Garware Hi-Tech Films Partners with Lubrizol to Launch TPU Film Solutions

Garware Hi-Tech Films saw a 2.46% increase in its share price, closing at Rs 6,521.75, following the announcement of a strategic partnership with Lubrizol. The collaboration aims to develop and produce thermoplastic polyurethane (TPU)-based film solutions within India, marking a significant advancement in the company’s product offerings.

Lubrizol brings its expertise in TPU technology and materials science, while Garware contributes its strong engineering, processing, and manufacturing capabilities. Together, the two companies intend to create and commercialize TPU film products tailored for a range of sectors including automotive, architectural, industrial, electronics, and other specialized applications.

This joint venture is also set to enhance backward integration for Garware’s premium paint protection film (PPF) segment. To support this, Garware plans to establish a dedicated TPU film extrusion facility, targeted to be operational by December 2026. This new platform will bolster the company’s manufacturing infrastructure and product development capabilities.

The investment for the TPU extrusion platform is projected at approximately Rs 118 crore, with around 25% of these funds allocated specifically for new product development and advancing technology capabilities. Once operational, the facility is expected to elevate Garware’s PPF manufacturing capacity to over 600 lakh square feet (LSF).

By developing in-house TPU extrusion capabilities, Garware aims to gain greater control over a critical raw material for its PPF business. This move is anticipated to enhance product consistency, improve manufacturing efficiency, and strengthen supply chain resilience by reducing reliance on imported TPU films. The company estimates that these improvements will increase its consolidated EBITDA margins by 150 to 200 basis points.

Garware Hi-Tech Films is a well-established manufacturer specializing in sun control window films for both architectural and automotive uses. The company also produces paint protection films and premium biaxially oriented polyethylene terephthalate (BOPET) films used in labeling and industrial applications. Garware’s products reach customers in more than 90 countries worldwide, reflecting its extensive global footprint.

Financially, the company reported strong first-quarter results for the fiscal year ending June 2026. On a consolidated basis, net profit surged by 59.78% to Rs 132.65 crore, while net sales increased by 27.90% to Rs 633.08 crore compared to the same quarter in 2025. These figures highlight the company’s robust growth trajectory and operational strength.

The partnership with Lubrizol represents a strategic effort within the specialty films industry to leverage advanced materials technology for new product innovations. Thermoplastic polyurethane films are valued for their versatility, durability, and performance characteristics, making them suitable for a variety of demanding applications. Garware’s move to build domestic TPU extrusion capabilities aligns with broader industry trends emphasizing supply chain security and localized production.

As demand for high-performance films grows across automotive, construction, and electronics sectors, this collaboration positions Garware Hi-Tech Films to meet evolving market needs more effectively. The enhanced manufacturing platform and expanded product portfolio will likely support the company’s continued expansion in key markets.