Garware Technical Fibres Share price and Fundamental Analysis

Company History

Garware Technical Fibres Limited (GTFL) was incorporated on 1st April 1976 in Mumbai. The Company is a leading manufacturer of technical textiles catering to both domestic and international markets. It provides innovative solutions in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics, and geo-synthetics. It has products manufacturing facilities at Wai and Pune, in Western Maharashtra and markets the same in more than 75 countries globally. Presently, it is engaged in manufacturing and selling various products such as Ropes, Twines, Yarn, Fishnet, Other Nets and Technical Textiles.

Incorporated on 1 Apr.'76 in Bombay, Garware-Wall Ropes was promoted by Garware Filament Corporation and Wall Ind. Inc, US. In 1987, Wall Ind. divested its shareholding which was taken up by the promoters. The company came out with a rights issue in Nov.'95 to part-finance the manufacture of synthetic cordage and fishnet webbings at Wai and the expansion of its capacity in Pune.

The company entered into a technical collaboration with Toyo Kogyo, Japan, to manufacture fishnet webbing machines. It has decided to set up a subsidiary in the US. The company finalised a joint venture with a Danish company to set up a 100% EOU to manufacture braided wires. It has decided to diversify into the manufacture of heat-resistant rubber tension tapes and threads used in the garment industry. A plant at Manchester belonging to Rotunda, UK, is being dismantled and will be re-erected in Wai by Mar.'96.

In domestic market, Company concerted efforts in reaching out to the end-users have not only resulted in the imporvement of market share, but also enhanced the brand equity enjoyed by the Company products. Company has opened branch office in USA which enable to obtain a strong foothold in the growth American market.

The company has been awarded the Top Exporter Awards for the year 1998-99 during 1999-2000, both in 'Fishnets/Fishing Line' and 'Ropes' by The Plastics Export Promotion Council'. The company has planned to develop Raschel nets for fish farming.

During the year 2001, Company received Certificate of Export Excellence in Sports Goods Exports category from The Sports Goods Export Promotion Council, New Delhi.

During the year 2002, as a part of investment rationalization process, Company has disinvested 23,00,000 shares of Garware Elastomerics Limited (GEL) an associate company of its Group.

Consequent upon the application for delisting of the Company's Equity Shares, the Company was granted delisting permission from the Stock Exchange at Ahmedabad effective from 2nd January, 2006.

In FY2011-12, apart from launching solutions for the Company's existing business segments like fishing, aquaculture, infrastructure and defence, it further ventured into two new business segments, agritech and coated fabrics.

Garware Environmental Services Private Ltd., has become a wholly-owned subsidiary of the Company, with effect from 28th November, 2012.

In FY 2012-13, the Company executed orders for woven geo-textile bags in Singapore and secured first order from UK for composite geo-textile tubes. As an established and well-known player in North America and Europe, it expanded footprint in South Asia, the Far East, South America and Australia.

In FY 2013-14, the Company expanded the range, with the launch of insect-protection nets, which prevent infestation by thrips and other insects that damage crops of horticulturists and other farmers. It expanded application range, introducing a multi-purpose, multi-benefit product for users of tents and pandals called 'Guru Max'.

During the FY 2019-20, the Company incorporated a subsidiary named as Garware Technical Fibres USA INC. (GTF USA INC) in the State of Washington, United State of America. Garware Technical Fibres Chile SpA, was incorporated as a Wholly Owned Subsidiary (WOS) of the Company in Republic of Chile to expand its presence in Chilean Market. In 2021, it incorporated a Wholly Owned Subsidiary, Garware Technical Textile Private Limited (GTTPL). In 2022, it incorporated a Wholly Owned Subsidiary, Garware Technical Fibres Foundation.

In FY 2022-23, the Company strengthened its relations with one of the largest producers of farmed salmon in Europe. While aquaculture salmon accounts for a large part of global fish sales, it made notable inroads into markets for other high-value farmed fish as well. To service international customers more efficiently, the Company expanded its teams in America and Europe. Among the GTFL solutions that garnered high market interest were Sapphire CFR, a new-age predator net; X18, a stiff predator net that combines superior protection with ease of handling; energy-efficient Garflow fishing nets; and X12, a non-pharmacological shield that prevents sea lice from entering salmon aquaculture cages. Positive market feedback was also received for SNG, a braided bottomtrawling HDPE net that has high strength and abrasion resistance, thus enhancing trawl life and reducing fuel bills. On the domestic front, a project executed in FY 22-23 was for the protection of the Kargil-Zanskar highway in Ladakh from avalanches, which involved the complex design and installation of barriers in the avalanche zone, using technical guidelines developed by the Swiss Federal Institute for Snow and Avalanche Research. Another major project executed in the year was the scientific closure and capping of a hazardous waste landfill in Central India. The Company's geo-textile bags and geo-textile containers for protection of coastlines and infrastructure of ports and harbours also drew positive interest internationally.