Garware Hi-Tech Films Q2 FY27 Results: Consolidated Net Profit ₹129 Crore on Total Income of ₹715 Crore
Earnings
specialty films manufacturing
Blacklitt Research3 min read
Garware Hi-Tech Films reported total income of ₹715.06 crore and net profit of ₹129.44 crore on a consolidated basis for the quarter ended 30 Sep 2026. On a standalone basis, total income was ₹680.73 crore and net profit ₹139.87 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹715.06 crore, up 22.5% YoY and 9.5% QoQ
Net profit and EPS: ₹129.44 crore, up 41.9% YoY; basic EPS ₹55.71
Finance costs: ₹2.89 crore, up 37.6% YoY and 18.0% QoQ
Other income: ₹19.53 crore, up 40.9% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹680.73 crore, up 22.7% YoY and 13.4% QoQ
Net profit and EPS: ₹139.87 crore, up 31.3% YoY; basic EPS ₹60.20
Other income: ₹46.64 crore, up 8.8% YoY and 191.5% QoQ
Finance costs: ₹1.57 crore, up 23.6% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
715.06
583.55
+22.5%
652.80
+9.5%
Revenue from operations
695.53
569.69
+22.1%
633.08
+9.9%
Other income
19.53
13.86
+40.9%
19.72
-1.0%
129.44
91.23
+41.9%
132.65
-2.4%
Profit before tax
173.06
120.39
+43.7%
176.46
-1.9%
Finance costs
2.89
2.10
+37.6%
2.45
+18.0%
Depreciation
13.05
10.81
+20.7%
12.81
+1.9%
Tax expense
43.62
29.16
+49.6%
43.81
-0.4%
Net profit margin
18.10%
15.63%
+2.47 pp
20.32%
-2.22 pp
EPS, basic (₹)
55.71
39.27
+41.9%
57.10
-2.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew faster than total income. Net profit rose 41.9% to ₹129.44 crore against 91.23 crore a year earlier, while total income rose 22.5%. Profit before tax rose 43.7%, and the tax expense rose 49.6%, so the net profit margin widened to 18.10% from 15.63%.
Revenue from operations rose 22.1% YoY, slower than other income, which rose 40.9%. Other income of ₹19.53 crore is 2.7% of total income this quarter. Revenue from operations is therefore the larger part of the growth in absolute terms, but other income grew at a faster rate.
Against the previous quarter, consolidated net profit fell 2.4% while total income rose 9.5%. Revenue from operations rose 9.9% QoQ, but profit before tax fell 1.9%, and the filing does not explain the gap between the two.
Consolidated finance costs of ₹2.89 crore are 0.4% of total income, so financing cost is a small part of the quarter's income.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
680.73
554.67
+22.7%
600.14
+13.4%
Revenue from operations
634.09
511.82
+23.9%
584.14
+8.6%
Other income
46.64
42.85
+8.8%
16.00
+191.5%
139.87
106.52
+31.3%
126.58
+10.5%
Profit before tax
176.51
131.91
+33.8%
168.15
+5.0%
Finance costs
1.57
1.27
+23.6%
1.51
+4.0%
Depreciation
12.72
10.51
+21.0%
12.50
+1.8%
Tax expense
36.64
25.39
+44.3%
41.57
-11.9%
Net profit margin
20.55%
19.20%
+1.34 pp
21.09%
-0.54 pp
EPS, basic (₹)
60.20
45.85
+31.3%
54.49
+10.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit grew faster than total income. Net profit rose 31.3% to ₹139.87 crore from ₹106.52 crore, while total income rose 22.7%. Tax expense rose 44.3%, and profit before tax rose 33.8%, so the standalone net profit margin widened to 20.55% from 19.20%.
Other income is a large part of standalone profit. It stood at ₹46.64 crore, which is 6.9% of total income, and it rose 191.5% from ₹16.00 crore in the previous quarter. The filing does not say why other income rose in the quarter.
Standalone net profit rose 10.5% QoQ, slower than total income, which rose 13.4%. Standalone net profit is ₹10.43 crore higher than consolidated net profit, a gap the filing does not explain in the text read.
The media release describes record quarterly revenue of ₹696 crore and a consolidated EBITDA of ₹189 crore for the quarter, with an EBITDA margin of 27.2%. The company says its FY27 EBITDA margin guidance is 27% plus or minus 2%, and that it has reaffirmed an FY27 revenue target of ₹2,500 crore plus.
The company says it had cash and cash equivalents of ₹933 crore as of 30 Sep 2026. The cash flow statement shows dividend paid of ₹27.88 crore in the half year. The filing does not state any dividend declared for the quarter.
Inference
The results show higher profit in both natures, with consolidated net profit growing faster than standalone net profit over the year. Consolidated net profit is lower than standalone net profit by ₹10.43 crore, and the filing does not explain the difference.
Earnings per share are ₹55.71 consolidated and ₹60.20 standalone for the quarter. The filing does not state any dividend declared for the quarter, and it does not say how the Lubrizol MoU will affect revenue or costs, or how the rise in standalone other income came about.
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GRWRHITECHGarware Hi-Tech Films Ltd.
