20-quarter listed-company comparison

Packaging - Films Stocks in India

Packaging - Films: Garware Hi Tech Films Ltd owns the largest revenue base; Ester Industries Ltd has the fastest current growth.

Nifty Packaging - Films Index — Constituents & Performance

The Packaging - Films companies below are the listed Indian Packaging - Films universe this page tracks — the same constituent set people search for as the Nifty Packaging - Films index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Packaging - Films moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 53% ahead of NIFTY 500. Earnings across its companies fell 35% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 23 weeks running.

LEADER · ahead 23w⚠Price up, without the fundamentals confirming2 of 3 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑23w · 2/3 >200d (+0) · 2/3 lead (+0) · EPS 1/3↑

Packaging - Films, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy Broad but lateHow much of the sector is participating, how recently, and whether the movers score well.

Together2 of 3 stocks moving

Fresh0 crossed in the last 4 weeks

Backed by scoresmovers score +9 vs the sector average

Down the cap ladder — bar is now, tick is four weeks ago

Large 1/10

Mid 1/10

Small 0/10

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Packaging - Films outperforming NIFTY 500?

The 52-week comparison of Packaging - Films against NIFTY 500 is not available from the current market series. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Garware Hi Tech Films Ltd is the strongest against the sector itself at +35.9%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks

—Sector vs NIFTY 500 · 52 weeks

2/3Stocks leading NIFTY 500

1/3Stocks leading sector

Sector metric: 50.6 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 2 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Garware Hi Tech Films Ltd leads with revenue of ₹2,121 crore, based on 3 of 3 comparable companies through Mar 2026. Ester Industries Ltd has the fastest current revenue growth at 7.3%, across 3 of 3 comparable companies.

Is the Packaging - Films sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Packaging - Films company is largest by revenue?

Garware Hi Tech Films Ltd leads with revenue of ₹2,121 crore, based on 3 of 3 comparable companies through Mar 2026.

Which Packaging - Films company is growing fastest?

Ester Industries Ltd has the fastest current revenue growth at 7.3%, across 3 of 3 comparable companies.

Which Packaging - Films company has the strongest 4-Factor Sector Score?

Garware Hi Tech Films Ltd ranks first at 62.8/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Packaging - Films company has the least gross debt?

Garware Hi Tech Films Ltd has the lowest comparable gross debt at ₹16 crore. Ester Industries Ltd has the highest at ₹729 crore.

Which Packaging - Films company has the lowest comparable PEG?

Garware Hi Tech Films Ltd has the lowest comparable Guarded PEG at 0.65, among 2 of 3 companies that pass the metric’s comparability rules.

How much history does this Packaging - Films comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

₹20.2K Cr

Garware Hi Tech Films Ltd

Revenue growing

2/3

positive TTM year-on-year growth

Beating NIFTY 500

2/3

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Garware Hi Tech Films Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

Garware Hi Tech Films Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Garware Hi Tech Films Ltd · GRWRHITECH

62.8/100 · Mixed-positive evidence · 97% evidence

Exact sum: 12 + 19.2 + 11.6 + 20 = 62.8

Decision use: Price leads the evidence: RS versus the benchmark is 69.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

12.0/35Growth & earnings

Revenue 0.6% · PAT 2.1% · OPM change 4 pp

100% evidence

19.2/25Capital efficiency

ROCE 18% · debt/equity 0.01×

100% evidence

11.6/20Valuation

P/E 47.4× · PEG 0.65

85% evidence

20.0/20Relative strength

RS sector 35.9% · RS bench 69.3% · 1Y 88%

100% evidence

2. XPRO India Ltd · XPROINDIA

41.7/100 · Mixed-negative evidence · 90% evidence

Exact sum: 11.5 + 11.2 + 5 + 14 = 41.7

Decision use: Price leads the evidence: RS versus the benchmark is 26.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

11.5/35Growth & earnings

Revenue -5.8% · PAT -47.4% · OPM change 6 pp

100% evidence

11.2/25Capital efficiency

ROCE 3.8% · debt/equity 0.43×

100% evidence

5.0/20Valuation

P/E 170× · PEG 4.6

50% evidence

14.0/20Relative strength

RS sector -0.3% · RS bench 26.9% · 1Y 12.3%

100% evidence

3. Ester Industries Ltd · ESTER

25.8/100 · Adverse evidence · 71% evidence

Exact sum: 7 + 5.8 + 10 + 3 = 25.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

7.0/35Growth & earnings

Revenue 7.3% · PAT -80% · OPM change 0.8 pp

95% evidence

5.8/25Capital efficiency

ROCE 2.8% · debt/equity 0.93×

95% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

3.0/20Relative strength

RS sector -23% · RS bench -13% · 1Y -28%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Garware Hi Tech Films Ltd has the highest Revenue among the 3 Packaging - Films companies compared here, at ₹2,121 crore. Ester Industries Ltd is next at ₹1,375 crore. Ester Industries Ltd has the highest Revenue growth at 7.3%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Garware Hi Tech Films Ltd is the scale leader at ₹2,121 crore, 54.2% ahead of Ester Industries Ltd. Ester Industries Ltd's growth is 7.3% from a ₹1,375 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderGarware Hi Tech Films Ltd · ₹2,121 crore

Gap54.2% versus #2 · Ester Industries Ltd

Persistence6/8 recent comparable periods

Coverage3/3 companies · 54 observations

Investor read: Garware Hi Tech Films Ltd is the scale benchmark; Ester Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Garware Hi Tech Films Ltd's growth falls below Ester Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Garware Hi Tech Films Ltd GRWRHITECH₹2.1K Cr

2Ester Industries Ltd ESTER⚠ unverified₹1.4K Cr

3XPRO India Ltd XPROINDIA₹505 Cr

Revenue growthfastest growers

1Ester Industries Ltd ESTER⚠ unverified7.3%

2Garware Hi Tech Films Ltd GRWRHITECH0.6%

3XPRO India Ltd XPROINDIA-5.8%

Revenue · company comparison

3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Garware Hi Tech Films Ltd GRWRHITECH	₹597 Cr	8.9%	Mar 2026
Ester Industries Ltd ESTER⚠ unverified	₹344 Cr	7.7%	Mar 2026
XPRO India Ltd XPROINDIA	₹134 Cr	-15%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹193 Cr

Mar 2023₹295 Cr

Jun 2023₹258 Cr

Sep 2023₹261 Cr

Dec 2023₹268 Cr

Mar 2024₹277 Cr

Jun 2024₹286 Cr

Sep 2024₹331 Cr

Dec 2024₹346 Cr

Mar 2025₹319 Cr

Jun 2025₹338 Cr

Sep 2025₹354 Cr

Dec 2025₹339 Cr

Mar 2026₹344 Cr

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021₹306 Cr

Sep 2021₹340 Cr

Dec 2021₹334 Cr

Mar 2022₹324 Cr

Jun 2022₹370 Cr

Sep 2022₹395 Cr

Dec 2022₹324 Cr

Mar 2023₹349 Cr

Jun 2023₹380 Cr

Sep 2023₹397 Cr

Dec 2023₹454 Cr

Mar 2024₹447 Cr

Jun 2024₹474 Cr

Sep 2024₹621 Cr

Dec 2024₹466 Cr

Mar 2025₹548 Cr

Jun 2025₹495 Cr

Sep 2025₹570 Cr

Dec 2025₹459 Cr

Mar 2026₹597 Cr

XPRO India Ltd · XPROINDIA

Jun 2021₹91 Cr

Sep 2021₹127 Cr

Dec 2021₹111 Cr

Mar 2022₹143 Cr

Jun 2022₹160 Cr

Sep 2022₹134 Cr

Dec 2022₹93 Cr

Mar 2023₹124 Cr

Jun 2023₹131 Cr

Sep 2023₹110 Cr

Dec 2023₹96 Cr

Mar 2024₹128 Cr

Jun 2024₹139 Cr

Sep 2024₹134 Cr

Dec 2024₹105 Cr

Mar 2025₹158 Cr

Jun 2025₹145 Cr

Sep 2025₹120 Cr

Dec 2025₹106 Cr

Mar 2026₹134 Cr

Revenue growth · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202339%

Mar 2024-6.1%

Jun 202411%

Sep 202427%

Dec 202429%

Mar 202515%

Jun 202518%

Sep 20257.0%

Dec 2025-1.9%

Mar 20267.7%

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202221%

Sep 202216%

Dec 2022-3.0%

Mar 20237.7%

Jun 20232.7%

Sep 20230.5%

Dec 202340%

Mar 202428%

Jun 202425%

Sep 202456%

Dec 20242.6%

Mar 202523%

Jun 20254.4%

Sep 2025-8.2%

Dec 2025-1.5%

Mar 20268.9%

XPRO India Ltd · XPROINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202276%

Sep 20225.5%

Dec 2022-16%

Mar 2023-13%

Jun 2023-18%

Sep 2023-18%

Dec 20233.2%

Mar 20243.2%

Jun 20246.1%

Sep 202422%

Dec 20249.4%

Mar 202523%

Jun 20254.3%

Sep 2025-10%

Dec 20251.0%

Mar 2026-15%

02 · compare level, then change

Operating Economics & Margin Trend

Garware Hi Tech Films Ltd has the highest OPM among the 3 Packaging - Films companies compared here, at 23%. Ester Industries Ltd is next at 12.2%. XPRO India Ltd has the highest Margin change at +6 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Garware Hi Tech Films Ltd leads opm at 23%; XPRO India Ltd leads margin change at +6 percentage points.

LeaderGarware Hi Tech Films Ltd · 23%

Gap88.5% versus #2 · Ester Industries Ltd

Persistence4/8 recent comparable periods

Coverage3/3 companies · 60 observations

Investor read: Garware Hi Tech Films Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Garware Hi Tech Films Ltd GRWRHITECH23%

2Ester Industries Ltd ESTER⚠ unverified12%

3XPRO India Ltd XPROINDIA12%

Margin changefastest expanders

1XPRO India Ltd XPROINDIA+6.0 pp

2Garware Hi Tech Films Ltd GRWRHITECH+4.0 pp

3Ester Industries Ltd ESTER⚠ unverified+0.8 pp

Operating margin · company comparison

3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
Garware Hi Tech Films Ltd GRWRHITECH	23%	+4.0 pp	Mar 2026
Ester Industries Ltd ESTER⚠ unverified	12%	+0.8 pp	Mar 2026
XPRO India Ltd XPROINDIA	12%	+6.0 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 202119%

Sep 202114%

Dec 202115%

Mar 202217%

Jun 202218%

Sep 20227.7%

Dec 2022-1.0%

Mar 20233.4%

Jun 20230.0%

Sep 2023-3.9%

Dec 2023-7.3%

Mar 20242.2%

Jun 20243.9%

Sep 202412%

Dec 202417%

Mar 202511%

Jun 20256.0%

Sep 20254.0%

Dec 20254.9%

Mar 202612%

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 202119%

Sep 202117%

Dec 202119%

Mar 202217%

Jun 202217%

Sep 202217%

Dec 202214%

Mar 202315%

Jun 202317%

Sep 202316%

Dec 202317%

Mar 202418%

Jun 202425%

Sep 202422%

Dec 202417%

Mar 202519%

Jun 202522%

Sep 202521%

Dec 202515%

Mar 202623%

XPRO India Ltd · XPROINDIA

Jun 202112%

Sep 202114%

Dec 202116%

Mar 202212%

Jun 202214%

Sep 202214%

Dec 202214%

Mar 202316%

Jun 202315%

Sep 202314%

Dec 202316%

Mar 202413%

Jun 202412%

Sep 202410%

Dec 202410%

Mar 20256.0%

Jun 2025-2.0%

Sep 20256.0%

Dec 202510%

Mar 202612%

Margin change · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021−7.4 pp

Sep 2021−13.5 pp

Dec 2021−5.8 pp

Mar 2022−2.6 pp

Jun 2022−1.1 pp

Sep 2022−6.6 pp

Dec 2022−16.3 pp

Mar 2023−13.3 pp

Jun 2023−18.3 pp

Sep 2023−11.6 pp

Dec 2023−6.3 pp

Mar 2024−1.2 pp

Jun 2024+3.9 pp

Sep 2024+15.9 pp

Dec 2024+24.5 pp

Mar 2025+9.3 pp

Jun 2025+2.1 pp

Sep 2025−8.0 pp

Dec 2025−12.4 pp

Mar 2026+0.8 pp

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021+2.2 pp

Sep 2021−9.4 pp

Dec 2021−5.5 pp

Mar 2022−1.0 pp

Jun 2022−2.5 pp

Sep 2022−0.5 pp

Dec 2022−5.4 pp

Mar 2023−2.1 pp

Jun 2023+0.2 pp

Sep 2023−0.9 pp

Dec 2023+3.0 pp

Mar 2024+3.0 pp

Jun 2024+8.0 pp

Sep 2024+6.0 pp

Dec 20240.0 pp

Mar 2025+1.0 pp

Jun 2025−3.0 pp

Sep 2025−1.0 pp

Dec 2025−2.0 pp

Mar 2026+4.0 pp

XPRO India Ltd · XPROINDIA

Jun 2021+21.4 pp

Sep 2021+1.0 pp

Dec 2021+3.2 pp

Mar 2022+0.2 pp

Jun 2022+2.2 pp

Sep 2022+0.7 pp

Dec 2022−1.9 pp

Mar 2023+3.9 pp

Jun 2023+0.5 pp

Sep 2023−0.2 pp

Dec 2023+2.0 pp

Mar 2024−3.0 pp

Jun 2024−3.0 pp

Sep 2024−4.0 pp

Dec 2024−6.0 pp

Mar 2025−7.0 pp

Jun 2025−14.0 pp

Sep 2025−4.0 pp

Dec 20250.0 pp

Mar 2026+6.0 pp

03 · compare level, then change

Profit Scale & Acceleration

Garware Hi Tech Films Ltd has the highest Net profit among the 3 Packaging - Films companies compared here, at ₹338 crore. XPRO India Ltd is next at ₹20 crore. The same company also holds the highest Profit growth, at 2.1%. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Garware Hi Tech Films Ltd leads with ₹338 crore of TTM profit, 16.9× the profit of XPRO India Ltd. Garware Hi Tech Films Ltd shows 2.1% growth from a ₹338 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderGarware Hi Tech Films Ltd · ₹338 crore

Gap16.9× versus #2 · XPRO India Ltd

Persistence5/8 recent comparable periods

Coverage3/3 companies · 54 observations

Investor read: Garware Hi Tech Films Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Garware Hi Tech Films Ltd GRWRHITECH₹338 Cr

2XPRO India Ltd XPROINDIA₹20 Cr

3Ester Industries Ltd ESTER⚠ unverified₹-28 Cr

Profit growthfastest growers

1Garware Hi Tech Films Ltd GRWRHITECH2.1%

2XPRO India Ltd XPROINDIA-47%

3Ester Industries Ltd ESTER⚠ unverified-80%

Net profit · company comparison

3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Garware Hi Tech Films Ltd GRWRHITECH	₹108 Cr	38%	Mar 2026
XPRO India Ltd XPROINDIA	₹13 Cr	86%	Mar 2026
Ester Industries Ltd ESTER⚠ unverified	₹8 Cr	302%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹-9 Cr

Mar 2023₹-18 Cr

Jun 2023₹-22 Cr

Sep 2023₹-30 Cr

Dec 2023₹-45 Cr

Mar 2024₹-24 Cr

Jun 2024₹-16 Cr

Sep 2024₹3 Cr

Dec 2024₹25 Cr

Mar 2025₹2 Cr

Jun 2025₹-7 Cr

Sep 2025₹-16 Cr

Dec 2025₹-12 Cr

Mar 2026₹8 Cr

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021₹36 Cr

Sep 2021₹43 Cr

Dec 2021₹43 Cr

Mar 2022₹45 Cr

Jun 2022₹45 Cr

Sep 2022₹48 Cr

Dec 2022₹30 Cr

Mar 2023₹43 Cr

Jun 2023₹44 Cr

Sep 2023₹46 Cr

Dec 2023₹56 Cr

Mar 2024₹58 Cr

Jun 2024₹88 Cr

Sep 2024₹104 Cr

Dec 2024₹61 Cr

Mar 2025₹78 Cr

Jun 2025₹83 Cr

Sep 2025₹91 Cr

Dec 2025₹56 Cr

Mar 2026₹108 Cr

XPRO India Ltd · XPROINDIA

Jun 2021₹5 Cr

Sep 2021₹11 Cr

Dec 2021₹12 Cr

Mar 2022₹17 Cr

Jun 2022₹19 Cr

Sep 2022₹16 Cr

Dec 2022₹6 Cr

Mar 2023₹4 Cr

Jun 2023₹11 Cr

Sep 2023₹9 Cr

Dec 2023₹11 Cr

Mar 2024₹12 Cr

Jun 2024₹14 Cr

Sep 2024₹10 Cr

Dec 2024₹7 Cr

Mar 2025₹7 Cr

Jun 2025₹-5 Cr

Sep 2025₹5 Cr

Dec 2025₹7 Cr

Mar 2026₹13 Cr

Profit growth · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021—

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—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025-623%

Dec 2025-150%

Mar 2026302%

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202225%

Sep 202212%

Dec 2022-30%

Mar 2023-4.4%

Jun 2023-2.2%

Sep 2023-4.2%

Dec 202387%

Mar 202435%

Jun 2024100%

Sep 2024126%

Dec 20248.9%

Mar 202534%

Jun 2025-5.7%

Sep 2025-13%

Dec 2025-8.2%

Mar 202638%

XPRO India Ltd · XPROINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022280%

Sep 202245%

Dec 2022-46%

Mar 2023-76%

Jun 2023-42%

Sep 2023-44%

Dec 202370%

Mar 2024200%

Jun 202427%

Sep 202411%

Dec 2024-36%

Mar 2025-42%

Jun 2025-136%

Sep 2025-50%

Dec 20250.0%

Mar 202686%

04 · not available

Capacity Spending & Returns On It

No company in this Packaging - Films comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 3 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Mar 2026.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Garware Hi Tech Films Ltd has the lowest Gross debt among the 3 Packaging - Films companies compared here, at ₹16 crore. XPRO India Ltd is next at ₹325 crore. The same company also holds the lowest Net debt, at ₹758 crore net cash. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Garware Hi Tech Films Ltd has the clearest covered balance-sheet capacity with ₹758 crore net cash and gross debt of ₹16 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderGarware Hi Tech Films Ltd · ₹16 crore

Gap95.1% versus #2 · XPRO India Ltd

Persistence8/8 recent comparable periods

Coverage3/3 companies · 60 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1Garware Hi Tech Films Ltd GRWRHITECH₹16 Cr

2XPRO India Ltd XPROINDIA₹325 Cr

3Ester Industries Ltd ESTER⚠ unverified₹729 Cr

Net debtlowest net debt

1Garware Hi Tech Films Ltd GRWRHITECH₹-758 Cr

2XPRO India Ltd XPROINDIA₹27 Cr

3Ester Industries Ltd ESTER⚠ unverified₹570 Cr

Debt and balance-sheet capacity · company comparison

3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
Ester Industries Ltd ESTER⚠ unverified	₹729 Cr	₹570 Cr	Mar 2026
XPRO India Ltd XPROINDIA	₹325 Cr	₹27 Cr	Mar 2026
Garware Hi Tech Films Ltd GRWRHITECH	₹16 Cr	₹-758 Cr	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021₹173 Cr

Sep 2021₹227 Cr

Dec 2021₹227 Cr

Mar 2022₹639 Cr

Jun 2022₹639 Cr

Sep 2022₹667 Cr

Dec 2022₹667 Cr

Mar 2023₹816 Cr

Jun 2023₹816 Cr

Sep 2023₹775 Cr

Dec 2023₹775 Cr

Mar 2024₹773 Cr

Jun 2024₹773 Cr

Sep 2024₹733 Cr

Dec 2024₹733 Cr

Mar 2025₹660 Cr

Jun 2025₹660 Cr

Sep 2025₹738 Cr

Dec 2025₹738 Cr

Mar 2026₹729 Cr

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021₹112 Cr

Sep 2021₹189 Cr

Dec 2021₹189 Cr

Mar 2022₹182 Cr

Jun 2022₹202 Cr

Sep 2022₹189 Cr

Dec 2022₹189 Cr

Mar 2023₹141 Cr

Jun 2023₹157 Cr

Sep 2023₹54 Cr

Dec 2023₹54 Cr

Mar 2024₹0 Cr

Jun 2024₹20 Cr

Sep 2024₹14 Cr

Dec 2024₹14 Cr

Mar 2025₹0 Cr

Jun 2025₹15 Cr

Sep 2025₹18 Cr

Dec 2025₹18 Cr

Mar 2026₹16 Cr

XPRO India Ltd · XPROINDIA

Jun 2021₹135 Cr

Sep 2021₹121 Cr

Dec 2021₹121 Cr

Mar 2022₹90 Cr

Jun 2022₹90 Cr

Sep 2022₹44 Cr

Dec 2022₹44 Cr

Mar 2023₹39 Cr

Jun 2023₹39 Cr

Sep 2023₹31 Cr

Dec 2023₹31 Cr

Mar 2024₹39 Cr

Jun 2024₹40 Cr

Sep 2024₹101 Cr

Dec 2024₹101 Cr

Mar 2025₹269 Cr

Jun 2025₹269 Cr

Sep 2025₹317 Cr

Dec 2025₹317 Cr

Mar 2026₹325 Cr

Net debt · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021₹144 Cr

Sep 2021₹198 Cr

Dec 2021₹198 Cr

Mar 2022₹579 Cr

Jun 2022₹578 Cr

Sep 2022₹383 Cr

Dec 2022₹383 Cr

Mar 2023₹611 Cr

Jun 2023₹610 Cr

Sep 2023₹610 Cr

Dec 2023₹610 Cr

Mar 2024₹589 Cr

Jun 2024₹587 Cr

Sep 2024₹634 Cr

Dec 2024₹634 Cr

Mar 2025₹536 Cr

Jun 2025₹534 Cr

Sep 2025₹564 Cr

Dec 2025₹564 Cr

Mar 2026₹570 Cr

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021₹-116 Cr

Sep 2021₹-101 Cr

Dec 2021₹-101 Cr

Mar 2022₹-97 Cr

Jun 2022₹-106 Cr

Sep 2022₹-131 Cr

Dec 2022₹-131 Cr

Mar 2023₹-219 Cr

Jun 2023₹-230 Cr

Sep 2023₹-302 Cr

Dec 2023₹-302 Cr

Mar 2024₹-364 Cr

Jun 2024₹-368 Cr

Sep 2024₹-540 Cr

Dec 2024₹-540 Cr

Mar 2025₹-625 Cr

Jun 2025₹-625 Cr

Sep 2025₹-679 Cr

Dec 2025₹-679 Cr

Mar 2026₹-758 Cr

XPRO India Ltd · XPROINDIA

Jun 2021₹133 Cr

Sep 2021₹116 Cr

Dec 2021₹116 Cr

Mar 2022₹71 Cr

Jun 2022₹71 Cr

Sep 2022₹17 Cr

Dec 2022₹17 Cr

Mar 2023₹13 Cr

Jun 2023₹13 Cr

Sep 2023₹-94 Cr

Dec 2023₹-94 Cr

Mar 2024₹-166 Cr

Jun 2024₹-170 Cr

Sep 2024₹-170 Cr

Dec 2024₹-170 Cr

Mar 2025₹8 Cr

Jun 2025₹8 Cr

Sep 2025₹48 Cr

Dec 2025₹48 Cr

Mar 2026₹27 Cr

06 · compare level, then change

Return On Capital Employed

Garware Hi Tech Films Ltd has the highest ROCE among the 3 Packaging - Films companies compared here, at 18%. XPRO India Ltd is next at 3.8%. XPRO India Ltd has the highest ROCE change at -1.6 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Garware Hi Tech Films Ltd leads ROCE at 18%, 14.2 percentage points above XPRO India Ltd. XPRO India Ltd has the strongest latest improvement at -1.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderGarware Hi Tech Films Ltd · 18%

Gap376.2% versus #2 · XPRO India Ltd

Persistence5/8 recent comparable periods

Coverage3/3 companies · 44 observations

Investor read: Garware Hi Tech Films Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Garware Hi Tech Films Ltd GRWRHITECH18%

2XPRO India Ltd XPROINDIA3.8%

3Ester Industries Ltd ESTER⚠ unverified2.8%

ROCE changefastest improvers

1XPRO India Ltd XPROINDIA−1.6 pp

2Garware Hi Tech Films Ltd GRWRHITECH−2.1 pp

3Ester Industries Ltd ESTER⚠ unverified−4.7 pp

Return on capital · company comparison

3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
Garware Hi Tech Films Ltd GRWRHITECH	14%	−2.1 pp	Mar 2026
XPRO India Ltd XPROINDIA	3.2%	−1.6 pp	Mar 2026
Ester Industries Ltd ESTER⚠ unverified	2.0%	−4.7 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021—

Sep 202126%

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20228.5%

Dec 2022—

Mar 20233.6%

Jun 2023—

Sep 2023-4.7%

Dec 2023-4.8%

Mar 2024-7.3%

Jun 2024-4.5%

Sep 2024-2.4%

Dec 20245.3%

Mar 20256.7%

Jun 20258.7%

Sep 20255.3%

Dec 20253.0%

Mar 20262.0%

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021—

Sep 202112%

Dec 2021—

Mar 202211%

Jun 2022—

Sep 202211%

Dec 2022—

Mar 202310%

Jun 2023—

Sep 20239.9%

Dec 202313%

Mar 202412%

Jun 202417%

Sep 202416%

Dec 202420%

Mar 202516%

Jun 202520%

Sep 202515%

Dec 202517%

Mar 202614%

XPRO India Ltd · XPROINDIA

Jun 2021—

Sep 202124%

Dec 2021—

Mar 202222%

Jun 2022—

Sep 202229%

Dec 2022—

Mar 202325%

Jun 2023—

Sep 202315%

Dec 202322%

Mar 20249.2%

Jun 202416%

Sep 20247.4%

Dec 202413%

Mar 20254.8%

Jun 20254.9%

Sep 20253.8%

Dec 20253.5%

Mar 20263.2%

ROCE change · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−17.1 pp

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023−13.2 pp

Dec 2023—

Mar 2024−10.9 pp

Jun 2024—

Sep 2024+2.3 pp

Dec 2024+10.1 pp

Mar 2025+14.0 pp

Jun 2025+13.2 pp

Sep 2025+7.7 pp

Dec 2025−2.3 pp

Mar 2026−4.7 pp

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.8 pp

Dec 2022—

Mar 2023−1.0 pp

Jun 2023—

Sep 2023−1.4 pp

Dec 2023—

Mar 2024+1.4 pp

Jun 2024—

Sep 2024+6.3 pp

Dec 2024+6.4 pp

Mar 2025+4.8 pp

Jun 2025+3.0 pp

Sep 2025−1.7 pp

Dec 2025−2.5 pp

Mar 2026−2.1 pp

XPRO India Ltd · XPROINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+5.0 pp

Dec 2022—

Mar 2023+2.9 pp

Jun 2023—

Sep 2023−13.9 pp

Dec 2023—

Mar 2024−15.5 pp

Jun 2024—

Sep 2024−7.6 pp

Dec 2024−9.2 pp

Mar 2025−4.4 pp

Jun 2025−11.0 pp

Sep 2025−3.6 pp

Dec 2025−9.1 pp

Mar 2026−1.6 pp

07 · compare level, then change

Valuation Against Growth & Quality

Garware Hi Tech Films Ltd has the lowest Guarded PEG among the 3 Packaging - Films companies compared here, at 0.65×. XPRO India Ltd is next at 4.6×. The same company also holds the lowest P/E, at 47.4×. 2 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Garware Hi Tech Films Ltd has the lowest comparable Guarded PEG at 0.65×, 85.9% below XPRO India Ltd. Only 2 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderGarware Hi Tech Films Ltd · 0.65×

Gap85.9% versus #2 · XPRO India Ltd

Persistence0/8 recent comparable periods

Coverage2/3 companies · 12 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

1Garware Hi Tech Films Ltd GRWRHITECH0.7

2XPRO India Ltd XPROINDIA4.6

P/Elowest P/E

1Garware Hi Tech Films Ltd GRWRHITECH47.4

2XPRO India Ltd XPROINDIA170.0

Valuation · company comparison

2/3 level · 2/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
XPRO India Ltd XPROINDIA	4.6	187.9	Mar 2026
Garware Hi Tech Films Ltd GRWRHITECH	0.7	25.5	Mar 2026
Ester Industries Ltd ESTER⚠ unverified	—	190.0	Mar 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 20210.4

Sep 2021—

Dec 2021—

Mar 20220.3

Jun 20220.3

Sep 20220.5

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.6

Jun 2024—

Sep 20240.7

Dec 20244.5

Mar 20250.9

Jun 2025—

Sep 20250.7

Dec 2025—

Mar 20260.7

XPRO India Ltd · XPROINDIA

Jun 2021—

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—

Dec 20242.1

Mar 20254.6

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

P/E · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 20218.1

Sep 20218.7

Dec 20218.9

Mar 202210.0

Jun 202210.0

Sep 202213.8

Dec 202212.9

Mar 202313.8

Jun 202382.3

Sep 202380.9

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024-18.0

Dec 2024-119.7

Mar 202582.7

Jun 202588.8

Sep 202545.1

Dec 2025214.2

Mar 2026190.0

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 202116.6

Sep 202114.7

Dec 202112.2

Mar 202211.2

Jun 20229.4

Sep 202210.0

Dec 20228.4

Mar 20237.2

Jun 202312.4

Sep 202320.6

Dec 202320.0

Mar 202421.5

Jun 202426.8

Sep 202433.4

Dec 202439.6

Mar 202529.4

Jun 202529.3

Sep 202521.5

Dec 202523.3

Mar 202625.5

XPRO India Ltd · XPROINDIA

Jun 202125.2

Sep 202123.2

Dec 202135.0

Mar 202248.7

Jun 202228.4

Sep 202220.1

Dec 202218.9

Mar 202320.9

Jun 202332.3

Sep 202349.7

Dec 202361.8

Mar 202461.1

Jun 202444.7

Sep 202450.2

Dec 202468.9

Mar 202557.0

Jun 202569.8

Sep 2025136.5

Dec 2025165.3

Mar 2026187.9

08 · compare level, then change

Enterprise Value & Book Value

Ester Industries Ltd has the lowest EV/EBITDA among the 3 Packaging - Films companies compared here, at 13×. Garware Hi Tech Films Ltd is next at 16.7×. The same company also holds the lowest P/BV, at 1.1×. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ester Industries Ltd leads both ev/ebitda at 13× and p/bv at 1.1×.

LeaderEster Industries Ltd · 13×

Gap22.2% versus #2 · Garware Hi Tech Films Ltd

Persistence0/8 recent comparable periods

Coverage3/3 companies · 58 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1Ester Industries Ltd ESTER⚠ unverified13.0

2Garware Hi Tech Films Ltd GRWRHITECH16.7

3XPRO India Ltd XPROINDIA61.8

P/BVlowest P/BV

1Ester Industries Ltd ESTER⚠ unverified1.1

2XPRO India Ltd XPROINDIA4.3

3Garware Hi Tech Films Ltd GRWRHITECH6.0

Enterprise and book valuation · company comparison

3/3 level · 3/3 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
XPRO India Ltd XPROINDIA	61.8	3.5	Mar 2026
Garware Hi Tech Films Ltd GRWRHITECH	16.7	3.1	Mar 2026
Ester Industries Ltd ESTER⚠ unverified	13.0	1.0	Mar 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 20216.0

Sep 20215.8

Dec 20215.8

Mar 20226.3

Jun 20225.9

Sep 20229.5

Dec 20228.7

Mar 20238.8

Jun 202314.4

Sep 202330.0

Dec 202329.4

Mar 2024—

Jun 2024—

Sep 202462.4

Dec 202440.3

Mar 202513.5

Jun 202511.7

Sep 20259.5

Dec 202511.1

Mar 202613.0

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 20219.4

Sep 20218.4

Dec 20217.3

Mar 20226.8

Jun 20225.9

Sep 20226.5

Dec 20225.5

Mar 20234.8

Jun 20237.9

Sep 202312.8

Dec 202311.9

Mar 202413.3

Jun 202417.2

Sep 202421.6

Dec 202426.4

Mar 202519.4

Jun 202519.4

Sep 202514.1

Dec 202515.2

Mar 202616.7

XPRO India Ltd · XPROINDIA

Jun 20218.6

Sep 202112.9

Dec 202120.1

Mar 202229.4

Jun 202220.5

Sep 202215.4

Dec 202215.3

Mar 202317.3

Jun 202320.1

Sep 202329.3

Dec 202328.3

Mar 202431.0

Jun 202428.1

Sep 202427.4

Dec 202440.3

Mar 202531.3

Jun 202534.7

Sep 202556.6

Dec 202557.8

Mar 202661.8

P/BV · reported quarter history

Ester Industries Ltd · ESTER⚠ unverified

Jun 20213.8

Sep 20212.5

Dec 20211.9

Mar 20221.9

Jun 20222.0

Sep 20221.8

Dec 20221.4

Mar 20231.2

Jun 20231.5

Sep 20231.1

Dec 20231.1

Mar 20241.0

Jun 20241.3

Sep 20242.1

Dec 20242.1

Mar 20251.6

Jun 20251.7

Sep 20251.3

Dec 20251.3

Mar 20261.0

Garware Hi Tech Films Ltd · GRWRHITECH

Jun 20211.5

Sep 20211.4

Dec 20211.1

Mar 20221.1

Jun 20221.0

Sep 20221.0

Dec 20220.8

Mar 20230.7

Jun 20231.2

Sep 20231.8

Dec 20231.7

Mar 20242.1

Jun 20242.9

Sep 20244.0

Dec 20245.4

Mar 20254.1

Jun 20254.8

Sep 20253.0

Dec 20252.9

Mar 20263.1

XPRO India Ltd · XPROINDIA

Jun 20212.5

Sep 20216.6

Dec 202110.5

Mar 202217.1

Jun 20227.5

Sep 20225.8

Dec 20225.9

Mar 20236.9

Jun 20238.2

Sep 20238.2

Dec 20236.2

Mar 20246.7

Jun 20247.6

Sep 20244.4

Dec 20245.8

Mar 20254.5

Jun 20254.7

Sep 20254.2

Dec 20253.4

Mar 20263.5

09 · let price answer last

Market action

Garware Hi Tech Films Ltd has the strongest one-year price move in Packaging - Films at +88%. It also leads on Mansfield relative strength against NIFTY at +69.3%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Packaging - Films comparison names 6 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

10 · the complete set

Which companies are included?

All 3 companies in the canonical Packaging - Films membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals	Source standing
Garware Hi Tech Films Ltd GRWRHITECHAHEAD25/26 WEEKS	₹16.0K Cr	₹6,903	2026-07-19	Mar 2026	Cross-checked
XPRO India Ltd XPROINDIAAHEAD19/26 WEEKS	₹3.3K Cr	₹1,386	2026-07-19	Mar 2026	Cross-checked
Ester Industries Ltd ESTER⚠ unverified	₹923 Cr	₹88.5	2026-07-19	Mar 2026	Includes unverified figures

How each company's sources stand: 1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 3 Packaging - Films companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Mar 2026 · up to 20 quarters per company

Market dataThrough 2026-07-24 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing2 cross-checked · 1 unverified · 0 withheld, of 3 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Packaging - Films company comparison FAQs

These 17 answers restate the Packaging - Films comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Packaging - Films index?

The Nifty Packaging - Films index tracks India's listed Packaging - Films companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Packaging - Films sector rather than to its largest constituent. Figures are as of Mar 2026.

Which are the best Packaging - Films stocks in India?

Ranked by this page's four-factor score, Garware Hi Tech Films Ltd places first among 3 listed Packaging - Films companies, followed by XPRO India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Packaging - Films stocks are listed in India?

This comparison covers 3 listed Packaging - Films companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

Which Packaging - Films company is the biggest?

Garware Hi Tech Films Ltd is the largest, with trailing-twelve-month revenue of ₹2,121 crore, ahead of Ester Industries Ltd at ₹1,375 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

Which Packaging - Films company is growing fastest?

Ester Industries Ltd has the fastest revenue growth at 7.3% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Packaging - Films company has the best profit margins?

Garware Hi Tech Films Ltd has the highest operating margin at 23%, from 3 of 3 comparable companies. XPRO India Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Packaging - Films company makes the most profit?

Garware Hi Tech Films Ltd earns the most, at ₹338 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Garware Hi Tech Films Ltd has the fastest profit growth at 2.1%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Packaging - Films company earns the highest return on capital?

Garware Hi Tech Films Ltd leads on return on capital employed at 18%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Packaging - Films stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Garware Hi Tech Films Ltd screens cheapest at 0.65×. Only 2 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Packaging - Films company has the strongest balance sheet?

Garware Hi Tech Films Ltd carries the lowest comparable gross debt at ₹16 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Packaging - Films stock has the strongest price momentum?

Garware Hi Tech Films Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Packaging - Films company scores highest for research priority?

Garware Hi Tech Films Ltd scores 62.8 out of 100 with 97% evidence confidence, from 12 points on growth and earnings, 19.2 on capital efficiency, 11.6 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Packaging - Films companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Packaging - Films sector?

The 3 Packaging - Films companies on this page carry ₹20,213 crore of combined market value. Garware Hi Tech Films Ltd is the largest at ₹16,037 crore, about 79% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

How is the Packaging - Films sector performing?

2 of the 3 covered Packaging - Films companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.