Garware Hi-Tech Films is a specialty films maker — sun control films, paint protection films and industrial films — with about 75-77% of revenue coming from exports. After a record Q1 FY27 with EBITDA margin crossing 30% for the first time, the Q2 print will speak to whether that margin holds against rising raw-material costs and how the anticipated US tariff refund flows through the P&L.
| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 633 Cr |
| Previous quarter PAT | Rs. 133 Cr |
| Previous quarter EBITDA margin | 30.3% |
| Market cap | Rs. 16,192.98 Cr |
| CMP | Rs. 6,970.0 |
Garware Hi-Tech Films reports Q2 FY 2026-2027 (July 1 - September 30, 2026) results on October 22, 2026. The company also has a 1:1 investor meet with Mahindra Manulife MF scheduled the same day at 4:00 PM in Mumbai.
A final dividend of Rs. 12 per share (120% on Rs. 10 face value), totalling Rs. 27.88 Cr, was approved at the 69th AGM held on September 23, 2026, with a record date of September 16, 2026. This dividend relates to FY26 and is separate from the upcoming Q2 results.
The quarter's central tension is whether the mix-driven margin story that produced Q1 FY27's record 30.3% EBITDA margin can hold against a deteriorating cost line, with naphtha import prices nearly doubled and domestic costs spiking about 60% per PPAC data. On the demand side, the comparator is flattered — Q2 FY26 revenue of Rs. 569.7 Cr was down 8.2% YoY on the 50% US tariff hit — while the tariff burden has since fallen to 10% atop the base 6.26%, SIAM reported PV dispatches up 21.8% YoY to 454,574 units in September 2026 supporting the domestic leg, and the rupee is down nearly 6% in 2026, a translation tailwind on the 75-77% export book. The anticipated US tariff refund is the swing item: 30-40% of the expected amount was already received in Q2 FY27, with the full refund anticipated in the quarter and an estimated net retention of about Rs. 50 Cr after sharing with US customers — and since the company's EBITDA includes other income, where it lands matters for margin optics. Two guided tailwinds remain unconfirmed in the window: the Middle East disruption escalated rather than resolved (Hormuz transits below the 10-day average as of September 24), putting the promised recovery of war-lost volume and the $20-22 Mn MENA target at risk, and the DGTR anti-dumping duty on TPU-based PPF imports from China was still listed as an ongoing investigation as of October 1, 2026. The call will likely cover tracking against the FY27 guidance of over Rs. 2,500 Cr revenue and 25% plus/minus 2% EBITDA margin, with management having called 27-28% a logical number if conditions stay favorable.
FY27 revenue and margin guidance tracking: Q1 FY27 printed a record quarter; the question is whether H1 momentum keeps FY27 targets tracking.
TPU plant and Lubrizol partnership execution: The flagship backward-integration project is due to go live this quarter.
US tariff refund flow-through: The refund is the quarter's swing item for reported margins.
MENA ramp and war-related volume recovery: Management guided that war-lost shipping volume would be recovered this quarter.
Corporate and regulatory updates: Several pending items could surface on the call.
No. Management explicitly said the Q1 FY27 margin of 30.3% involved no exceptional items — the expansion came from a richer specialty product mix, high-end products, the shift toward architectural applications and operating leverage, calling it "purely a performance, nothing else".
The Rs. 118 Cr TPU plant of 360 LSF p.a. capacity is on track for commissioning in Q3 FY27 and operational by December 2026. It is backed by a September 23, 2026 MoU with Lubrizol, with a guided 150-200 bps consolidated EBITDA margin improvement.
The company has received 30-40% of the expected US tariff refund in Q2 FY27 so far, with the full refund anticipated in the quarter. The estimated net retention is about Rs. 50 Cr after sharing with US customers.
Management has reaffirmed FY27 guidance of over Rs. 2,500 crores in revenue and an EBITDA margin of 25% plus/minus 2%, adding that 27-28% is a logical number if conditions stay favorable. Q1 FY27 revenue of Rs. 633 Cr (+28% YoY) and 30.3% EBITDA margin put the targets within reach, though the Middle East disruption and pending DGTR notification are the two guided tailwinds not yet confirmed.