Interim report
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G GARWARE HI - TECH FILMS The Compliance Manager BSE Limited Corporate Relationship Dept. Phiroze Jeejeebhoy Towers , Dalal Street , Mumbai 400001 . Scrip Code : 500655 August 06 , 2026 The Manager , Listing Department National Stock Exchange of India Ltd. Exchange Plaza , Plot No. C / 1 , G Block , Bandra - Kurla Complex , Bandra ( East ) , Mumbai 400 051 . Trading Symbol : GRWRHITECH Dear Sir / Madam , Subject : Outcome of the Board Meeting held on Thursday , August 06 , 2026 Pursuant to Regulation 30 of the Securities and Exchange Board of India ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 ( “ Listing Regulations ” ) , we hereby inform you that , the Board of Directors of the Company at its meeting held today i.e. Thursday , August 06 , 2026 , inter - alia , considered and approved the following : 1. The Unaudited Financial Results ( Standalone and Consolidated ) of the Company for the quarter ended June 30 , 2026 , along with Limited Review Reports thereon . A Copy of Results and Limited Review Reports are enclosed herewith . 2. To convene 69th Annual General Meeting ( AGM ) of the Company on Wednesday , September 23 , 2026 , at 11.30 a.m. at Registered Office of the Company at Naigaon , Post Waluj , Chhatrapati Sambhajinagar ( Aurangabad ) , Maharashtra . GARWARE HI - TECH FILMS LIMITED ARWARE HI- TECH FILM LIMITED CORPORATE OFFICE : GARWARE HOUSE , 50 - A , SWAMI NITYANAND MARG VILE PARLE ( EAST ) , MUMBAI - 400 057 . TEL : 0091-22-6698 8000 ( 15 LINES ) WEBSITE : www.garwarehitechfilms.com CIN : L10889MH1957PLC010889 REGD . OFFICE : NAIGAON , P.O. WALUJ , CHHATRAPATI SAMBHAJINAGAR - 431 133 ( INDIA )
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Media Release 1 GHFL Delivers Record Quarterly Revenue and Profitability; EBITDA Margin Crosses 30% Peak Revenue Backed By Strong Momentum in Architectural and Continued Momentum in Automotive Segment Mumbai, August 6, 2026: Garware Hi -Tech Films Limited (GHFL), a global manufacturer of Solar Control Films, Paint Protection Films and other Specialty Films, announced its unaudited FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026 Consolidated Financial Summary INR crores (except EPS) Particulars Q1 FY27 Q1 FY26 Y-o-Y% Q4 FY26 Q-o-Q% Revenue from operations 633 495 28% 597 6% EBITDA 192 123 56% 157 22% EBITDA Margin % 30.3% 24.8% 544 bps 26.2% 404 bps PBT 176 110 60% 142 24% PBT Margin % 27.9% 22.3% 558 bps 23.9% 401 bps Cash Profit 148 96 54% 119 24% PAT 133 83 60% 108 23% PAT Margin % 21.0% 16.8% 418 bps 18.1% 282 bps EPS in ₹ 57 36 60% 47 23% Q1FY27: Best Ever Quarter with Highest ever Revenue & Profitability • Robust top-line performance: Rs 633 crore (up 28% YoY; 6% QoQ), driven by demand revival and improved realizations across segments, marking the strongest quarter in the Company’s history. • Margin expansion: EBITDA at Rs 192 crore (up 56% YoY; 22% QoQ) with margin at 30.3% up 544 bps YoY, led by operating leverage, favourable product mix, and sustained cost efficiencies. • Earnings momentum: PAT at Rs 133 crore (up 60% YoY; 23% QoQ) with margin at 21.0% up 418 bps YoY, supported by strong operating performance. • Capex-Driven Growth Momentum: TPU line commissioning remains on track for Q3 FY27. The ₹191 crore SCF line, incorporating advanced robotics and automation, is progressing as planned and is expected to commence commercial production in H1 FY28, adding ~1,200 LSF of capacity and strengthening GHFL's specialty films growth pipeline.
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Media Release 2 • Product innovation gaining traction : The recently launched TPU-based UV printable films, PDLC speciality films , Ceramic Coating and Graphic Solutions witnessed encouraging market traction during the quarter, reflecting growing customer acceptance thereby strengthening GHFL's innovation pipeline. • Global D2C scaling : Expanded Global Application Studios (GAS) footprint with 1 4 international GAS additions ( 3 in Middle East, 11 in the USA), strengthening direct -to- consumer reach and global presence. • Domestic D2C presence : Expanded to 250+ Garware Application Studios (GAS) and 9 Global Home Solutions (GHS) across India, with a target to scale GHS to 50 by the end of FY27. • Anti-dumping duty Tailwind: DGTR's recommendation for anti -dumping duty on Chinese TPU-based PPF imports is expected to enhance GHFL's competitive advantage and support the scaling of its domestic PPF business. Commenting on the results, Dr S. B. Garware, Chairman and Managing Director, Garware Hi- Tech Films Limited said: “Our journey has been shaped by the ability to convert film technology into practical solutions for customers. As we begin FY27, our priorities are clear: expand the applications of our products, reach more customers and strengthen Garware Hi-Tech Films’ position in specialised films globally” Ms. Monika Garware, Vice Chairperson and Joint Managing Director, Garware Hi-Tech Films Limited added, “We have started FY27 on a strong note, with Revenue growing by 28% and PAT by 60% YoY. This performance was achieved despite continued geopolitical uncertainty, volatility in global trade and a challenging operating environment. Healthy demand across our key product categories, a better product mix and our presence across domestic and export markets supported the quarter. During the period, we continued to take our products closer to customers through the Garware Application Studios, Global Application Studios and Garware Home Solutions. We also progressed with the groundwork for the new Sun Control Film line, which will expand our capacity and allow us to address a wider range of applications and markets.”
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Media Release 3 About Garware Hi-Tech Films Limited (GHFL): GHFL (BSE: GRWRHITECH 500655 | NSE: GRWRHITECH), 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 been recognized as a world class brand and leverages its state-of-the-art nano-dispersion and other cutting-edge technologies to maintain its market leadership. Being vertically integrated, it tightly controls product quality and provides a great value proposition to its customers. It has a strong presence in 90+ countries. * * * For further information, please feel free to contact: Amar Yardi Email: amar.yardi@garwarehitech.com Mobile: + 91 70451 21239 Garima Singla Email: garima@goindiaadvisors.com Mobile: +91 9780042377
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Q1 FY27 Investor Presentation
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CONTENTS 01 Business Highlights 02 Company Overview 03 Product Overview 04 ESG
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Safe Harbour Our discussion may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially, some of which maybe beyond management control. No assurance is given about future events or the actual results, which may differ materially from those projected herein. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements considering new information or future events. Throughout today’s discussion, we will attempt to present some important factors relating to our business that, which we presently believe, may affect our predictions. You should also review our most recent annual reports, disclosures, and regulatory filings for a more complete discussion of these factors and other risks. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell GHFL stock and in no event shall the Company be held responsible or liable for any damages or lost opportunities resulting from use of this material or any guidance or any other statements given by the management. Numbers for previous periods may have been regrouped / rearranged / reworked for comparison purpose and for better analysis. Growth rates have been calculated based on reported INR financial information.
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A GreenPro Certified company Message from the CMD Dr. S B Garware Chairman and Managing Director “Our journey has been shaped by the ability to convert film technology into practical solutions for customers. As we begin FY27, our priorities are clear: expand the applications of our products, reach more customers and strengthen Garware Hi-Tech Films’ position in specialised films globally.” Ms. Monika Garware Vice Chairperson and Joint Managing Director “We have started FY27 on a strong note, with Revenue growing by 28% and PAT by 60% YoY. This performance was achieved despite continued geopolitical uncertainty, volatility in global trade and a challenging operating environment. Healthy demand across our key product categories, a better product mix and our presence across domestic and international markets supported the quarter. During the period, we continued to take our products closer to customers through the Garware Application Studios, Global Application Studios and Garware Home Solutions. We also progressed with the groundwork for the new Sun Control Film line, which will expand our capacity and allow us to address a wider range of applications and markets.”
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A GreenPro Certified company Q1 & FY27 Consolidated Financial Performance (Rs. In Cr.) Revenue PBT PAT 24.8% 30.3% 22.3% 27.9% 16.8% 21.0%Margins 123 192 Q1FY27Q1FY26 110 176 Q1FY27Q1FY26 495 633 Q1FY27Q1FY26 EBITDA 83 133 Q1FY27Q1FY26 Revenue PBT PAT 26.2% 30.3% 23.9% 27.9% 18.1% 21.0%Margins 157 192 Q1FY27Q4FY26 142 176 Q1FY27Q4FY26 597 633 Q1FY27Q4FY26 EBITDA 108 133 Q1FY27Q4FY26 Y-o-Y Q-o-Q
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A GreenPro Certified company Revenue from Operations (₹ Cr) Quarterly Consolidated Performance Trend – Q1 FY27 EBITDA (₹ Cr) & EBITDA Margin (%) PAT (₹ Cr) & PAT Margin (%) 454 447 475 621 466 548 495 570 459 597 633 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 85 90 130 150 94 121 123 133 87 157 192 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 18.6% 20.1% 27.4% 24.2% 20.1% 22.2% 23.4% 18.9% 56 58 88 104 61 78 83 91 56 108 133 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 12.3% 12.9% 18.6% 16.8% 13.0% 14.2% 16.8% 12.2% 24.8% 16.0% 26.2% 18.1% EBITDA Bridge (₹ Cr) – Q1 FY27 123.0 6.3 82.0 -4.3 2.6 -17.8 191.7 Q1 FY26 Other Income Operating Profit Employee Cost Sales & Marketing Other Expense Q1 FY27 Increase Decrease Total 30.3% 21.0%
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A GreenPro Certified company Strategic Growth & Innovation Highlights Key strategic initiatives across product innovation, market expansion and customer outreach. Printable PPFCeramic CoatingGraphic filmsSunroof HeatshieldGraphene Coating Product Launches Domestic Updates GHS Launch GAS Launch PPF Meet Applicator Training Global Updates Films Fest 2026 AIA 2026FESPA 2026 Global Marketing
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A GreenPro Certified company Marketing Strength & Global Reach Over 3 Decades of Innovation, Excellence & Growth A GreenPro Certified company • Revenue CAGR 17%* (FY21-FY26) • PAT CAGR 22% (FY21-FY26) • WC Days 28* • 774 Crores liquidity surplus* • Leading global manufacturer of hi-tech, value-added specialty films • Fully integrated chips-to- film operations • Diverse, customized portfolio of 3,000+ SKUs • World’s largest single- location SCF capacity • India’s only producer of professional-grade PPF • 2 state-of-the-art manufacturing facilities having multiple production lines • Technology-driven, backed by strong R&D with patented innovations *As on FY26 Product Line MT/LSF pa IPD 42,000 MT SCF 4,200 LSF PPF 600 LSF Chips Plant 66,000 MT Installed Capacity Winning Model Operational Excellence Business Metrics *As on FY26 • Extensive Global distribution network with presence across 90+ countries • Dedicated architecture films teams in USA, Europe, India & Middle East driving focused market expansion. • 250+ Garware Application Studios (GAS) consumer experience - led centers for PPF application. • First-of-its-kind Global Application Studios to be launched in Middle East & USA • First-in- class Garware Home Solutions launched in India *SCF: Sun Control Films Consumer Product Division (CPD) 74% of Revenue • Automotive SCF • Architectural SCF • Paint Protection Films (PPF) • Garware home solutions • Safety Films Industrial Product Division (IPD) 26% of Revenue • Shrink Film • Electrical / Electronics Insulation • Release Liners • Thermal Lamination • Plain Film • Packaging & Lidding Film Full Stack Portfolio Value added Products Contribution 87% *PPF: Paint Protection Films *FY21-25 Revenue CAGR 21%
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A GreenPro Certified company 2017-2026: The Value Transformation Journey Scaling the VAP Business and Unlocking Endless Opportunities Ahead *Consolidated Financial Numbers Pivot towards B2C businesses , resulting in : • Highly differentiated product portfolio • Backed by strong Marketing and Distribution channel • Strong performance in the specialty films industry • Higher margins Revenue ₹ 2,120 Cr EBITDA Margin 23.6% Export Share 75% VAP contribution (%) 87% Next leg of growth to come from these verticals: FY27 & Beyond FY18 to FY26 0 Value Added Specialty Films Sun Control Films (Archi & Auto) Paint Protection Films Graphic Solutions Garware Home Solutions TPU Products Revenue CAGR 15 - 20% EBITDA Margin 23 - 27% Export Share 70%+ VAP contribution (%) 85%+ *The actual numbers might vary as per the change in Macro-economic situation
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A GreenPro Certified company A Journey of Scalable Innovation Driving consistent capacity expansion and higher value creation through specialty and performance films. Commodity Films Value Added Specialty Films 2026 : Doubled PPF capacity to 60mn sq. ft. Commissioned in Q2 FY26 2018 : Transitioned into value added specialty films 2021 : Entered PPF Market with an installed capacity of 30mn sq.ft. 2027: TPU Line (Q3 FY27) Estimated Capex of 118Cr with 360 LSF p.a. Capacity Output 2022 : Increased SCF Capacity from 240mn sq. ft. To 420mn sq. ft. 874 833 948 925 989 1303 1438 1677 2109 2120 9% 11% 16% 19% 24% 21% 19% 19% 24% 24% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 A GreenPro Certified company FY28 2028: SCF Line (H1 FY28) Estimated Capex of 192Cr with 1200 LSF p.a. Capacity Output 2024 : Debottlenecking of old SCF lines
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A GreenPro Certified company A GreenPro Certified company Synergising Best in class marketing strategies & Hi-tech products Dedicated R&D Committed R&D professionals, including technical and scientific staff, supported by pilot plant facilities. Expanding Our Touchpoints Attracting a larger customer base through continuously expanding GAS network and launching first-of-its-kind End-to-End Garware Home solutions for Architectural Business Reducing Environmental Footprint The only Indian company to get GreenPro certified from IGBC(CII) in architectural films and to produce PCR grade & APR certified Shrink Films Introduction of new-age Technologies GARNEST a Proprietary software to deliver pre-cut PPF patterns designed for Indian vehicles - aimed at saving time and reducing material costs. Expanding our product portfolio Launching brand new ceramic and graphene coating for vehicles, Colour PPF, DIY detailing kit. Creating superior products Proprietary nano-dispersion technology - key to producing high-quality durable NIR blocking films to maintain market leadership Loyal Brand Ambassadors 55+ high quality hands-on training sessions delivered, more than 1,000 applicators trained, & over 150 cities have been covered Comprehensive PPF solutions First‐in‐Class initiatives of Bajaj Finance scheme, partnership with Insurance Dekho; redefining the Indian Automotive care market
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A GreenPro Certified company Business Strategy | Four Pillars Value - Added Specialty films Manufacturing Excellence Fostering Sustainable Annual Financial Performance Strengthening Domestic Market Share • Fully vertically integrated chips-to- film manufacturer. • Scalable production through fungible capacities. • Strong R&D to produce VAP films with unique patented technologies. • Comprehensive quality control and flexibility in delivering customized products across a range of over 3,000+ SKUs. • Manufacturers & suppliers of premium quality value accretive products with focus on consumer products. • Key application in architectural, automobiles, FMCG, Industrial sector. • Capability to produce diversified customized products. • Solid sales & marketing strategy to drive exponential growth. • Launch of safety glazing film and strengthening PPF distribution channel. Strengthening team to grow architecture business. • Comprehensive training program for applicators and tinters. • OEM Tie ups and expanding D2C share • Resilient performance despite challenging business environment. • Sustainable Margins for Specialty films. • Improved Financial Health. 87% FY26 Value Added Products contribution • SunControl Window Film • Paint Protection Film • Shrink Film Healthy Cash flows Net Zero debt • Revenue CAGR* of 17% • EBITDA CAGR* of 16% • Regular Dividend paying company *from FY21 - FY26 2 Manufacturing Locations 250+ Garware Application Studios (GAS) & Distributors for exclusive access to Safety Glazing Films and PPF 1,000+ Applicators trained in India ₹ 774 crores liquidity surplus (as on 31st March 2026) 42,000 MT pa – IPD Capacity 4,800 LSF pa – CPD Capacity Customer - Centric Growth
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A GreenPro Certified company Product Overview Architectural Window Films SunControl Film (SCF) Superior UV protection enhancing comfort in residential and commercial environments while effectively reducing energy consumption. Automotive Safety Glazing Film High Technology Safety Glazing Films combine innovation with compliance to CMVR regulations, improving visibility, safety, and energy efficiency. Paint Protection Film (PPF) As leaders in automotive PPF technology, we offer advanced, durable solutions with excellent aesthetics, supported by a top-tier warranty. GAS and PPF Distributors 250+ 300 Current Target Garware Application Studios (GAS) Industrial products Division Shrink Film Leading player in India's shrink film market with ~70% market share with multiple products Electrical & Electronics Used in electronics industry for electrical insulation, moisture resistance, thermal and dimensional stability. Release Liners Coated with silicon on one side to enhance release properties & used in applications like release labels
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A GreenPro Certified company Product Strategy | Premium Market Positioning Tier 1 Brand A premium global brand, ranking top 3 in USA & Europe Technology Edge Winner of Prestigious award from Japan Institute of Plant Maintenance (JIPM) Global Patents Over 10 Registered/Pending Patents and 168 Registered Trademarks. Premium PPF The only manufacturer of professional-grade PPF in India. #1 Rank at Tint-Off Contest in USA 1st India’s first company to produce PCR grade & APR certified Eco-friendly Shrink Films. World’s Largest One of World’s largest Single- location SCF capacity ~70% Leading player in India's shrink film market with ~70% market share. Gold Shield Awarded Gold Shield by the Government of India. 38 Years Winner - Top Exporters’ Award for 37 years (Plexcouncil) 01 02 03 04 05 06 08 09 10 07 Our 'Global' and 'Garware' brands target the high-end market, setting them apart from international competitors in the premium and economy categories Economy segment mainly dominated by Chinese and Korean players Super Premium EconomyPremium
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A GreenPro Certified company Environmental Stewardship Customer Centric ESG Commitment Our sophisticated and well - designed programs are well aligned with the UN's Sustainable Development Goals 2030 of Climate Action (SDG #13) Energy Efficiency • Transition to LED lighting and high - efficiency motors. • Ongoing process optimization for energy conservation. Zero Waste Achievement • Zero Liquid Discharge initiatives • 100% water recycling through advanced treatment processes. Advanced Waste Management • Cutting-edge technology to reduce sludge and prevent pollution. • Efficient conversion of liquid waste to solid for better disposal. Circular Economy Integration • Use of certified post-consumer recycled PET in products. • Active recycling and reuse of plastic waste in line with EPR. Innovative Leadership First in India to replace PVC with recyclable PETG. Eco-Friendly Materials 30% PCR usage in film products. SunControl films reducing fuel use & emissions by 3-5%. 3-5% Safety Award Awarded by National Safety Council. APR Active membership with the Association of Plastic Recyclers, USA. ISO Certification Awarded ISO 50001:2018 Certification 1st Indian company in architectural films segment to earn this recognition. GreenPro Certified (CII & IGBC) Green Belt Expansion • Over 35% open land developed as green belts. • In-house nursery promoting local flora. Clean Fuel Usage • Biomass briquettes replacing fossil fuels. • Shift from furnace oil to LPG to cut emissions. Water Conservation • Comprehensive Rainwater harvesting systems. • Full reuse of treated water, minimizing freshwater use. Land Conservation • Enhanced groundwater levels through innovative technologies. • Recharging 20 million litres of water annually to the ground.
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A GreenPro Certified company Building Better Communities, Creating Lasting Impact Our CSR Initiatives across healthcare, wellness, environment and community support Drinking Water Support Ensuring Access to Clean Water Eye Check Up Camp Supporting Health & Wellness International Yoga Day Promoting Wellness & Holistic Living World Environment Day Plantation Programme Taking action today for a cleaner, greener and sustainable future Digital Infrastructure Support Empowering Communities through Education & Technology A GreenPro Certified company
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A GreenPro Certified company Consolidated Annual Performance PAT (₹ Cr) EBITDA (₹ Cr) Current Ratio (x) Revenue from Operations (₹ Cr) Collection Days Fixed Assets Turnover ratio (x) Cash, Bank & Liquid Funds** (₹ Cr) ROE & ROCE* (%) 73% 70% 78% 77% 75% 27% 30% 22% 23% 25% FY22 FY23 FY24 FY25 FY26 Export Domestic 1,303 1,438 1,677 2,109 277 269 321 495 500 21.3% 18.7% 19.1% 23.5% 23.6% - 50 100 150 200 250 300 350 400 FY22 FY23 FY24 FY25 FY26 0.0% 5.0% 10.0% 15.0% 20.0% EBITDA Margin 167 166 203 331 338 12.8% 11.6% 12.1% 15.7% 16.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% FY22 FY23 FY24 FY25 FY26 -30 20 70 120 170 220 PAT Margin 4.4 3.8 3.5 4.3 4.4 FY22 FY23 FY24 FY25 FY26 11 8 8 7 8 FY22 FY23 FY24 FY25 FY26 - 5 10 15 20 25 30 35 22.5% 19.5% 21.1% 27.2% 23.3% 17.7% 15.2% 15.9% 20.6% 17.9% FY22 FY23 FY24 FY25 FY26 ROCE ROE 2.1 2.1 2.4 2.9 2.5 0.9 1.0 1.1 1.4 1.3 FY22 FY23 FY24 FY25 FY26 Adj Fixed Assets Turnover* Fixed Assets Turnover ratio *Adjusted for Revaluation reserve of ₹ 764 Cr ; **Debt repayment of ₹ 141 cr in FY24 308 387 388 650 774 FY22 FY23 FY24 FY25 FY26 Cash 182 141 0 0 0 Gross Debt 2120
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THANK YOU Garware Hi-Tech Films Limited CIN: L10889MH1957PLC010889 Amar Yardi amar.yardi@garwarehitech.com / ir@garwarehitech.com M : 91 7045121239 Go India Advisors - Investor Relation contact Mrs. Sheetal Khanduja Go India Advisors Mail id : sheetal@goindiaadvisors.com M : 91 9769364166 Garima Singla Go India Advisors Mail id : garima@goindiaadvisors.com M : 91 9780042377