Garware Hi-Tech Films Limited

NSE

GRWRHITECH

Stock

Yield per half year: +9.33%
Dividend yield: 0.5966%
Sector: Materials

Reporting Garware Hi-Tech Films Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹							16.91	22.03		20.18	19.47	14.14
Revenue, bln ₹	8.57	8.74	8.33	9.25	9.04	9.71	12.75	14.12	16.77	16.77	12.48	13.15
Net profit, bln ₹	0.165	0.1992	0.3312	0.8165	0.8602	1.26	1.67	1.66	2.03	2.03	1.50	18.74
EV, bln ₹				1.19	1.38	0.902	17.83	12.59	38.99	38.99	14.34	95.08
EBIT, bln ₹	0.3862	0.4372	0.7486	1.32	1.46	2.01	2.49	2.37	2.82	2.82	2.23	14.07
EBITDA, bln ₹	0.5559	0.5691	0.8849	1.46	1.66	2.25	2.77	2.69	3.21	3.21	2.52	14.10
OIBDA ₹					2.3	2.99	3.31	2.99	8.27	8.27	3.97	29.17
Book value, bln ₹	5.85	6.05	12.92	13.72	14.04	15.64	17.11	18.56	20.45	20.45	17.16	7.81
FCF, bln ₹	0.914	0.6096	1.24	1.15	0.453	1.35	0.4607	1.48	1.55	1.55	1.06	27.89
Operating Cash Flow, bln ₹	1.01	0.7752	1.34	1.41	0.9904	1.99	1.72	2.18	1.72	1.72	1.72	11.67
Operating profit, bln ₹	0.3862	0.3878	0.7486	1.32	1.46	2.01	2.21	1.95	7.09	7.09	2.94	37.17
Operating expenses, bln ₹	3.43	3.6	3.41	2.94	3.23	3.66	4.59	4.77	1.5	1.5	3.55	-14.22
CAPEX, bln ₹	0.0978	0.1656	0.1064	0.2683	0.5374	0.6381	1.26	0.7046	0.1683	0.1683	0.6617	-20.72

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Capitalization, bln ₹				16.26				33.33					24.80	43.17
Revenue, bln ₹			3.95	3.24	3.49	3.8	3.97	4.54	4.47	4.74	6.21	4.66	4.92	0.52
Net profit, bln ₹			0.4813	0.304	0.4307	0.4369	0.4591	0.5588	0.5781	0.8835	1.04	0.6081	0.7337	1.71
EV, bln ₹	17.83		16.32	18.24	12.59	24.06	29.8	36.76	38.99		76.75		41.27	26.11
EBIT, bln ₹			0.682	0.4452	0.608	0.6289	0.6431	0.7484	0.7629	1.2	1.4	0.8342	0.9891	2.19
EBITDA, bln ₹			0.7583	0.5247	0.7036	0.7273	0.7403	0.8459	0.86	1.3	1.5	0.9367	1.09	2.06
OIBDA ₹								0.9406	0.9758	1.5	1.73	1.04	1.24	2.03
Book value, bln ₹		17.11	17.91	17.91	18.56	18.56	19.26	19.26	20.45	20.45	22.29		20.34	2.97
FCF, bln ₹			0.1526	0.159	0.1912	0.1968	0.1944	0.195					0.1873	4.17
Operating Cash Flow, bln ₹			0.1526	0.159	0.1912	0.1968	0.1944	0.195					0.1873	4.17
Operating profit, bln ₹			0.682	0.3703	0.608	0.6289	0.6431	0.6535	0.694	1.08	1.27	0.7092	0.8813	1.65
Operating expenses, bln ₹			1.54	1.4	1.34	1.46	1.54	1.62	0.9262	0.9292	1.87	1.79	1.43	2.02

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	0.6021	0.859	0.416	0.337	0.2484	0.6253	0.9931	0.5999	1.08	1.08	0.7093	34.17
Short-Term Investments ₹	0.467	0.007	0.1791	0.9041	0.8771	1.58	2	3.16	2.75	2.75	2.07	25.68
Accounts Receivable ₹	0.77	0.9475	0.3916	0.7591	0.543	0.5398	0.3326	0.2995	0.3807	0.3807	0.4191	-6.86
Total Current Assets ₹	2.77	2.97	2.31	3	3.04	4.35	5.98	6.51	7.74	7.74	5.52	20.55
Net assets, bln ₹				3	12.97	13.38	14.35	14.76		14.76	11.69	37.53
Assets, bln ₹	10.2	10.47	15.7	16.46	16.79	18.68	21.33	22.14	23.24	23.24	20.44	6.72
Short-Term Debt ₹	2.54	2.87	0.1663	0.3928	0.3158	0.4092	0.7168	0.7244	0.0618	0.0618	0.4456	-27.84
Long-Term Debt ₹				1.1	1.16	0.9661	1.17	0.7536		0.7536	1.03	-7.29
Liabilities, bln ₹	4.34	4.42	2.78	2.74	2.75	3.05	4.22	3.59	2.79	2.79	3.28	0.29
Net debt, bln ₹	2.29	2.21	1.12	1.19	1.38	0.902	1.03	0.972	-0.8839	-0.8839	0.6800	-191.48
Debt, bln ₹				1.49	1.47	1.38	2.02	1.57	0.1992	0.1992	1.33	-32.95
Interest Income ₹				0.0158	0.0127	0.007	0.0049	0.0185			0.0118	3.21
Interest Expense, bln ₹	0.1279	0.0901	0.2503	0.1526	0.1518	0.1507	0.1338	0.1699	0.1178	0.1178	0.1448	-4.95
Net interest income, bln ₹				-0.1782	-0.1785	-0.1899	-0.1776	-0.1699		0.0185	-0.1788	-0.95
Amortization, bln ₹	0.1696	0.1318	0.1363	0.1385	0.2029	0.2397	0.2819	0.3241	0.3902	0.3902	0.2878	13.97
Cost of production, bln ₹	4.49	4.58	4.23	5	4.37	4.1	6.06	7.4	8.18	8.18	6.02	13.36
Inventory ₹	1.36	1.13	0.9498	0.8543	1.05	1.24	2.1	1.99	2.9	2.9	1.86	22.53

	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Cash, bln ₹						0.9931	-3.08	1.05	-3.2	0.5999	-3.87	0.9014	-3.56	1.08		1.27		-0.8357	-180.02
Short-Term Investments ₹						2	6.16	2.18	6.39	3.28	7.74	2.67	7.12	2.75		4.28		4.91	-11.17
Accounts Receivable ₹	0.5235	0.3257	0.5398	0.4824		0.4445		0.3505		0.3029		0.1586		0.3897		0.3344		0.3072	-0.94
Total Current Assets ₹							3.08	6.78	3.2	6.51	3.87	6.56	3.56	7.74	3.88	9.36		6.22	7.37
Net assets, bln ₹						5.98		14.79		14.76								11.84	35.14
Assets, bln ₹	16.79	17.85	18.68	20.31		21.33		22.55		22.14		22.12		23.24		25.15		23.04	2.21
Short-Term Debt ₹	0.3158	0.0604	0.4092	0.6151		0.7168		0.7342		0.7244		0.2726		0.0618		0.0487		0.3683	-41.88
Long-Term Debt ₹						1.17		1.04		0.7536		0.1776						0.7853	-37.58
Liabilities, bln ₹		3.06	3.05	3.96		4.22		4.64		3.59		2.86		2.79	-20.45	2.86		-1.6700	-4.44
Net debt, bln ₹						1.03	3.08	0.8413	3.2	0.972	3.87	-0.3645	3.56	-0.8839		-1.13		1.01	-178.18
Debt, bln ₹						1.89		1.77		1.48		0.5369		0.1992		0.138		0.8248	-39.97
Interest Expense, bln ₹								0.0405	0.0403	0.0465	0.0433	0.0365	0.0188	0.0192	0.0203	0.0216	0.0241	0.0208	5.09
Net interest income, bln ₹					-0.0463	-0.0409	-0.0426	-0.0405	-0.0403	-0.0465	-0.0433	-0.0365	-0.0188					-0.0371	-14.14
Amortization, bln ₹								0.0763	0.0795	0.0956	0.0984	0.0972	0.0975	0.0971	0.1042	0.102	0.1025	0.1007	1.01
Cost of production, bln ₹								1.82	1.47	1.71	1.8	1.88	3.05	2.85	2.73	3.07	2.17	2.77	-6.58
Inventory ₹	1.05	1.18	1.24	1.44		2.1		2.62		1.99		2.39		2.9		3.04		2.59	3.02

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS		35.14	37.03	54.21	71.96	71.51	87.5		87.5	64.44	18.77
Share price					658	1401.9	5007.95	4277.2	4277.2	2836.26	59.67
Number of shares, mln	23.22	23.25	23.24	23.23	23.23	23.23	23.23		23.23	23.23	-0.01
FCF/share	53.26	49.25	19.5	58.31	19.83	63.49	66.84		66.84	45.59	27.94

	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS							19.17	13.09	18.54	18.81	19.76	24.05	24.89	38.03	44.88	26.17			31.60	1.70
Share price					745.8	684.86	785.98	699.88	613.24	669.83	1068.27	1434.78					3975.3	4277.2	2285.08	44.89
Number of shares, mln	23.22	23.25	23.24	23.23				23.23				23.23							23.24	-0.02
FCF/share								6.84	8.23	8.47	8.37	8.39							8.06	4.17

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	2.82	3.3	2.56	5.95	6.13	8.06	10.21	9.32	10.42		10.42	12.82	8.83	11.19
ROA, %	1.62	1.9	2.11	4.96	5.12	6.74	8.36	7.64	8.96		8.96	7.86	7.36	11.84
ROIC, %				5.73	8.98	8.79	9.95	9.41			9.45	16.95	8.57	10.43
ROS, %		2.28	3.97	8.83	9.52	12.97	13.11	11.77	12.12	12.12	12.12	8.32	12.42	-1.35
ROCE, %		7.23	5.79	9.64	10.39	12.87	13.32	11.99	13.42	13.79	13.79	19.35	13.08	1.39
EBIT margin					17.03	21.6	19.55	16.78	16.82	16.82	16.82	13.18	18.31	-4.88
EBITDA margin		6.51	10.62	15.81	18.38	23.18	21.76	19.08	19.14	19.14	19.14	17.56	20.46	-3.76
Net margin	1.92	2.28	3.97	8.83	9.52	12.97	13.11	11.77	12.12		12.12	8.32	11.90	4.95
Operational efficiency, %		4.44	8.98	14.31	16.14	20.71	17.31	13.85	42.27	42.27	42.27	18.78	27.28	15.34
FCF yield, %							2.73	6.69					4.71	56.54

	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %						2.6	2.69	1.7	2.32	2.35	2.49	2.98	3.02	4.5	5.15				12.82	3.63	15.64
ROA, %	1.25	2.12	1.7	2.13	2.12		2.13		1.95		4.15		4.98		8.29				7.86	4.30	31.23
ROS, %									12.34	11.51	11.56	12.32	12.95	18.62	16.8	13.04	12.12	12.12	8.32	14.54	-8.23
ROCE, %			3	3.78	3.42		3.81		3.28		3.24		3.72		6.39		13.79	13.79	19.35	8.19	33.60
EBIT margin											16.19	16.5	17.08	25.2	22.6	17.89	16.82	16.82	13.18	19.87	-7.77
EBITDA margin									20.16	19.15	18.64	18.65	19.26	27.39	24.25	20.08	19.14	19.14	17.56	22.00	-6.92
Net margin							12.19	9.37	12.34	11.51	11.56	12.32	12.95	18.62	16.8	13.04			8.32	14.75	1.14
Operational efficiency, %									17.42	16.56	16.19	14.41	15.54	22.81	20.41	15.21	42.27	42.27	18.78	28.59	13.13
FCF yield, %								0.9779				0.585								0.7814	-22.66

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E						10.05	6.99	19.61		19.61	55.40	12.22	24.96
P/BV						0.9823	0.6258	1.95		1.95	7.10	1.19	25.68
P/S						1.32	0.8226	2.38		2.38	5.14	1.51	21.71
P/FCF						36.7	14.94	13	13	13	-14.76	19.41	-22.85
E/P						0.0989	0.0754	0.1007	0.1007	0.1007	-0.08	0.0939	0.45
EV/EBIT				0.8943	0.43	7.15	5.31	13.82	13.82	13.82	23.67	8.11	100.17
EV/EBITDA			0.8127	0.8283	0.4006	6.43	4.67	12.14		12.14	12.92	4.89	71.08
EV/S				0.1523	0.0929	1.4	0.8914	2.32	2.32	2.32	5.34	1.40	90.32
EV/FCF				3.04	0.6658	38.71	8.53	25.11	25.11	25.11	-31.47	19.63	106.68
Debt/EBITDA			1.02	0.8858	0.6109	0.7275	0.5836	0.062	0.062	0.062	1.60	0.4092	-36.72
Netdebt/Ebitda	3.89	1.27	0.8127	0.8283	0.4006	0.3696	0.3609	-0.2753	-0.2753	-0.2753	1.23	0.1161	-192.77
Debt/Ratio			0.0907	0.0876	0.0736	0.0946	0.071	0.0086	0.0086	0.0086	0.15	0.0513	-34.91
Debt/Equity			0.1089	0.1048	0.088	0.118	0.0847	0.0097	0.1364	0.1364	0.86	0.0874	9.16
Debt/Net Income			1.83	1.71	1.09	1.21	0.9461	0.098	0.098	0.098	3.28	0.6884	-38.23
PEG									2.54	2.54	58.12	2.54	0.00
Beta							4.16	-8.36	-2.12	-2.12	1.59	-2.1067	-179.88
Altman Index						10.44	11.46	-7.93	-7.89	-7.89	-1.81	1.52	-193.24

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E		9.53	53.49	7.15	12.21	18.5	17.61	19.61	20.09	25.43	37.38				55.40	24.02	16.25
P/BV	0.982	0.8643	0.9078	0.6258		1.57	1.73	1.95		3.49					7.10	1.87	41.02
P/S		1.11	5.01	0.8219	1.39	2.08	2.1	2.38	2.81	3.9	5.79				5.14	3.40	22.49
P/FCF			102.26				170.94						13	13	-14.76	74.80	-40.29
E/P			0.0187				0.0168						0.1007	0.1007	-0.08	0.0592	52.33
EV/EBIT						46.33	49.12	51.11		54.71			13.82	13.82	23.67	36.52	-22.40
EV/EBITDA	6.87	6.14	7.03	4.76	33.08	11.05	12.37	12.29		17.02					12.92	17.16	-12.45
EV/S					6.34	7.5	8.1	8.73		12.37			2.32	2.32	5.34	6.77	-22.12
EV/FCF					122.25	153.27	188.51						25.11	25.11	-31.47	102.85	-27.13
Debt/EBITDA	2.87	2.34		2.1		0.7252		0.2316		0.0917			0.062	0.062	1.60	0.2345	-38.85
Netdebt/Ebitda		1.11	6.09	1.38	5.32	-0.4924	4.21	-1.03		-0.7509			-0.2753	-0.2753	1.23	0.3757	-157.96
Debt/Ratio	0.0885	0.0786		0.0667		0.0243		0.0086		0.0055			0.0086	0.0086	0.15	0.0111	-18.76
Debt/Equity	0.1103	0.099		0.0796		0.0279		0.0097		0.0062			0.1364	0.1364	0.86	0.0633	37.35
Debt/Net Income	4.18	3.68		3.43		1.17		0.3445		0.1324			0.098	0.098	3.28	0.3686	-39.10
PEG													2.54	2.54	58.12	2.54	0.00
Beta												1.72	-0.189	-2.12	1.59	-0.1963	-207.22
Altman Index												-7.89	-7.89	-7.89	-1.81	-7.8900	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	3.3E-5	2.5E-5	0.000513	0.028	0.056	0.5329	0.2353	0.2323	0.2323			0.2323		0.2578	32.91
Dividend								10	10	10		10		10.00	0.00
Dividend yield, %								1.5	1.36	0.5966		0.5966	1.14	1.15	-26.46
Dividends / profit, %		0.0152	0.2575	8.44	6.86	61.95	18.68	13.9	13.98	11.43		11.43	29.37	23.99	-28.68
Dividend coverage ratio											8.75	8.75	-27.33	8.75	0.00

	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	1	1				1.0000	0.00
Dividend yield, %	1.27	0.9361			1.14	1.10	-14.15
Dividend coverage ratio			8.75	8.75	-27.33	8.75	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Revenue, %	5.95	6.57	9.9	4.99	1	1	-30.00
Staff, people				852	852		0.00

	CAGR 5

	CAGR 5