Garware Hi-Tech Films Limited

Garware Hi-Tech Films Limited

GARWARE HI -TECH FILMS LIMITED
CORPORATE OFFICE : GARWARE HOUSE, 50 -A, SWAMI NITYANAND MARG VILE PARLE (EAST), MUMBAI – 400 057.
TEL: 0091 -22-6698 8000 (15 LINES) WEBSITE: https://ift.tt/OEoTK0f
CIN: L10889MH1957PLC010889
REGD. OFFICE: NAIGAON, P.O. WALUJ, CHHATRAPATI SAMBHAJINAGAR – 431 133 (INDIA)
February 07, 202 5
The Compliance Manager BSE Limited Corporate Relationship Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001. Scrip Code: 500655
The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra -Kurla Complex, Bandra (East), Mumbai 400 051. Trading Symbol: GRWRHITECH
Subject: Regulation 30 of SEBI (LODR) Regulations, 2015 -Press Release and Investor Presentation
Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we are enclosing herewith Press Release and Investor Presentation on the Unaudited Financial Results of the Company for the quarter and nine month s ended December 31, 202 4.
Thanking you, Yours faithfully,
For Garware Hi -Tech Films Limited
Awaneesh Srivastava Company Secretary FCS 8513
Encl.: As stated above. Media Release
1
Mumbai, February 7, 202 5: Garware Hi -Tech Films Limited (GHFL) , a global manufacturer of Sun Control Films, Paint Protection Films and other Specialty Polyester Films, announced its FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024.
Remarkable performance in Consolidated Nine Months FY25 Revenue s at INR 1,561.4 crores , up by 26.9% Y-o-Y EBIT DA at INR 374.1 crores , up by 61.7 % Y-o-Y PBT at INR 336.7 crores, up by 75.2% Y-o-Y PAT at INR 253.4 crores , up by 74.2 % Y-o-Y
Business Update : ➢ Proposed Capital Expenditure by GHFL in India’s First -of-Its-Kind TPU Extrusion Line with annual capacity of 360 LSF approved by the Board of Directors on February 7, ➢ Introduced Innovative PPF Solutions (Colored PPF, Headlight & Taillight PPF) & Strategic Partnerships for EMI solutions & Insurance coverage for PPF products ➢ Recognized as India’s Top Value Creator 2024 by Dun & Bradstreet ➢ Grant of a New Patent for Floatable Shrink Film
Consolidated Financial Summary :
INR crores (except EPS) Particulars Q3 FY25 Q3 FY24 Y-o-Y % 9M FY25 9M FY2 4 Y-o-Y % Revenue from operations 466.4 453.6 2.8% 1,561.4 1,230.4 26.9% EBITDA 93.7 84.6 10.7% 374.1 231.4 61.7% EBITDA % 20.1% 18.6% 24.0% 18.8% PBT 81.0 73.0 11.0% 336.7 192.2 75.2% PBT % 17.4% 16.1% 21.6% 15.6% Cash Profit 69.4 65.4 6.0% 283.6 179.3 58.2% PAT 60.8 55.9 8.8% 253.4 145.5 74.2% PAT % 13.0% 12.3% 16.2% 11.8% EPS in ₹ 26.2 24.1 8.8% 109.1 62.6 74.2%
Media Release
2
Consolidated Nine Month Performance ( 9M FY25 vs 9M FY24): Revenue from operations grew significantly to INR 1,561.4 crores, a n increase of 26.9 % year –
on-year, fuelled by steady growth in Sun Control Films (SCF) , Paint Protection Films (PPF) and Industrial Products Division (IPD) segments supported by strong marketing strategy and increased market penetration. EBITDA grew by 61.7 % Y-o-Y, supported by the sale of value –
added products across all segments. Overall, PAT increased by 74.2 % Y-o-Y.
Consolidated Quarterly Performance (Q3 FY25 vs Q 3 FY24): Q3 FY25 Revenue from Operations remained stable at INR 466.4 crores, an increase of 2.8% year -on-year, despite facing industry headwinds and seasonal fluctuations. EBITDA grew by 10.7% Y -o-Y, supported by the sale of value -added products. Overall, PAT stood at ₹60.8Cr, an increased by 8.8% Y -o-Y.
Commenting on the results, Dr S. B. Garware, Chair man and Managing Director , Garware Hi -Tech Films Limited said: "As we continue to chart our course towards a future of innovation and excellence, our commitment to long -term sustainable growth remains unwavering. Our strategic emphasis on operational efficiency and high -quality offerings is now further strengthened by strategic partnerships and dynamic marketing strategies. These efforts are not just expanding our footprint in India and overseas markets but also reinforcing our dedication to making a positive impact on our customers and communities .”
Ms. Monika Garware, Vice Chairperson and Joint Managing Director , Garware Hi -Tech Films Limited added , “Our performance over the past nine months has been outstanding, driven by continuous innovation, strong focus on enhancing our product offerings and customer experience. To strengthen our future growth plans, we are pleased to inform you that the Board of Directors have approved an investment of INR 1 18 crores in TPU extrusion line with an annual capacity of 360 LSF at our Waluj Plant and the production is set to commence by October 20 26. This line will enhance our manufacturing capabilities, optimize operational costs and support future market demand. We have recently launched the industry’s first Coloured PPF and Headlight & Taillight Glass Protection which will open up new business opportunities in the market. Additionally, we made strategic collaborations to ensure PPF offerings more accessible and su pported by a comprehensive insurance program .” Media Release
3
Business Updates: India’s First -of-Its-Kind TPU Extrusion Line The Board of Directors has approved an investment of INR 118 crores in a TPU extrusion line at our Waluj Plant, marking a significant step in expanding our capabilities. This will be India’s first TPU extrusion facility, reinforcing our commitment to the Make in India initiative . The project is expected to be completed within 18 months, with a planned capacity of 360 LSF per year , and production scheduled to commence by October 2026 . The output from this new line will support the input requirements of both our existing and upcoming PPF production lines, ensuring seamless integration into our manufacturing processes while driving cost savings. Additionally, this line will accelerate our R&D process and further expand our value -added product portfolio , thus strengthening our market position.
Introduced Innovative PPF Solutions & Strategic Partnerships ➢ Coloured PPF: A game‐changer for Indian auto enthusiasts, introducing vibrant colour options to personalize and protect vehicles like never before. ➢ Headlight & Taillight Glass Protection: Pioneering advanced solutions to safeguard the brilliance of your car’s lighting systems . ➢ EMI Solutions with Bajaj Finance: Making premium protection accessible for every Indian car owner with low‐cost flexible financing options . ➢ PPF Insurance in Partnership with Insurance Dekho: The first‐of‐its‐kind comprehensive insurance coverage for PPF in India, redefining car care security ensuring long‐term stress‐free utilization .
Recognized as India’s Top Value Creator 2024 by Dun & Bradstreet The Company has been awarded India’s Top Value Creator 2024 – Packaging & Allied Activities by Dun & Bradstreet, a leading global business information provider
Grant of a New Patent for Floatable Shrink Film The Company has been granted a new patent for Floatable Shrink Film, further strengthening our innovation and leadership in the industry Media Release
4
About Garware Hi -Tech Films Limited (GHFL): GHFL (BSE: GRWRHITECH 500655 | NSE: GRWRHITECH), is one of the few companies in the world to have a vertically integrated chip -to-film operation in Chhatrapati Sambhaji Nagar (Aurangabad), Maharashtra, India, with state -of-the-art facilities to produce a highly quality and varieties of specialty polyester films used in various industries/applications across the globe such as Paint Protection Films , Sun Control Films (Auto and Architectural) , Shrink Label –
Packaging, Reprographics, Electrical , Thermal Insulation , etc. * * *
For further information, please feel free to contact:
Amar Yardi Email: amar.yardi@garwarehitech.com Mobile : + 91 93269 63607 Vikash Verma, EY Email: Vikash.verma1@in.ey.com Mobile: +91 96640 09029
Sumedh Desai, EY Email: sumedh.desai@in.ey.com Mobile: +91 98697 76652
Investor Presentation
Q3 & 9M FY25
February 2025Garware Hi -Tech Films Ltd (GHFL )
ADVANCING EVERY CREATION 2Safe 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 .I Automobile Window Architecture Safety Contents
01 Q3 & 9M FY25 Highlights
02 Company Overview
03Product Overview
⁻SunControl Films (SCF)
⁻Paint Protection Film (PPF)
⁻Consumer Driven Industrial Products (IPD) 04 Marketing & Branding Initiatives Paint Protection Lidding Film Industrial 3
3I IF-GARWARE ‘ ‘::!I HI-TECH FILMS Q3 & 9M FY25 Highlights 1I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 5Message from the CMD
Dr. S B Garware
Chairman and Managing Director
“As we continue to chart our course towards a future of innovation and excellence, our commitment to long -term sustainable growth remains unwavering . Our strategic emphasis on operational efficiency and high -quality offerings is now further strengthened by strategic partnerships and dynamic marketing strategies . These efforts are not just expanding our footprint in India and overseas markets but also reinforcing our dedication to making a positive impact on our customers and communities .”
Ms. Monika Garware Vice Chairperson and Joint Managing Director
“Our performance over the past nine months has been outstanding, driven by continuous innovation, strong focus on enhancing our product offerings and customer experience . To strengthen our future growth plans, we are pleased to inform you that the Board of Directors have approved an investment of INR 118 crores in TPU extrusion line with an annual capacity of 360 LSF p.a. at our Waluj Plant and the production is set to commence by October FY26. This expansion will enhance our manufacturing capabilities, optimize operational costs and support future market demand . We have recently launched the industry’s first Coloured PPF and Headlight & Taillight Glass Protection which will open up new business opportunities in the market . Additionally, we made strategic collaborations to ensure PPF offerings more accessible and supported by a comprehensive insurance program .”I 61,230.41,561.4
9M FY24 9M FY2526.9% YoY
231.4374.1
9M FY24 9M FY2561.7% YoY
145.5253.4
9M FY24 9M FY2574.2% YoY
18.8%24.0%
11.8%16.2%
192.2336.7
9M FY24 9M FY2575.2% YoY
15.6%21.6%Remarkable 9M FY25 Performance
9M FY25 Consolidated Performance (YoY) Revenue from Operations (₹ cr) EBITDA (₹ cr) & EBITDA Margin PAT(₹ cr) & PAT Margin PBT(₹ cr) & PBT Margin I IF-GARWARE ‘ ‘::!I HI-TECH FILMS t ,. .. … .. … … 7Stable Performance in Q3 FY25
453.6466.4
Q3 FY24 Q3 FY25Revenue from Operations (₹ cr) 2.8% YoYQ3 FY25 Consolidated Performance (YoY) EBITDA (₹ cr) & EBITDA Margin 10.7% YoYPAT(₹ cr) & PAT Margin 8.8% YoY
84.693.7
Q3 FY24 Q3 FY2518.6%20.1%
55.960.8
Q3 FY24 Q3 FY2512.3%13.0%PBT(₹ cr) & PBT Margin 11.0% YoY
73.081.0
Q3 FY24 Q3 FY2516.1%17.4%I IF-GARWARE ‘ ‘::!I HI-TECH FILMS t .. .. 8PAT (₹ Cr) EBITDA (₹ Cr) 48.1 30.4 43.1 43.7 45.9 55.9 57.8 88.4 104.3 60.8 Q2
FY23Q3
FY23Q4
FY23Q1
FY24Q2
FY24Q3
FY24Q4
FY24Q1
FY25Q2
FY25Q3
FY2575.8 52.5 70.4 72.7 74.0 84.6 89.7 130.0 150.5 93.7 Q2
FY23Q3
FY23Q4
FY23Q1
FY24Q2
FY24Q3
FY24Q4
FY24Q1
FY25Q2
FY25Q3
FY25395.0 324.0 349.0 379.7 397.1 453.6 446.6 474.5 620.6 466.4
Q2
FY23Q3
FY23Q4
FY23Q1
FY24Q2
FY24Q3
FY24Q4
FY24Q1
FY25Q2
FY25Q3
FY25Revenue from Operations was stable during the quarter and stood at ₹466.4 Cr, up 2.8% YoY, despite facing industry headwinds and seasonal fluctuations .
EBITDA stood at ₹93.7Cr, up by 10.7% YoY. EBITDA margin stood at 20.1% in Q3 FY25 primarily due to stability in the sales of value -added products across all segments . PAT stood at ₹60.8Cr, up 8.8% YoY.Comments
84.63.021.5
-7.9 -2.3-5.293.7
Q3 FY24Other Income Operating Profit Employee Cost Sales & MarketingOther Expense
Q3 FY25Increase Decrease TotalQ3 FY25 vs Q3 FY24 Revenue from Operations (₹ Cr)
EBITDA Bridge (₹ Cr) Quarterly Consolidated Performance Trend – Q3 FY25
19.2% 16.2% 20.2% 19.2% 18.6% 18.6% 20.1% 27.4% 24.2% 20.1%
12.2% 9.4% 12.3% 11.5% 11.6% 12.3% 12.9% 18.6% 16.8% 13.0%EBITDA Margin
PAT MarginI ~GARWARE ‘ ‘::!/ HI-TECH FILMS ■ —..I!!!!!!!!!!!! –1!!!!!!!!!!!! –1!!!!!!!!!!!! ..I!!!!!!!!!!!! —
————• ■ ■ ■ —————— ——-
————__ …. – —————..-.. ——9PAT (₹ Cr) EBITDA (₹ Cr)
21 17 11 8 8 FY20 FY21 FY22 FY23 FY24 – 5 10 15 20 25 30 35Collection
Days
9.78.77.86.9 6.8Inventory
TurnoverConsolidated Annual Performance
173 234 277 269 321 18.8%23.6%
21.3%
18.7% 19.1%
– 50 100 150 200 250 300 350 400
FY20 FY21 FY22 FY23 FY240.0%5.0%10.0%15.0%20.0%EBITDA Margin
69% 74% 73% 70% 78%31%26% 27% 30%22%
FY20 FY21 FY22 FY23 FY24Export Domestic
86 126 167 166 203 9.3%12.7%12.8%
11.6%12.1%
-1.0%1.0 %3.0 %5.0 %7.0 %9.0 %11. 0%13. 0%
FY20 FY21 FY22 FY23 FY24 -30 20 70 120 170 220PAT Margin
19.8%22.7% 22.5%
19.5%21.1%
13.4%15.8%17.7%
15.2% 15.9%
FY20 FY21 FY22 FY23 FY24ROCE ROE
*Adjusted for Revaluation reserve of ₹ 764 Cr**Debt repayment of ₹ 141 cr in FY24Revenue from Operations (₹ Cr)
ROE & ROCE* (%)
120 228 308 387 388 FY20 FY21 FY22 FY23 FY24Cash
121 132182
0Gross DebtCash, Bank & Liquid Funds** (₹ Cr) Collection Days & Inventory Turnover (x) Net Working Capital Turnover Ratio (x)
6.0
4.74.4
3.83.5
FY20 FY21 FY22 FY23 FY24
1.8 1.82.1 2.12.4
0.7 0.70.9 1.01.1
FY20 FY21 FY22 FY23 FY24Adj Fixed Assets Turnover*
Fixed Assets Turnover ratioFixed Assets Turnover ratio (x)925 989 1,303 1,438 1,677I ~GARWARE ‘ ‘::!/ HI-TECH FILMS –
■ ■ -…… • • • …… …… ■ ■ • … I I • • • • • • LJ□□ • • — – – – -10Product Overview
Diversified Portfolio driving GHFL’s Success
•Automotive SunControl Film
•Architectural SunControl Film
•Paint Protection Film
•Safety FilmValue Added Products (VAP) Value Added Products
•Thermal Lamination
•Plain Film
•Packaging & Lidding FilmCommodity
•Shrink Film
•Electrical or Electronics Insulation •Release Liners
VAP Q3 FY24 Q3 FY25
CPD (SCF+PPF) 71% 65%
Shrink 8% 7%
Other IPD – Special 12% 13%
Total VAP 91% 85%Consumer Product Division (CPD) Industrial Product Division (IPD) VAP Mix – Q3 FY25
91%9%
VAP CommodityVAP Mix – Q3 FY24
45% 49%65%55% 51%35%
FY22 FY23 FY24Annual Revenue Mix CPD IPD85%15%
VAP Commodity
71% 71%64%29% 29%36%
Q3 FY24 Q2 FY25 Q3 FY25Quarterly Revenue Mix CPD IPDI ~GARWARE ‘ ‘::!/ HI-TECH FILMS • ■ • ■ ■ ■ ■ ■ 11CAPEX Update: TPU Extrusion Line Expansion 11
New CAPEX announced at Waluj facility As a part of GHFL’s growth strategy and continuous efforts on enhancing backward integration in our production process, we are pleased to announce the expansion of a new TPU Extrusion Line with a capacity of 360 LSF p.a.
~INR 118 Cr Estimated Capital Expenditure
360 LSF p.a. Capacity Output ~18 months Expected Timeline
October FY26 Commencement of commercial productionI IF-GARWARE ‘ ‘::!I HI-TECH FILMS … 121. Product Range Expansion :
➢ Launch of Coloured PPF – Premium combination of vibrant style, enduring functionality, & robust protection against scratches, stains, UV damage without compromising visual appeal .
➢ Launch of Head & Taillight Glass Protection Film – Crystal‐clear film engineered with advanced materials to shield headlights and taillights .
2. AI‐Powered retail finance scheme with Bajaj Finance Ltd.:
➢India’s 1st retail finance scheme for PPF, a groundbreaking partnership with Bajaj Finance Ltd. for premium protection made affordable & accessible with flexible, low-cost EMI options .
3. PPF coverage into vehicle insurance plans :
➢Strategic alliance with InsuranceDekho to incorporate PPF coverage into vehicle insurance for comprehensive protection .
4. Continuous PPF network expansion in Tier 1 & Tier 2 cities – New GAS stores opened in Mohali, Ludhiana, Assam, Aligarh, Varanasi, Bhubaneswar, Kondapur (HITEC City), Patna, Gurugram and other . Total GAS and PPF distributors stands at 175+.
5. GHFL presence at Expos & Forums – Bharat Mobility Global Expo (New Delhi), Label Expo China, Label Expo Delhi, SEMA Show (USA), Various Business Accelerator & Dealer Meets .
6. Achieving 200+ million digital impressions, GHFL campaign has garnered significant engagement across media platforms and resonated powerfully with Influencers & Experts in automotive and architecture sectors .
7. GHFL Featured in Architectural & Builders Magazine – The milestone reflection of company’s dedication to enhancing architectural brilliance with cutting -edge solutions .
8. Patent update : Granted patent for Floatable Shrink Films .12New Initiatives and Recent Developments
Launch of Coloured PPF I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 13Events, Exhibitions, & Other marketing initiatives GHFL’s stellar show at Bharat Mobility Global Expo 2025 Launch of – Coloured PPF & Headlight & Taillight Glass Protection I IF-GARWARE ‘ ‘::!I HI-TECH FILMS Company Overview 2I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 15Product Strategy | Premium Market Positioning Economy segment mainly dominated by Chinese and Korean players
Super Premium
Premium
EconomyPremium PPF The only manufacturer of professional -grade PPF in India #1
Rank at Tint -Off Contest in USAGlobal Patents
Over 10 Registered/Pending Patents and 168 Registered Trademarks Gold Shield
Awarded Gold Shield by the Government of India37 Years
Winner – Top Exporters’ Award for 37 years ( Plexcouncil )World’s Largest
One of World’s largest Single –
location SCF capacityTechnology Edge
Winner of Prestigious award from Japan Institute of Plant Maintenance (JIPM)Tier 1 Brand A premium global brand, ranking top 3 in USA & Europe
Our ‘Global’ and ‘Garware’ brands target the high -end market, setting them apart from international competitors in the premium and economy categories
1st India’s first company to produce PCR grade & APR certified Eco –
friendly Shrink Films~70% Leading player in India’s shrink film market with ~70% market share.I IF-GARWARE ‘ ‘::!I HI-TECH FILMS ., GLoBA[•i\ Window Films 1’ ~ I Application Paint Pioteclion Film Stuclo SAFETY ~GLAZING 16➢Resilient performance despite challenging business environment
➢Sustainable Margins for Specialty films
➢Improved Financial HealthBusiness Strategy | Four Pillars ➢Fully vertically integrated chips -to-
film manufacturer
➢Capable of scaling up production with fungible capacities
➢Backed by robust 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.Healthy Cash flows Net Zero debt
▪Revenue CAGR* of 12.4%
▪PAT CAGR* of 35.3%
▪100% Dividend paying company*
*from FY18 – FY24➢Manufacturers & suppliers of premium quality value accretive products with focus on consumer products ➢Key application in automobiles, FMCG, Industrial sector
➢Capability to produce diversified customized products
88% FY24 Value added product contribution ▪SunControl Film
▪Paint Protection Film
▪Shrink FilmManufacturing Locations 2
IPD Capacity 42,000 MT pa
CPD Capacity 4,500 LSF pa➢Solid sales & marketing strategy to drive exponential growth ➢Relaunch of safety glazing film and strengthening PPF distribution channel
➢Comprehensive training program for applicators and tinters ➢Resource addition at new geographies 175+ Garware Application Studios & Distributors for exclusive access to Safety Glazing Films and PPF GAS 930+ applicators trained in India Value -Added Specialty filmsManufacturing ExcellenceCustomer -Centric Growth Fostering Sustainable Annual Financial Performance Strengthening Domestic Market Share
₹ 572 Cr cash surplus (as on 31st Dec 2024)I ,—————————————————-, , ‘ I I I I I I I I I I I I I I I I I r—- ——————————————, r– – ————————————–, \ , —————————————————-‘ ,, _______________________________________________________ , ‘——————————————————‘ ~GARWARE ‘ ‘::!/ HI-TECH FILMS ,– ——————————————–1 ~ ‘—————————————————-‘ I I I I I I I I 17Transitioned into a Value -Added Product Business
GHFL has ventured into value -added products like SunControl, Paint Protection and Shrink Film, resulting in better recovery of r evenue, and improved margins.
₹ 1,677 Cr
19.1%
12.1%₹ 874 Cr 9.0%
2.5%Revenue from operations
EBITDA Margin
PAT Margin
~78% ~58% Export ShareValue Added Specialty Films Polyester Films Business Transition
₹ 2,045 Cr ₹ 1,254 Cr Net worth➢GHFL was one of largest exporter of polyester films in India and had greater emphasis on commodity -oriented businesses .
➢The business faced lower margins, significant competition and less differentiation .➢Undergone a significant shift in its business strategy, resulting in a strong performance in specialty films industry with higher margins and a highly differentiated product portfolio . ➢GHFL’s adaptability and strategic investment in high -margin products have enabled thriving in a competitive and volatile market.
FY17FY17 & Prior FY18 & Beyond
*Consolidated Financial Numbers48%80%89%52%20%11%
FY17 FY23 FY24
Commodity Products Value Added Products
FY24I ~GARWARE ‘ ‘::!/ HI-TECH FILMS • 18Geographical Strategy | Mature Market with High -end Customer Base
North America
51.6%
South America
India
17.5%
Africa
Europe
Rest Asia
90+ CountriesGlobal Presence
Manufacturing locations2
Sales Offices3
India India, USA, UK
5,000+Tinters across the globe
Sales Representatives➢Strong global distribution network and established sales channels globally
➢Clear strategy of dispatch to distributors ➢Reduced delivery lead time
➢Adoption of Cash -n-carry model for Efficient working capital management 0.9%
1.4%
11.0%
14.0%
Apart from India, USA, UK; GHFL also has representatives in China, Middle East, Far East, Russia & South America
Australia
0.3%
USA
Germany Senior Level Additions in UAEPhilippines
Uzbekistan
New Geography Inclusion
Spain
74.3%Export Revenue Share in Q3 FY25Q3 FY25 Revenue Share Middle East
3.3%
Japan
I • • I I Ci=) I :• I I I I I I I I I I I D D u!::J =———–19GHFL Manufacturing footprints
Pioneering the Future of Specialty Polyester Films
Fully Vertically integrated Manufacturing Locations Waluj Chhatrapati Sambhaji Nagar (Aurangabad)Chikalthana Chhatrapati Sambhaji Nagar (Aurangabad)
➢Polyester Chips plants
➢Four BOPET Film lines ➢Extrusion coating lines / Thermal Line ➢Metallizers
➢SunControl Film plants for Automobile, Architectural & Safety Films ➢Paint Protection Film plant
State -of-the-art, ISO -9001:2015 certified facility at Waluj Fungible Capacity Product Line MT/LSF
Chips Plant 66,000 MT
IPD 42,000 MT
SCF 4,200 LSF
PPF 300 LSFInstalled Capacity ➢Crucial for improving sales mix & responding to stable demand
➢Enables shift between value -added and commodity products19
Upcoming Capacity by Q2 FY26 Product Line MT/LSF
PPF 300 LSFI r————————————————————-
: ~·. ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ I —–~ I ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ,_______ I —————— : —– I ——————- : ____________ ,) 20R&D | Innovation at our core Continuous Interaction & Feedback to foster innovation •Recognition by Indian Dep. of Scientific & Industrial Research (DSIR)
•TPM Excellence Award by JIPM
•BRCGS Certified (Food & Packaging Grade)
Representation of product offerings and business globally VAP for stable revenue and high margin growth 50+ dedicated R&D Team members (Technical & Scientific Personnel) and Pilot Plants •An ISO 9001:2015 certified company.
•LEAN 6 -Sigma DMAIC methodology for problem -solving, supported by certified LSSBB & LSSMBB practitioners
168 Registered Trademarks (India & Abroad) and Over 10 registered/pending patents Distinguishing features and functionalities and customized products/RM due to backward integrations Product extension into complimentary business Innovation Wheel Product Performance TM
2023 – Top 50 innovative company award I IF-GARWARE ‘ ‘::!I HI-TECH FILMS SAFETY~GLAZING 21Environmental 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.
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.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%
Targeting a 50% reduction in absolute emissions by 2030.50% APR
Active membership with the Association of Plastic Recyclers, USASafety Award
Awarded by National Safety Council
ISO Certification Initiated activities for ISO 14001 & ISO 45001
I ~GARWARE ‘ ‘::!/ HI-TECH FILMS ~ aa [ffi :: !’iii :: UU aa 22Empowering Communities, Building Sustainable Future
Community Engagement & Development
❑Organised District -Level Chess for Under -12 age group at GCC Chikalthana, with 60 participants and Drawing Competition with 300 students participating.
Cultural Showcase
❑Hosted a vibrant Folk Dance Contest and Award Ceremony, engaging approximately 200 students and parents, alongside Singing Competition and Classical Dance Examination.
Sustainable Future
❑National Level Environmentalist Conference jointly organized with the National Bal Bhavan New Delhi at GCC Chikalthana, with 125 students from across India.
Health & Safety
❑Organized Free Dental Check -up Camp for students & a Self -Defense Training Program.
I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 3
Product OverviewI IF-GARWARE ‘ ‘::!I HI-TECH FILMS SunControl Films (SCF) 24
Architectural & Automobile Film I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 25SunControl Film
Key Growth Drivers – SCF Untapped domestic market
Global SunControl Films (SCF) Market is expected to grow at a CAGR of 5.8% from 2022 to 2032Source: Future Market Insights ❑Reintroduction of GHFL ‘safety glazing’ window film in India
❑Fully compliant with 50/70 VLT government regulations Product extension in SCF business
❑Expected robust growth in complementary architectural film segments – launched SpectraPro and DecoVista series Strong R&D and demand for sustainable products ❑Product innovation Introducing new value -added films, environment friendly films and patented technologies help maintain business leadership
❑Favourable trend towards sustainable buildings and rising awareness of benefits of SCF films, especially in light of the increasing temperatures
Established distributor network globally & economic recovery market
❑Exclusive distributorship and established partnerships with regional distributors
❑Leading choice for professional dealers and installers
Digital awareness and marketing campaigns
❑Sales channels via OEMs & dealerships as part of their offering leading to greater trust among consumers
❑Digital/social media campaign -driven awareness initiatives and influencer campaign with applicators, glass suppliers to drive greater adoptionGlobal SCF Market 6.3 6.7 7.1 7.5 7.9 8.4 8.89.39.9 10.5 11.1 FY22 FY23 FY24E FY25E FY26E FY27E FY28E FY29E FY30E FY31E FY32EUS$ billionI ~GARWARE ‘ ‘::!/ HI-TECH FILMS 26SunControl Film
Architectural Film | Next Engine of Growth for SCF
SunControl Films
Privacy Films Designer & Decorative FilmsSafety & Security Films
•Applied to the inside surface of Glass Windows
•Reduces solar heat, UV light & glare, keeps inside room cooler
•Multiple SKUs with different properties to suit your needs1
3•Holds broken glass shards intact & minimizes chances of injuries
•Maintains visual identity of the glass
•Protects glass surface from scratches
•Transforms normal clear glass to a designer glass – varied colors & designs
•Freedom to change glass designs on renovation by changing only the film, not the more expensive glass1
2•Provides privacy to rooms, conference rooms, bath areas and improves confidentiality
•Improves ambience and aesthetics1
2Unique range Privacy Films
Niche range of Designer FilmsIce Cubes Ice lines Ice Blind
Creates different environments & desired ambience for home and office interiors1
3I • • • • • I I • • • • • I n I 27SunControl Film
Architectural Film | Products Designed to Meet Various Customer Requirement TSER: Higher the better
VLT: Depends on usage
20% 40% 60% 80%0%20%40%60%80%100%TSER (Heat Rejection)
Spectrally Selective Films
High Heat RejectionNichrome
High PerformanceDefendo
ReflectiveNon ReflectiveFew illustrative SKUs from all series
Visible Light Transmission (VLT)I ♦ ■ □ • IF-GARWARE ‘ ‘::!I HI-TECH FILMS 28SunControl Film
Architectural Films | Gaining Traction with successful launches & marketing campaigns
Spectra Pro Architectural Films Designed for high heat rejection & high VLT A product that provides high performance, maximum clarity and impeccable durability that metallic films can’t match
➢Application of from exterior or interior surface of glass facades. Low reflectivity, enhanced views.
➢Non-metallized film blocks 97% of infrared, enhancing energy efficiency and comfort, while preventing corrosion without edge sealing.
➢Targeting luxury homeowners and commercial venues , film offers low reflectivity with high light transmission and superior heat rejection.
DecoVista Series Decorative Film Elevate the Style of Your Homes and Offices
A New range of interior decorative films will redefine your experience with elegance and innovation
Recent Launches Architectural Marketing Campaigns
GHFL featured in the prestigious Architectural & Builders Magazine
Social Media Campaigns
‘Archi ’ Business Meets
I EXPERIENCETHE ULTIMATE — LUXURY—IF-GARWARE ‘ ‘::!I HI-TECH FILMS 29SunControl Film
Safety Glazing Film for Domestic Market Product Launch
Relaunch of GHFL’s ‘Safety Glazing’ window film in India Indian domestic market is highly under penetrated
High Under -penetration
Safety Glazing Material – Key Highlights
Novel "end -to-end" application method for enhanced coverage and quality, accompanied by region -wise applicator training.
“End -to-end” application technique GHFL’s Safety Glazing Material is in compliance with 50/70 VLT rule as specified in IS 2553 of CMVR Rule Book.
Regulatory Adherence
Employing dot code embossing and SKU name printing on kits for accurate identification of genuine Garware products..
Film Authenticity
Use of perforated boxes and tubes designed for single -use tear –
away, promoting re -use of packaging materials.
Sustainable PackagingDomestic market has shown higher than expected uptake of SCF
Increasing Demand
New domestic automotive rules allow usage of safety glazing materials
Regulatory permission
GHFL is the sole manufacturer of safety glazing film conforming to the standards Sole manufacturer
Ensures better visibility and enhanced safety aligned with Central Motor Vehicle RuleI SAFETY GLAZING …………… ~J ___ _ J J —————————-
J j J j IF-GARWARE ‘ ‘::!I HI-TECH FILMS The Central Motor Vehicl s Rulei updated In 2022 Automotive Glasses to confirm to IS 2553 allo ,, u ge or glazing material including plastics 701)(, and SOOi transparency to b m intained Our Global Marquee Clients in Architectural Films Bank of BrazilImperial College , London Luton Airport, LondonChangi Airport, Singapore
Taj Amer, Jaipur
Bengaluru Airport, Bengaluru
New Project @
A large mall in Mohali Punjab New project at one of the largest malls in Mohali, Punjab, supplying of architectural films . This property is part of the Homeland/Unity Group . For more details – Linkedin Link 30IF-GARWARE ‘ ‘::!I HI-TECH FILMS Paint Protection Films (PPF) 31
AutomobileI IF-GARWARE ‘ ‘::!I HI-TECH FILMS 32Paint Protection Film
Key Growth Drivers – PPF
Under penetrated and untapped PPF market in India
Source: Source: DataM Intelligence❑Indian market is in the early stages of “building awareness” – scratch resistance, hydrophobicity, self -healing, and more benefits
❑Low adoption rates in India at ~1.5% compared to 10 -12% in US & China ❑Increasing share of premium & luxury vehicle segment (Sedan, SUV, MPV) and growth in the EV segment to enable higher PPF adoption Global PPF Market Value 543.7 574.9 608.2 643.6 681.4 721.7 764.6 810.3 858.9 910.6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025US$ million7.88.8
8.08.88.59.38.79.8
Q1 Q2 Q3 Q4FY23 FY24PV Sales – India* Reference* – marklines .com ₹ Lakhs Annually ~30 -35 lakh cars sold in India and nearly 40% are SUV and luxury car segment – which is essentially the target segment for PPF
Establishing Distribution network for PPF ❑Leveraging the existing established Distributor & Tinter Network of SCF
❑In domestic market, established 120+ PPF channel partners , which includes assets -light Garware Application and Studios (GAS) and PPF distributors
❑Strong Marketing Campaigns, Offline and Digital media, gained strong traction and customer interest ❑Dedicated training centres to impart PPF application skills To cater growth demand for PPF, Board of Directors approved new line of 300 LSF pa
Existing Capacity – 300 LSF Capacity under Expansion – 300 LSF Existing Capacity utilized at optimum level in FY24 and proposed additional capacity to be commissioned by Q2FY26 New PPF CapacityI ■ ■ r 33Paint Protection Film
PPF Titanium with lifetime warranty33
Aim is to reinforce Garware’s reputation for delivering high quality and best -in-class PPF
Exclusively available only at GAS studios Lifetime warranty to be provided to Garware GAS customers1 2
Best -in-class PPF quality, with exceptional gloss & stretch propertiesHighest quality aliphatic non-yellowing TPU with superior clarity & strength3 434Paint Protection Film
Domestic PPF | Driven by 750+ OEM Dealerships and 175+ channel partners Garware Application Studios (GAS) : Detailing and Car care Studios for exclusive access to Garware’s premium safety glazing films and PPF
Introducing a D2C channel of certified and trained applicators Aim to achieve multifold footprint growth by launching Asset -Light application studios across prominent geographies
Application studios thrive with our CRM platform’s robust support
GAS will play a pivotal role as certified application providers as Garware extends its B2B channel to include OEMs & multi -brand dealerships
175+200 Current TargetGAS and PPF Distributors 750+900 Current TargetOEM Brands DealershipsStrengthening GAS and OEMs network
34I IF-GARWARE ‘ ‘::!I HI-TECH FILMS • • 9 Vile Parle, Mumbai · CARWARE P lnc °PT’Oltl:i::lk’)n FU~ Where Passion Meets Perfection: Explore Our Exclusive Application Studio fr –Industrial Product Division (IPD) Shrink, Low Oligomer, Release Liners, Packaging etc. I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 36Industrial products Division | Integral to GHFL’s leadership in Poly -filmsValue Added Products
Commodity ProductsThermal Lamination
Provide heat insulation, energy efficiency, increased comfort & protection in various applications like Book covers, Posters, etc.
Plain Film
Offers excellent mechanical & optical properties used in as label stocks, photographs, tags, lamination, OPH, etc.
Packaging & Lidding Film
Protects & preserves various products like food, beverages & consumer goods Metalized Film
Provides design versatility, shiny appearance & barrier properties to meet customer specific needs
Shrink Film
Wrapping & labelling plastic bottles, containers, cans, cups, etc. of various sizes
Electrical & Electronics
Used in electronics industry because of properties like electrical insulation, thermal stability, moisture resistance, & excellent dimensional stability .
Release Liners
Coated with silicon on one side to enhance release properties & used in applications like release labels
I IF-GARWARE ‘ ‘::!I HI-TECH FILMS 37Shrink Films
Key Growth Drivers India’s Rising Role in Shrink Film Manufacturing
India has a great scope to emerge as a sizable player in shrink film manufacturing as part of China -plus-one diversification strategy
Global market
GHFL’s diversified Customer base across the globe, including America, Europe, Africa & Middle East, besides the Indian market
Headroom for growth With current ~10% contribution to GHFL’s revenue, we envisage headroom for growth for this segment .Rise in e-commerce services and demand for packed food
Rise in awareness among the people regarding importance of packaging of food materials during pandemic outbreak . Shrink film packaging materials are used in e-commerce product delivery, deliver fresh groceries, beverage’s etc.Consumer preference for environment -friendly shrink films Shift in customer preference from PVC to recyclable PET-based shrink films . GHFL incorporates 30% PCR materials in its shrink films 4.7 8.0 FY21 FY31E(in US$ billion)Global shrink film is expected to grow at a CAGR of 5.4% from 2022 to 2031
Source: Allied Market Research
Macro Economic factors
Surge in urbanization and penetration of digitalization, improvement in lifestyles & increase in per capita incomes to boost use of shrink filmsIncreased use of Labels
Rise in shopping malls and supermarkets in the developed and developing countries across the globe has driven demand for shrink film labels
I ~GARWARE ‘ ‘::!/ HI-TECH FILMS Marketing, Branding & Network Expansion Initiatives439Improve India Revenue Mix | PPF & SCF business
Reintroducing Safety Glazing Film with favorable shift in Indian Regulations, leveraging local manufacturing and strong brand recall
Accelerated expansion of the Garware Application Studios (GAS) exclusively retailing and applying Garware products
Retail counter addition initiatives launched in high potential markets to expedite counter addition and augment our share of business
Launched a comprehensive training program for applicators and sales executives to create supporting ecosystem
Direct tie ups with large auto OEMs , real estate consumers to develop a long -term sticky sales channel
Building end consumer pull leveraging digital marketingMarketing Strategy for Exponential Domestic Market Growth from SCF and PPFI ~GARWARE ‘ ~ HI-TECH FILMS 40Expanding GAS Studio network excellence with recent GAS launches across India ❑Bhubaneswar ❑Varanasi
❑Udaipur
❑Kondapur, Hitec City
❑Gurugram❑Mohali
❑Ludhiana
❑Patna
❑Assam
❑Aligarh❑Tumkur
❑Davanagere
❑Uthandi , Chennai
❑Faridabad
❑New DelhiExpansion | Targeting Tier -2 & Tier -3 Cities in India
GAS Stores
Davanagere, Karnataka
Gurugram Assam Patna
Kondapur
Bhubaneswar Varanasi ChennaiTumkurI /F-GARWARE ‘ ‘::!I HI-TECH FILMS 41Events, Exhibitions, & Other marketing initiatives Regular participation across various events, seminars and exhibitions Bharat Mobility SEMA ShowDigital Campaigns through Influencer programs and other social media promotion
Label Expo 2024 (New Delhi)Label Expo 2024 (China)
❑Bharat Mobility Global Expo 2025 (New Delhi)
❑SEMA Show, Las Vegas 2024 (USA)
❑Label Expo 2024 (China)
❑Business Accelerator Meet – (Kochi, New Delhi, Pune)
❑Label Expo 2024 (China)
Business Accelerator Meet – Kochi & Pune I IF-GARWARE ‘ ‘::!I HI-TECH FILMS —• • GARWARE HI-TECH FILMS LTD. 42Paint Protection Film
Building Robust Sales Network | Installation Training for Applicators
50+ 930+ 145+
Deeper Penetration Starting with region wise (Tier 2 & tier 3 towns) applicator mastery programs
Trainings conducted
Applicators trained
Cities reachedEnsure a High -Quality Finish Applicator Network expansion deliberate endeavor, recognizing their pivotal role in ensuring the highest standards of finishingCutting -Edge Training Center
Established the Garware training center with state of art facility using the most modern techniques and technology
I IF-GARWARE ‘ ‘::!I HI-TECH FILMS GARWARE Paint Protection film 43Certifications & Awards DSIR Accreditation R&D Centre is accredited by the DSIR2019
ISO 9001:2015 Globally recognized standard for quality management2019
APR PCR Certification
Sustainability & responsible sourcing practices2020
EU Regulation for Migration
Comply with migration limits set out in food contact regulations2023
BRC Global Standard
For packaging & packaging material 2024
Skin Cancer Foundation
Seal of recommendation for Window Films in USA Certifications
Awards
CII Innovation Top 50 innovative company award2023
TPM Excellence Award
Prestigious recognition by Japan Institute of Plant Maintenance (JIPM)2021
Tint-Off Award (USA)
Prestigious competitions in window film industry2023
PlexCouncil Award
Winner of Top Exporter Award 2024
PlexCouncil
Award
Winner of Top Exporter Award 2024
India’s Top Value Creator
Winner in Packaging & Allied Activities (Dun & Bradstreet)I ~GARWARE ‘ ‘::!/ HI-TECH FILMS 44Thank You
Ernst & Young LLP Investor Relation Advisory Vikash Verma
Vikash.Verma1@in.ey.comSumedh Desai
Sumedh.desai@in.ey.com Garware Hi-Tech Films Limited
CIN: L10889 MH1957 PLC010889
Amar Yardi
amar.yardi@garwarehitech.com
ir@garwarehitech.com
IF-GARWARE ‘ ‘::!I HI-TECH FILMS

February 7, 2025 at 11:16AM
https://ift.tt/X4JDnCx