Garware Technical Fibres Q2 FY27 Results: Consolidated Net Profit ₹58.55 Crore on Total Income of ₹472 Crore

Earnings
Technical textiles

Blacklitt Research29 October 20263 min read

Garware Technical Fibres (NSE: GARFIBRES) reported consolidated total income of ₹471.58 crore and net profit of ₹58.55 crore for the quarter ended 30 Sep 2026, it said in a filing on 29 Oct 2026. Standalone total income was ₹426.85 crore and standalone net profit ₹56.18 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹471.58 crore, up 32.0% YoY and down 4.0% QoQ
Net profit and EPS: ₹58.55 crore, up 83.1% YoY and down 9.2% QoQ; basic EPS ₹6.00
Finance costs: ₹2.98 crore, down 14.5% YoY and 10.4% QoQ

Standalone

The company on its own, without its subsidiaries

Total income: ₹426.85 crore, up 15.9% YoY and 4.2% QoQ
Net profit and EPS: ₹56.18 crore, up 18.7% YoY and 14.7% QoQ; basic EPS ₹5.75
Finance costs: ₹1.76 crore, down 39.2% YoY and 21.1% QoQ

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	471.58	357.24	+32.0%	491.30	-4.0%
Revenue from operations	462.62	347.90	+33.0%	482.37	-4.1%
Other income	8.96	9.34	-4.1%	8.93	+0.4%
	58.55	31.99	+83.1%	64.49	-9.2%
Profit before tax	76.15	45.65	+66.8%	86.36	-11.8%
Finance costs	2.98	3.49	-14.5%	3.33	-10.4%
Depreciation	9.83	8.62	+14.0%	9.33	+5.4%
Tax expense	17.59	13.67	+28.7%	21.87	-19.5%
Net profit margin	12.42%	8.95%	+3.46 pp	13.13%	-0.71 pp
EPS, basic (₹)	6.00	3.22	+86.3%	6.56	-8.5%

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.

Consolidated net profit rose 83.1% year on year while total income rose 32.0%, so profit grew faster than income. Profit before tax rose 66.8%, and tax expense rose 28.7% to ₹17.59 crore, which leaves the net profit margin at 12.42% against 8.95% a year earlier.

Against the June quarter, total income fell 4.0% and net profit fell 9.2%, with tax expense down 19.5%.

The year-ago base is not directly comparable for the half year: the notes say Garware Technical Fibres UK Pvt. Ltd. acquired 100% of Offshore & Trawl System AS and Advanced Mooring System AS on 7 Jul 2025, and the consolidated half-year results include their business operations and are not comparable with the prior period. The filing does not quantify their contribution to the quarter.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	426.85	368.41	+15.9%	409.78	+4.2%
Revenue from operations	418.41	359.65	+16.3%	401.33	+4.3%
Other income	8.44	8.75	-3.5%	8.45	-0.1%
	56.18	47.33	+18.7%	48.99	+14.7%
Profit before tax	73.76	60.25	+22.4%	65.57	+12.5%
Finance costs	1.76	2.89	-39.2%	2.22	-21.1%
Depreciation	8.65	7.64	+13.2%	8.23	+5.1%
Tax expense	17.58	12.92	+36.0%	16.58	+6.0%
Net profit margin	13.16%	12.85%	+0.31 pp	11.96%	+1.21 pp
EPS, basic (₹)	5.75	4.77	+20.5%	4.97	+15.7%

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 rose 18.7% year on year, slower than profit before tax, which rose 22.4%. Tax expense rose 36.0% to ₹17.58 crore, so the tax charge grew faster than pre-tax profit; the filing does not explain the change in tax.

Revenue from operations rose 16.3% to ₹418.41 crore, while other income fell 3.5% and finance costs fell 39.2% to ₹1.76 crore. Finance costs are 0.4% of total income. Against the June quarter, standalone net profit rose 14.7% while total income rose 4.2%.

The notes say the detailed rules under these codes are yet to be notified. The comparison quarter in this filing carries no exceptional item.

During the half year the company bought back shares for ₹111.46 crore including related expenses, and paid dividends of ₹8.87 crore.

Inference

The filing says the board approved both sets of results on 29 Oct 2026 and that the statutory auditor, Mehta Chokshi & Shah LLP, issued limited review reports with no modification stated.

The filing records a share buyback and a reduction in paid-up equity share capital during the half year. It does not give the reason for the buyback, the number of shares bought back or its price, and the filing does not state a dividend for the quarter or its record date.

The filing does not say what impact the Labour Codes will have on future results or when their rules will be notified.

Reference: Original filing (PDF)

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Garware Technical Fibres Q2 FY27 Results: Consolidated Net Profit ₹58.55 Crore on Total Income of ₹472 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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