Packaging Film Stocks and Companies in India

The largest Packaging Film stocks in India by market value are Garware Hi Tech Films (₹17,726 crore), XPRO India (₹2,589 crore) and Ester Industries (₹924 crore), at prices of 4 Nov 2026.

• Garware Hi Tech Films: ₹6,983.30 | market value ₹17,726 crore | P/E 41.6
• XPRO India: ₹1,103.30 | market value ₹2,589 crore | P/E 79.3
• Ester Industries: ₹88.56 | market value ₹924 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Packaging - Films companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Packaging - Films index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Garware Hi Tech Films Ltd₹17,700 cr
2. XPRO India Ltd₹2,370 cr
3. Ester Industries Ltd₹922 cr

3 Packaging Film companies in the Packaging - Films industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Garware Hi Tech Films (₹17,726 crore) and the smallest with a market value is Ester Industries.

Download all 3 Packaging Film companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 17% ahead of NIFTY 500. Earnings across its companies fell 26% on average over the last four reported quarters.

Price up, without the fundamentals confirming. 1 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 3 companies in the industry index above their 200-day average (2 fewer than four weeks earlier); 1 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 2 of the 3 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 2 of 3 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Packaging - Films has done better than the NIFTY 500 by 29.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.8%. Garware Hi Tech Films Ltd is the strongest against the sector itself at +27.3%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 5.1 as of 30 October 2026 (consolidation, falling).

Packaging - Films has done better than the NIFTY 500 by 29.9% over 52 weeks, but is 3.8% behind over the last 13 weeks. 1 of 3 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of the 2 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

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 the strongest one-year price move in Packaging - Films at +104.4%. It also leads on relative strength against the NIFTY, at +41.6%. 1 of 3 companies we track is ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Packaging - Films itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 3 Packaging - Films companies held a results call for July to September 2026. Garware Hi Tech Films guided: FY27 revenue above ₹2,500 crore reaffirmed; FY28 goal above ₹3,000 crore.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹472 crore in the last 12 months, 6% more than a year before.
• Projects still being built shrank 14% in a year.
• 1 Packaging - Films call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Packaging - Films companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Packaging - Films figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 5 themes are live here, 2 of them rated high severity.

The sector is currently in a defensive crouch, absorbing significant geopolitical and currency shocks. While the pivot to value-added products and geographical expansion offers a path to recovery, the immediate outlook remains constrained by the 50% U.S. tariff regime and margin compression.

The Packaging Films sector is navigating a period of intense external pressure, characterized by a 50% U.S. tariff structure and significant foreign exchange volatility. In Q3 FY26, the sector saw a synchronized decline in profitability, with PAT falling between 8.2% and 9.78% YoY across the analyzed constituents.

How old this read is: OLD: this read comes from our Packaging - Films sector brief dated 19 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Packaging - Films sector brief, 19 Apr 2026 · company earnings-call transcripts.

Garware Hi Tech Films Ltd has the highest Revenue among the 3 Packaging - Films companies compared here, at ₹2,385 crore. Ester Industries Ltd is next at ₹1,469 crore. The same company also has the highest Revenue growth, at 14.7%. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Garware Hi Tech Films Ltd is the largest at ₹2,385 crore, 62.4% ahead of Ester Industries Ltd. Garware Hi Tech Films Ltd's growth is 14.7% from a ₹2,385 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Garware Hi Tech Films Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Garware Hi Tech Films Ltd's revenue growth slows for two consecutive comparable reports while its 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Garware Hi Tech Films Ltd has the highest OPM among the 3 Packaging - Films companies compared here, at 24%. Ester Industries Ltd is next at 11%. XPRO India Ltd has the highest Margin change at +10.8 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Garware Hi Tech Films Ltd leads opm at 24%; XPRO India Ltd leads margin change at +10.8 percentage points.

What this means: Garware Hi Tech Films Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Garware Hi Tech Films Ltd has the highest Net profit among the 3 Packaging - Films companies compared here, at ₹426 crore. XPRO India Ltd is next at ₹33 crore. The same company also has the highest Profit growth, at 36.1%. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Garware Hi Tech Films Ltd earns the most, ₹426 crore of profit over the last 12 months, 13× the profit of XPRO India Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Garware Hi Tech Films Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Garware Hi Tech Films Ltd has the highest ROCE among the 3 Packaging - Films companies compared here, at 18.1%. XPRO India Ltd is next at 3.8%. The same company also has the highest ROCE change, at +2.2 percentage points. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Garware Hi Tech Films Ltd leads ROCE at 18.1%, 14.3 percentage points above XPRO India Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Garware Hi Tech Films Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Garware Hi Tech Films Ltd has the lowest PEG among the 3 Packaging - Films companies compared here, at 2.09×. XPRO India Ltd is next at 4.64×. The same company also has the lowest P/E, at 41.6×. 2 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Garware Hi Tech Films Ltd has the lowest comparable PEG at 2.09×, 55% below XPRO India Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Packaging - Films companies show up on 3 of our India lists. The most are on the momentum stocks list (1 company).

This Packaging - Films comparison names 5 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 of the 5 ranked sections has fewer than three usable current readings. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• Thin comparisons: Valuation have fewer than three usable current readings.

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 Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 23 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.