Garware Technical Fibres Limited (GARFIBRES.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+9.2%

₹801.98

vs ₹734.10 price

Levered DCF

₹803.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.47

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.3×	36.74×	31.29×	34.75×	35.32×	33.43×	3.35×	3.92×
P/B	4.44×	6.85×	5.44×	1.17×	1.2×	1.31×	0.64×	0.76×
P/S	3.94×	5.52×	5.07×	0.91×	0.99×	1.03×	0.5×	0.49×
EV / EBITDA	21.03×	24×	21.26×	4.99×	4.85×	4.83×	2.85×	2.83×
Gross margin	42.9%	71.8%	65.6%	61.0%	62.2%	30.1%	60.6%	59.0%
Operating margin	16.3%	18.9%	18.5%	15.2%	15.7%	16.9%	15.0%	16.4%
Net margin	13.0%	15.0%	15.7%	13.2%	14.0%	15.5%	14.9%	12.4%
Current ratio	2.74×	1.88×	1.92×	1.42×	2.05×	1.79×	1.58×	1.41×
Debt / equity	0.03×	0.05×	0.1×	0.13×	0.08×	0.13×	0.18×	0.17×
Interest coverage	18.38×	14.5×	14.28×	16.62×	17.45×	16.76×	12.26×	12.13×
Dividend yield	1.6%	0.1%	0.1%	1.2%	0.4%	0.0%	10.7%	2.4%
Payout ratio	47.2%	2.6%	3.4%	8.4%	3.1%	0.0%	35.9%	9.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.7%	18.6%	16.9%	16.9%	17.0%	19.5%	19.0%	19.3%
Return on invested capital	12.5%	15.9%	13.4%	12.8%	12.8%	13.7%	13.1%	13.6%
Return on assets	10.6%	13.2%	11.8%	11.5%	11.6%	12.0%	11.8%	11.7%
Free cash flow yield	1.6%	1.8%	2.6%	13.5%	4.2%	19.3%	15.2%	22.4%
Earnings yield	3.3%	2.7%	3.1%	14.4%	14.2%	15.0%	29.9%	25.5%
Enterprise value	₹59.6B	₹85.6B	₹66.9B	₹12.8B	₹12B	₹11.6B	₹5.9B	₹5.9B
Net debt / EBITDA	-0.2×	0.15×	-0.08×	0.36×	0.16×	0.4×	0.58×	0.48×
Cash conversion cycle (days)	123	81	96	80	12	-28	99	66