Garware Technical Fibres Ltd

₹ 4,315 -5.95%

20 Dec - close price

garwareropes.com BSE: 509557 NSE: GARFIBRES

About

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

Key Points

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

Website BSE NSE

Market Cap ₹ 8,567 Cr.
Current Price ₹ 4,315
High / Low ₹ 4,932 / 3,116
Stock P/E 38.0
Book Value ₹ 566
Dividend Yield 0.07 %
ROCE 23.1 %
ROE 18.5 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 7.63 times its book value
The company has delivered a poor sales growth of 5.43% over past five years.

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

Peer comparison

Sector: Textiles Industry: Textiles - Products

Part of BSE 250 SmallCap Index BSE 400 MidSmallCap Index BSE SmallCap BSE Allcap BSE Consumer Discretionary BSE 500

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	282	308	356	304	356	275	370	326	328	289	382	336	421
	231	253	283	264	294	227	291	267	260	236	291	272	329
Operating Profit	51	56	73	41	62	47	80	58	69	53	91	64	91
OPM %	18%	18%	21%	13%	17%	17%	22%	18%	21%	18%	24%	19%	22%
	10	5	5	5	8	8	8	9	10	11	13	11	10
Interest	3	4	1	3	3	3	3	4	4	3	6	6	6
Depreciation	5	5	5	5	5	6	6	6	6	7	7	7	7
Profit before tax	53	51	71	37	61	47	78	57	68	55	91	62	88
Tax %	23%	25%	24%	24%	22%	22%	24%	25%	23%	21%	24%	25%	25%
	41	38	54	28	48	37	60	43	52	43	70	47	66
EPS in Rs	19.83	18.46	26.14	13.67	23.17	17.95	29.28	21.08	25.75	21.23	34.13	23.55	33.22
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	599	685	782	825	846	885	1,018	953	1,035	1,189	1,306	1,326	1,428
	541	622	703	722	710	724	826	775	830	966	1,076	1,054	1,128
Operating Profit	58	62	79	103	136	161	192	178	204	223	230	272	301
OPM %	10%	9%	10%	13%	16%	18%	19%	19%	20%	19%	18%	21%	21%
	6	4	4	6	8	18	21	32	35	25	28	43	44
Interest	14	13	10	9	7	10	14	12	10	11	12	17	21
Depreciation	16	14	12	13	14	15	17	19	21	21	22	26	27
Profit before tax	33	39	61	87	123	153	182	179	208	216	223	272	296
Tax %	26%	32%	29%	29%	32%	31%	31%	21%	24%	24%	23%	23%
	25	27	43	62	84	105	126	141	158	165	172	208	226
EPS in Rs	10.43	11.75	19.71	28.29	38.55	48.06	57.44	64.22	76.83	79.92	84.50	102.16	112.13
Dividend Payout %	24%	22%	15%	12%	13%	9%	9%	26%	3%	9%	4%	3%

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

Compounded Profit Growth
10 Years:	23%
5 Years:	12%
3 Years:	10%
TTM:	18%

Stock Price CAGR
10 Years:	38%
5 Years:	30%
3 Years:	10%
1 Year:	28%

Return on Equity
10 Years:	19%
5 Years:	19%
3 Years:	18%
Last Year:	19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	24	22	22	22	22	22	22	22	21	21	20	20	20
Reserves	243	254	289	344	424	515	628	717	790	950	996	1,213	1,103
	110	71	40	45	86	138	108	133	102	80	134	123	146
	185	253	349	412	309	310	319	319	406	365	343	414	402
Total Liabilities	563	599	699	822	842	985	1,078	1,191	1,319	1,415	1,493	1,771	1,672
	154	153	166	199	203	221	227	244	247	240	246	262	267
CWIP	0	7	7	0	0	0	0	0	0	0	0	0	1
Investments	9	9	9	9	111	244	330	376	467	521	617	689	614
	399	430	517	613	528	519	521	570	605	654	630	820	790
Total Assets	563	599	699	822	842	985	1,078	1,191	1,319	1,415	1,493	1,771	1,672

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	34	79	74	143	120	28	133	110	228	64	189	219
	2	-20	-25	-37	-147	-53	-78	-47	-120	8	-102	-73
	-38	-70	-48	-36	27	29	-56	-37	-135	-38	-85	-39
Net Cash Flow	-3	-11	2	70	1	4	-1	25	-27	34	3	108

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	85	76	85	94	85	90	87	90	85	79	65	72
Inventory Days	168	146	138	145	176	206	186	250	235	234	187	256
Days Payable	79	74	67	186	247	257	215	241	308	220	169	227
Cash Conversion Cycle	174	148	156	53	14	40	58	99	12	93	83	102
Working Capital Days	114	88	74	60	49	81	76	92	60	85	72	69
ROCE %	12%	14%	20%	25%	28%	26%	26%	23%	24%	23%	21%	23%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	52.62%	52.62%	52.62%	52.61%	52.70%	52.70%	52.70%	52.70%	52.70%	52.70%	53.00%	53.00%
	7.88%	7.42%	7.39%	8.33%	8.46%	8.57%	8.62%	8.58%	8.77%	9.34%	9.55%	9.82%
	4.35%	5.48%	5.93%	6.62%	6.98%	7.59%	8.76%	9.62%	10.19%	10.02%	10.39%	10.44%
	35.15%	34.48%	34.07%	32.44%	31.85%	31.12%	29.90%	29.09%	28.33%	27.95%	27.06%	26.74%
No. of Shareholders	41,797	42,928	45,019	44,518	44,346	42,859	42,625	41,185	38,111	92,445	37,164	36,832

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	50.68%	50.69%	50.70%	50.71%	52.62%	52.62%	52.70%	52.70%	53.00%
	2.83%	3.75%	4.93%	6.90%	8.35%	7.42%	8.57%	9.34%	9.82%
	1.34%	4.18%	3.69%	3.84%	3.53%	5.48%	7.59%	10.02%	10.44%
	40.82%	37.06%	36.35%	34.23%	35.50%	34.48%	31.12%	27.95%	26.74%
	4.33%	4.33%	4.33%	4.33%	0.00%	0.00%	0.00%	0.00%	0.00%
No. of Shareholders	15,221	16,641	16,535	16,782	30,485	42,928	42,859	92,445	36,832

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

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

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