₹143 (up from ₹87.51 in FY 2024). Revenue: ₹21.1b (up 26% from FY 2024). Net income: ₹3.31b (up 63% from FY 2024). Profit margin: 16% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹3,526, the stock trades at a trailing P/E ratio of 26.3x. Average forward P/E is 29x in the Chemicals industry in India. Total returns to shareholders of 450% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹3,169, the stock trades at a trailing P/E ratio of 23.7x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 330% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹3,207, the stock trades at a trailing P/E ratio of 23.9x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 343% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹4,493, the stock trades at a trailing P/E ratio of 33.5x. Average forward P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 519% over the past three years. Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: ₹26.17 (vs ₹24.05 in 3Q 2024) Third quarter 2025 results: EPS: ₹26.17 (up from ₹24.05 in 3Q 2024). Revenue: ₹4.79b (up 5.6% from 3Q 2024). Net income: ₹608.1m (up 8.8% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Revenue is expected to decline by 71% p.a. on average during the next 3 years, while revenues in the Chemicals industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Duyuru • Jan 31
Garware Hi-Tech Films Limited to Report Q3, 2025 Results on Feb 07, 2025 Garware Hi-Tech Films Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹3,485, the stock trades at a trailing P/E ratio of 26.4x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 336% over the past three years. Duyuru • Jan 18
Garware Hi-Tech Films Limited Sets New Benchmark in India with 4 First-In-Class Initiatives Redefining the Indian Automotive Care Market Garware HiTech Films (GHFL) is introducing dynamic initiatives aimed at reshaping automotive protection in India. The Company is going to unveil two advanced products at Bharat Mobility Global Expo 2025, Delhi -- Coloured Paint Protection Film (PPF) and Head & Taillight Glass Protection Film--alongside strategic alliances that promise unmatched accessibility and ownership ease. Redefining Vehicle Elegance and Longevity with Advanced Products GHFL's Coloured Paint Protection Film offers a premium combination of vibrant style and enduring functionality. Designed to elevate vehicle aesthetics, it provides robust protection against scratches, stains, and UV damage without compromising visual appeal. The Head & Taillight Glass Protection Film is engineered with advanced materials to shield headlights and taillights from scratches, cracks, and environmental wear. With crystalclear transparency, it ensures optimal lighting performance and longlasting durability. Both products are now accessible at 170+ Garware Application Studios (GAS) across India, reinforcing GHFL's commitment to premium automotive care. AIPowered Finance Solutions: A Milestone in Accessibility In a move, GHFL has partnered with Bajaj Finance Ltd., a part of Bajaj Finserv Ltd., to launch India's first retail finance scheme for Paint Protection Films. This initiative, powered by Bajaj Finance's AIdriven digital platform, enables consumers to access premium protection through flexible LowCost EMI options. With 90% of Indian cars purchased on loan, this firstofitskind, industryleading partnership ensures that Paint Protection Films (PPF) are now more accessible and seamlessly integrated as an essential accessory for Indian car buyers. Through this collaboration, Indian consumers gain access to worldclass PPF solutions that are both affordable and budget friendly. As the market leader and India's sole PPF manufacturer, GHFL is committed to expanding the market while delivering unmatched purchase convenience and value for buyers. With Bajaj Finance's expansive network of 4,245 locations and 215,000 active distribution points, this collaboration ensures a seamless, secure, and hasslefree digital financing experience, available nationwide at all Garware Application Studios. The partnership makes premium Paint Protection Film offerings accessible to Indian consumers, ensuring highquality protection fits every budget. Collaborating for Complete Peace of Mind with Comprehensive Protection GHFL has formed a strategic alliance with Insurance Dekho, a leading online insurance platform, to integrate PPF coverage into vehicle insurance plans. This partnership will offer accidental coverage along with a suite of other optional coverages like Total/Constructive loss with theft, damage due to liquid etc. This partnership offers a stressfree ownership experience, ensuring vehicles remain protected against environmental damage, scratches, and UV exposure. GHFL's PPF, renowned for its durability and UV resistance, provides unmatched performance, keeping vehicles pristine and safeguarded for life. Together, these partnerships enhance product reliability while making premium solutions accessible to a wider audience. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹4,291, the stock trades at a trailing P/E ratio of 32.5x. Average forward P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 419% over the past three years. Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹44.88 (vs ₹19.76 in 2Q 2024) Second quarter 2025 results: EPS: ₹44.88 (up from ₹19.76 in 2Q 2024). Revenue: ₹6.34b (up 60% from 2Q 2024). Net income: ₹1.04b (up 127% from 2Q 2024). Profit margin: 16% (up from 12% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 121% p.a. on average during the next 2 years, while revenues in the Chemicals industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 09
Garware Hi-Tech Films Limited to Report Q2, 2025 Results on Nov 14, 2024 Garware Hi-Tech Films Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹4,090, the stock trades at a trailing P/E ratio of 38.3x. Average forward P/E is 31x in the Chemicals industry in India. Total returns to shareholders of 354% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹3,852, the stock trades at a trailing P/E ratio of 36.1x. Average forward P/E is 34x in the Chemicals industry in India. Total returns to shareholders of 324% over the past three years. Upcoming Dividend • Sep 10
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.6%). Board Change • Sep 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non Executive Director Manoj Sonawala was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 10
Dividend of ₹10.00 announced Dividend of ₹10.00 is the same as last year. Ex-date: 17th September 2024 Payment date: 24th October 2024 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 39% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Aug 09
Garware Hi-Tech Films Limited, Annual General Meeting, Sep 24, 2024 Garware Hi-Tech Films Limited, Annual General Meeting, Sep 24, 2024, at 11:30 Indian Standard Time. Location: naigaon, post waluj, chhatrapati sambhajinagar, aurangabad, maharashtra., aurangabad India Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹38.03 (vs ₹18.81 in 1Q 2024) First quarter 2025 results: EPS: ₹38.03 (up from ₹18.81 in 1Q 2024). Revenue: ₹4.86b (up 28% from 1Q 2024). Net income: ₹883.5m (up 102% from 1Q 2024). Profit margin: 18% (up from 12% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 111% p.a. on average during the next 2 years, while revenues in the Chemicals industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Jul 27
Garware Hi-Tech Films Limited to Report Q1, 2025 Results on Aug 08, 2024 Garware Hi-Tech Films Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹2,344, the stock trades at a trailing P/E ratio of 26.8x. Average forward P/E is 33x in the Chemicals industry in India. Total returns to shareholders of 153% over the past three years. New Risk • Jun 19
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 8.2% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹2,129, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 31x in the Chemicals industry in India. Total returns to shareholders of 144% over the past three years. Duyuru • May 30
Garware Hi-Tech Films Limited Recommends Dividend for the Financial Year 2023-24 Garware Hi-Tech Films Limited at its meeting held on May 29, 2024, Recommended the dividend of INR 10 (100%) per equity share of the face value of INR 10 for the financial year 2023-24, subject To Approve the members at the upcoming annual general meeting (AGM). The date of AGM and book closure for the purpose of payment of dividend will be announced in due course. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹87.50 (vs ₹71.51 in FY 2023) Full year 2024 results: EPS: ₹87.50 (up from ₹71.51 in FY 2023). Revenue: ₹17.2b (up 19% from FY 2023). Net income: ₹2.03b (up 22% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is expected to decline by 102% p.a. on average during the next 2 years, while revenues in the Chemicals industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 23
Garware Hi-Tech Films Limited to Report Q4, 2024 Results on May 29, 2024 Garware Hi-Tech Films Limited announced that they will report Q4, 2024 results on May 29, 2024 Duyuru • Apr 30
Garware Hi-Tech Films Limited Appoints A. Venkataraman as Senior President - Corporate Affairs and Finance Garware Hi-Tech Films Limited informed that based on the recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company vide circular resolution passed, has approved the appointment of Mr. A. Venkataraman as Senior President - Corporate Affairs and Finance of the Company with effect from May 02, 2024. Mr. A. Venkataraman is a qualified Chartered Accountant (CA) from the Institute of Chartered Accountants of India (ICAI) in 1987, Company Secretary (CS) from the Institute of Company Secretaries of India (ICSI) in 1991, Certified Information System Auditor (CISA) from the Information Systems Audit and ControlAssociation, USA in 2001 and MBA from the Open University Business School, London, United Kingdom in 2006. He has over 30 years of rich and valuable experience in the areas of Corporate Affairs, Business &Operational Excellence, Financial Planning & Analysis, New Policies & Procedures formulations, Budget & Cost Optimization, fund raising, Business Growth & Expansion, Strategic Finance, Accounts & Commercial Functions, Auditing, P&L, Internal Controls, Corporate Governance, Business Strategies, Risk Management and Stakeholders Relationship Management. Mr. A. Venkataraman was earlier associated with PMEA Group, Mumbai as a Group Chief Financial Officer (Group CFO). He has held leadership roles and worked with reputed organizations such as Grundfos India, Chennai, Murugappa Morgan Thermal Ceramics Ltd., and SouthernSwitchgear Limited. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: ₹24.05 (vs ₹13.09 in 3Q 2023) Third quarter 2024 results: EPS: ₹24.05 (up from ₹13.09 in 3Q 2023). Revenue: ₹4.54b (up 40% from 3Q 2023). Net income: ₹558.8m (up 84% from 3Q 2023). Profit margin: 12% (up from 9.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 73% p.a. on average during the next 3 years, while revenues in the Chemicals industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,905, the stock trades at a trailing P/E ratio of 27.1x. Average forward P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹1,644, the stock trades at a trailing P/E ratio of 23.4x. Average forward P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 275% over the past three years. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹19.76 (vs ₹20.72 in 2Q 2023) Second quarter 2024 results: EPS: ₹19.76 (down from ₹20.72 in 2Q 2023). Revenue: ₹4.06b (up 2.9% from 2Q 2023). Net income: ₹459.1m (down 4.6% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue is expected to decline by 118% p.a. on average during the next 2 years, while revenues in the Chemicals industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 31
Garware Hi-Tech Films Limited to Report Q2, 2024 Results on Nov 09, 2023 Garware Hi-Tech Films Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Duyuru • Oct 18
Garware Hi-Tech Films Limited Announces Cessation of Uday Vasantrao Joshi as Whole-Time Director Garware Hi-Tech Films Limited announced that Mr. Uday Vasantrao Joshi has completed his term as a Whole-Time Director and consequently ceased to be a Director of the Company with effect from close of business hours on October 17, 2023. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,463, the stock trades at a trailing P/E ratio of 20.6x. Average forward P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 476% over the past three years. Duyuru • Sep 29
Garware Hi-Tech Films Limited Approves Final Dividend for the Financial Year Ended March 31, 2023 Garware Hi-Tech Films Limited at its AGM, held on September 27, 2023, approved Declaration of final dividend of INR 10 per equity share for the financial year ended March 31, 2023. Upcoming Dividend • Sep 13
Upcoming dividend of ₹10.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.4%). In line with average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,043, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 300% over the past three years. Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: ₹18.81 (vs ₹19.17 in 1Q 2023) First quarter 2024 results: EPS: ₹18.81 (down from ₹19.17 in 1Q 2023). Revenue: ₹3.89b (up 5.1% from 1Q 2023). Net income: ₹436.9m (down 1.9% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 12
Garware Hi-Tech Films Limited, Annual General Meeting, Sep 27, 2023 Garware Hi-Tech Films Limited, Annual General Meeting, Sep 27, 2023, at 11:30 Indian Standard Time. Location: Naigaon , Post Waluj Aurangabad Maharashtra India Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Additional Whole Time Director Uday Joshi was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹775, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 351% over the past three years. Duyuru • May 27
Garware Hi-Tech Films Limited Recommends the Dividend for Financial Year 2022-23 Garware Hi-Tech Films Limited recommended the dividend of INR 10 (Rupees ten only) (100%) per equity share of the face value of INR 10 (Rupees ten only) for the financial year 2022-23, subject To Approve the members at the ensuing Annual General Meeting (AGM). The date of AGM and book closure for the purpose of payment of dividend will be announced in due course. Reported Earnings • May 27
Full year 2023 earnings released: EPS: ₹71.51 (vs ₹71.96 in FY 2022) Full year 2023 results: EPS: ₹71.51 (down from ₹71.96 in FY 2022). Revenue: ₹14.8b (up 14% from FY 2022). Net income: ₹1.66b (flat on FY 2022). Profit margin: 11% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 17
Garware Hi-Tech Films Limited to Report Q4, 2023 Results on May 26, 2023 Garware Hi-Tech Films Limited announced that they will report Q4, 2023 results on May 26, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹13.09 (vs ₹18.46 in 3Q 2022) Third quarter 2023 results: EPS: ₹13.09 (down from ₹18.46 in 3Q 2022). Revenue: ₹3.24b (down 2.9% from 3Q 2022). Net income: ₹304.0m (down 29% from 3Q 2022). Profit margin: 9.4% (down from 13% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 03
Garware Hi-Tech Films Limited to Report Q3, 2023 Results on Feb 10, 2023 Garware Hi-Tech Films Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹20.72 (vs ₹18.65 in 2Q 2022) Second quarter 2023 results: EPS: ₹20.72 (up from ₹18.65 in 2Q 2022). Revenue: ₹3.95b (up 16% from 2Q 2022). Net income: ₹481.3m (up 11% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 12
Garware Hi-Tech Films Limited Appoints Uday Vasantrao Joshi as Whole Time Director Garware Hi-Tech Films Limited appointed Mr. Uday Vasantrao Joshi (DIN: 09753984), as a Whole Time Director of the Company, who was appointed by the Board as an Additional Director of the Company. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹20.72 (vs ₹18.65 in 2Q 2022) Second quarter 2023 results: EPS: ₹20.72 (up from ₹18.65 in 2Q 2022). Revenue: ₹4.04b (up 19% from 2Q 2022). Net income: ₹481.3m (up 11% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 05
Garware Hi-Tech Films Limited to Report Q2, 2023 Results on Nov 11, 2022 Garware Hi-Tech Films Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Board Change • Oct 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Woman Director Devanshi Nanavati was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Oct 11
Garware Hi-Tech Films Limited Announces Resignation of Hemant N. Nikam as Whole-Time Director Garware Hi-Tech Films Limited announced that Mr. Hemant N. Nikam vide his letter dated October 10, 2022 has resigned as Whole-Time Director of the Company. Upcoming Dividend • Sep 12
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.7%). Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹19.17 (vs ₹15.42 in 1Q 2022) First quarter 2023 results: EPS: ₹19.17 (up from ₹15.42 in 1Q 2022). Revenue: ₹3.78b (up 24% from 1Q 2022). Net income: ₹445.4m (up 24% from 1Q 2022). Profit margin: 12% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 05
Garware Hi-Tech Films Limited, Annual General Meeting, Sep 27, 2022 Garware Hi-Tech Films Limited, Annual General Meeting, Sep 27, 2022, at 11:30 Indian Standard Time. Location: Registered Office of the Company at Naigaon, Post Waluj Aurangabad Maharashtra India Agenda: To consider dividend. Duyuru • Jul 28
Garware Hi-Tech Films Limited to Report Q1, 2023 Results on Aug 04, 2022 Garware Hi-Tech Films Limited announced that they will report Q1, 2023 results on Aug 04, 2022 Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 17% share price gain to ₹789, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 287% over the past three years. Reported Earnings • May 28
Full year 2022 earnings released: EPS: ₹71.96 (vs ₹54.21 in FY 2021) Full year 2022 results: EPS: ₹71.96 (up from ₹54.21 in FY 2021). Revenue: ₹13.4b (up 36% from FY 2021). Net income: ₹1.67b (up 33% from FY 2021). Profit margin: 13% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 27
Garware Hi-Tech Films Recommends Dividend for the Financial Year 2021-22 Garware Hi-Tech Films Limited announced that the Board of Directors of the Company at its meeting held May 26, 2022, Recommended the dividend of INR 10 (100%) per equity share of the face value of INR 10 for the financial year 2021-22, subject to approval of members at the upcoming Annual General Meeting (AGM). The date of AGM and book closure for the purpose of payment of dividend will be announced in due. Duyuru • May 18
Garware Hi-Tech Films Limited to Report Q4, 2022 Final Results on May 26, 2022 Garware Hi-Tech Films Limited announced that they will report Q4, 2022 final results on May 26, 2022 Buying Opportunity • May 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₹894, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. Buying Opportunity • Mar 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ₹900, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% per annum over the last 3 years. Earnings per share has grown by 29% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹614, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 257% over the past three years. Buying Opportunity • Feb 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ₹889, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% per annum over the last 3 years. Earnings per share has grown by 29% per annum over the last 3 years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹18.46 (up from ₹18.41 in 3Q 2021). Revenue: ₹3.34b (up 18% from 3Q 2021). Net income: ₹428.9m (flat on 3Q 2021). Profit margin: 13% (down from 15% 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 29% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 03
Garware Hi-Tech Films Limited to Report Q3, 2022 Results on Feb 10, 2022 Garware Hi-Tech Films Limited announced that they will report Q3, 2022 results on Feb 10, 2022 Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₹888, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 320% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹18.65 (vs ₹16.25 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: ₹3.40b (up 36% from 2Q 2021). Net income: ₹433.4m (up 15% from 2Q 2021). Profit margin: 13% (down from 15% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 13
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 20 September 2021. Payment date: 28 October 2021. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Board Change • Sep 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. 6 experienced directors. 6 highly experienced directors. Independent Non-Executive Director Vivekanand Kamath was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Jul 30
First quarter 2022 earnings released: EPS ₹15.42 (vs ₹5.86 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹3.12b (up 84% from 1Q 2021). Net income: ₹358.3m (up 163% from 1Q 2021). Profit margin: 12% (up from 8.0% in 1Q 2021). The increase in margin was driven by higher revenue. Executive Departure • Jul 01
Additional Independent Women Director Devanshi Nanavati has left the company On the 24th of June, Devanshi Nanavati's tenure as Additional Independent Women Director ended after less than a year in the role. We don't have any record of a personal shareholding under Devanshi's name. Devanshi is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 9.88 years. Reported Earnings • May 30
Full year 2021 earnings released: EPS ₹54.21 (vs ₹37.03 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹9.89b (up 6.9% from FY 2020). Net income: ₹1.26b (up 46% from FY 2020). Profit margin: 13% (up from 9.3% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 28
Garware Hi-Tech Films Limited Recommends Dividend for the Financial Year 2021 Garware Hi-Tech Films Limited recommends dividend INR 10.00 (Rupees ten only) (100%) per equity share of the face value of INR 10.00 (Rupees ten only) for the financial year 2020-21, subject To Approve the shareholders at the ensuing Annual General Meeting (AGM). The date of AGM and book closure for the purpose of payment of dividend will be announced in due course.