Garware Hi-Tech Films Q2 FY27 Revenue Hits Record ₹696 Cr, EBITDA Up 42%
Garware Hi-Tech Films' Q2 FY27 revenue reached a record ₹696 crore, up 22% YoY. EBITDA rose 42% YoY to ₹189 crore with margins at 27.2%. PAT increased 42% YoY to ₹129 crore. The company raised its FY27 EBITDA guidance by 200 bps to 27% ±2% and reaffirmed its ₹2,500+ Cr revenue target.
The record revenue, significant profit growth, margin expansion, and increased future guidance are material financial events that are likely to have a substantial positive impact on investor sentiment and the company's stock price.
The company reported record revenue, significant year-on-year growth in EBITDA and PAT, expanded margins, and raised future guidance, indicating strong financial performance and positive business outlook.
Garware Hi-Tech Films Limited (GHFL) announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The company achieved a record revenue of ₹696 crore in Q2 FY27, marking a 22% year-on-year and 10% quarter-on-quarter growth. This performance was driven by robust demand and improved realizations across its product segments, even amidst a slowdown in the Middle East.
EBITDA for the quarter surged by 42% year-on-year to ₹189 crore, with the EBITDA margin expanding by 377 basis points to 27.2% from 23.4% in Q2 FY26. This improvement is attributed to operating leverage and a favorable product mix, which compensated for increased raw material and logistics costs. Profit After Tax (PAT) saw a 42% year-on-year increase to ₹129 crore, with the PAT margin improving to 18.6% from 16.0% in the prior year's comparable quarter.
The company is also advancing its strategic initiatives, with the TPU line commissioning on track for Q3 FY27 and the ₹191 crore SCF line expected to commence commercial production in H1 FY28. GHFL has entered into a strategic collaboration with Lubrizol to develop advanced TPU-based film solutions and has launched a facility for switchable privacy film (PDLC). The company also introduced new car-care products and Ultra Series WF kits, alongside launching an e-Warranty portal and Pine Labs No Cost EMI facility.
GHFL expanded its global presence by opening two new Global Application Studios in the USA during Q2 FY27, bringing its total global network to 14. Domestically, the company scaled to 14 Garware Home Solutions (GHS) studios and plans to add 12 more in Q3 FY27, targeting 50 studios by December 2027. Participation in international exhibitions and expansion of the distributor and channel partner networks are also key highlights.
Commenting on the results, Dr. S.B. Garware, Chairman and Managing Director, stated, "We have delivered an exceptional performance despite significant headwinds, and we remain focused on sustainable growth and creating long-term value." Ms. Monika Garware, Vice Chairperson and Joint Managing Director, added, "We have delivered a strong performance in Q2 and H1 FY27, achieving record quarterly revenue alongside significant growth in profitability. Our H1 EBITDA margin of 28.7%, well above our guidance range of 23%-27%, reflects the strength of our business model, a favourable product mix, continued operational efficiencies and an enhanced focus on niche products."
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