Garware Hi-Tech Films and Lubrizol, a global leader in specialty chemicals, have signed a Memorandum of Understanding to collaborate on the development and manufacturing of Lubrizol's world-class Thermoplastic Polyurethane (TPU) technology in India. According to Business Standard, the partnership marks an important step in GHFL's strategy to build a technology-led TPU product platform across new specialty applications. The collaboration will combine Lubrizol's global TPU technology and material science expertise with Garware Hi-Tech Films' engineering, processing and manufacturing capabilities to develop and commercialize new, high-value TPU-based products in India.
Garware Hi-Tech Films plans to invest approximately ₹118 crore in establishing a dedicated TPU film extrusion platform, with the facility expected to be operational by December 2026. As reported by Business Standard, nearly 25% of the investment is expected to be allocated towards new product development and technology capabilities. The initiative will support backward integration for the company's premium paint protection film (PPF) business and is expected to expand PPF manufacturing capacity to more than 600 LSF. The facility is expected to be India's first dedicated TPU extrusion platform for premium PPF, enabling the company to participate in new technology-driven product categories across automotive, architectural, industrial, electronics and other specialty applications.
The in-house TPU extrusion capability is expected to provide greater control over a key input for the PPF business, improve product consistency and manufacturing efficiency, strengthen supply-chain resilience and reduce dependence on imported TPU films. According to Business Standard, the company expects the initiative to improve consolidated EBITDA margins by 150-200 basis points. The collaboration will create opportunities across automotive, architectural, industrial, electronics and other high-value specialty applications, expanding Garware Hi-Tech Films' addressable market and enabling participation in new technology-driven product categories. Garware Hi-Tech Films manufactures sun control window films for architectural and automotive applications, paint protection films and high-end BOPET films for label and industrial applications, with a presence in more than 90 countries.
On a consolidated basis, Garware Hi-Tech Films' net profit rose 59.78% to ₹132.65 crore while net sales rose 27.90% to ₹633.08 crore in Q1 June 2026 over Q1 June 2025, as reported by Business Standard. The company has maintained efficient cost management with less than 1% of operating revenues spent on interest expenses and 9.17% allocated towards employee costs in the year ending March 31, 2026. Garware Hi-Tech Films is a small cap company with a market capitalisation of ₹14,790.90 crore and operates in the packaging sector.
