Garware Technical Fibres Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Synthetic Cordage: 76.5% • Fibre and Industrial Products and Project: 23.5%
AI Sector View
AI GENERATEDTextiles
This sector relies on indirect export proxies rather than direct textile production data. Exports of goods rose 15.0% YoY (2026-06), the currency is weak at 95.23 (Sep/26), and export prices are 163.50, all of which can help exporters, though terms of trade at 102.30 are below the prior 114 in the snapshot context. FPI flows are modestly positive at INR 256 crore over 3 months to 2026-08-31, so the stance is mildly constructive but confidence is capped due to proxy reliance.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.4%
- Company has been maintaining a healthy dividend payout of 42.3%
- Company comfortably covers its interest (26.9x coverage)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 11.9% versus prior year
- Working capital days have increased from 79 to 167 days
- Company has delivered a poor profit growth of 6.4% over past five years
- Company has delivered a poor sales growth of 6.9% over past five years
- Expensive relative to growth - PEG of 3.9
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PAGEIND | 35260.05 | 52.03 | 39328.62 | 1.56 | 192.81 | -3.98 | 1420.45 | 7.89 | 73.60 | 20.35 |
| KPRMILL | 1140.10 | 42.71 | 38970.21 | 0.44 | 258.54 | 21.55 | 1935.52 | 14.77 | 20.16 | 19.37 |
| WELSPUNLIV | 210.60 | 71.67 | 19896.49 | 0.05 | 162.61 | 82.09 | 2795.45 | 23.66 | 6.41 | 11.53 |
| VTL | 583.00 | 19.91 | 16882.33 | 0.86 | 314.56 | 51.46 | 2703.08 | 13.31 | 8.91 | 18.11 |
| ARVIND | 571.85 | 37.56 | 15556.64 | 0.79 | 57.77 | 5.61 | 2500.96 | 24.65 | 15.30 | 9.64 |
| MANYAVAR | 581.80 | 35.09 | 14136.47 | 1.33 | 66.90 | 37.31 | 267.95 | 22.74 | 29.45 | 45.53 |
| PGIL | 2279.00 | 33.92 | 10526.82 | 0.64 | 99.23 | 51.37 | 1528.26 | 24.46 | 22.42 | 10.72 |
| ICIL | 445.05 | 58.42 | 8814.41 | 0.34 | 63.22 | 67.28 | 1206.96 | 25.89 | 8.73 | 11.88 |
| SWANCORP | 277.65 | 38.93 | 8703.13 | 0.05 | -35.99 | -233.33 | 1013.75 | -16.44 | 4.50 | -0.38 |
| GARFIBRES | 815.65 | 37.92 | 7964.69 | 1.10 | 64.60 | 21.56 | 482.37 | 31.35 | 20.98 | 18.70 |
| KUSUMGAR | 564.55 | 60.36 | 5927.29 | 0.00 | 426.47 | — | 2472.47 | — | 26.15 | 30.50 |
| GOKEX | 784.15 | 55.81 | 5746.07 | 0.00 | 44.30 | 6.81 | 1153.51 | 20.69 | 9.10 | 9.75 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 320 | 321 | 268 | 371 | 356 | 405 | 353 | 375 | 348 | 360 | 340 | 371 | 4,013 | |
| 261 | 258 | 223 | 280 | 282 | 316 | 295 | 300 | 279 | 298 | 272 | 280 | 3,442 | |
| Operating Profit | 59 | 63 | 45 | 91 | 74 | 89 | 58 | 75 | 69 | 62 | 68 | 91 | 571 |
| OPM % | 18.33% | 19.55% | 16.82% | 24.53% | 20.80% | 21.96% | 16.42% | 20.00% | 19.91% | 17.25% | 20.05% | 24.59% | 14.23% |
| 9 | 10 | 11 | 12 | 10 | 9 | 9 | 9 | 12 | 9 | 17 | -7 | 85 | |
| Interest | 4 | 4 | 3 | 5 | 6 | 6 | 4 | 3 | 3 | 3 | 3 | 2 | 22 |
| Depreciation | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 82 |
| Profit before Tax | 58 | 62 | 47 | 91 | 72 | 85 | 55 | 73 | 72 | 60 | 74 | 74 | 656 |
| Tax % | 22.82% | 23.70% | 23.24% | 23.56% | 21.24% | 25.02% | 23.26% | 30.15% | 23.12% | 21.46% | 26.64% | 26.27% | 25.29% |
| Net Profit | 44 | 48 | 36 | 70 | 56 | 64 | 42 | 51 | 55 | 47 | 54 | 55 | 490 |
| 21.81 | 23.33 | 17.56 | 6.99 | 5.68 | 6.45 | 4.27 | 5.17 | 5.56 | 4.77 | 5.44 | 5.52 | 4.97 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 846 | 885 | 1,018 | 945 | 1,017 | 1,176 | 1,254 | 1,280 | 1,489 | 1,419 | 1,472 | |
| 711 | 739 | 835 | 784 | 830 | 978 | 1,054 | 1,030 | 1,206 | 1,147 | 1,194 | |
| Operating Profit | 135 | 145 | 183 | 161 | 188 | 199 | 200 | 250 | 282 | 272 | 279 |
| OPM % | 15.92% | 16.42% | 17.96% | 17.03% | 18.44% | 16.88% | 15.91% | 19.54% | 18.96% | 19.15% | 18.93% |
| 9 | 33 | 30 | 86 | 46 | 43 | 41 | 50 | 50 | 50 | 27 | |
| Interest | 7 | 10 | 14 | 11 | 10 | 10 | 12 | 17 | 19 | 11 | 10 |
| Depreciation | 14 | 15 | 17 | 19 | 21 | 21 | 22 | 26 | 28 | 31 | 32 |
| Profit before Tax | 123 | 153 | 182 | 216 | 203 | 210 | 207 | 258 | 286 | 280 | 274 |
| Tax % | 31.55% | 31.30% | 30.98% | 17.67% | 23.71% | 23.46% | 23.05% | 22.79% | 25.05% | 24.52% | 25.08% |
| Net Profit | 84 | 105 | 126 | 178 | 155 | 161 | 159 | 199 | 214 | 211 | 205 |
| EPS | 38.52 | 48.04 | 57.40 | 81.35 | 72.87 | 77.96 | 77.38 | 97.62 | 21.57 | 21.28 | — |
| Dividend Payout % | 12.98% | 9.37% | 8.71% | 20.90% | 3.33% | 8.98% | 4.48% | 3.07% | 6.96% | 42.29% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 7%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 6%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- 23%
- 5 Years:
- 3%
- 3 Years:
- 7%
- 1 Year:
- 2%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 17%
- 3 Years:
- 17%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 | 21 | 21 | 20 | 20 | 99 | 99 |
| 424 | 514 | 628 | 751 | 821 | 976 | 1,006 | 1,211 | 1,121 | 1,228 | |
| 90 | 138 | 109 | 102 | 98 | 86 | 140 | 128 | 73 | 34 | |
| Trade Payables | 198 | 204 | 195 | 200 | 242 | 207 | 187 | 222 | 252 | 246 |
| 107 | 105 | 124 | 129 | 141 | 141 | 139 | 175 | 173 | 171 | |
| Total Liabilities | 841 | 984 | 1,077 | 1,204 | 1,323 | 1,430 | 1,492 | 1,757 | 1,718 | 1,779 |
| 203 | 221 | 227 | 244 | 247 | 240 | 245 | 261 | 276 | 302 | |
| 111 | 245 | 331 | 423 | 514 | 568 | 666 | 738 | 751 | 657 | |
| 141 | 164 | 168 | 187 | 177 | 193 | 188 | 235 | 244 | 305 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 254 | 300 | 325 | |
| Cash & Bank | 114 | 22 | 11 | 27 | 55 | 39 | 39 | 146 | 8 | 37 |
| 272 | 332 | 340 | 323 | 330 | 390 | 355 | 122 | 138 | 153 | |
| Total Assets | 841 | 984 | 1,077 | 1,204 | 1,323 | 1,430 | 1,492 | 1,757 | 1,718 | 1,779 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 155 | 69 | 184 | 197 | 250 | 109 | 239 | 198 | 181 | 118 | |
| Cash from Investing | -147 | -53 | -78 | -58 | -121 | 7 | -103 | -54 | 12 | 61 |
| Cash from Financing | 27 | 29 | -56 | -69 | -107 | -33 | -85 | -38 | -331 | -148 |
| 1 | 4 | -1 | 18 | -22 | 34 | -2 | 107 | -138 | 31 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Garware Technical Fibres Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 08, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-08 - Garware Technical Fibres Limited has informed the Exchange regarding Re-appointment of Mr. Vayu Ramesh Garware (DIN 00092201), as Managing Director to be designated as "Chairman and Managing Director" of the Company, for a period of five years, effective from 1st December 2026.
2026-09-08 - Garware Technical Fibres Limited has informed the Exchange regarding Re-appointment of Dr. Shridhar Shrikrishna Rajpathak (DIN 00040387), as a Non-Executive Independent Director of the Company for a second term of five (05) consecutive years effective from 12th November, 2026 upto 11th November, 2031 and who shall not be liable to retire by rotation.
2026-09-08 - Garware Technical Fibres Limited has informed the Exchange about Certified true copy of the proceedings of AGM pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-09-08 - Garware Technical Fibres Limited has informed the Exchange regarding Proceedings of 49th Annual General Meeting of the Company held on September 08, 2026
2026-08-18 - Garware Technical Fibres Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-17 - Garware Technical Fibres Limited has informed the Exchange that Record date for the purpose of Dividend is 01-Sep-2026.
2026-08-17 - Garware Technical Fibres Limited has informed the Exchange about the copy of the letter that is being dispatched to all those Members who have not registered their email IDs in accordance with the Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, containing the web-link for accessing the Notice of the Annual General Meeting along with the Annual Report of the Company for the financial year 2025-26.
2026-08-17 - Garware Technical Fibres Limited has informed the Exchange about Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Business Responsibility and Sustainability Report ("BRSR") for the financial year 2025-26 which forms an integral part of the Annual Report of the Company for the financial year 2025-26.
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