GHGarware Hi-Tech Films500655Quarterly results

Record Q2 FY27 revenue of Rs. 696 crore, EBITDA margin 27.2%; FY27 margin guidance raised 200 bps to 27% ±2%

Q2 FY27: Revenue Rs. 696 crore (up 22% YoY), EBITDA Rs. 189 crore (up 42%), PAT Rs. 129 crore (up 42%).

By ScoutQuest · Thu 22 Oct 2026, 12:20 PM IST · 3 min read

Q2 FY27 Revenue

Rs. 696 crore (up 22% YoY)

Q2 FY27 EBITDA Margin

EBITDA margin 27.2%

FY27 Margin Guidance

raised 200 bps to 27% ±2%

Results at a glance

The company has reported its unaudited consolidated financial results for the quarter and half year ended September 30, 2026, with a media release summarising the numbers and business updates.

• Revenue from operations: Rs. 696 crore in Q2 FY27, up 22% year-on-year and 10% quarter-on-quarter
• EBITDA: Rs. 189 crore, up 42% year-on-year
• EBITDA margin: 27.2%, against 23.4% a year earlier, a rise of 377 bps
• Profit before tax: Rs. 173 crore, up 44% year-on-year
• Profit after tax: Rs. 129 crore, up 42% year-on-year
• Earnings per share: Rs. 55.7, against Rs. 39.3 a year earlier

First half and balance sheet

• H1 FY27 revenue: Rs. 1,329 crore, up 25% year-on-year
• H1 FY27 EBITDA: Rs. 381 crore, with margin at 28.7%
• H1 FY27 profit after tax: Rs. 174 crore, up 50%
• Cash and cash equivalents: Rs. 933 crore as of September 30, 2026
• Working capital days: 29 days, against 28 days in FY26

On a sequential basis, revenue rose 10% from Q1 FY27, while EBITDA and profit after tax came in about 1% and 2% lower respectively.

Guidance and capacity

The release states that FY27 EBITDA margin guidance has been raised by 200 bps to 27% ±2%, while the INR 2,500+ crore revenue target is reaffirmed. The company says TPU line commissioning remains on track for Q3 FY27, and its INR 191 crore SCF line, equipped with robotics and automation, is expected to begin commercial production in H1 FY28, adding about 1,200 LSF of fungible capacity.

Partnerships and market expansion

• Signed an MoU with Lubrizol to develop advanced TPU-based film solutions in India
• Launched a facility for switchable privacy film, marking an entry into smart architecture
• Introduced car-care products and Ultra Series WF kits with a one-year warranty; launched an e-Warranty portal and a No Cost EMI facility
• Global Application Studios: two added in the USA during Q2 FY27, taking the network to 14 studios, of which 11 are in the USA and 3 in the Middle East
• Garware Home Solutions studios scaled to 14 from 9 in Q1 FY27; plans to add 12 in Q3 and reach 50 studios by December 2027
• Added 4 new global distributors and 3 new channel partners; digital reach cited at 1.1 lakh website visitors per month

What management said

The Chairman and Managing Director, Dr S. B. Garware, said the company delivered an exceptional performance despite significant headwinds and remains focused on sustainable growth and long-term value. The Vice Chairperson and Joint Managing Director, Ms. Monika Garware, said the H1 EBITDA margin of 28.7% was well above the guidance range of 23%-27% and attributed it to product mix, operating efficiencies and focus on niche products.

How to read this

This is a press release that travels with the unaudited results. It sets out quarterly and half-yearly revenue, profit and margin figures alongside cash position, capacity timelines, product launches and distribution additions, which together help a reader judge both the reported performance and the growth plans the company has outlined.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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