Garware Technical Fibres Ltd

Garware Technical Fibres Ltd – Closure of Trading Window

Meeting Details

• Event category: Analyst / Investor Meet; issuer Garware Technical Fibres Ltd; update type: Company Update.

AGM Details

• AGM held 08 September 2026 at 10:30 IST via VC/OAVM.
• Remote e-voting period 05–07 September 2026.
• Record date for voting 01 September 2026.
• Attendance counted for quorum via VC/OAVM.

Dividend & Financials

• Adopted standalone and consolidated financial statements for FY2025-26.
• Interim dividend of Rs 8 per share already paid.
• Final dividend of Rs 1 per share approved.

Key resolutions and outcomes

• Ordinary: Adopt standalone and consolidated financial statements; passed.
• Ordinary: Confirm interim dividend of Rs 8 per share; passed.
• Ordinary: Declare final dividend of Rs 1 per share; passed.
• Ordinary: Appoint Mayuri Vayu Garware as director; passed.
• Ordinary: Ratify Cost Auditors remuneration; passed.
• Special: Continue Anil S. Wagle as Non-Executive Independent Director; passed.
• Special: Re-appoint Dr Shridhar Shrikrishna Rajpathak as Non-Executive Independent Director; passed.
• Special: Re-appoint Vayu Ramesh Garware as Managing Director; passed.

Director changes

• Mayuri Vayu Garware re-appointed as director.
• Anil S. Wagle continues as Non-Executive Independent Director.
• Dr Shridhar Shrikr Krishna Rajpathak re-appointed as Non-Executive Independent Director.
• Vayu Ramesh Garware re-appointed as Managing Director.

Auditors

• Cost Auditors remuneration ratified.

AGM details

• AGM held on 8 September 2026 at 10:30 AM via VC/OAVM
• Record date 1 September 2026; 38,585 shareholders on cut-off
• Remote e-voting 5–7 September 2026; NSDL system used

Key resolutions and outcomes

• Ordinary: Adopt financial statements; passed by majority
• Ordinary: Interim dividend of Rs 8 per share; passed
• Ordinary: Final dividend of Rs 1 per share; passed
• Ordinary: Re-appointment of Mayuri Vayu Garware by rotation; passed
• Ordinary: Ratification of Cost Auditors' remuneration; passed
• Special: Continuation of Anil Wagle as Non-Executive Independent Director; passed
• Special: Re-appointment of Dr Shridhar Rajpathak; passed
• Special: Re-appointment of Mr VayuRamesh Garware as Managing Director; passed

Dividends

• Interim dividend of Rs 8 per share already paid
• Final dividend of Rs 1 per share approved for FY 2025-26

Management changes

• Re-appointment of Mayuri Vayu Garware as director by rotation
• Continuation of Anil Wagle as Non-Executive Independent Director
• Re-appointment of Dr Shridhar Rajpathak as Non-Executive Independent Director
• Re-appointment of Mr VayuRamesh Garware as Managing Director

Auditors

• Cost Auditors' remuneration ratified

Record date details

• Final dividend for FY 2025-26.
• Equity shares of Rs 10 each fully paid.
• Record date: close of business on 01 September 2026.

Overview

• Standalone BRSR for FY2025-26; GTFL manufactures cordage, ropes, nets, and geosynthetics.
• Exports contribute 55.76% of turnover; operates in ~75 countries.
• Reporting boundary is Standalone; BRSR also available on the company website.

Key ESG Risks & Opportunities

• Health and safety risk from non-compliance; mitigated by training, audits, PPE; potential negative financial impact.
• Climate change risk; mitigated via renewable energy adoption, biomass use, disaster management plan.
• Wastewater and waste management risk; mitigated by ETP and proper disposal; potential cost pressure.
• Water resilience opportunity; water-saving technologies and zero-discharge potential with cost benefits.
• Chemical safety opportunity; shift to water-based chemicals reduces hazardous impact.
• Innovation and product design; eco-friendly nets reduce copper pollution and enable recyclability.
• Supply chain disruptions risk; diversification of logistics and local stocking to mitigate.
• Currency risk; FX policy and hedging to manage exposure.
• Expansion into geosynthetics and infrastructure solutions offers growth opportunities.

Governance & Policy Highlights

• Board oversight of ESG with a dedicated director; sustainability matters reviewed by the Board.
• Key policies: Anti-Bribery/Corruption, Vigil Mechanism, Whistleblower, Sexual Harassment, Code of Conduct for Directors.
• Policies and training are Board-approved; no external assurance obtained; internal audits conducted.
• No governance penalties or external audits reported for FY2025-26.

Social Responsibility & Workforce

• Total workforce 683; permanent 592 (20 female); non-permanent 91; workers 505.
• Board women representation 33%; KMP women 0%; employees 4.12% female; workers 0%.
• Permanent turnover: male 22.76%, female 27.03%; permanent workers 5.21%.
• LTIFR zero for both employees and workers; ISO 45001 safety framework in place.
• Parental leave: 22 employees availed; all returned to work.
• PF, gratuity, ESI coverage 100% for eligible staff; 100% accessibility improvements for differently-abled.

Environmental Performance

• Total energy consumption 327,787 GJ; renewable energy 56,125 GJ; non-renewable 271,662 GJ.
• Scope 1: 20,149 tCO2e; Scope 2: 10,649 tCO2e; combined intensity 2.2e-6 tCO2e per turnover.
• Water withdrawal 139,593 kl; ZLD in place; water intensity 1.0e-5 per turnover; 4.752 kl/MT.
• Total waste 3,590.94 MT; plastics 1,698 MT; hazardous waste 42.92 MT; non-hazardous 1,817.58 MT.
• ZLD enables 320 KLD ETP+STP; treated water fully reused on-site; no discharge outside premises.
• Certifications: ISO 9001, ISO 14001, ISO 45001; renewable energy programs and afforestation ongoing.

Stakeholder Engagement & Complaints

• Stakeholders mapped via Mendelow Matrix; key groups include shareholders, communities, employees, customers, regulators.
• Shareholders: 14 complaints filed; 0 pending at year-end 31 Mar 2026.
• Employees: 35 complaints filed; 0 pending; actions taken and closed.
• Workers: 0-complaint data reported; near-term grievance channels include SAMWAD and HR forums.
• Customers: 63 complaints filed; 0 pending; all resolved within year.
• Communities: 0 complaints; public engagement via CSR programs; NGO/agency partners used.

Other Notable Metrics

• Nine trade associations affiliated; includes EPCES, PLEXCONCIL, CII, ITTA, IGS.
• CSR footprint: four projects (Vikas, Swasthya Seva, Sarva Shiksha, Khel Vikas); 100% beneficiaries from vulnerable groups.
• Afforestation: 12,142 trees planted cumulatively; 1,641 trees in FY2025-26.
• Direct sourcing from MSMEs 21.22%; India-sourced inputs 10.38%; significant urban share in wage costs.
• Net-zero targets: 2060 GHG, 2030 ZWTL, 2040 80% renewables, 2030 water reduction 10%.
• Cybersecurity: ISO-aligned Information Security Management System; no data breaches in FY2025-26.

Financial performance

• Standalone revenue from operations: 141,898.37 lakhs; modest YoY movement.
• Consolidated revenue: 1,528.79 crores; down 0.74% YoY.
• Standalone PAT: 21126.53 lakhs; Consolidated PAT: 19867.39 lakhs.
• Consolidated EBITDA margin: 20.8%; Net margin: 13.0%.
• Net debt to capital: 0.11x; Standalone net debt 17,125.66 lakhs.
• ACRS rating reaffirmed: AA+ (LT) / A1+ (ST).
• Interim dividend of ₹8 per share; Final dividend ₹1 per share proposed.
• Buyback: 16,17,500 shares at ₹680; record date 20 May 2026.
• Acquisitions: OTS & AMS acquired; Goodwill ₹7,064.41 lakh; Norway arm expanding.

Operations and markets

• Aquaculture remains GTFL’s largest segment; long-term fundamentals positive.
• Geosynthetics standout performer; growing infra, environmental protection opportunities.
• Consolidated India revenue ₹62,851.45 lakhs; exports ₹90,027.18 lakhs.
• Geographic expansion: USA, Chile, UK, Norway subsidiaries contributing to growth.
• Order book reached a high in FY2025-26, supporting near-term visibility.

Strategic developments

• Completed Norway acquisitions via Garware UK; OTS and AMS become subsidiaries.
• Garware UK advanced to acquire OTS and AMS; strengthens offshore/marine rope capabilities.
• Norway subsidiary GTFL AS established; OTS and AMS step-down subsidiaries.
• Bi-directional focus on Geosynthetics BIS certification and international market access.

Capital structure and liquidity

• Net debt to capital: 0.11x; net debt ₹1,712.66 million.
• Consolidated cash & cash equivalents: ₹986.58 million; Standalone ₹318.47 million.
• ICRA ratings reaffirmed: AA+ (LT); A1+ (ST).
• Capital management emphasizes prudent leverage and robust cash generation.

Governance and leadership

• Board of six directors; Ms. Mallika Sagar ceased Aug 28, 2025; Kirti Mangwani joined Nov 25, 2025.
• V. R. Garware continues as Chairman & MD; Anil S. Wagle remains Independent Director.
• Dr. S. S. Rajpathak reappointed; CEO/CFO and Company Secretary aligned with governance.

ESG, CSR and sustainability

• Net-zero by 2050; 80% renewable energy by 2040; 10% water reduction by 2030.
• Renewable energy share ~53-54%; 8.5 MW solar capacity; rooftop solar deployment.
• CSR spend ₹69.00 lakhs; 2% average net profit ₹440.20 lakhs; unspent ₹371.19 transferred to CSR account.
• Afforestation: 12,142 trees planted cumulatively; 1,641 trees in FY2025-26.
• Waste management under 10R; ZLD; EPR compliance for plastic packaging.

Risks and outlook

• Geopolitical tensions and Middle East conflict affecting raw materials and logistics.
• Tariffs and policy shifts in USA; global trade uncertainties.
• Outlook: Geosynthetics growth; aquaculture and offshore wind market opportunities.
• Currency and commodity price exposures mitigated by policy framework.