Garware Technical Fibres Limited (GARFIBRES) AI Stock Analysis

• Market Cap: ₹61.03B
• Dividend Yield: 1.37%
• Average Volume (3M): 20.27K
• Price to Earnings (P/E): 30.8
• Beta (1Y): 1.26
• Revenue Growth: 4.89%
• EPS Growth: -8.27%
• Country: IN
• Employees: 1,114
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Apparel - Manufacturers
• EPS (TTM): 5.66
• Shares Outstanding: 99,265,850
• 10 Day Avg. Volume: 54,012
• 30 Day Avg. Volume: 20,275
• PEG Ratio: 3.54
• Price to Book (P/B): 6.85
• Price to Sales (P/S): 5.52
• P/FCF Ratio: 56.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 19.8
• Revenue Forecast (FY): ₹16.08B

• Rating: 66 Neutral
• Price Target: ₹664.00 ▼(-3.59% Downside)
• Action: Reiterated Date: 10/31/25
• Date: Action: Reiterated 10/31/25

Garware Technical Fibres Limited has a strong financial foundation with robust revenue and profit growth, effective cost management, and low leverage. However, technical indicators suggest potential bearish momentum, and the valuation appears high with a low dividend yield, which may deter some investors. The absence of earnings call data and corporate events means these factors did not influence the score.

Positive Factors

Low leverage / strong equity base

Very low debt and a ~70.7% equity ratio materially reduce financial risk and increase resilience. This durable capital structure supports investment in products, export expansion, and absorbing cyclical shocks without pressuring cash flow or forcing dilutive financing.

High margins and revenue growth

Sustained top-line growth with very strong gross margins and healthy net margins points to durable product-level economics and value-added engineered offerings. High margins provide buffer versus raw material swings and fund R&D, distribution and margin-preserving investments long term.

Positive free cash flow and cash generation

Consistent positive free cash flow supports reinvestment, steady working capital and potential shareholder returns without reliance on borrowing. Even with modest decline, durable cash generation underpins funding for capex, export expansion and product development over the next 2-6 months and beyond.

Negative Factors

Modest revenue growth and EPS decline

Top-line growth is modest and EPS has contracted, indicating pressure on earnings conversion or higher costs. Over several quarters, slow revenue expansion plus falling EPS can constrain reinvestment capacity and signal tougher market share gains versus faster-growing peers.

Raw-material price exposure

Dependence on polymer inputs creates a structural margin risk from commodity volatility. If pass-through to customers is limited by competition or contract terms, sustained input price spikes would erode profitability and cash flow, pressuring margins across product lines.

Cyclical, seasonal end-market exposure

Concentration in seasonal and project-driven sectors (fisheries, aquaculture, agriculture, marine) creates durable demand volatility. This structural exposure can lead to uneven order flows, complicate capacity planning and weaken revenue visibility across multi-quarter horizons.

Garware Technical Fibres Limited Business Overview & Revenue Model

Company Description

Garware Technical Fibres Limited manufactures and sells various technical textile products in India and internationally. It operates through two segments, Synthetic Cordage; and Fibre and Industrial Products and Projects. It offers fishing nets, ropes, and twines for the deep-sea fishing industry; aquaculture cages and predator systems; synthetic ropes for power transmission and marine hawsers for shipping, mooring, and towing applications; and yarn and thread solutions for various applications, such as portable bag closing machines and port bagging threads, shoe stitching, and manufacture of fibrillated bulk containers under the Garlon brand. The company also provides sports products, including soccer, soccer ball carry, tennis, handball, volleyball, beach volleyball, SKI, swimming pool, hockey, ice hockey, basketball, golf, badminton, and cricket nets, as well as baseball batting cage, rapelling, slithering, and fitness rope/battle ropes under Sportiva brand name; coated fabric products for use in truck tarpaulins, awnings, tents, hangar covers, inflatable bouncies, bio gas covers, trailer curtains, oil booms, and other applications; and agricultural products comprising agriculture shade, sericulture, insect, fencing, floriculture, crop support, grape, and anti-bird nets, as well as staking cords. In addition, it offers geo-synthetics products for use in field of civil engineering and infrastructure development. The company was formerly known as Garware-Wall Ropes Limited and changed its name to Garware Technical Fibres Limited in July 2018. Garware Technical Fibres Limited was incorporated in 1976 and is headquartered in Pune, India.

How the Company Makes Money

Garware Technical Fibres makes money primarily by manufacturing and selling technical textile products made from synthetic fibres. Its revenue model is largely product-sales driven: (1) Fisheries & aquaculture: sale of fishing nets, aquaculture cages and related netting/cordage systems; revenues are generated from supplying replacement/consumable netting as well as project/installation-oriented orders for aquaculture solutions. (2) Rope and cordage: sale of ropes, twines and cordage used in marine/shipping, industrial handling, mooring and general-purpose applications; earnings come from volume sales where performance specifications (strength, durability, weight, abrasion resistance) support pricing. (3) Agriculture and infrastructure/industrial applications: sale of nets and engineered textile solutions used for crop protection, packaging/handling, and other industrial uses; revenues depend on demand from end-use sectors and seasonality in agriculture. (4) Sports & leisure: sale of netting and related products for sports facilities and recreational uses, contributing additional product-line revenue. Across these segments, key factors influencing earnings include demand in end-markets (fisheries, aquaculture expansion, marine activity, agriculture cycles, infrastructure/industrial activity), product mix (higher value-added engineered solutions vs. commodity ropes/twines), raw-material price movements for polymers (which can affect margins depending on pass-through), and the company’s ability to serve export customers and maintain distribution/customer relationships. Specific details on material partnerships, long-term customer contracts, or named strategic partnerships are null.

Garware Technical Fibres Limited Financial Statement Overview

Summary

Garware Technical Fibres Limited exhibits a strong financial position with consistent revenue and profit growth, effective cost management, and low financial leverage. The balance sheet is robust with a high equity base, and cash flows are positive, supporting ongoing operations and growth initiatives. While cash flow growth has slowed slightly, the company's overall financial health remains solid, positioning it well for future challenges.

Income Statement

Garware Technical Fibres Limited has demonstrated strong revenue growth with an increase from 13,256 million in 2024 to 15,401 million in 2025, indicating a healthy growth trajectory. The gross profit margin is robust at approximately 71.8%, showing efficiency in managing production costs. The net profit margin stands at 15%, reflecting solid profitability. Both EBIT and EBITDA margins have remained strong, suggesting effective management of operational expenses.

Balance Sheet

The company maintains a strong equity position with a debt-to-equity ratio of 0.05, indicating low leverage. The return on equity is impressive, highlighting efficient use of shareholder funds to generate profits. The equity ratio is high at around 70.7%, signifying a stable financial structure with a majority of assets financed by equity rather than debt, reducing financial risk.

Cash Flow

Garware's cash flow is solid, with a positive free cash flow of 1,513 million for 2025, although it shows a decline from the previous year. The operating cash flow to net income ratio indicates healthy cash generation relative to reported earnings, despite a slight decrease in operating cash flow compared to 2024. The free cash flow to net income ratio remains strong, ensuring sustainable financial operations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.98B	15.40B	13.26B	13.06B	11.77B	10.23B
Gross Profit	10.58B	11.06B	8.70B	7.97B	7.32B	3.08B
EBITDA	3.19B	3.57B	3.15B	2.57B	2.48B	2.39B
Net Income	2.04B	2.32B	2.08B	1.72B	1.65B	1.58B
Balance Sheet
Total Assets	18.77B	17.57B	17.71B	14.93B	14.15B	13.19B
Cash, Cash Equivalents and Short-Term Investments	4.11B	1.77B	3.10B	554.59M	2.18B	2.96B
Total Debt	1.32B	648.62M	1.23B	1.34B	795.73M	1.02B
Total Liabilities	5.79B	5.15B	5.37B	4.77B	4.44B	5.08B
Stockholders Equity	12.98B	12.42B	12.34B	10.16B	9.71B	8.11B
Cash Flow
Free Cash Flow	-188.26M	1.51B	1.76B	1.60B	491.38M	2.05B
Operating Cash Flow	61.40M	1.95B	2.19B	1.89B	638.46M	2.28B
Investing Cash Flow	87.59M	-27.84M	-726.63M	-1.02B	78.62M	-1.20B
Financing Cash Flow	230.23M	-3.31B	-385.15M	-851.06M	-379.69M	-1.35B

Garware Technical Fibres Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 688.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GARFIBRES, the sentiment is Negative. The current price of 688.75 is above the 20-day moving average (MA) of 640.27, above the 50-day MA of 654.45, and below the 200-day MA of 758.16, indicating a bearish trend. The MACD of -16.14 indicates Positive momentum. The RSI at 36.74 is Neutral, neither overbought nor oversold. The STOCH value of 38.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GARFIBRES.

Garware Technical Fibres Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GRWRHITECH	78 Outperform	₹87.76B	32.39	―	0.37%	4.20%	2.14%
GPIL	75 Outperform	₹174.60B	28.50	―	0.39%	-0.96%	-11.90%
TIMETECHNO	69 Neutral	₹80.76B	17.09	―	0.67%	7.53%	16.26%
GARFIBRES	66 Neutral	₹61.03B	30.81	―	1.37%	4.89%	-8.27%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GMMPFAUDLR	61 Neutral	₹38.68B	-155.37	―	0.19%	3.69%	-36.27%
LXCHEM	55 Neutral	₹31.93B	46.14	―	0.29%	-2.93%	-37.94%

Garware Technical Fibres Limited Corporate Events

Garware Technical Fibres Publishes Investor Presentation for Analyst Meet

Garware Technical Fibres Limited has informed the stock exchanges that it has released an investor presentation prepared for an investor and analyst meet or conference. The presentation, which has also been uploaded to the company’s website, is being disclosed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, underscoring the firm’s compliance with transparency and continuous disclosure norms for market participants.

By making the investor presentation publicly available, Garware Technical Fibres aims to provide analysts and shareholders with structured information on its business and performance. This step supports informed decision-making by stakeholders and aligns the company with best practices in corporate governance and investor communications in the Indian capital markets.

Garware Technical Fibres Says Board Non-Compliance Fines Waived by NSE

Garware Technical Fibres Limited has disclosed that BSE and NSE imposed fines of Rs 2,75,000 plus GST each on the company for non-compliance with Regulation 17(1) of SEBI’s Listing Obligations and Disclosure Requirements for the quarter ended December 31, 2025. The breach arose because the board temporarily had fewer than six directors and lacked a woman independent director after the completion of the second term of an incumbent independent director in August 2025.

The company attributed the delay in restoring compliance to the time taken to secure mandatory approval from the Directorate General of Civil Aviation for the appointment of a new non-executive independent director, who ultimately joined the board on November 25, 2025, bringing the board back into full compliance. Garware had sought a waiver of the fines for delayed compliance for the quarters ended September 30 and December 31, 2025, and NSE granted this waiver on February 16, 2026, meaning the fines referenced in the latest notices from BSE and NSE will not have to be paid, and the company plans to respond formally to the exchanges.