# Packaging - Films — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/3
Stocks leading sector: 1/3

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

Companies: 3
Combined market value: ₹20.2K Cr

## 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.

1. Garware Hi Tech Films Ltd (GRWRHITECH): 63/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 12.0/35 | Capital efficiency 19.2/25 | Valuation 11.6/20 | Relative strength 20.0/20
   - 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.
2. XPRO India Ltd (XPROINDIA): 42/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 11.5/35 | Capital efficiency 11.2/25 | Valuation 5.0/20 | Relative strength 14.0/20
   - 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.
3. Ester Industries Ltd (ESTER): 26/100 — Adverse evidence; evidence 71%
   - Growth & earnings 7.0/35 | Capital efficiency 5.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Garware Hi Tech Films Ltd · ₹2,121 crore | 54.2% versus #2 · Ester Industries Ltd | 6/8 recent comparable periods | 3/3 companies · 54 observations

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

### Revenue — largest
1. Garware Hi Tech Films Ltd (GRWRHITECH): ₹2.1K Cr
2. Ester Industries Ltd (ESTER): ₹1.4K Cr
3. XPRO India Ltd (XPROINDIA): ₹505 Cr

### Revenue growth — fastest growers
1. Ester Industries Ltd (ESTER): 7.3%
2. Garware Hi Tech Films Ltd (GRWRHITECH): 0.6%
3. XPRO India Ltd (XPROINDIA): -5.8%

### 20-quarter Revenue history
- 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
- 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
- ESTER: 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

### 20-quarter Revenue growth history
- GRWRHITECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 16% | Dec 2022 -3.0% | Mar 2023 7.7% | Jun 2023 2.7% | Sep 2023 0.5% | Dec 2023 40% | Mar 2024 28% | Jun 2024 25% | Sep 2024 56% | Dec 2024 2.6% | Mar 2025 23% | Jun 2025 4.4% | Sep 2025 -8.2% | Dec 2025 -1.5% | Mar 2026 8.9%
- XPROINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 5.5% | Dec 2022 -16% | Mar 2023 -13% | Jun 2023 -18% | Sep 2023 -18% | Dec 2023 3.2% | Mar 2024 3.2% | Jun 2024 6.1% | Sep 2024 22% | Dec 2024 9.4% | Mar 2025 23% | Jun 2025 4.3% | Sep 2025 -10% | Dec 2025 1.0% | Mar 2026 -15%
- ESTER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39% | Mar 2024 -6.1% | Jun 2024 11% | Sep 2024 27% | Dec 2024 29% | Mar 2025 15% | Jun 2025 18% | Sep 2025 7.0% | Dec 2025 -1.9% | Mar 2026 7.7%

## Operating Economics & Margin Trend

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

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.

Evidence: Garware Hi Tech Films Ltd · 23% | 88.5% versus #2 · Ester Industries Ltd | 4/8 recent comparable periods | 3/3 companies · 60 observations

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

### OPM — highest
1. Garware Hi Tech Films Ltd (GRWRHITECH): 23%
2. Ester Industries Ltd (ESTER): 12%
3. XPRO India Ltd (XPROINDIA): 12%

### Margin change — fastest expanders
1. XPRO India Ltd (XPROINDIA): +6.0 pp
2. Garware Hi Tech Films Ltd (GRWRHITECH): +4.0 pp
3. Ester Industries Ltd (ESTER): +0.8 pp

### 20-quarter OPM history
- GRWRHITECH: Jun 2021 19% | Sep 2021 17% | Dec 2021 19% | Mar 2022 17% | Jun 2022 17% | Sep 2022 17% | Dec 2022 14% | Mar 2023 15% | Jun 2023 17% | Sep 2023 16% | Dec 2023 17% | Mar 2024 18% | Jun 2024 25% | Sep 2024 22% | Dec 2024 17% | Mar 2025 19% | Jun 2025 22% | Sep 2025 21% | Dec 2025 15% | Mar 2026 23%
- XPROINDIA: Jun 2021 12% | Sep 2021 14% | Dec 2021 16% | Mar 2022 12% | Jun 2022 14% | Sep 2022 14% | Dec 2022 14% | Mar 2023 16% | Jun 2023 15% | Sep 2023 14% | Dec 2023 16% | Mar 2024 13% | Jun 2024 12% | Sep 2024 10% | Dec 2024 10% | Mar 2025 6.0% | Jun 2025 -2.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 12%
- ESTER: Jun 2021 19% | Sep 2021 14% | Dec 2021 15% | Mar 2022 17% | Jun 2022 18% | Sep 2022 7.7% | Dec 2022 -1.0% | Mar 2023 3.4% | Jun 2023 0.0% | Sep 2023 -3.9% | Dec 2023 -7.3% | Mar 2024 2.2% | Jun 2024 3.9% | Sep 2024 12% | Dec 2024 17% | Mar 2025 11% | Jun 2025 6.0% | Sep 2025 4.0% | Dec 2025 4.9% | Mar 2026 12%

### 20-quarter Margin change history
- 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 2024 0.0 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
- 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 2025 0.0 pp | Mar 2026 +6.0 pp
- ESTER: 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

## Profit Scale & Acceleration

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.

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.

Evidence: Garware Hi Tech Films Ltd · ₹338 crore | 16.9× versus #2 · XPRO India Ltd | 5/8 recent comparable periods | 3/3 companies · 54 observations

Definition: 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 profit — largest
1. Garware Hi Tech Films Ltd (GRWRHITECH): ₹338 Cr
2. XPRO India Ltd (XPROINDIA): ₹20 Cr
3. Ester Industries Ltd (ESTER): ₹-28 Cr

### Profit growth — fastest growers
1. Garware Hi Tech Films Ltd (GRWRHITECH): 2.1%
2. XPRO India Ltd (XPROINDIA): -47%
3. Ester Industries Ltd (ESTER): -80%

### 20-quarter Net profit history
- 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
- 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
- ESTER: 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

### 20-quarter Profit growth history
- GRWRHITECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 12% | Dec 2022 -30% | Mar 2023 -4.4% | Jun 2023 -2.2% | Sep 2023 -4.2% | Dec 2023 87% | Mar 2024 35% | Jun 2024 100% | Sep 2024 126% | Dec 2024 8.9% | Mar 2025 34% | Jun 2025 -5.7% | Sep 2025 -13% | Dec 2025 -8.2% | Mar 2026 38%
- XPROINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 280% | Sep 2022 45% | Dec 2022 -46% | Mar 2023 -76% | Jun 2023 -42% | Sep 2023 -44% | Dec 2023 70% | Mar 2024 200% | Jun 2024 27% | Sep 2024 11% | Dec 2024 -36% | Mar 2025 -42% | Jun 2025 -136% | Sep 2025 -50% | Dec 2025 0.0% | Mar 2026 86%
- ESTER: 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 2026 302%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: 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.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Garware Hi Tech Films Ltd · ₹16 crore | 95.1% versus #2 · XPRO India Ltd | 8/8 recent comparable periods | 3/3 companies · 60 observations

Definition: 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 debt — lowest gross debt
1. Garware Hi Tech Films Ltd (GRWRHITECH): ₹16 Cr
2. XPRO India Ltd (XPROINDIA): ₹325 Cr
3. Ester Industries Ltd (ESTER): ₹729 Cr

### Net debt — lowest net debt
1. Garware Hi Tech Films Ltd (GRWRHITECH): ₹-758 Cr
2. XPRO India Ltd (XPROINDIA): ₹27 Cr
3. Ester Industries Ltd (ESTER): ₹570 Cr

### 20-quarter Gross debt history
- 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
- 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
- ESTER: 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

### 20-quarter Net debt history
- 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
- 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
- ESTER: 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

## Return On Capital Employed

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.

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.

Evidence: Garware Hi Tech Films Ltd · 18% | 376.2% versus #2 · XPRO India Ltd | 5/8 recent comparable periods | 3/3 companies · 44 observations

Definition: 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.

### ROCE — highest
1. Garware Hi Tech Films Ltd (GRWRHITECH): 18%
2. XPRO India Ltd (XPROINDIA): 3.8%
3. Ester Industries Ltd (ESTER): 2.8%

### ROCE change — fastest improvers
1. XPRO India Ltd (XPROINDIA): −1.6 pp
2. Garware Hi Tech Films Ltd (GRWRHITECH): −2.1 pp
3. Ester Industries Ltd (ESTER): −4.7 pp

### 20-quarter ROCE history
- GRWRHITECH: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 9.9% | Dec 2023 13% | Mar 2024 12% | Jun 2024 17% | Sep 2024 16% | Dec 2024 20% | Mar 2025 16% | Jun 2025 20% | Sep 2025 15% | Dec 2025 17% | Mar 2026 14%
- XPROINDIA: Jun 2021 — | Sep 2021 24% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 15% | Dec 2023 22% | Mar 2024 9.2% | Jun 2024 16% | Sep 2024 7.4% | Dec 2024 13% | Mar 2025 4.8% | Jun 2025 4.9% | Sep 2025 3.8% | Dec 2025 3.5% | Mar 2026 3.2%
- ESTER: Jun 2021 — | Sep 2021 26% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.5% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 — | Sep 2023 -4.7% | Dec 2023 -4.8% | Mar 2024 -7.3% | Jun 2024 -4.5% | Sep 2024 -2.4% | Dec 2024 5.3% | Mar 2025 6.7% | Jun 2025 8.7% | Sep 2025 5.3% | Dec 2025 3.0% | Mar 2026 2.0%

### 20-quarter ROCE change history
- 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
- 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
- ESTER: 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

## Valuation Against Growth & Quality

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.

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.

Evidence: Garware Hi Tech Films Ltd · 0.65× | 85.9% versus #2 · XPRO India Ltd | 0/8 recent comparable periods | 2/3 companies · 12 observations

Definition: 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 PEG — lowest PEG
1. Garware Hi Tech Films Ltd (GRWRHITECH): 0.7
2. XPRO India Ltd (XPROINDIA): 4.6

### P/E — lowest P/E
1. Garware Hi Tech Films Ltd (GRWRHITECH): 47.4
2. XPRO India Ltd (XPROINDIA): 170.0

### 20-quarter Guarded PEG history
- GRWRHITECH: Jun 2021 0.4 | Sep 2021 — | Dec 2021 — | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 0.7 | Dec 2024 4.5 | Mar 2025 0.9 | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 0.7
- 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 2024 2.1 | Mar 2025 4.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- GRWRHITECH: Jun 2021 16.6 | Sep 2021 14.7 | Dec 2021 12.2 | Mar 2022 11.2 | Jun 2022 9.4 | Sep 2022 10.0 | Dec 2022 8.4 | Mar 2023 7.2 | Jun 2023 12.4 | Sep 2023 20.6 | Dec 2023 20.0 | Mar 2024 21.5 | Jun 2024 26.8 | Sep 2024 33.4 | Dec 2024 39.6 | Mar 2025 29.4 | Jun 2025 29.3 | Sep 2025 21.5 | Dec 2025 23.3 | Mar 2026 25.5
- XPROINDIA: Jun 2021 25.2 | Sep 2021 23.2 | Dec 2021 35.0 | Mar 2022 48.7 | Jun 2022 28.4 | Sep 2022 20.1 | Dec 2022 18.9 | Mar 2023 20.9 | Jun 2023 32.3 | Sep 2023 49.7 | Dec 2023 61.8 | Mar 2024 61.1 | Jun 2024 44.7 | Sep 2024 50.2 | Dec 2024 68.9 | Mar 2025 57.0 | Jun 2025 69.8 | Sep 2025 136.5 | Dec 2025 165.3 | Mar 2026 187.9
- ESTER: Jun 2021 8.1 | Sep 2021 8.7 | Dec 2021 8.9 | Mar 2022 10.0 | Jun 2022 10.0 | Sep 2022 13.8 | Dec 2022 12.9 | Mar 2023 13.8 | Jun 2023 82.3 | Sep 2023 80.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -18.0 | Dec 2024 -119.7 | Mar 2025 82.7 | Jun 2025 88.8 | Sep 2025 45.1 | Dec 2025 214.2 | Mar 2026 190.0

## Enterprise Value & Book Value

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

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.

Evidence: Ester Industries Ltd · 13× | 22.2% versus #2 · Garware Hi Tech Films Ltd | 0/8 recent comparable periods | 3/3 companies · 58 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Ester Industries Ltd (ESTER): 13.0
2. Garware Hi Tech Films Ltd (GRWRHITECH): 16.7
3. XPRO India Ltd (XPROINDIA): 61.8

### P/BV — lowest P/BV
1. Ester Industries Ltd (ESTER): 1.1
2. XPRO India Ltd (XPROINDIA): 4.3
3. Garware Hi Tech Films Ltd (GRWRHITECH): 6.0

### 20-quarter EV/EBITDA history
- GRWRHITECH: Jun 2021 9.4 | Sep 2021 8.4 | Dec 2021 7.3 | Mar 2022 6.8 | Jun 2022 5.9 | Sep 2022 6.5 | Dec 2022 5.5 | Mar 2023 4.8 | Jun 2023 7.9 | Sep 2023 12.8 | Dec 2023 11.9 | Mar 2024 13.3 | Jun 2024 17.2 | Sep 2024 21.6 | Dec 2024 26.4 | Mar 2025 19.4 | Jun 2025 19.4 | Sep 2025 14.1 | Dec 2025 15.2 | Mar 2026 16.7
- XPROINDIA: Jun 2021 8.6 | Sep 2021 12.9 | Dec 2021 20.1 | Mar 2022 29.4 | Jun 2022 20.5 | Sep 2022 15.4 | Dec 2022 15.3 | Mar 2023 17.3 | Jun 2023 20.1 | Sep 2023 29.3 | Dec 2023 28.3 | Mar 2024 31.0 | Jun 2024 28.1 | Sep 2024 27.4 | Dec 2024 40.3 | Mar 2025 31.3 | Jun 2025 34.7 | Sep 2025 56.6 | Dec 2025 57.8 | Mar 2026 61.8
- ESTER: Jun 2021 6.0 | Sep 2021 5.8 | Dec 2021 5.8 | Mar 2022 6.3 | Jun 2022 5.9 | Sep 2022 9.5 | Dec 2022 8.7 | Mar 2023 8.8 | Jun 2023 14.4 | Sep 2023 30.0 | Dec 2023 29.4 | Mar 2024 — | Jun 2024 — | Sep 2024 62.4 | Dec 2024 40.3 | Mar 2025 13.5 | Jun 2025 11.7 | Sep 2025 9.5 | Dec 2025 11.1 | Mar 2026 13.0

### 20-quarter P/BV history
- GRWRHITECH: Jun 2021 1.5 | Sep 2021 1.4 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 1.2 | Sep 2023 1.8 | Dec 2023 1.7 | Mar 2024 2.1 | Jun 2024 2.9 | Sep 2024 4.0 | Dec 2024 5.4 | Mar 2025 4.1 | Jun 2025 4.8 | Sep 2025 3.0 | Dec 2025 2.9 | Mar 2026 3.1
- XPROINDIA: Jun 2021 2.5 | Sep 2021 6.6 | Dec 2021 10.5 | Mar 2022 17.1 | Jun 2022 7.5 | Sep 2022 5.8 | Dec 2022 5.9 | Mar 2023 6.9 | Jun 2023 8.2 | Sep 2023 8.2 | Dec 2023 6.2 | Mar 2024 6.7 | Jun 2024 7.6 | Sep 2024 4.4 | Dec 2024 5.8 | Mar 2025 4.5 | Jun 2025 4.7 | Sep 2025 4.2 | Dec 2025 3.4 | Mar 2026 3.5
- ESTER: Jun 2021 3.8 | Sep 2021 2.5 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.0

## 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.

### Strongest one-year price performers
1. Garware Hi Tech Films Ltd (GRWRHITECH): 88%
2. XPRO India Ltd (XPROINDIA): 12%
3. Ester Industries Ltd (ESTER): -28%

### Strongest relative strength versus NIFTY 500
1. Garware Hi Tech Films Ltd (GRWRHITECH): 69%
2. XPRO India Ltd (XPROINDIA): 27%
3. Ester Industries Ltd (ESTER): -13%

## What can make this comparison misleading?
- 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.

## Every company
- Garware Hi Tech Films Ltd (GRWRHITECH) — market value ₹16.0K Cr; latest fundamentals Mar 2026
- XPRO India Ltd (XPROINDIA) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Ester Industries Ltd (ESTER) — market value ₹923 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 0. Graded companies: 3.

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.

- UNVERIFIED | ESTER | Ester Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/packaging-films