Garware Hi-Tech Films Limited (GRWRHITECH) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Garhwari High Tech Friends Q4 and Fi26 earning conference call posted by GoIndiaAdvice. This conference call may contain forward-looking statements about the company which are based on beliefs, opinion, and expectation of the company as on data of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant line will win the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Karima. Thank you, and over to you, ma'am.

Thank you. Good morning, everyone, and I am Zarima Singhla, and it's my pleasure to welcome you on behalf of Zarware Hightech Pills Limited. Thank you for joining us today for Quarter 4 and Full Year FY26 Earnings Conference Call. This call is being hosted by GoIndia Advisors. Please note that today's discussion may include certain forward-looking statements. Therefore, they must be viewed in conjunction with the risks that the company faces. Today on the call, we are joined by Mr. Deepak Joshi, Director, Sales and Marketing, And Mr. Abhishek Agarwal, the CFO. I now invite Mr. Deepak Joshi to present the company's business outlook and performance, after which we will open the floor for Q&A. Thank you and over to you, sir.

Thank you, Garima. Good morning, everyone, and thank you for joining us today. I hope you have had a chance to review the presentation that was shared earlier. Let me take a few moments to walk you through how the year unfolded for us. Garware High Tech Film is, at its heart, a story of trust, resilience, and long-term relationships built over generations. While we have grown into a global enterprise, what continues to guide us are the sum of core principles, innovation, integrity, and a customer-first approach. FY26 was a year that truly tested these values. The global environment remained challenging, with geopolitical volatility and elevated tariff structure across key export markets. The impact was seen in FY26 full year, with most impact felt during the third quarter. In such a situation, our response was not reactive, but measured. We calibrated our offtake to ensure supply chain continuity, and more importantly, to stand by our customers and partners. And that made the difference. Despite the challenging environment, we were able to maintain our market share across e-geographies, reflecting the strength of our relationship and superior quality competitiveness of our products. As the year progressed, this steady and disciplined approach began to translate into stronger performance. We concluded the year on a strong and positive note. Q1 was the highest ever profitability quarter in our history. EBITDA at INR 157 crore, up 29% year-on-year basis, and margins expanding to 26.2%. Profit after tax. Stood at INR 108 crore, up 39.1% year on year, a clear reflection of our operating leverage, improved realization, and a stronger product mix. For the full year, despite the headwinds, we delivered our highest ever revenue and profitability with revenue at INR 2,120 crores, EBITDA at INR 500 crores, and PAT at INR 338 crores. This performance reinforces the resilience of our business model and our ability to navigate cycles with discipline. While navigating near-term challenges, we remain equally focused on building for the future. We continue to strengthen our value-added product portfolio with the launch of sustainable TPU-based UV printable films, PDLC specialty films enabling privacy on demand, and advanced graphic solutions. During the year, we defend our market presence across both international and domestic markets. Through strategic customer additions and channel expansion initiatives, we witnessed strong traction in the US and UK with the onboarding of several established distributors from competition, reflecting superior quality of our product and unmatched distribution network. In India, we further expanded our domestic footprint by onboarding four large OEMs in automotive segment, along with seven-plus strategic addition in our architectural business segment, supporting our continued expansion in the fast-growing B2C segment and enhancing our overall market reach. Alongside, our brand-building efforts are gaining momentum. With around 18 lakh annual website visits and over 8 crore impressions annually across meta platforms, strengthening our customer connect. A key part of our journey has been getting closer to our end customers. Globally, we expanded our footprint with 11 new global application studios, including in the UAE and the US. In India, our Garhware application studio network has grown over 250 locations, and we are on track to cross 300 shortly. In parallel, we are building our strong consumer-facing platform through Garhware Home Solutions with 6 studios already operational. We are confident of scaling this to 50 studios by the end of FY27. On the manufacturing side, we have taken significant steps to prepare for the next phase of growth. During last few years, we have developed over 500 crore toward capacity expansion across two PPF, one Sun Control, one Metallizer, and one TPU, and other ancillary lines entirely funded through our internal accruals, reflecting strong cash generation and disciplined capital allocation. We announced an additional 191 crore investment in a new sun control film line, adding around 1,200 lakh square feet capacity, supported by advanced robotics and automation. Even after these investments, our balance sheet remains strong and debt-free with a cash reserve of 774 crores, giving us the flexibility to continue investing while maintaining financial prudence. Looking ahead, the upcoming TPU line expected to be commissioned by October 2026 will further strengthen our innovation capabilities. We are also anchored by the recognition we have received during the year, including the Plex Council's highest exporter award and being recognized among India's top value creators by Dunn and Bradstreet. As we look forward, the next phase of growth for Garhware high-tech films will be driven by our high-value, innovation-led segments, including sun control, paint protection films, graphic solutions, Garhware home solutions, and TPU-based new products. When we step back and look at the broader picture, Our marketing momentum, discipline, capital allocation, expanding D-to-C platform, accelerating B-to-B growth, and continued product innovation makes us well positioned for the next phase of growth. Thank you for your continued trust and support. I would like now to hand over to Mr. Abhishek Agrawal, our CFO, to take you through the financial performance in detail. Thank you.

Thank you, Deepa. And good morning, everyone. Let me take you through the key financial highlights for the fourth quarter and full year ended 31st March 2026. We closed FI26 on a strong note, with Q4 emerging as one of our best performing quarters. Consolidated revenue for the quarter stood at 5.97 growth, reflecting a healthy 8.9% year-on-year growth, along with a strong sequential recovery. A bit off of water came in at 157 crores. Registering a robust 29% year-on-year growth with margins expanding to 26.2%, while the PPT stood at 142 crores, up 31% year-on-year, while PAT increased to Rs. 108 crores, up 39% year-on-year, reflecting the strong bottom-line expansion and improved operating efficiency. For the full year of 2026, we delivered A steady performance despite a challenging external environment, revenue stood at 2120 crores, demonstrating resilience in face of tariff-related disruptions in the key export markets. EBITDA for the year was INR finite crores, with margins maintained at 23.6%, reflecting our ability to sustain profitability across cycles. PBT came in at 446 crores, while PAT stood at 338 crores, with margins improving to 15%. Importantly, our balance sheet continues to remain a key strength. We continued to maintain a healthy deficit balance sheet, with cash and liquid investments of Rs.774 crores at the year-end. A disciplined capital allocation. And strong balance sheet give us the confidence to pursue this growth while continuing to enhance stakeholder value. Thank you all. I will now hand it over to Deepak.

Over to the moderator.

Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Mahesh Bendri from LIC Mutual Fund. Please go ahead.

Hi, good morning, sir. Thank you so much for the opportunity. Sir, one housekeeping question. I mean, for full year, what proportion of revenue have come from the sun control films, paint production films and rest commodity products?

Yeah, so, thank you, Mahesh. So, our revenues for last year, I mean, were almost 50% from sun control firms, and both 25% from PPF and 25% from IPG. So, that's like a breakup for last year.

And sir, the latest expansion that the plan we have prepared, so when this will become operational, which year it will start contributing to our sales?

So this new sun control film expansion, commercial production will start by June 2027. So that is Q1 FY28.

I mean, just, are we, I mean, this will be carried in the existing plant or we are going to set up a new plant?

No, this is entirely a new plant at the same location, but it's a new facility. Our earlier sun control, the earlier line, it will be adjacent to that line, but this line will have more features in terms of automation and robotics to take us, I mean, it will be a new experience for our consumers for kind of untouched material, which we are trying to make from this new life. It will improve our efficiency, it will improve our productivity. At the same time, I mean, it will be entirely new experience for our consumers as we are growing at a very fast pace in sun control business.

Is it sport-focused or is it domestic also?

So, our strategy, if we see, we focus on the both markets. I mean, both are important, but the ratios which we expect, like growth all across the territories, though domestic market will also grow, but ultimately it will be like 80%, 75-25 or 80-20 ratio between exports and domestic market. That ratio will continue because of the overall growth which we are targeting for the company.

Sir, last question for our mind. Sir, last year, our revenue was flat almost. Same revenue that we reported in 25. So, if we were to look at for next two years, what kind of growth we anticipate in terms of sales? And given the backward integration project is going to come off, what kind of improvement in margin?

So, we expect, like, you know, we have been growing at CAGR more than 20% for the last four years, except FOI 26, which has been purely because of a sudden 50% tariff, and which was almost there till the whole year, and around February 20th, this all went off. So, we didn't get enough time to recover what was done in the last year. So, that's the reason. Because if you see, 9-month performance was around 10% below our previous year FY25 performance. But we did a great jump in Q4 by taking revenues and profitability to highest level for us. So, that means this year, we hope that such situation is not there, right? So, we expect minimum 2,500 crore revenue for FY27, right? And we will maintain 25% plus minus 2% of the guidance. Earlier, we gave 25 plus minus 3. Now, we are doing 25 plus minus 2%. And we expect some margin improvement when TPU line comes on stream and with the growth of the company strategy now to direct to consumer, D2C business. That's why we have emphasized that Garwari Application Studios, Global Application Studios in US and Middle East and Garwari Home Solutions. These three are directly to the consumers. So, if you really see our strategy, D2C supported by our strong campaigns, marketing campaigns, digital campaigns, where you saw... Around 8 crore impression from meta platforms only, and website visits, which used to be like 5,000, 7,000 in a month, it has gone almost, you know, close to 1.7, 1.8 lakh a month. So our digital drive and the focus towards the consumer is the key, key focus for years to come. And direct to consumer is the right strategy. And another one thing we are doing, we are selling direct to consumer in USA PPA business also. So, all those things reflect like the key strategy is D2C, supported by digital marketing, and third thing, with the innovative new products, like in home solutions, we are doing all sun control films, but at the same time, privacy on demand, which are switchable films, that means you can make your windows like fully opaque, semi-transparent, and full transparent by click of a button. So, these kind of new technologies, which we want to make this technology to go to every standard homes in India, and then it will go to abroad. So, with all those strategies, I mean, our major focus is brand building and direct-to-consumer focus.

Thank you.

Thank you. Our next question comes from the line of Dixie Jan from Ingrid. Please go ahead.

Hello. Congratulations on great numbers. My questions were mostly regarding first, are there any exclusive partnerships that we have done with several OEMs or brands for our PPF sales in India?

Yes, definitely. We have four big partnerships with OEMs. That means direct agreement with the OEMs. So, they take our material to their showrooms. We have four such strong partnerships, and two are already in discussion, and samples are already approved. So, that is already there.

And what are the current utilization levels at all our facilities?

Yeah, so our sun control lines are running around 75 to 80 percent. So, with current expected CAGR of around 15 percent, 20 percent growth there, which we are expecting for this year, by next year, we will be fully utilized. So, that's why we have announced this CAPEX of 191 growth for sun control lines. PPS, we are running at the rate of around 85 to 89% at current rate. So, that also we expect to go full and we will use some fungibility of the new sun control line and think of future expansion if required on that. And rest, TPU line is on target that is coming on October this year. So, that's the operating rate for us as of now.

Last question from my side. The anti-dumping duty that was supposed to come on the cheap imports that are happening from China and Korea, so any update on that?

See, that might be a question, I mean, there may be some, you know, interest or confidentiality, but the news is that they're all hearing submissions and everything happened, all visits with government officials do, that has also been done. So, we expect a positive news pretty soon, as fast as maybe this month or next month.

Okay. Thank you. Thank you for answering the question.

Thank you very much.

Thank you. Our next question comes from the line of Rahul Jan from Credence Wealth. Please go ahead.

Thank you for the opportunity. Am I audible?

Yes.

So, first of all, congratulations to the entire team of Garavari High Tech, to the promoters also. Wonderful. Set of numbers and in a tough environment for the last one year.

Thank you very much.

So, Deepak, we have been talking in the previous two calls about our focus on Middle East. So, just one, and we had formed a subsidiary which was supposed to get completed in this quarter four. And we had spoken that various other strategies have been put in place, including on the marketing side, and also whether How this subsidiary would further be available for some other options, including sales across other regions, as well as there was a discussion about some manufacturing plants. So, first of all, if you can talk about where are we in terms of sales today in Middle East, what are the various steps being taken, and where do you see Middle East sales going up in the next one or two years?

Yeah. So, see, we consider Middle East North Africa region MENA, which is the biggest growth driver for us. As of now, let me tell you, the sale of that is roughly around $15 million, and we expect that growth of around 25 to 30% for the year. So, we are targeting 20 to 22 million dollars during this year, right? So, that's growth pattern. Now, how did this happen? Like we said, we have a separate team which comes from the top competition and the entire team is built in the Middle East and they are growing pretty fast. The subsidiary has already been completed, the work has been completed. Now, there is some, already some work has gone into this, some kind of, you know, I would say... manufacturing or some kind of value addition. That work is going on, and the primary purpose of that, of any kind of unforeseen situation from anywhere in the world, like we faced last year, we will be well poised to cater our customers with these kind of flexibility. So that was the purpose, and we are well on track for that. So, I've shared you like the targeted numbers and what we are doing there, and this work is in progress, and when there is any further update, we'll update you on that.

Sure. And, sir, with regards to this KPEX, which we have announced, so PPF, we are already at 85 and 89% utilization, as what you mentioned to the previous participant. And, SPF is probably around 75-80. So, uh, uh... With that understanding, I would have thought you must have already decided or thought about or discussing about a new PPF line. But before a new PPF line, we are going ahead and building up a new SPF line, almost 30% capacity addition. So just to understand the scenario behind this, is it because the demand is quite robust in terms of SPF and architectural frame, which is a part of SCF, which is why we have announced this SCF expansion. I have to go in for one more PPF line.

Yeah, see, I will tell you, the growth in SCF has been pretty rapid. Of course, PPF is also growing us very fast. But next year, see, SCF means we are a very well-known brand in India and US. Global is a well-known brand for automotive. So you see that growth is always there despite like we have hit a quite strong market penetration on that. But at the same time, all architectural growth also comes from there. And if you see our new initiative, which is, you know, which are coming from Garware Home Solutions, which is like architectural is in a big demand. I can always say that the sky is the limit for architectural business Because everywhere there is a glass, a film can be put on that glass. In architectural, it is the word. Because if you see the normal sun control films, safety and security films, the films which are on privacy, privacy on demand, and finally, you know, I can say when you can see, I mean, we make the products which are dual reflective or reflective. So, you see, options are unlimited in architectural segment, and we just started that work 2-3 years back, right? So, we are growing pretty fast there with GHS on board and architectural other brands like we are on all airports now, railways now, and big hospitality chains are already under our contract in last 1-2 years. This growth we are expecting the fastest. We might grow around 25 to 30% as well with the support of GHS and architectural business. So that's why the need for sun control film came first. And another thing is sun control capacity is bigger than the PPF when we put a new line. That means PPF lines, because of the speed and microns, it produces roughly 25 lakhs square feet in a month, whereas sun control film can produce 125 lakhs square feet in a month. So what happens is when we put sun control plant, that means fungibility, wherever we are sure that PPM will also go 100% utilization by next year, but we can do the fungible business which we have done in the past. For PPF as well in sun control line. So that's the rationale behind putting a sun control line ahead of a PPF line.

Okay. I thought there was something to do with P1R, one of our last customers, who just on yesterday's call mentioned about the environment changing from demand limited to more of capacity limited. That's the statement made by one of our last customers in yesterday's call. So maybe we are trying to build capacity somewhere and keeping that in mind.

No, that growth, I think, let me tell you, our growth has been phenomenal, and the large customer may buy, because these customers buy SunControl as well, PPF as well, right? So, SunControl is, see, let me tell you, I just answered the first question, like, 50% of our revenues are from SunControl. So anyway, sun control is our number one, like number one product. And if you see the growth is also the fastest in that, everything is linked to that, right? And building a sun control line, anybody can say anything, but it's one of the toughest challenge that people have. And our lines, I can't tell the details, but they are so advanced that people can't compete with that kind of, you know, the operations done at one go. Like they are built by our own team. There are very unique operations with all of that sun control machine, which nobody has in the world. So we know our sun control business is a unique model which is growing very fast. There is no stopping to that. And PPF, of course, is growing very fast for us. And like previous participants asked about anti-dumping and similar, many measures are going here, Middle East and USA. And especially direct to consumer is one of the first priority in PPF. So, that growth is unmatched. I didn't say that we will not put another PPF line, but we are continuously growing in sun control, in PPF, and of course, TPU. As a backward integration, we will have more demand. So, that will also be decided by the company where to move fast, but we are on a take-off mode on all three products.

Last thing, on architecture, since you didn't mention much about our architecture, in the previous call, we had mentioned that we are about to do about 300 crores in FY26, and that 300 moving to 400 crores in FY27 and further to 500 in FY28. Now, given the changes which have happened in terms of the tariff changes and also your thrust on Middle East, do we expect this architecture seems to be higher than the number which we have given in the previous call?

See, it's very difficult to give each numbers ahead. So what I am saying is like we are quite confident to reach 2500 crore for the coming year. And whatever we add into new products like graphic solutions, PDLCs, and printable PPF and all those things, this will be definitely on top of that, right? So, the growth which we can, whatever happens, cannot happen in a year's time. We are building the ground. That's what I said. The important thing is company's strategy for the future. Their strategy is direct to consumer. Their strategy is building stronger new product developments, R&D, and a channel which remains there with the help of consumers, right? All others are definitely there. We are strong in, I mean, B2B segment. We are strong with OEs because they like the product, they like the quality, and on much bigger hospitality and other industries, including railways and airports, right? But our ultimate goal is to penetrate everywhere, but it should be, the brand should be visible in terms of, you know, consumers. So, that's the first priority with the digital penetration. So, I am giving you this number of 2,500 crore plus, plus a growth of 20% CAGR, which we have done in last four years, barring last year, right? So, that will include everything.

Thank you so much, Deepak sir, and wishing you all the best for much more success going ahead. Thank you so much.

Thank you. Thank you very much. Thank you.

Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants, we kindly request you to limit your question to two questions per participant. If you have a follow-up question, please rejoin the queue. Our next question comes from the line of Saransh Gupta from Swan Investments. Please go ahead.

Hello, am I audible? I have a very good setup for that. I had a few questions. So firstly, I just wanted to understand, like, how is the industry dynamics right now, like, with the war going on in the middle? So how are the steps? If we talk about post January, what are they currently?

See, on the war, like somebody said, I will repeat, this is not the first war and this won't be probably the last war. The world will go like that. We, as the company, if you really see, we have seen a COVID time when we really performed well, where shipping lines were not available, people were not available, but we performed and we guided the company to new heights. Then came to the tariff situation. Before that, Russia was a big market. Then there was a conflict. And then I said this tariff, which was the biggest like headwinds for us. Right. So now this Middle East thing has come. But let me tell you one thing, the good thing about Garware is that it has got, it supplies over 90 countries in the world. So when USA is in trouble, Europe and Eastern Europe help us. When there is an issue in some other part of the world, the other part helps. In the Middle East region, whenever there is a problem, we have like other areas which really perform well because I think somehow the material reaches there but through different routes. So, we have all, and we are in touch, we are our customers, this, and we are not feeling any, you know, negative impact. I mean, it's a supply chain, it's difficult, but ultimately, business is going as usual there. Again, even if there is a, I mean, more trouble into that, but we are poised to sail through that. And in terms of like, you know, our salings, we are in the past also, we have avoided hormones and we have also avoided suez canal. It takes longer route, little more on expenses on, you know, I mean, logistics and all. But that is only a very small part of our sales. Like I said in our previous conference calls, when things were very, very tough due to tariff situation, I said that the company has a motto that we will not lose a single customer, whatever it takes, because we know there will be a brighter time. So, we held on to that. We made our inventories to sustain in a way that whenever the opportunity comes, people can refill, the customers can refill their inventories to sell through it successfully. So, same thing, with all those things, we always think for future, like how we can cater that market in the best possible way. And in the current situation, we see it's not as big as like the last year, as big as trouble it was last year. So, it is being handled very nicely, I can say.

In the past, you did mention that due to the tariff, our inventories are at the port and we are just waiting for the tariff to subside so that we can release those inventories. So how is the situation from the supplier and right now? At what position we are in the inventory?

So, whatever we said, actually that held true, and that's why we did a good job in the second half of February and March. We released most of the goods, I can say, I mean, required by the consumer at that time. We still have good, I can say, roughly, if we talk of the U.S. territory, it's around 16 million is already there in transit plus warehousing. Plus, we are making more goods for the consumer because the demand and the season is coming, and it is one of the best seasons which we have always, Q1 and Q2. So, I gave you the inventory numbers, and it's It's a good demand cycle going on. That's all I can say right now.

Sir, with this, as you mentioned that, from six home studios in this year, so how big of this segment can it be, if I see for at least three, four years, five years, can...

Sorry, I was not able to hear. You are talking of Garware Home Solutions or Garware or Global Application Studios?

No, no, sir, Home Solutions. I am basically talking about how big of...

Garware Home Solutions. Yeah. So, like we said, we opened six in a very quick succession, and around four to five are already in pipeline due to the time schedule we are opening them, right? So, by end of this year, target is 50, right, to open the 50 studios in different parts of India, right? And this is definitely, the concept of this is, as our distributors, dealers are pretty big in size, to cater these smaller home buyers, we are opening these studios in neighborhood so that the smaller ticket site job can be done. Of course, it's a higher margin job, right? And the ultimate idea is the direct-to-consumer strategy that fits into our D2C model, direct-to-consumer model, where most of the work will be done through, I mean, digital mode. That means the payments and ordering and all flows will be digital mode. That work is still into, I mean, making, but the market is really responding well, and we are getting great responses from the home buyers because this is something new for them. They were never able to get these kind of small ticket supplies from us. And I'm very happy when I was in Delhi and Gurgaon region and we opened there, I met many customers and they said, you know, this small ticket site business from Garuare, which is a big brand name, this is helping us. And we are using a lot of influencers to update people about these kind of new offerings. And happy to share that we are getting outstanding response from the market.

So that was the kind of value-added products that we made. I understand how big this segment can become in future like APC.

Hi. So, as I said, we just started, it's in nascent stages, and it's very, like, digital-driven business. So, we expect, like, by next financial year end, we should cross around 200 crore from Garware Home Solutions plus other new products together, because these all mostly would be part of Garware Home Solutions, and going forward, our aim is higher than that. But at least I can say for next financial year, FY28, we should cross 200 crores business from Garvare Home Solutions and plus added new products like PDLC and others.

And all the best, sir. Thank you so much.

Thank you.

Thank you. The next question comes from the line of Aghan Pratap Singh from JM Financial Mitchell Fund. Please go ahead.

Sir, my question is related to refund of tariffs from the USA government which implemented earlier actually. So what kind of amount we are expecting?

See, this amount is definitely whatever we pay is being refunded, and we are in touch with authorities also, and we have opened the account. But this is, like, I'm not sure, like, I cannot guarantee, because this is a government matter, and as the time it comes, definitely, I mean... I mean, then only I can confirm about that, because it's something which is accounting-related matter. But let me tell you, when from 50% tariff, we did such a great job, we only maintained what we could do in FY25, we managed that in FY26 as well. Without tariff, I think we have a big way to go, and we are targeting like 25-30% growth there. So, on that number, I'm avoiding because it may not, when it comes, it's like accounting. We would like to be conservative and whatever is in our end, we are focusing on that, right? What is the strategy for the company? How big that? We are focusing on something which is in our end. We will not let that go. Like in our end was not to lose a single customer, which we did. Now, this tariff, whenever it comes, that's great. And we'll have to, you know, see like on the accounting standards, how it is to be put into our books and some of them we might have to give for the consumers also, right? So, but definitely there will be a positive news on that.

Okay. And then second question related to this input cost rise. So there is a significant increase in the raw material cost. So just wanted to know the kind of inventory again we will be having. Are we like reporting the button marches in the Q1 and how we will be managing this cost increase actually.

We have, like, very great agreements with our consumers because we are always transparent with them. Like, during tariff time also, we were very transparent with them, like, what should be the number, how we will compete into the market. We are not the people, like, if there is a 50% tariff, we will put on our consumers or customers and do away. We have always been very, you know, understanding. Same way, our customers are also understanding. Because the situation, we have a scientific method where we see the correlation between the raw materials, which is PTA and MEG, versus our IPD products, versus our CBD products. So, in all that likelihood, we went to the market and discussed with them, and we were able to get that kind of increase from our customers in a very healthy and ethical way.

Okay, okay, sir. And, sir, in PPF business, can you tell what is the proportion between the direct-to-consumer and B2B?

So, you mean margins between D2C and the, I mean, big customers, distributors. That's what you are asking?

Yeah, you mentioned B2B as well, actually, in the...

Yeah, yeah. So, you know, in D2C, it is usually, I can say, 30-40% higher than the distributor margin. It depends case to case, which is how do we negotiate. But D2C is always better because then there are no distributors or dealers in between. You are directly handling those things. But in that, the real cost comes off your digital marketing and penetration. But of course, the margins are definitely 25-30% higher than the distributor margins.

I'm sorry to interrupt you, sir, but you might please rejoin the queue.

Yes, this last question. Revenue share I was looking for, sir, from the D2C and B2B in the PPF.

In, that is, let me tell you, this is just, we started this campaign maybe two years back with Karware Application Studios, but Global Application Studio is, we started like six months back only. So, as of now, I can estimate the D2C business is only 10% of overall our revenue. In India, it is like, I can say it's like 40% as high as, but together with world market, I can say it is only 10 to 15% right now, right? But it is growing very fast, and that's the future for us.

Okay, sir. Okay. Thank you, sir.

Thank you.

Thank you. Reminder to all the participants, kindly limit the question to two questions for participants. Our next question comes from the line of Nikhil Chaudhary from Toro Wealth Manager, Salil. Please go ahead.

Yeah. Hi, Deepa, sir. Congratulations on a fantastic end to the year despite a challenging environment. I had two questions, the rest of the questions have been answered. In the Q3 call, we had mentioned that we have some partnerships that are going on with the Chinese players using our global brand. Any status update on any partnership that we have signed and what could be the outlook with respect to these partnerships? And in the PPT, we have mentioned about four OEMs onboarded. Is it in the PPF business? Is it like a… OEM like the Mahindra type that we did.

So, answering the second question first. So, yes, it is the same tie-up which we did with Maidra and Maidra. Similar, because I am not naming name for the competitive safety for us. So, we have now four in our books, and another two are already, the discussions are going on. So, you are right on that, and that's how the growth into PPF is continuously happening in the domestic market. So, this is your second question. And first question, yes, the discussion is still on, because honestly, after tariff, the situation changed for us, and the order flow increased so big. In Q3, of course, that was like somewhere in February. We updated you on that. So, that discussion is still going on because some of the agreements are still being discussed because that would be a long-term partnership. We are still in discussion and we are hopeful that that will definitely help us in PPF business going forward. It's not yet concluded, but we are making sure that it goes in the right direction. Got it, got it.

And what would be the U.S. share in Q4? I guess it was not mentioned in the PPT. Middle East, you mentioned in one of the answers that it is around 15 million, Middle East and North African region, which is around 6% of the revenues. What would be the U.S. share for Q4 and Fulia? One second. What would be the U.S.?

Yeah, so it is, last year it was 24. 45%. It was, I mean, if you talk of FY25, it was 48%. Last year, because of tariff and all situation, it was 45%.

Got it, got it. Thank you so much, and wish you all the best, and thank you very much.

Thank you very much for encouraging words.

Thank you. Our next question comes from the line of A. Sriram Palaneppan from iThoughtPMS. Please go ahead.

My first question is on offer customer has indicated plans to move toward in-house manufacturing of PPA. So how should we think about the potential impact on our business over medium-term and also what is our medium-term goal with global applications?

Yeah, so that, I mean, that kind of announcement, actually, that has been discussed. I think there is no direct impact because we are not the only supplier for them, and whoever you are talking, I mean, there are others as well. So, we don't see any challenge in our volumes, but at the same time, we are always working because we always want to go to the market, and that's how we are now 40% into D2C market in the domestic market, and overall 10 to 15% in our portfolio for PPF. So, for us, we We don't see any challenge on that. In fact, we are now 85-89% of runability, 85-89, and we are full with order books on that. So there is no challenge which we see into that, right? And the second thing is, our major thing is sun control, which is 50% of our revenue generator, and that we are continuously growing even with the stronger strength going forward. So, that is there, and when you talk about Global Application Studio that are like in USA and Middle East, so they are continuously in, we have a target for both the places, like overall we should have at least, I mean, I can say 50 for next one year. That's the target which you are keeping for Garware Global Application Studios. And they will be, when we say, they will be like currently 10% to 15% volumes coming from them, Garware and Global Application Studios. And we definitely would like to go 25% and then 35% as the target going forward for our business. And that will increase our margins. And the second thing is the brand visibility will increase more and more.

Got it, sir. And within the ACF sales in FY26, can we know what is the contribution of architecture and things, sir?

Okay, architectural, it is around 25% of total sun control sales. But that is growing. I can say 25 to 30% is moving towards that.

Got it, sir. Thank you.

Thank you.

Thank you. Our next question comes from the line of Ria Mehta from Equitas. Please go ahead.

Thank you for giving me the opportunity and congratulations from Kutsa Sapnambas. So my fourth question was in terms of you were focusing that Varwadi will now become more of a D2C brand, etc. So what kind of investments are we doing in terms of marketing and all that, etc.? So will our margins be lower than the D2C for some time?

See, our strategy is not, we are not stopping B2B to grow into D2C, right? So what is happening, this work has been, we have been doing this work since last one year, right, where our D2C focus is increasing, and we already did a great marketing campaign last year, which was part of the current performance of FY26, where our impressions were close to 8 crore from, you know, meta platforms only. And apart from that, we revamped all our websites and put a new effort so that everybody sees actually what we are doing into the market. And in Garware Home Solutions, we are directly building a channel which is you can order online these kind of things with the app and our website, right? These efforts definitely we have budgeted for this year as well. Last year, we already started spending on that. This year also, we budgeted these kind of things into our numbers already. So, I can say there is a slight increase in our marketing budget, but definitely D2C is going to be 25-30% higher margin than B2C, even for this year. And but the volumes for this year is not that great. I think the next year it will be even bigger. But these numbers will not change, like the more spending on branding, because we have done that as a mix of our business strategy, where OEM we are growing, right? And these hospitality industry, all big hotel chains are doing great with us. And then airport authority, railways and all those things are helping us to grow on all around. So that's the strategy for us.

Got it. And in terms of the current results, what will be the currency appreciation in the entire result, in fact?

Sorry?

The dollar appreciation, impact of dollar appreciation. I am just saying that it will be the constant currency growth.

See, on the currency, we definitely get advantage. I won't say no on that. But, you know, our raw materials like previously asked, like the raw materials PTA and MEG, and plus some of the chemicals and raw materials, they are either imported directly or on import parity basis. So, I can say 45 to 50% impact is definitely nullified with that, right? So, for the balance, definitely we get an advantage of that. Exact number, Avishan, can we give? Do we have some kind of listing on that? I'm just asking our CEO for that. Definitely, as I said, 50% is naturally has because our import or import parity business is there. Balance, definitely, we get advantage of that.

Sorry, please go ahead. Raw materials, availability, and the pricing currently, are we able to pass on the entire incremental raw material price hike? This is for both your traditional business of firms as well as the PPF and SCF. So, maybe two questions, availability and ability to pass on the price hike.

Yes, I can tell you that we have been able to pass maximum of it because industrial product business is normally the consumer are directly affected. So we do that. So that is already passed on. In consumer, it takes time. But with the help of inventory, like everybody knows, it's no secret that the kind of inventory we get appreciation. And by the time price increase comes, we are good with that. So I can say no negative impact of that. In fact, slight positive impact might be there. Because of that.

Got it. And my last question would be that with the current interest rates going up and inflation also picking up in various geographies that you cater to, do you see any impact of demand anywhere or do you see people curtailing down the cost because this is not a stable cost and more of a discretionary spend?

Sorry. Can you repeat the question, please?

With the current inflationary scenario and interest rates are also hiking, do you see any impact on demand or do you see any kind of slowdown coming in from any places because it's a discretionary stand after all?

I think the kind of segment we are in, it's not a commodity where people do this. This is really... I mean, if you are referring to kind of global, you are talking about global warming in this situation?

No, no, no. I am talking about inflation and interest rates.

Ah, okay, okay.

In the current environment.

No, so, honestly, This, whatever is happening, is happening in the peak season. That's summer for us. And in that, like, demand really remains high for us in India for, like, three months, four months. And in the world, it is yet to come. So people have started building their thing. So we are not seeing that kind of impact. This might be more, can be visible during week season of Q3. But fortunately for us, all those things are happening into the peak season, so we are not seeing the impact as of now. You know, the demand is pretty high in this season, and in fact, unfortunately, wherever there is more buildings coming up, I can't refer directly, but if you really see, there is a lot of new construction is going on everywhere, including Middle East. So, that's a good opportunity for the company. That's why we are focusing more into the Middle East.

Got it. And in terms of next...

I'm so sorry to interrupt you, Ria, but you may please rejoin the queue. Thank you. Our next question comes from the line of Nilesh Jain from Astute Investment Management, Private Limited. Please, great.

Hi, thank you for the opportunity. My question was on the TPU line, which is going to come up in October. We wanted to understand, largely, this is given a backward indication. Have you identified any other product for the 25% that you mentioned we'll be using apart from the TPS?

I mean, your question is for the new, sorry, question is for the EPU business, right? So, like we said, it can be used 100% in the PPA for the margin improvement, but we have built a new team, R&D team, which is working on some products, and we have identified already two products where we will start our first foray into from the TPU business, right? One is the automotive product and one is the architectural product. So with that product, with these two products, we are definitely, we'll start our sales, which will be like, because it's starting in the Q3 of this year. So in three, four months, I think there will be a very minimal revenue, but we will set targets for the next year. So these two products definitely we are eyeing on from the start of the TPO business. And if that goes successful, then it will be, I mean. I say a big potential. And let me tell you about one of the products is being used widely in the USA and Europe market and not touched by anybody in India. So that can be a good product for us in the architectural segment from TPU.

Okay. Um, thank you. Um, given, uh, you mentioned you're adding capacity on SCSI, um, what I understand given your current utilizing is 80%. And it will be fully utilized for this year. And the additional capacity is going to come in next year. It will be close to an additional 20% capacity. Don't you feel there's a constraint on capacity to grow? You might need to add PPF line as well. The line is also opening at 90%.

Like I gave you the example that the growth, the major growth drivers are both PPF and Sun Control, but B2C business from Garware Home Solutions is growing very fast, and the line size of window, this lamination line is much bigger than the PPF, right? So, we can use the fungibility for PPF business, definitely, because it will also be full, and then we will think of how the growth is going. We are conservative in that, but we know the right capital allocation. So, the decision was between PPF and window fins, and we have taken the decision of window fins lamination line, because the size is much bigger. It's four times production comes as compared to PPS, right, because of the thickness and all those things. So we'll use that fungibility to make more PPS, and here the growth of D2C business, GHS, and architectural, which is going very fast, will be catered directly from sun control line. So that's the rationale behind putting this line.

So, in this last class, I'm sorry

to interrupt you, Mr. Jain, but please reach on the queue for more questions. Thank you.

In this last, I just want to clarify a question. Yeah, yeah, just go ahead. In terms of what would be the standard tariff which we would be paying right now?

Total tariff? So, I'll explain you. You know, the original tariff between before, I can say, before this administration came was 6.26%, right? That was a standard till last year when it went added 10, then added 25, then added 50. So, we'll talk of additional tariffs which is only 10% now as compared to 50% last year. So, 6.26 is already there. It was always there. But 50 was on top of that. Now, only 10 on top of this.

Okay. Okay. Thank you so much and all the best.

Thank you.

Thank you. Our next question comes from the line of Sunil Jan from Minimal Bank Securities, Private Limited. Please go ahead.

Yeah. Congratulations on good numbers and thanks for this opportunity. Sir, my question relates to whatever the sales you are doing in your own brand, whether you are able to pass it on the whole price increase or whole cost increase because of all these raw material price increases or B2B, you may have some agreement, but B2C, is that happening at a stretch or it will take some time?

No, actually, honestly, we are able to pass that on because if you really see this, when we talk of our industrial product business, there is almost a big correlation. I can say 45 to 50 percent directly into these raw materials, which is because of the crude oil jumping and all those things. There the market reacts pretty quickly and we were able to do that. So that was number one. Number two, when we talk of our consumer products and PPA business, PPA business is mainly driven by TPU and NSAs and all those things. There, the increase was not that big because they are not directly linked to crude, right? So, there the increase was minimal, but still we were able to take our price increase there. Now, the third factor is sun control business, which is based on polyester. There, the impact of overall, whatever, if 100 rupees is increased, is only 10 rupees on the polyester film because rest of the components are high value addition on coatings, on ADSAs, on nanodispersion, and all those things. There, we have seen that correlation going to, like, between, I can say, approximately 10%, 12%, or 15% even, and there, we were able to take the price increase on a different situation from different customers.

So, out of the total sales, how much is we are selling in our own brand like Karwari and Global?

So, if we see roughly 55% goes into own Garware brands, Garware or global, I mean our brands, and roughly 40 to 45% goes into the private labels, and that may be like, you know, direct private labels or neutral labels.

Okay, and the last question relates to the... Coming quarter, see, last year Q1 was impacted because of the seasonal rain and also duty which came up in the U.S. Generally, you said that Q1 is a strong seasonal quarter, but if you see last year, there was a substantial decline from Q4 to Q1, so generally Q1 is soft.

Our major market is exports, so for exports, it's like... June, July, August, September. These are the strongest season in US and Europe, right? So in such situation, this, I can say April, May, that is Q1 is the right time for the ordering from us. So that's why it is always a strong season. And in India, this is like up to June is the strong season because of heat comes that season and then rain comes, right? So, last year, the situation, this did not happen. There were two things. One, domestic market, the rain started coming in the month of April end also and beginning of May. And it never stopped. It continued till the monsoon last year. And also, the tariff situation made it very uncertain in US for the ordering and everything. Right? So, in this year, we don't see that challenge. So, you answered your question, sir, on your own.

Okay, just was confirming. So, India sales...

I'm sorry to interrupt you. You may please raise your hand. Yeah, yeah. Okay, fine. Please limit question to... Yep. Thank you. Yeah, yeah.

Thank you.

Remind it to all the participants. Please limit the question to two questions only. Thank you. Our next question comes from the line of Shwechha Jain from ANS Wealth. Please go ahead.

Hi, sir. Thanks for giving this opportunity and congrats on a great set of numbers. So, my first question is on the SCS, the new CAPEX. So, how much of this would be for the automotive part and how much of this would be for the home solutions, the sales that you are expecting on this CAPEX? And what would be the, you know, the asset turnover from this?

Okay. So, on the new CAPEX, see, Garwari, let me tell you, this overall, this addition is roughly 30% of capacity addition, right? So, if we see GHS, we don't see, like, from this plant, how much it will go into which product line. I'll be very honest with you. When we put the line, we put the line based on what sale increase we are seeing. That is, what is the CAGR where we are going to grow and where I should need this capacity. So based on that, current 75 to 80%, 75 to 80% will almost finish by Q2 of next year. That's what the estimate. Of course, we can do some bottlenecking on the old plants and we will not lose any sales because of that. So that's the reason to put a new plant. Now, GHS, we have a separate target where we are talking because the volume won't be great. Like, imagine a home. I'll give you some numbers. Like, if you really see, we, our distributors or dealers, the second guy, distributor buys like 5, 7 lakhs square feet in a month. And a dealer buys maybe 50,000 square feet or 1 lakh square feet. But a home buyer needs like 50 square feet or 70 square feet. So that demand, we can cater. The idea to do that to reach every home means to make that even if that business goes to 20 lakh square feet, which is not even 7-8% of our business, but we will be catering up in part of the country. And the revenue generation can happen anywhere between 50 crore for one year and the next year around 200 crore with all the PDLCs and everything. So, but that is the idea that to make the brand present everywhere and at the same time increase the sales from different channels, right? Right. Because if you really see the company, when we were doing only IPD and CPD in sun control, sun control and IPD business, our revenues used to be 750, 800 crore. Then we strategically increased the CPD business towards architectural business. Then we went to 1300 crore. Right. Then we added this PPF business, and along with the growth in architectural and normal sun control business, we reached a level of 1,600 crore in FY24, right? And then with the growth in these two new lines coming and everything, we reached 2,100 crore last year. So, the idea is our products, when we increase the product basket, it helps us because when we were not doing PPF, many customers were not coming only for sun control because it's a basket order. Now we are doing sun control for automotive, we are doing sun control for architectural, we are doing sun control for safety, security, decoration, and dual reflection, and then we are talking of now architectural in the home solutions. Then we are adding TPU for architectural and automotive. So we are continuously increasing our segment. Each segment, even if adds 100 to 200 crore value, that will drive our next growth to 2,500, 3,000 crore in like this year and next year. So that's where we are moving.

Right. So just to follow up, so when you say architectural, so help me understand on the architectural side, you know, what is the addressable market for us? I mean, I'm so sure we have chopped out an internal plan for us that, you know, what is the most attractive products for us in the architectural, what geography looks most attractive for us, and help me understand. I know it's a very basic question that I'm asking, but home solution, what I understand, is a subset in architectural, right?

Yes, yes.

So, you know, what is the strategy, like which geography, which product, what is the revenue potential, and what kind of margins that we have internally chalked out for us for next two, three years, you know, if you can help me understand that, sir.

See, that will be like, I'll answer the question in a strategic way, because if I give the numbers, margins, and everything, so the people who are just eyeing on these things. We'll definitely, because that's, we work, everybody works with a strategy, right? So we have a better strategy. Now, to answer your question, I'll give you in a broad level. Like, there is a big market potentially in USA where we have, like, made a team from one of the number one competition in USA. Second biggest market or I can say fastest growing market even more than USA is the Middle East. Because if you see, it's an ideal market for sun control business because there is a lot of sun and there is no rain and there is hardly any rain. And the maximum development is happening. So that's why two years back, we took a call. We made a strong team there. And the team now working, I can say that probably that one of the segments of Dubai Mall is also done by us. So that's the quality of our product. But it was missing the kind of, you know, the team which goes, which has got relation, which has got that kind of drive. So we have done that. And now with that subsidiary there, which is directly working with all, because if we are there, we can directly add value to our sales team there. I mean, they can definitely take advantage of local things, right? So that market is, now you can see the growth of BC, Middle East and North Africa region is like something, a big target for us. Then, coming back to India, again we made a team which was no focus on to automotive. It's fully dedicated for architectural business. Now, architectural business, we already did railways, airports, all airports, railways, and then best hospitality chains are working with us. And also some OEs who make like your, who redesign your entire home, bathrooms, and everything, we have directly tied up with them, right? Now, next thing is how to cater to the smaller guys and make a brand, right? If you go to V2V, they will test your product. They will say, forget about it. I will make my brand. Your product is outstanding. But how do I grow the business of Garware or global to the end consumer? So, that's where the Garware home solution and Garware and global application studios come into picture, right? The product is great, but the name is also great. So there the margin will be, like I said, will be 30-40% higher than distributor level, and the branding will be there. And at the same time, the strategy works that there is a separate team. Now the question is, you are talking of the TAM, right? Now the term in this is you can create, I mean, we have our targets, we know what it is. But to tell you, there is like we already catering such a big segment there and fighting with one of the like cheap imports coming from China and Korea. And at the same time, products imported from USA. But again, put together everything has not even... It's like, I will say, tip of the iceberg. Because people do not know what an architectural product can do for homes and buildings, right? Even the owners of many hospitality chains, they were not aware. When I explained them, their eyes were like, oh, really? That's the thing? But again, We go to the basics like we did in PPF. When we entered into PPF market, nobody was even aware what a PPF is. We made that so popular in India, more than 50 participants are there importing product or buying from us and selling it. Same way we are doing into this architectural business via Garware Home Solutions, and we will have the same strategy, guiding people, making those campaigns, going to big buildings and putting canopies, making them explain. And this will be done all over India and in the Middle East. So that's the strategy for us.

Okay, okay. So, in products, it's not just sun control, right? There are more products.

I'm sorry to interrupt you, ma'am, but please.

I will just ask. Yes, that is not only sun control. There will be like surface protection films, which is for your furniture, which is your kitchen sink and everything. Other than sun control, then safety security films, there will be a switchable film on demand that is called a privacy on demand. You can do like make it opaque, transparent, semi-transparent And so many, lots of products are coming into that segment.

Okay, sir, can I just squeeze in one very small question? I wanted to ask in last call also, if you allow me.

Yes, please, go ahead.

Okay, sir, we were doing something with One Day Bharat. I just want to get an update on that. Are we doing something for One Day Bharat?

We did during Kumbh Mela. Last year, we did a full train to avoid, you know, so you know, we are doing. Thank you.

Okay. Okay.

Thank you.

Thank you. Our next question comes from the line of Ankit Gupta from Bamboo Capital. Please go ahead.

Thanks for the opportunity and congratulations for a great set of numbers, especially for the entire year we have been phenomenally well. Sir, my first question is on the impact of declining...

Ankit, I am sorry to interrupt you, but can you be a little louder, please?

Sure. Sir, my first question is on the, you know, the declining U.S. automotive sales. So, if you look at last quarter, and even in the month of April, we have seen 5-6% decline in the U.S., new U.S. automotive sales. So, what can be its impact on our automotive SCF sales, as well as, you know, on the PPS sales, because our, you know, majority of the business on the SCF as well as on the PPS side comes from U.S. So, if you can elaborate on that and, you know, how it can impact us.

See, I mean, I think that is quite understandable. When the tariff was at speed, we were able to, I mean, make, I mean, not lose the customer, but at the same time, you know, the sales were little affected because we were not able to do it freely with 50% of the tariff, right? Now, going forward, I mean, we have, like, we don't see any such challenge this year. In fact, we see a growth, good growth potential coming from U.S. market now because the real challenge has gone from the market.

On the PPS side, we have seen a bit of decline in this financial year and our biggest customer on the PPS is also setting up its own manufacturing plant. So how do you see our relationship with them evolving and it's a large part of our PPS here. So are sales will be impacted when their manufacturing plant comes online?

No, as I said, I think there is a lot of confusion on that, right? PPF, they buy from other sources as well, and they get it manufactured. Similar exercise they might be doing in the future. I'm aware of everything, but I can't say here. But at the same time, I don't see any impact on our business because our growth has been phenomenal. Our global and Garwari brand, we have doubled what we were doing last year and we expect that to grow in a steep skyrocketing in the coming years. So we are not bothered with that, right? Because their volumes, we were not supplying 100% to them because there are a couple of more suppliers as well, right? I know some of this thing looks like that we are the only supplier or we are too much dependent on them on TPF. That is not the case.

But our relationship with them will continue.

Oh, definitely.

Even when...

No, no, definitely. We are a big, like, into sun control and other business. See, it's not easy to change the product because our product has got a very unique properties in terms of sun control. And let me tell you with, I mean, I can tell you with great pride that the product line is very different from what others apply. The base, the nanodispersion facility, and our adhesive technology is very unique and very different, and it cannot be changed. Even if a brand wants to go for manufacturing and replace it, it's not possible, because it is something like a prevailing product, and we have discussed that, and we are continuing with our relations. That's what their growth plan for the future, but of course, we have our plans, and we continue to be in great relationship with each other.

Sir, thank you, Vishal.

Thank you.

Thank you. Our next question comes from the line of Vinay Nandakani from Hathaway Investments Private Limited.

It was a really good set of numbers in spite of a very, very tough year. I just wanted two questions, in short. One is, how do you see your April volume growth, given this summer seems to be better than last year?

See, I think that's a question related to current performance. I would like to avoid. I can only say that we have already given guidelines for the year for 2,500 crore. We will maintain that because we cannot answer because this is a current ongoing. It will be like beyond the scope of us talking about this right now.

Fine, fine. I understand that. The other question was, when I look at your US volumes, you said around 45% of your business came from US. And last year you had said that you had to absorb most of the tariff because you couldn't pass on and you didn't want to penalize your customers. In spite of that, you have maintained your margins. I just wanted to understand how could that be achieved with 41% of your business taking higher hit on margins?

Yeah, so I think we discussed that even each quarter, despite 50% volume coming from there, but 50% tariff, we still maintained because we grew on the other geographies quite handsomely. At the same time, we restricted our sales for just to continue without losing customers. That means we held our products in certain special conditions, right? And then when it was available, the tariff went low. At that time, we cleared the goods according to the demand from the customer. So it was like a very strategically and well maintained supply chain where we did not flush the material at the highest tariff. We tried to hold and navigated it through at the right time, right? And in fact, when this tariff was to come, we made more material and kept there. We had to avoid that tariffs. I mean, it was like prior to when we knew it was going to happen, we built up our inventory there. And at the same time, we liquidated when it was only, I mean, it was utmost necessarily to be done. We did at that time. And when it was, when it went towards the low tariff, and we cleared it. So this is like the strategy which we followed, which worked for us.

Yeah, I think this is a splendid study. Thanks a lot for your answer, and all the best for the current year.

Thank you. Thank you very much.

Thank you so much. Ladies and gentlemen, due to the time question, that was the last question for today. I now hand the conference over to the management for the closing remarks. Over to you, team.

Thank you. And I would like to, on behalf of Garware Hitech Films Limited Management, I would like to thank all participants. And we hope, I mean, we were able to answer all of your queries. And in case of any further explanation required, you can reach out to our IR team. And with this, thank you very much. And I wish a great year ahead for everyone. Thank you.

Thank you, sir. Ladies and gentlemen, on behalf of Garwari High Tech Films, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.