Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2.47 | 2.72 | 2.61 | 2.67 | 2.77 | 2.55 | 2.75 | 2.60 | 2.84 | 2.49 | 2.41 | 1.68 |
| Expenses | 2.39 | 2.54 | 2.74 | 2.63 | 2.70 | 2.49 | 2.86 | 2.35 | 2.53 | 2.15 | 2.38 | 1.53 |
| Operating Profit | 0.08 | 0.18 | -0.13 | 0.04 | 0.07 | 0.06 | -0.11 | 0.25 | 0.31 | 0.34 | 0.03 | 0.15 |
| OPM % | 3.24% | 6.62% | -4.98% | 1.50% | 2.53% | 2.35% | -4.00% | 9.62% | 10.92% | 13.65% | 1.24% | 8.93% |
| Other Income | 0.01 | 0.00 | 0.28 | 0.19 | 0.07 | 0.01 | 0.29 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Interest | 0.17 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | -0.04 | 0.02 | 0.02 | 0.02 | 0.03 | 0.06 |
| Depreciation | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.15 |
| Profit before tax | -0.19 | 0.02 | -0.01 | 0.07 | -0.02 | -0.10 | 0.11 | 0.12 | 0.18 | 0.21 | -0.10 | -0.06 |
| Tax % | 5.26% | -100.00% | -1,600.00% | 0.00% | -250.00% | 0.00% | 90.91% | 0.00% | 33.33% | -4.76% | -10.00% | 0.00% |
| Net Profit | -0.20 | 0.03 | 0.14 | 0.07 | 0.03 | -0.10 | 0.01 | 0.12 | 0.12 | 0.22 | -0.09 | -0.07 |
| EPS in Rs | -0.34 | 0.05 | 0.24 | 0.12 | 0.05 | -0.17 | 0.02 | 0.21 | 0.21 | 0.38 | -0.15 | -0.12 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7.90 | 8.54 | 9.60 | 10.64 | 9.11 | 8.27 | 12.70 | 11.40 | 10.70 | 10.73 | 10.34 | 9.42 |
| Expenses | 7.81 | 8.11 | 9.10 | 10.61 | 8.81 | 7.21 | 11.73 | 10.55 | 10.32 | 10.68 | 9.38 | 8.59 |
| Operating Profit | 0.09 | 0.43 | 0.50 | 0.03 | 0.30 | 1.06 | 0.97 | 0.85 | 0.38 | 0.05 | 0.96 | 0.83 |
| OPM % | 1.14% | 5.04% | 5.21% | 0.28% | 3.29% | 12.82% | 7.64% | 7.46% | 3.55% | 0.47% | 9.28% | 8.81% |
| Other Income | 0.29 | 0.28 | 0.00 | -1.18 | 0.00 | 0.00 | 0.44 | 0.30 | 0.29 | 0.57 | -0.01 | 0.01 |
| Interest | 0.14 | 0.16 | 0.09 | 0.20 | 0.09 | 0.43 | 0.59 | 0.33 | 0.37 | 0.11 | 0.09 | 0.13 |
| Depreciation | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.02 | 0.26 | 0.47 | 0.44 | 0.44 | 0.44 | 0.48 |
| Profit before tax | 0.22 | 0.53 | 0.39 | -1.38 | 0.18 | 0.61 | 0.56 | 0.35 | -0.14 | 0.07 | 0.42 | 0.23 |
| Tax % | 27.27% | 11.32% | 10.26% | 0.00% | 38.89% | 4.92% | 58.93% | -62.86% | -71.43% | 71.43% | 11.90% | |
| Net Profit | 0.17 | 0.47 | 0.34 | -1.37 | 0.11 | 0.58 | 0.23 | 0.58 | -0.05 | 0.01 | 0.36 | 0.18 |
| EPS in Rs | 0.29 | 0.81 | 0.59 | -2.36 | 0.19 | 1.00 | 0.40 | 1.00 | -0.09 | 0.02 | 0.62 | 0.32 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 3% | 5% | -3% | -12% | ||
| Compounded Profit Growth | 29% | -8% | -2% | 1900% | ||
| Stock Price CAGR | 11% | 7% | 18% | -37% | ||
| Return on Equity | % | % | % | % |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 | 5.81 |
| Reserves | -8.26 | -8.09 | -7.63 | -7.28 | -8.66 | -8.55 | -7.96 | -8.37 | -7.78 | -7.89 | -7.78 | -7.34 |
| Borrowings | 4.58 | 4.52 | 4.42 | 10.16 | 12.43 | 12.91 | 12.42 | 11.99 | 5.96 | 5.39 | 5.22 | 5.47 |
| Other Liabilities | 10.48 | 10.46 | 10.37 | 4.89 | 4.05 | 3.17 | 3.44 | 7.49 | 11.33 | 11.21 | 11.02 | 9.95 |
| Total Liabilities | 12.61 | 12.70 | 12.97 | 13.58 | 13.63 | 13.34 | 13.71 | 16.92 | 15.32 | 14.52 | 14.27 | 13.89 |
| Fixed Assets | 10.43 | 10.43 | 10.42 | 10.50 | 10.47 | 10.45 | 10.44 | 13.53 | 12.28 | 11.84 | 11.43 | 11.20 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 2.18 | 2.27 | 2.55 | 3.08 | 3.16 | 2.89 | 3.27 | 3.39 | 3.04 | 2.68 | 2.84 | 2.69 |
| Total Assets | 12.61 | 12.70 | 12.97 | 13.58 | 13.63 | 13.34 | 13.71 | 16.92 | 15.32 | 14.52 | 14.27 | 13.89 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -0.04 | 0.14 | 0.26 | 0.25 | -1.79 | -0.52 | 0.41 | 1.33 | 0.57 | 0.39 | 0.04 | -0.12 |
| Cash from Investing Activity | 0.05 | -0.04 | 0.07 | -0.06 | 0.00 | 0.00 | -0.01 | -0.64 | 0.00 | 0.00 | -0.03 | -0.23 |
| Cash from Financing Activity | 0.01 | -0.20 | -0.26 | -0.05 | 1.81 | 0.43 | -0.52 | -0.60 | -0.46 | -0.40 | -0.13 | 0.27 |
| Net Cash Flow | 0.01 | -0.10 | 0.08 | 0.13 | 0.02 | -0.09 | -0.12 | 0.09 | 0.11 | -0.02 | -0.12 | -0.07 |
| Free Cash Flow | -0.05 | 0.12 | 0.26 | 0.15 | -1.79 | -0.52 | 0.40 | 0.69 | 0.57 | 0.39 | 0.01 | -0.36 |
| CFO/OP | 33% | 244% | 74% | 56% | -5,967% | -153% | 44% | 137% | 59% | 137% | 160% | -11% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36.05 | 43.43 | 38.04 | 49.43 | 40.48 | 44.07 | 64.88 | 48.28 | 47.07 | 43.32 | 48.98 | 43.77 |
| Inventory Days | 61.08 | 71.96 | 96.49 | 83.69 | 68.89 | 82.49 | 101.66 | 52.43 | 49.52 | 56.10 | 52.84 | 62.10 |
| Days Payable | 207.83 | 234.95 | 238.30 | 137.14 | 121.47 | 142.42 | 166.53 | 115.56 | 115.18 | 145.10 | 175.52 | 174.93 |
| Cash Conversion Cycle | -110.70 | -119.56 | -103.77 | -4.02 | -12.10 | -15.85 | 0.01 | -14.84 | -18.59 | -45.67 | -73.69 | -69.06 |
| Working Capital Days | -172.14 | -170.03 | -142.32 | -69.58 | -42.88 | -26.04 | -575.97 | -376.78 | -219.00 | -227.19 | -420.79 | -428.54 |
| ROCE % | 41.51% | 6.41% | 26.86% | 8.50% | 3.61% | 2.73% | 10.18% | 10.56% | 6.86% | -1.37% | -3.05% | 15.02% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% | 45.78% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 54.23% | 54.21% | 54.23% | 54.21% | 54.21% | 54.21% | 54.22% | 54.22% | 54.22% | 54.23% | 54.22% | 54.21% |
| No. of Shareholders | 13,487 | 13,425 | 13,384 | 13,377 | 13,457 | 13,479 | 13,434 | 13,409 | 13,373 | 13,358 | 13,329 | 13,286 |
Fundamentals
Market Cap₹ 11.2 Cr.
Current Price₹ 19.2
Stock P/E62.1
Book Value₹ -2.63
ROCE15.0 %
ROE%
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-12%
Compounded Profit Growth (TTM)1900%
Standalone figures.
Valuation
Market capRs 11 Cr
Enterprise valueRs 16 Cr
P/E (TTM)61.38x
Price to book-7.22x
Price to sales1.17x
EV / EBITDA19.63x
EV / EBIT45.80x
EV / sales1.75x
Earnings yield1.63%
P/E, 3-year average822.75x
P/B, 3-year average-6.26x
P/E, 5-year average422.67x
P/B, 5-year average-4.91x
Profitability
Operating margin (excl. other income)9.28%
Operating margin (incl. other income)9.19%
EBITDA margin8.92%
Pre-tax margin2.44%
Net profit margin1.91%
Net margin, latest quarter-4.17%
ROE-20.57%
ROCE14.19%
ROA2.56%
ROE, 3-year average-6.20%
ROCE, 3-year average8.66%
ROA, 3-year average0.76%
ROE, 5-year average-10.79%
ROCE, 5-year average9.56%
ROA, 5-year average1.48%
ROIC (approx.)8.11%
Tax rate11.90%
Other income / net worth0.65%
Growth
Sales growth (latest year)-3.63%
Profit growth (latest year)3500.00%
Sales CAGR, 3 years-3.20%
Sales CAGR, 5 years4.57%
Profit CAGR, 3 years-14.70%
Profit CAGR, 5 years-9.10%
Sales growth QoQ-30.29%
Sales growth YoY (latest quarter)-35.38%
Profit growth YoY (latest quarter)-158.33%
Per share
EPS (TTM)Rs 0.31
EPS (latest year)Rs 0.62
EPS (latest quarter)Rs -0.12
EPS, 3-year averageRs 0.18
EPS, 5-year averageRs 0.39
Book value per shareRs -2.63
Sales per shareRs 16.22
Cash flow per shareRs -0.21
Free cash flow per shareRs -0.62
Efficiency
Asset turnover0.74x
Fixed asset turnover0.92x
Inventory turnover7.73x
Inventory days47 days
Debtor days44 days
Debtors turnover8.34x
Creditor days175 days
Cash conversion cycle-69 days
Working capital days-429 days
Leverage
Total debtRs 5 Cr
Cash and bankRs 0 Cr
Net debtRs 5 Cr
Debt to equity-3.58x
Net debt / EBITDA6.48x
Interest coverage2.77x
Owners' fund to total sources-11.02%
Debt to assets39.38%
Cash flow
Cash from Operating Activity (latest year)Rs -0 Cr
Cash from Investing Activity (latest year)Rs -0 Cr
Cash from Financing Activity (latest year)Rs 0 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -0 Cr
FCFE (approx.: FCF + change in debt)Rs -0 Cr
Cash from ops / profit, 5 years1.96x
Statement figures
Net sales (TTM)Rs 9 Cr
Net sales (latest year)Rs 10 Cr
Sales (latest quarter)Rs 2 Cr
Operating profit excl. other income (latest year)Rs 1 Cr
Operating profit (latest quarter)Rs 0 Cr
Other income (TTM)Rs -0 Cr
EBITDA (TTM)Rs 1 Cr
PBDT (TTM)Rs 1 Cr
Profit before tax (TTM)Rs 0 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 0 Cr
Net profit (latest year)Rs 0 Cr
Net profit (latest quarter)Rs -0 Cr
Depreciation (TTM)Rs 0 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 6 Cr
Total expenditure (latest year)Rs 9 Cr
Total income (latest year)Rs 10 Cr
Share capitalRs 6 Cr
ReservesRs -7 Cr
Shareholders' fundsRs -2 Cr
Total assetsRs 14 Cr
Net blockRs 11 Cr
ReceivablesRs 1 Cr
InventoryRs 1 Cr
Other liabilitiesRs 10 Cr
Shares outstanding (crore)0.58
Ownership
Promoter holding45.78% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 61.4 is at the 88th percentile of its own 7.5-year range
(median 14.8, low 4.8, high 294.5).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 514400 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +2.1% | -2.8% | +4.9 pts |
| 1 month | +2.1% | -6.8% | +8.9 pts |
| 3 months | +5.1% | -7.6% | +12.8 pts |
| 3 years | +61.2% | +14.2% | +47.0 pts |
| 5 years | +36.8% | +27.9% | +8.9 pts |
Red flags
F-score 4 of 8| serious | Negative equity Shareholders' equity is negative |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹2 Cr -35.4% vs Jun 2025.
Net loss ₹0 Cr.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Garware Synthetics Ltd?
Garware Synthetics Ltd (514400) has a market capitalisation of Rs 11.2 Cr. at the 2026-10-01 close.
What is the P/E ratio of Garware Synthetics Ltd?
Garware Synthetics Ltd trades at a P/E of 62.1 on trailing twelve-month profit, at the 2026-10-01 close.
What were Garware Synthetics Ltd's latest quarterly results?
In the Jun 2026 quarter, Garware Synthetics Ltd sales was Rs 2 Cr (-35.4% vs Jun 2025) with a net loss of Rs 0 Cr.