Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹696 crore (up 22% YoY from ₹570 crore)
  • EBITDA: ₹189 crore (up 42% YoY from ₹133 crore)
  • EBITDA Margin: 27.2% (expanded 377 bps from 23.4%)
  • PBT: ₹173 crore (up 44% YoY from ₹120 crore)
  • PBT Margin: 24.9% (expanded 375 bps from 21.1%)
  • PAT: ₹129 crore (up 42% YoY from ₹91 crore)
  • PAT Margin: 18.6% (expanded 260 bps from 16.0%)
  • EPS: ₹55.7 (up 42% YoY from ₹39.3)

Quarterly Performance (Q2 FY27 vs Q1 FY27):

  • Revenue from operations: ₹696 crore (up 10% QoQ from ₹633 crore)
  • EBITDA: ₹189 crore (down 1% QoQ from ₹192 crore)
  • EBITDA Margin: 27.2% (contracted 311 bps from 30.3%)
  • PBT: ₹173 crore (down 2% QoQ from ₹176 crore)
  • PAT: ₹129 crore (down 2% QoQ from ₹133 crore)
  • EPS: ₹55.7 (down 2% QoQ from ₹57.1)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹1,329 crore (up 25% YoY from ₹1,065 crore)
  • EBITDA: ₹381 crore (up 49% YoY from ₹256 crore)
  • EBITDA Margin: 28.7% (expanded 459 bps from 24.1%)
  • PBT: ₹350 crore (up 51% YoY from ₹231 crore)
  • PBT Margin: 26.3% (expanded 464 bps from 21.7%)
  • Cash Profit: ₹293 crore (up 46% YoY from ₹201 crore)
  • PAT: ₹262 crore (up 50% YoY from ₹174 crore)
  • PAT Margin: 19.7% (expanded 336 bps from 16.4%)
  • EPS: ₹112.8 (up 50% YoY from ₹75.0)

Balance Sheet and Liquidity Position

  • Cash and cash equivalents stood at ₹933 crore as of September 30, 2026
  • Working capital days: 29 days as of September 30, 2026 (broadly stable against 28 days in FY26)

Strategic and Operational Highlights

Capacity Expansion:

  • TPU line commissioning remains on track for Q3 FY27
  • ₹191 crore SCF line with advanced robotics and automation expected to commence commercial production in H1 FY28
  • New SCF line will add approximately 1,200 LSF of fungible capacity

Strategic Partnerships:

  • Signed MoU with Lubrizol to develop advanced TPU-based film solutions in India
  • Partnership combines Lubrizol's technology expertise with GHFL's manufacturing capabilities
  • Strengthens premium Paint Protection Film (PPF) growth opportunity

Product Innovation:

  • Launched state-of-the-art facility for switchable privacy film (PDLC) enabling instant switching between transparent and opaque states
  • Introduced car-care products and Ultra Series WF kits with 1-year warranty
  • Launched e-Warranty portal and Pine Labs No Cost EMI facility

Global Expansion:

  • Opened two new Global Application Studios (GAS) in USA during Q2 FY27
  • Total global network now at 14 studios (11 in USA, 3 in Middle East)
  • Added 4 new global distributors

Domestic Expansion:

  • Scaled to 14 Garware Home Solutions (GHS) studios (up from 9 in Q1 FY27)
  • Plans to add 12 studios in Q3 with launches in Delhi NCR and Mumbai
  • Targeting 50 studios by December 2027

Industry Engagement:

  • Participated in Automechanika Frankfurt, Tinter Battle, WFCT (USA), LOUPE Chicago, ESP Expo Mumbai, Media Expo Delhi
  • Conducted Technology Day at Reliance Corporate Park and Architect Meet Jammu
  • Added 3 new channel partners
  • Secured new business opportunities with leading malls and hospitality chains

Digital Performance:

  • Instagram community grew 25% YoY
  • Facebook grew 10% YoY
  • Global LinkedIn followers increased 400%
  • Website traffic reached 1.1 lakh visitors per month
  • Annualized rate of digital footprints touched 18 crores

Management Commentary

Dr S. B. Garware, Chairman and Managing Director:

"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:

"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. During the quarter, we continued to strengthen our customer engagement, expand our distribution network and advance strategic initiatives across automotive, architectural and specialty films. With the TPU line expected to become operational in Q3 FY27 and further capacity additions underway, we are building the capabilities to address emerging market opportunities and support our next phase of growth."

Guidance Update

  • Raises FY27 EBITDA guidance by 200 bps to 27% ±2%
  • Reaffirms FY27 revenue target of ₹2,500+ crore

Performance Drivers

  • Robust demand and improved realizations across product segments
  • Operating leverage and favourable product mix
  • Despite slowdown in Middle East amid ongoing conflict
  • Despite higher raw material and logistics costs

About the Company

GHFL is one of the largest manufacturers of Sun Control window films for architectural & automotive applications, paint protection films and high-end BOPET films for label and industrial applications. The Company has presence in 90+ countries and leverages state-of-the-art nano-dispersion and cutting-edge technologies.