Slides
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Q2 & H1 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 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.” 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.”
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A GreenPro Certified company Q2 & H1 FY27 Consolidated Financial Performance (Rs. In Cr.) Revenue PBT PAT 23.4% 27.2% 21.1% 24.9% 16.0% 18.6%Margins 133 189 Q2FY27Q2FY26 120 173 Q2FY27Q2FY26 570 696 Q2FY27Q2FY26 EBITDA 91 129 Q2FY27Q2FY26 Revenue PBT PAT 24.1% 28.7% 21.7% 26.3% 16.4% 19.7%Margins 256 381 H1FY27H1FY26 231 350 H1FY27H1FY26 1,065 1,329 H1FY27H1FY26 EBITDA 174 262 H1FY27H1FY26 Q2 FY27 H1 FY27
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A GreenPro Certified company Revenue from Operations (₹ Cr) Quarterly Consolidated Performance Trend – Q2 & H1 FY27 EBITDA (₹ Cr) & EBITDA Margin (%) PAT (₹ Cr) & PAT Margin (%) 447 475 621 466 548 495 570 459 597 633 696 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 90 130 150 94 121 123 133 87 157 192 189 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 20.1% 27.4% 24.2% 20.1% 22.2% 23.4% 18.9% 58 88 104 61 78 83 91 56 108 133 129 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 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) – Q2 FY27 133.3 5.7 71.8 -4.2 -1.1 -16.5 189.0 Q2 FY26 Other Income Operating Profit Employee Cost Sales & Marketing Other Expense Q2 FY27 Increase Decrease Total 30.3% 21.0% EBITDA Bridge (₹ Cr) – H1 FY27 256.3 12.0 153.7 -8.5 1.5 -34.3 380.7 H1 FY26 Other Income Operating Profit Employee Cost Sales & Marketing Other Expense H1 FY27 Increase Decrease Total 27.2% 18.6%
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A GreenPro Certified company Strategic Technology Partnership GHFL × Lubrizol: Building India's Defining TPU Platform ₹118 Cr TPU extrusion platform investment 75% 150-200bps Backward integration for premium PPF 25% New product development & technology capabilities Consolidated EBITDA margin improvement BACKWARD INTEGRATION FASTER INNOVATION NEW SPECIALTY FILM APPLICATIONS Lubrizol’s TPU technology + Garware’s manufacturing expertise
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A GreenPro Certified company Entering a New Growth Vertical - PDLC Films for Smart Architecture Technology-led, high-value smart privacy solutions for modern buildings Transparent Opaque Target Segments Commercial Offices IT / ITES BFSI Healthcare Hospitality Complements Glass Manufacturers Upgrade existing glass with smart functionality rather than replace it. UPGRADE EXISTING GLASS.UNLOCK SMART PRIVACY . PDLC film enables instant switching between transparent and opaque states. RETROFIT-LED SOLUTION Add smart privacy to existing glass without replacing it. INTEGRATED OFFERING PDLC film → Cut-to-size processing → Controllers → On-site application EXISTING ECOSYSTEM ADVANTAGE Leverages the existing film network and relationships with architects, PMCs and end-users. 1 2 3
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FY25 Actual FY26 Actual FY27E (Updated) Medium-term Commitments FY28-31 Organic sales growth 25.8% ₹2,109 Cr 0.5%* ₹2,120 Cr >20% ₹2,500+ Cr ~20% CAGR EBITDA margin (Including Other Income) 23.5% ₹495 Cr EBITDA 23.6% ₹500 Cr EBITDA 27% ± 2% >27% (+150–200 bps TPU) Garware Home Solutions (100% D2C Arch.) Pilot Launch 6 Studios 50 Studios >200 Studios Garware Application Studios (GAS) (100% D2C PPF) 200+ Studios India 250+ India +11 US & MENA >300 India +US & MENA >400 India + US+ MENA ROCE (%) 27% 59 cr capex 23% 161 cr capex >25% ~170 cr capex >25% H1FY27 Actual 25% ₹1,329 Cr 28.7% ₹381 Cr EBITDA 14 Studios 250+ India +14 US & MENA 32%** 27 cr capex Raises FY27 EBITDA Margin Guidance to 27% ±2% FY27 revenue target of ₹2,500 Cr+ reaffirmed *Tariff related impact ** Annualised ROCE Adjusted for Revaluation reserve of ₹ 764 Cr
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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 29* • 933 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 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 H1FY27 • 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) 73%* of Revenue • Automotive SCF • Architectural SCF • Paint Protection Films (PPF) • Garware home solutions • Safety Films Industrial Product Division (IPD) 27%* of Revenue • Shrink Film • Electrical / Electronics Insulation • Release Liners • Thermal Lamination • Plain Film • Packaging & Lidding Film Full Stack Portfolio Value added Products Contribution 86%* *PPF: Paint Protection Films *FY21-25 Revenue CAGR 21% *Consolidated
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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 ~20% EBITDA Margin 27% ± 2% 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. 86% H1FY27 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 ₹ 933 crores liquidity surplus (as on 30th Sep 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 Go India Advisors - Investor Relation contact Diya Kaswa Go India Advisors Mail id : diya@goindiaadvisors.com M : 91 9834167860 Garima Singla Go India Advisors Mail id : garima@goindiaadvisors.com M : 91 9780042377