Garware Technical Fibres Ltd

₹ 605 -3.09%

12 Mar - close price

garwareropes.com BSE: 509557 NSE: GARFIBRES

About

Established in 1976, Garware-Wall Ropes (GWRL) is one of India's leading players in the technical textiles sector, providing specialized solutions to the cordage and infrastructure industry worldwide. The company manufactures and provides world class solutions in high performance polymer ropes, fishing nets, sports nets, safety nets, aquaculture cages, coated fabrics, agricultural netting and geosynthetics.

Key Points

Market Position
The company is among the Top 50 companies and in the Top 25 Technical Textile Manufacturing companies in India as per GPTW. ^[1]

Website BSE NSE

Market Cap ₹ 6,014 Cr.
Current Price ₹ 605
High / Low ₹ 986 / 588
Stock P/E 29.0
Book Value ₹ 130
Dividend Yield 1.32 %
ROCE 23.1 %
ROE 17.5 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

The company has delivered a poor sales growth of 9.41% over past five years.
Dividend payout has been low at 4.84% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Textiles Textiles & Apparels Other Textile Products

Part of BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	250	359	320	321	268	371	356	405	353	375	348	360	340
	209	283	261	258	223	280	282	316	295	300	279	298	272
Operating Profit	40	76	59	63	45	91	74	89	58	75	69	62	68
OPM %	16%	21%	18%	20%	17%	25%	21%	22%	16%	20%	20%	17%	20%
	8	8	9	10	11	12	10	9	9	9	12	9	17
Interest	3	3	4	4	3	5	6	6	4	3	3	3	3
Depreciation	6	6	6	6	7	7	7	7	7	7	7	8	8
Profit before tax	40	75	58	62	47	91	72	85	55	73	72	60	74
Tax %	24%	24%	23%	24%	23%	24%	21%	25%	23%	30%	23%	21%	27%
	30	57	44	48	36	70	56	64	42	51	55	47	54
EPS in Rs	2.95	5.59	4.36	4.66	3.51	6.84	5.68	6.45	4.27	5.17	5.56	4.77	5.44
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	685	782	825	846	885	1,018	945	1,017	1,174	1,248	1,272	1,481	1,422
	622	703	722	710	724	826	767	819	957	1,035	1,014	1,185	1,148
Operating Profit	62	79	103	136	161	192	178	199	217	213	258	296	274
OPM %	9%	10%	13%	16%	18%	19%	19%	20%	18%	17%	20%	20%	19%
	4	4	6	8	18	21	69	35	25	28	42	37	47
Interest	13	10	9	7	10	14	11	10	10	12	17	19	11
Depreciation	14	12	13	14	15	17	19	21	21	22	26	28	31
Profit before tax	39	60	87	123	153	182	216	203	210	207	258	286	279
Tax %	32%	29%	29%	32%	31%	31%	18%	24%	23%	23%	23%	25%
	27	43	62	84	105	126	178	155	161	159	199	214	208
EPS in Rs	2.34	3.94	5.66	7.71	9.61	11.48	16.27	15.00	15.59	15.61	19.52	21.57	20.94
Dividend Payout %	22%	15%	12%	13%	9%	9%	21%	3%	9%	4%	3%	7%

Compounded Sales Growth
10 Years:	7%
5 Years:	9%
3 Years:	8%
TTM:	-4%

Compounded Profit Growth
10 Years:	17%
5 Years:	4%
3 Years:	10%
TTM:	-11%

Stock Price CAGR
10 Years:	26%
5 Years:	4%
3 Years:	1%
1 Year:	-21%

Return on Equity
10 Years:	19%
5 Years:	17%
3 Years:	17%
Last Year:	17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	22	22	22	22	22	22	22	21	21	20	20	99	99
Reserves	253	288	343	424	514	628	751	821	976	1,006	1,211	1,121	1,191
	71	40	45	86	138	108	100	97	80	134	122	65	111
	252	349	411	309	310	319	330	385	354	333	403	433	403
Total Liabilities	599	699	821	841	984	1,077	1,204	1,323	1,430	1,492	1,757	1,718	1,805
	153	166	199	203	221	227	244	247	240	245	261	276	284
CWIP	7	7	0	0	0	0	0	0	0	0	0	0	0
Investments	9	9	9	111	245	331	423	514	568	666	738	751	713
	429	517	613	526	518	519	537	562	622	582	758	690	807
Total Assets	599	699	821	841	984	1,077	1,204	1,323	1,430	1,492	1,757	1,718	1,805

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	79	74	143	120	28	133	144	205	60	185	198	181
	-20	-25	-37	-147	-53	-78	-58	-121	7	-103	-54	12
	-70	-48	-36	27	29	-56	-69	-107	-33	-85	-38	-330
Net Cash Flow	-11	2	70	1	4	-1	18	-22	34	-2	107	-137

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	76	85	94	85	90	87	83	77	81	64	73	74
Inventory Days	146	138	145	176	206	186	251	218	198	171	243	209
Days Payable	74	67	186	247	257	215	268	298	212	170	229	222
Cash Conversion Cycle	148	156	53	14	40	58	66	-3	67	65	87	61
Working Capital Days	64	61	42	12	24	37	39	20	56	27	31	51
ROCE %	14%	20%	25%	28%	26%	26%	28%	23%	22%	19%	22%	23%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2022

Mar 2023

Mar 2024

Sep 2025

Production Volume
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Capacity Utilization
%

Installed Capacity
MTPA

Renewable Energy Mix
%

Energy Intensity
GJ/MT

R&D Spend as % of Sales
%

Cage Nets Supplied Globally
Number

Global Presence (Countries)
Number

Number of SKUs
Number

Patents Filed
Number

Patents Granted
Number

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	52.70%	52.70%	52.70%	52.70%	52.70%	53.00%	53.00%	53.00%	53.00%	53.00%	53.00%	53.36%
	8.57%	8.62%	8.58%	8.77%	9.34%	9.55%	9.82%	10.15%	9.80%	9.89%	10.05%	9.07%
	7.59%	8.76%	9.62%	10.19%	10.02%	10.39%	10.44%	10.37%	10.97%	10.97%	10.98%	10.44%
	31.12%	29.90%	29.09%	28.33%	27.95%	27.06%	26.74%	26.50%	26.24%	26.15%	25.97%	27.14%
No. of Shareholders	42,859	42,625	41,185	38,111	92,445	37,164	36,832	42,654	46,773	43,980	43,116	41,958

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	50.68%	50.69%	50.70%	50.71%	52.62%	52.62%	52.70%	52.70%	53.00%	53.36%
	2.83%	3.75%	4.93%	6.90%	8.35%	7.42%	8.57%	9.34%	9.80%	9.07%
	1.34%	4.18%	3.69%	3.84%	3.53%	5.48%	7.59%	10.02%	10.97%	10.44%
	40.82%	37.06%	36.35%	34.23%	35.50%	34.48%	31.12%	27.95%	26.24%	27.14%
	4.33%	4.33%	4.33%	4.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
No. of Shareholders	15,221	16,641	16,535	16,782	30,485	42,928	42,859	92,445	46,773	41,958

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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