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Garware Technical Fibres Ltd

GARFIBRES

NSE

₹721.35+0.28%13 Nov 2026 at 3:31 PM

Reports

Textiles Technical Textile

Garware Technical Fibres Ltd

GARFIBRES

NSE

₹721.35

+0.28%

13 Nov 2026 at 3:31 PM

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Textiles Technical Textile

2 indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Garware Technical Fibres Ltd is a company that turns high-strength synthetic yarns into precision-engineered fabrics and ropes that solve acute, physical problems - stopping a 200-kg salmon from escaping its cage, holding a container ship to a dock, or catching a rockfall before it hits a highway. It began in 1976 as a strategic collaboration with a US rope-maker, bringing global manufacturing standards to India, and spent five decades evolving from a single-product rope factory into a diversified technical-textiles house whose products reach over 75 countries. The recurring approach is to find a customer with a costly, unsolved material challenge - a salmon farmer losing stock to parasites, a port operator replacing mooring lines every few months - and then use proprietary polymer science and application engineering to build a better synthetic alternative, often patenting it and staying close enough to the customer to keep improving the product.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Aquaculture solutions: the world’s salmon-net supplier

GTFL is the largest producer of aquaculture cage nets globally and the number-one supplier of nets for farmed salmon, protecting roughly USD 4-5 million of fish stock inside every cage it equips.

More than 30,000 cage nets since 2010 - the company pioneered HDPE (high-density polyethylene) cage-net solutions for salmon farming and has supplied over 30,000 units, making it the dominant player in a market where each cage holds 800-1,000 metric tonnes of salmon.
A net that fights parasites without chemicals - its patented V2 net technology uses composite fibres that delay biofouling (the growth of organisms on submerged surfaces) and reduce copper leaching, potentially keeping around 20 million tons of copper oxide out of the environment compared with traditional nylon nets that are repainted with copper-based antifouling paint three times per production cycle.
Predator-proofing saves sea lions - Sapphire anti-predator nets and the Sapphire X18 solution, tailor-made for South American farms, have helped customers sharply reduce the culling of sea lions that attack salmon pens, while also cutting operational costs and diver time.
Direct contracts with the biggest buyers - the company has strengthened direct supply relationships with major European salmon producers and expanded its on-ground team in Chile, the two most important salmon-farming regions outside of Norway.
Non-salmon species are the next wave - GTFL has added customers farming barramundi, sea bass, sea bream, amberjack and tilapia, and recorded a breakthrough order from Africa, extending its reach beyond the salmon heartland.

2. Value-added ropes: the industrial-mooring backbone

This is the original engine, now strengthened by the acquisition of two Norwegian rope manufacturers, producing high-performance synthetic ropes and slings that hold ships, tow rigs and offshore platforms in place.

Bought, not just built - in July 2025 Garware Technical Fibres UK Pvt. Ltd., a wholly owned subsidiary of GTFL, acquired Offshore & Trawl Supply AS, a premium Norwegian rope maker with a modern factory near Aalesund that serves offshore oil and gas, fisheries and lifting industries, and Advanced Mooring Supply AS, a vehicle set up for the floating offshore wind business.
Ropes that replace steel - the product range spans UHMWPE (ultra-high-molecular-weight polyethylene, a fibre that is lighter than water yet stronger than steel by weight), fabricated slings and high-strength polyolefin ropes, sold to ship-management companies, tugboat operators and power-transmission firms.
The acquisition is already earning its keep - OTS delivered its planned financial performance in 2025 and is positive on both return on capital employed and earnings per share for GTFL, while technical and operational integration is underway.

3. Sports nets: the consumer-facing precision business

GTFL holds a major share of the tennis-net and baseball-netting market in the United States and the soccer-net market in the United Kingdom, supplying around 50 products built to international standards.

Tariff disruption absorbed - after US trade tariffs created headwinds, the company held onto every major customer, added new ones, and restored normal margins, with orders now flowing at higher rates from all key accounts.
More than just netting - the sports portfolio includes frames and accessories for the international sports-allied trade, and the company is actively expanding the range to deepen penetration in a segment that had delivered double-digit annual sales growth over the five years to FY22.

4. Geosynthetics: the infrastructure-safety layer

Operating on a “design plus supply plus installation” model, this division embeds polymer-based materials into roads, railways, landfills and coastal defences to stop erosion, reinforce weak ground and catch falling rock.

A single-stop contractor - GTFL provides the material, the engineering design and the on-site installation for applications such as slope protection, tunnel waterproofing, ash-pond lining and track-bed reinforcement, serving clients like NHAI and Indian Railways.
Smart nets that warn before a landslide - the company has developed an innovative net system for slope stabilisation that monitors slope health and sends early-warning signals, and it commercially launched flexible rope-net gabions with a large European order.
Regulation is the demand driver - highway agencies now refuse completion certificates unless rockfall and erosion safety measures are in place, and stricter landfill-compliance norms are pushing industrial-waste generators toward turnkey lining solutions.
Large-scale project proof - recent installations include 17,000 square metres of high-strength boulder net at an industrial site, Phase-1 ash-pond lining for a 600 MW power plant, and slope-protection and rockfall-barrier works for railways.

Group structure and partners

GTFL is a debt-free Indian parent with manufacturing plants in Pune and Wai, a growing network of overseas sales and production subsidiaries, and a captive green-power arrangement that feeds its factories.

Direct sales arms in the Americas and Europe - wholly owned subsidiaries in the USA, Chile and the UK, plus a newly incorporated Norwegian entity (GTF AS) that absorbed the former Norway branch, give the company local legal presence in its most important export markets.
Norwegian manufacturing now in-house - the step-down subsidiaries Offshore & Trawl Supply AS and Advanced Mooring Supply AS, acquired through GTF UK, add European production capacity for premium synthetic-fibre ropes and a platform for floating-wind mooring.
Captive solar power - a 26% stake in TP Bhaskar Renewables Limited gives GTFL access to up to 8.5 MW of solar-generated electricity under a captive power delivery arrangement, lowering its carbon footprint and energy cost.
No external technology dependence - the company holds 101 patents filed and 29 granted, and it develops products using data and expertise gathered from suppliers, customers and channel partners rather than through technology-transfer or royalty agreements.

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Mkt Cap

Market Capitalization

₹7,044Cr

Close Price

₹721.35

Industry

Textiles Technical Textile

Price To Earnings

30.07

Price To Sales

4.01

Revenue

₹1,759Cr

Rev Gr TTM

Revenue Growth TTM

17.37%

PAT Gr TTM

PAT Growth TTM

15.93%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	289	382	336	421	351	433	367	348	387	426	482	463
Growth YoY Revenue Growth YoY%	5.4	3.2	3.3	28.1	21.2	13.2	9.2	-17.3	10.4	-1.4	31.4	33.0
Expenses ExpensesCr	236	291	272	329	286	334	299	299	316	330	392	383
Operating Profit Operating ProfitCr	53	91	64	91	65	98	68	48	71	96	90	80
OPM OPM%	18.5	23.9	19.1	21.7	18.4	22.7	18.6	13.9	18.3	22.6	18.7	17.3
Other Income Other IncomeCr	11	13	11	10	9	9	13	9	18	-6	9	9
Interest Expense Interest ExpenseCr	3	6	6	6	4	3	3	3	4	3	3	3
Depreciation DepreciationCr	7	7	7	7	7	7	7	9	9	9	9	10
PBT PBTCr	55	91	62	88	62	97	70	46	75	78	86	76
Tax TaxCr	12	21	15	22	14	26	17	14	19	21	22	18
PAT PATCr	43	70	47	66	48	71	53	32	56	57	64	59
Growth YoY PAT Growth YoY%	18.3	17.4	8.8	25.7	10.4	1.4	13.5	-51.5	17.7	-19.6	21.5	83.0
NPM NPM%	14.9	18.3	13.9	15.7	13.6	16.4	14.5	9.2	14.5	13.4	13.4	12.7
EPS EPS₹	4.3	6.8	4.7	6.6	4.8	7.2	5.3	3.2	5.7	5.8	6.6	6.0

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	289	382	336	421	351	433	367	348	387	426	482	463
Growth YoY Revenue Growth YoY%	5.4	3.2	3.3	28.1	21.2	13.2	9.2	-17.3	10.4	-1.4	31.4	33.0
Expenses ExpensesCr	236	291	272	329	286	334	299	299	316	330	392	383
Operating Profit Operating ProfitCr	53	91	64	91	65	98	68	48	71	96	90	80
OPM OPM%	18.5	23.9	19.1	21.7	18.4	22.7	18.6	13.9	18.3	22.6	18.7	17.3
Other Income Other IncomeCr	11	13	11	10	9	9	13	9	18	-6	9	9
Interest Expense Interest ExpenseCr	3	6	6	6	4	3	3	3	4	3	3	3
Depreciation DepreciationCr	7	7	7	7	7	7	7	9	9	9	9	10
PBT PBTCr	55	91	62	88	62	97	70	46	75	78	86	76
Tax TaxCr	12	21	15	22	14	26	17	14	19	21	22	18
PAT PATCr	43	70	47	66	48	71	53	32	56	57	64	59
Growth YoY PAT Growth YoY%	18.3	17.4	8.8	25.7	10.4	1.4	13.5	-51.5	17.7	-19.6	21.5	83.0
NPM NPM%	14.9	18.3	13.9	15.7	13.6	16.4	14.5	9.2	14.5	13.4	13.4	12.7
EPS EPS₹	4.3	6.8	4.7	6.6	4.8	7.2	5.3	3.2	5.7	5.8	6.6	6.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	825	846	885	1,018	953	1,035	1,189	1,306	1,326	1,540	1,529	1,759
Growth Revenue Growth%	5.4	2.5	4.6	15.1	-6.4	8.6	15.0	9.8	1.5	16.2	-0.7	17.4
Expenses ExpensesCr	722	710	724	826	776	830	966	1,076	1,054	1,235	1,262	1,422
Operating Profit Operating ProfitCr	103	135	160	192	178	204	223	230	272	305	267	337
OPM OPM%	12.4	16.0	18.1	18.9	18.6	19.8	18.7	17.6	20.5	19.8	17.4	19.2
Other Income Other IncomeCr	6	9	18	21	32	35	26	28	43	51	51	30
Interest Expense Interest ExpenseCr	9	7	10	14	12	10	11	12	17	20	14	13
Depreciation DepreciationCr	13	14	15	17	19	21	21	22	26	28	34	38
PBT PBTCr	87	123	153	182	179	208	216	223	272	308	269	316
Tax TaxCr	25	39	48	56	38	50	52	51	61	77	71	79
PAT PATCr	62	84	105	126	141	158	165	172	210	232	198	236
Growth PAT Growth%	43.6	36.3	24.7	19.5	11.8	12.7	4.0	4.5	22.1	10.1	-14.3	15.9
NPM NPM%	7.5	10.0	11.9	12.3	14.7	15.3	13.8	13.2	15.9	15.0	13.0	13.4
EPS EPS₹	5.7	7.7	9.6	11.5	12.8	14.9	16.0	16.7	20.4	23.3	20.0	24.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	825	846	885	1,018	953	1,035	1,189	1,306	1,326	1,540	1,529	1,759
Growth Revenue Growth%	5.4	2.5	4.6	15.1	-6.4	8.6	15.0	9.8	1.5	16.2	-0.7	17.4
Expenses ExpensesCr	722	710	724	826	776	830	966	1,076	1,054	1,235	1,262	1,422
Operating Profit Operating ProfitCr	103	135	160	192	178	204	223	230	272	305	267	337
OPM OPM%	12.4	16.0	18.1	18.9	18.6	19.8	18.7	17.6	20.5	19.8	17.4	19.2
Other Income Other IncomeCr	6	9	18	21	32	35	26	28	43	51	51	30
Interest Expense Interest ExpenseCr	9	7	10	14	12	10	11	12	17	20	14	13
Depreciation DepreciationCr	13	14	15	17	19	21	21	22	26	28	34	38
PBT PBTCr	87	123	153	182	179	208	216	223	272	308	269	316
Tax TaxCr	25	39	48	56	38	50	52	51	61	77	71	79
PAT PATCr	62	84	105	126	141	158	165	172	210	232	198	236
Growth PAT Growth%	43.6	36.3	24.7	19.5	11.8	12.7	4.0	4.5	22.1	10.1	-14.3	15.9
NPM NPM%	7.5	10.0	11.9	12.3	14.7	15.3	13.8	13.2	15.9	15.0	13.0	13.4
EPS EPS₹	5.7	7.7	9.6	11.5	12.8	14.9	16.0	16.7	20.4	23.3	20.0	24.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	22	22	22	22	22	21	21	20	20	99	99	98
Reserves ReservesCr	344	424	515	628	717	790	950	996	1,213	1,142	1,255	1,309
Current Liabilities Current LiabilitiesCr	419	358	409	383	409	460	397	431	483	451	435	469
Non Current Liabilities Non Current LiabilitiesCr	37	37	39	45	42	48	47	46	54	64	89	95
Total Liabilities Total LiabilitiesCr	822	842	985	1,078	1,191	1,319	1,415	1,493	1,771	1,757	1,879	1,971
Current Assets Current AssetsCr	595	501	490	540	646	825	814	610	927	846	1,192	1,188
Non Current Assets Non Current AssetsCr	227	340	494	538	544	494	601	883	844	910	687	783
Total Assets Total AssetsCr	822	842	985	1,078	1,191	1,319	1,415	1,493	1,771	1,757	1,879	1,971

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	22	22	22	22	22	21	21	20	20	99	99	98
Reserves ReservesCr	344	424	515	628	717	790	950	996	1,213	1,142	1,255	1,309
Current Liabilities Current LiabilitiesCr	419	358	409	383	409	460	397	431	483	451	435	469
Non Current Liabilities Non Current LiabilitiesCr	37	37	39	45	42	48	47	46	54	64	89	95
Total Liabilities Total LiabilitiesCr	822	842	985	1,078	1,191	1,319	1,415	1,493	1,771	1,757	1,879	1,971
Current Assets Current AssetsCr	595	501	490	540	646	825	814	610	927	846	1,192	1,188
Non Current Assets Non Current AssetsCr	227	340	494	538	544	494	601	883	844	910	687	783
Total Assets Total AssetsCr	822	842	985	1,078	1,191	1,319	1,415	1,493	1,771	1,757	1,879	1,971

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	143	120	28	133	110	228	64	189	219	196	162
Investing Cash Flow Investing Cash FlowCr	-37	-147	-53	-78	-47	-120	8	-102	-73	10	64
Financing Cash Flow Financing Cash FlowCr	-36	27	29	-56	-37	-135	-38	-85	-39	-332	-152
Net Cash Flow Net Cash FlowCr	70	1	4	-1	25	-27	34	3	108	-125	73
Free Cash Flow Free Cash FlowCr	103	102	-5	110	72	205	49	161	177	152	107
CFO To PAT CFO To PAT%	231.1	142.8	26.6	105.8	78.0	144.0	38.8	110.0	104.1	84.7	81.7
CFO To EBITDA CFO To EBITDA%	139.4	89.0	17.4	69.2	61.7	111.6	28.6	82.5	80.6	64.2	60.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	143	120	28	133	110	228	64	189	219	196	162
Investing Cash Flow Investing Cash FlowCr	-37	-147	-53	-78	-47	-120	8	-102	-73	10	64
Financing Cash Flow Financing Cash FlowCr	-36	27	29	-56	-37	-135	-38	-85	-39	-332	-152
Net Cash Flow Net Cash FlowCr	70	1	4	-1	25	-27	34	3	108	-125	73
Free Cash Flow Free Cash FlowCr	103	102	-5	110	72	205	49	161	177	152	107
CFO To PAT CFO To PAT%	231.1	142.8	26.6	105.8	78.0	144.0	38.8	110.0	104.1	84.7	81.7
CFO To EBITDA CFO To EBITDA%	139.4	89.0	17.4	69.2	61.7	111.6	28.6	82.5	80.6	64.2	60.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	737	1,557	2,012	2,477	2,334	5,297	5,838	5,924	6,772	8,572	5,995	7,044
Price To Earnings Price To Earnings	12.2	18.5	19.1	19.7	16.6	33.4	35.4	34.4	32.2	37.0	30.2	30.1
Price To Sales Price To Sales	0.9	1.8	2.3	2.4	2.5	5.1	4.9	4.5	5.1	5.6	3.9	4.0
Price To Book Price To Book	2.0	3.5	3.8	3.8	3.2	6.5	6.0	5.8	5.5	6.9	4.4	5.0
EV To EBITDA EV To EBITDA	6.8	11.3	13.3	13.4	13.7	26.1	26.4	26.2	24.8	28.1	22.1	20.9
Profitability Ratios Profitability Ratios
GPM GPM%	37.3	40.9	42.5	43.0	43.6	45.8	45.0	46.1	48.3	48.6	48.0	48.0
OPM OPM%	12.4	16.0	18.1	18.9	18.6	19.8	18.7	17.6	20.5	19.8	17.4	19.2
NPM NPM%	7.5	10.0	11.9	12.3	14.7	15.3	13.8	13.2	15.9	15.0	13.0	13.4
ROCE ROCE%	23.6	24.4	24.1	25.8	21.9	23.9	21.6	20.4	21.3	25.1	20.3	22.5
ROE ROE%	16.9	18.9	19.6	19.3	19.0	19.5	17.0	16.9	17.0	18.6	14.7	16.8
ROA ROA%	7.5	10.0	10.7	11.7	11.8	12.0	11.6	11.5	11.9	13.2	10.6	12.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	737	1,557	2,012	2,477	2,334	5,297	5,838	5,924	6,772	8,572	5,995	7,044
Price To Earnings Price To Earnings	12.2	18.5	19.1	19.7	16.6	33.4	35.4	34.4	32.2	37.0	30.2	30.1
Price To Sales Price To Sales	0.9	1.8	2.3	2.4	2.5	5.1	4.9	4.5	5.1	5.6	3.9	4.0
Price To Book Price To Book	2.0	3.5	3.8	3.8	3.2	6.5	6.0	5.8	5.5	6.9	4.4	5.0
EV To EBITDA EV To EBITDA	6.8	11.3	13.3	13.4	13.7	26.1	26.4	26.2	24.8	28.1	22.1	20.9
Profitability Ratios Profitability Ratios
GPM GPM%	37.3	40.9	42.5	43.0	43.6	45.8	45.0	46.1	48.3	48.6	48.0	48.0
OPM OPM%	12.4	16.0	18.1	18.9	18.6	19.8	18.7	17.6	20.5	19.8	17.4	19.2
NPM NPM%	7.5	10.0	11.9	12.3	14.7	15.3	13.8	13.2	15.9	15.0	13.0	13.4
ROCE ROCE%	23.6	24.4	24.1	25.8	21.9	23.9	21.6	20.4	21.3	25.1	20.3	22.5
ROE ROE%	16.9	18.9	19.6	19.3	19.0	19.5	17.0	16.9	17.0	18.6	14.7	16.8
ROA ROA%	7.5	10.0	10.7	11.7	11.8	12.0	11.6	11.5	11.9	13.2	10.6	12.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Textiles Technical Textile

	GARFIBRES	PRECOT	SHRJAGP
Market CapitalizationMkt CapCr	7,044	848	689
Close PriceClose₹	721.35	706.80	787.15
IndustryIndustry	Textiles Technical Textile	Textiles Technical Textile	Textiles Technical Textile
Price To EarningsPE	30.07	16.58	11.76
Price To SalesPS	4.01	0.92	1.20
RevenueRevenueCr	1,759	994	573
Revenue Growth TTMRev Gr TTM%	17.4%	15.6%	17.8%
PAT Growth TTMPAT Gr TTM%	15.9%	137.7%	18.5%

	GARFIBRES	PRECOT	SHRJAGP
Market CapitalizationMkt CapCr	7,044	848	689
Close PriceClose₹	721.35	706.80	787.15
IndustryIndustry	Textiles Technical Textile	Textiles Technical Textile	Textiles Technical Textile
Price To EarningsPE	30.07	16.58	11.76
Price To SalesPS	4.01	0.92	1.20
RevenueRevenueCr	1,759	994	573
Revenue Growth TTMRev Gr TTM%	17.4%	15.6%	17.8%
PAT Growth TTMPAT Gr TTM%	15.9%	137.7%	18.5%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Sep 26