Garware Hi-Tech Films Q2 FY27 PAT Rises 42% to ₹129 Crore; Margin Guidance Raised

Key Takeaways:

• Garware Hi-Tech Films reported Q2 FY27 revenue of ₹696 crore, up 22% from ₹570 crore in the corresponding quarter last year. 
• Quarterly EBITDA rose 42% to ₹189 crore, while PAT increased 42% to ₹129 crore and the PAT margin expanded to 18.6%. 
• The company raised its FY27 EBITDA margin guidance to 27% plus or minus 2 percentage points and reiterated a revenue target of more than ₹2,500 crore. 

Garware Hi-Tech Films Q2 FY27 Revenue Rises 22% 

Garware Hi-Tech Films Limited reported consolidated revenue of ₹696 crore for Q2 FY27, up 22% from ₹570 crore in the corresponding quarter of FY26. 

Profitability grew faster than revenue. 

EBITDA increased to ₹189 crore from ₹133 crore, a year-on-year rise of 42%. The EBITDA margin expanded to 27.2% from 23.4%. 

Profit before tax climbed 44% to ₹173 crore, compared with ₹120 crore a year earlier. 

Profit after tax rose 42% to ₹129 crore from ₹91 crore, while the PAT margin improved to 18.6% from 16%. 

H1 FY27 PAT Reaches ₹262 Crore 

For the six months ended September 2026, Garware reported revenue of ₹1,329 crore, 25% higher than ₹1,065 crore in H1 FY26, a performance that could influence the Garware hi-tech films share price.

EBITDA increased 49% to ₹381 crore from ₹256 crore. Its H1 EBITDA margin reached 28.7%, compared with 24.1% in the same period last year. 

Profit before tax rose 51% to ₹350 crore. PAT increased 50% to ₹262 crore, while the net profit margin expanded to 19.7% from 16.4%. 

For comparison, Garware reported consolidated revenue from operations of about ₹2,185 crore and PAT of ₹338 crore for FY26 in its audited results. 

Garware Raises FY27 EBITDA Margin Guidance 

Alongside the H1 numbers, the specialty films manufacturer raised its FY27 EBITDA margin guidance to 27% plus or minus 2 percentage points. 

That translates into a guidance range of approximately 25% to 29%. Management had referred to an earlier range of 23% to 27%, and the H1 FY27 margin of 28.7% was above that previous range. 

The company also reaffirmed its FY27 revenue target of more than ₹2,500 crore and continues to target organic sales growth of above 20%. 

H1 revenue of ₹1,329 crore already represents more than half of the ₹2,500 crore reference level, although the company's target is stated as ₹2,500 crore-plus rather than a fixed number. 

TPU Investment Remains a Key Expansion Project 

Garware is also progressing with its thermoplastic polyurethane, or TPU, expansion. 

The company has outlined an investment of approximately ₹118 crore in its TPU extrusion platform. The project is intended to increase backward integration for premium paint protection film and support new specialty-film applications. 

Management expects the TPU line to become operational in Q3 FY27. It estimates that the project could eventually add around 150 to 200 basis points to consolidated EBITDA margin, although that remains a forward-looking company estimate rather than an achieved result. 

Garware is also expanding its direct-to-consumer network. At H1 FY27, the company reported 14 Garware Home Solutions studios and more than 250 Garware Application Studios in India, alongside 14 studios across the US and Middle East. Its FY27 plans envisage 50 Home Solutions studios and more than 300 application studios across India and overseas markets.