Garware Hi-Tech Films Ltd Q2FY26 Results: ₹570 Cr Revenue, ₹91 Cr Profit, ₹697 Cr Cash – From Polyester Dreams to Protection Films Reality Show

1. At a Glance

If Lord Krishna had spoken about modern karma yoga for Indian midcaps, he might’ve quoted Garware Hi-Tech Films (GHFL) — “Do your work so well that the world becomes transparent.” That’s fitting because this company literally makes transparency profitable. Garware Hi-Tech Films, the world’s No.1 vertically integrated “Chip to Film” manufacturer, just dropped its Q2FY26 results and oh boy — it’s shinier than a freshly tinted Rolls Royce.

With amarket cap of ₹9,685 crore, the company’scurrent share price of ₹4,169has seen a solid~40% rise in the last 3 months, proving that sometimes even a plastic film can outperform your mutual fund.

Revenue for Q2FY26came in at₹570 crore, up from ₹495 crore last quarter (QoQ +15%) and ₹621 crore last year (YoY -8.2%), whilePAT stood at ₹91.2 crore, down slightly YoY (-12.5%) but comfortably profitable. TheEBITDA marginsits at a healthy~21%, and the company continues to enjoy aROCE of 20.6%andROE of 15%— numbers most film stars would kill for in their IMDB ratings.

With adebt of barely ₹18 croreandcash reserves of ₹697 crore, Garware Hi-Tech runs a tighter ship than most family WhatsApp groups. The dividend yield may be just0.29%, but who cares when your stock price doubles faster than your gym motivation fades?

2. Introduction

What happens when an Indian company quietly turns itself into a global monopoly in polyester films while everyone’s busy shorting smallcaps? You getGarware Hi-Tech Films Ltd, a company that took its name literally — high-tech and high on returns.

Garware began as a polyester manufacturer in Maharashtra, and today it exports its films toover 90 countries— from Japan to Uzbekistan, and probably even to Mars next (SpaceX, are you listening?). With backward integration fromchips to films, they’ve built an empire out of shiny sheets that keep your car cool and your ego hot.

TheirSolar Control Window Films,Paint Protection Films (PPF), andArchitectural Filmsdominate the market. If your car windows don’t heat your thighs in traffic, thank Garware. If your office glass doesn’t roast your brain during power cuts, also thank Garware.

They’ve mastered the rare art of converting polyester pellets into margins of 20%+. Fromplastic packaging to protective glory, Garware’s journey is the industrial version of a Bollywood underdog story — except the hero here is heat-resistant.

The company is now chasing arevenue target of ₹2,500 crore by FY26, backed by new PPF capacity, better R&D, and a product lineup that can make even Elon Musk tweet, “This film slaps.”

3. Business Model – WTF Do They Even Do?

Garware Hi-Tech Films doesn’t make movies — it makes everything that protects the screens and cars you use to watch them.

Think of them as theApple of Polyester Films, except they don’t overcharge; they overperform.

Here’s the breakdown of their money-making saga:

• Consumer Product Division (71% of revenue in Q2FY25 vs 45% in FY22):This is where the magic happens — solar control films for cars and buildings, paint protection films, safety and decorative films. Sold under the brandsSunControlandGlobal Window Films, these are the high-margin divas of the business. You can literally find Garware films on Teslas in the US and auto-rickshaws in Aurangabad — talk about total market coverage.
• Industrial Product Division (29% of revenue):These are the workhorses — shrink films, insulation materials, lidding films, packaging, and thermal lamination films. The kind of stuff no one notices but everyone uses. Like a background actor holding the movie together.

The company has pulled off aBollywood-style transformation— moving from commodity polyester to value-added marvels. Theshare of value-added productshas jumped from76% in FY22 to 88% in H1FY25,