Garware Hi-Tech: record Q1 as consolidated PAT jumps 60% YoY to ₹133 Cr, margin hits 21%

Garware Hi-Tech Films posted its best-ever quarter on both counts: consolidated revenue of ₹633 Cr (+28% YoY, +6% QoQ) and PAT of ₹132.65 Cr (+60% YoY, +23% QoQ), with EBITDA of ₹192 Cr (+56% YoY) taking the EBITDA margin past 30% for the first time (30.3%, up 544 bps YoY and 404 bps QoQ) and PAT margin to 21.0% (up 418 bps YoY). Standalone PAT of ₹126.58 Cr trails the consolidated figure by about 5%, with the gap explained by profit from two overseas units — Garware Hi-Tech Films International and Global Hi-Tech Films Inc — which together earned ₹10.06 Cr on ₹267.47 Cr of revenue this quarter.

Management's own EBITDA bridge attributes the ₹69 Cr YoY EBITDA gain mostly to a ₹82 Cr operating-profit/volume-mix improvement and ₹6.3 Cr of other income, partly offset by ₹4.3 Cr higher employee cost and ₹17.8 Cr higher other expenses — consistent with the company's stated drivers of demand revival, improved realisations and a richer product mix across the architectural and automotive Sun Control Film and PPF lines. No exceptional or one-off items appear in either the current or year-ago quarter, so the 60% PAT growth is clean, organic expansion rather than a base-effect artefact.

The stock went into the print at ₹7,694.5, up 12.5% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

D2C/capacity expansion — 14 new Global Application Studios added (3 Middle East, 11 US); domestic GAS at 250+, GHS at 9 (target 50 by FY27-end); TPU line on track for Q3 FY27, ₹191 Cr SCF line for H1 FY28

Against management's own FY27 guidance from the Q4 FY26 call — a minimum ₹2,500 Cr revenue and 25%±2% EBITDA margin — Q1's ₹633 Cr revenue annualises to roughly ₹2,532 Cr, tracking the floor, while the 30.3% EBITDA margin already sits well above the top of the guided band, an early beat on profitability even before the topline guidance is proven out. Street previews (Univest) had modelled Q1 FY27 revenue of ₹517-595 Cr and PAT of ₹102-129 Cr; the actual ₹633 Cr/₹133 Cr print beat both ranges. This confirms the bullish, confident tone management struck on the prior call. The quarter also carried DGTR's recommendation of anti-dumping duty on Chinese TPU-based PPF imports, which the company frames as a tailwind for its domestic PPF business, alongside board-level changes — Monika Garware's re-appointment as Vice-Chairperson & Joint MD (June 24) and Prashant Pai's appointment as interim CFO (announced with these results); Joint MD Sarita Garware Ramsay's passing on July 10 falls after the quarter-end and is unrelated to the print.