Annual Report for FY 2025-26

August 31, 2026 The Compliance Manager The Manager, Listing Department BSE Limited National Stock Exchange of India Ltd Corporate Relationship Dept., Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street,Mumbai 400001. Bandra (East), Mumbai 400 051. Scrip Code: 500655 Trading Symbol: GRWRHITECH Dear Sir/Madam, Subject: Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Annual Report for the Financial Year 2025-26 Pursuant to regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), we are submitting herewith Annual Report of the Company for the Financial Year 2025-26. The Annual Report along with the Notice of the 69th Annual General Meeting has been sent today (i.e. August 31, 2026) in electronic form to all members / shareholders whose email IDs are registered with the Company /Depository Participants/ Registrar and Share Transfer Agent. The Annual Report can also be access at link – Annual Report 2025-26 and available on the website of the Company at www.garwarehitechfilms.com In terms of the requirements of Regulation 36(1)(b) of the SEBI Listing Regulations, a letter is being sent to those Shareholder’s whose email addresses are not registered with the Company/Depository Participants/ Registrar and Share Transfer Agent, providing the weblink from where the Annual Report can be access on the Company’s website. 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: www.garwarehitechfilms.com CIN: L10889MH1957PLC010889 REGD. OFFICE: NAIGAON, P.O. WALUJ, CHHATRAPATI SAMBHAJI NAGAR – 431 133 (INDIA) The 69th Annual General Meeting (“AGM”) of the Company is scheduled to be held on Wednesday, September 23, 2026, at 11:30 a.m. (IST) at Registered Office of the Company at Naigaon, Post Waluj, Chhatrapati Sambhajinagar (Aurangabad), Maharashtra - 431 133. You are requested to kindly take the same on record. Thanking you, Yours faithfully, For Garware Hi-Tech Films Limited Awaneesh Srivastava Company Secretary FCS 8513 Encl.: As stated above. 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: www.garwarehitechfilms.com CIN: L10889MH1957PLC010889 REGD. OFFICE: NAIGAON, P.O. WALUJ, CHHATRAPATI SAMBHAJI NAGAR – 431 133 (INDIA) Garware Hi-Tech Films Limited Aiming for a Global Leadership with integrity and dedication Annual Report 2025-26 Committed to Sustainable Value for our Stakeholders Consolidated 2026 Performance highlights • Reported highest ever annual Revenue and Profit after Tax. • The new PPF line 2 and the announcement of new TPU line augments delivery of futuristic products and improves the sales mix toward value-added and high-margin products. • Portfolio extension moving towards a higher share of consumer (B2C) products contributed positively • CARE Ratings assigned an AA- rating with Stable Outlook for long-term bank facilities. Revenue EBITDA 2120 Crores 500 crores (0.5% vs FY25) (0.82% vs FY25) PAT FY26 ROCE* & ROE* 338 Crores 23.3% & 17.9% (2.1% vs FY25) respectively *Adjusted for Revaluation reserve of ` 764 Cr Contents Corporate Overview Statutory Reports Financial Statements Standalone Financial Statements Independent Auditor’s Report 104 Balance Sheet 110 Progression Through the 02 Profit and Loss 111 Decades Changes in Equity 112 Garware at a Glance 05 Notice 16 Cash Flow Statement 113 Businesses 06 Directors’ Report 27 Notes 115 Highly Specialised Films Driving 07 Management Discussion and Competitive Advantage 45 Analysis Board of Directors and 08 Consolidated Financial Committees Report on Corporate 49 Statements Governance Our Key Performance Indicator 09 Independent Auditor’s Report 152 Business Responsibility Report 68 Corporate Social Responsibility 11 Balance Sheet 156 Environment Social Governance 13 Profit and Loss 157 Corporate Information 15 Changes in Equity 158 Cash Flow Statement 159 Notes 161 Form AOC - 1 202 Attendance Slip & Proxy form 203 Route Map for AGM 205 Garware Hi-Tech Films Limited Progression Through the Decades 2 I Annual Report 2025-26 CORPORATE OVERVIEW Our Journey 1933 1976 Started Business from Trading cars Scaling Up Manufacturing Capabilities Founded by our Late Dr. Abasaheb Garware (Bhalchandra Digamber Established a manufacturing facility in Chhatrapati Sambhajinagar Garware), the business started with trading imported cars. and a metallizing unit in Nashik, along with the commissioning of the first BOPET film line. 1940 1978 The Garware Brand Takes Shape Strengthening Value-Added Capabilities The 1940s marked the early expansion of the Garware brand into manufacturing. What began with the production of plastic buttons Established a dedicated metallizing and coating plant in Nashik, for the Navy gradually evolved into a broader portfolio that included expanding the Company’s capabilities in value-added film processing knitting needles, pen holders and toothbrushes, laying the foundation and specialty applications. for future diversification. 1981 1950 Diversification and Technological Milestones Manufacturing Plastic Products The Company diversified into film manufacturing and adopted the In the fifties, our company led the race by manufacturing injection new name Garware Plastics & Polyester Limited. During the decade, moulded and extruded plastic products like television casings, fan it received a US patent. blades, and radio cabinets. 1982 1957 BSE Listing and Portfolio Expansion Formalising the Garware Vision The Company got listed on on the Bombay Stock Exchange (BSE), Garware Motors & Engineers Pvt. Ltd. was incorporated, marking an where the public issue was oversubscribed 21 times. In the same important milestone in the Group’s evolution and laying the foundation year, we introduced films for cable applications, expanding our for its future growth across manufacturing and industrial businesses. product portfolio. 1959 1983 Expansion into Plastics Manufacturing Pioneering Sun Control Film Technology Garware Plastics Pvt. Ltd. was established, marking the Group’s Introduced Sun Control Films on a commercial scale and received a entry into the plastics industry with the manufacture of PVC and HIPS US patent for UV-stabilized colour films, reinforcing the Company’s sheets. This milestone broadened the Company’s manufacturing focus on innovation and advanced film technologies. Company also capabilities and laid the foundation for its future growth in polymer- commissioned its Chips plant in the same year. based products. 1960 1990 Whole new world of possibilities opened up Enhancing Product Performance The sixties brought new challenges in the form of new technologies. Introduced new grades of Sun Control Films with scratch-resistant We responded by expanding our product line to include PVC pipes, coatings and expanded the product portfolio with audio and video fittings, and allied products. films, further strengthening the Company’s specialty films offerings. Annual Report 2025-26 I 3 Garware Hi-Tech Films Limited 2001 2021 Advancing Materials Innovation Company Renamed Commenced commercial production of the DMT Plant and developed We changed our Company’s name to Garware Hi-Tech Films Limited. low-oligomer film grades, strengthening the Company’s technical We started increasing shares of specialty films and supplying high- capabilities and expanding its specialty product offerings. quality durable and highly tensile polyester films. 2007 2022 Expanding Specialty Film Applications Strengthened B2C Business and Listing on NSE Developed High Shrink Film, strengthening the Company’s product Accelerated the Sun Control Film and Paint Protection Film portfolio and catering to the growing demand for advanced packagin [Showing first 8,000 characters — download PDF for full document]