Garware Hi-Tech Films Signs MoU With Lubrizol; Shares Rise 1.96%

Mumbai, September 23: Garware Hi-Tech Films has signed a Memorandum of Understanding with Lubrizol to develop and manufacture advanced TPU-based film solutions in India, with the company planning a ₹118 crore investment in new product development and manufacturing capabilities.

According to the exchange disclosure, the partnership will combine Lubrizol’s thermoplastic polyurethane (TPU) technology and material science expertise with Garware Hi-Tech Films’ engineering, processing and manufacturing capabilities.

The companies will work on premium paint protection film (PPF) and other specialty TPU film applications, with potential use across automotive, architectural, industrial, electronics and other high-value segments.

The collaboration is also expected to help Garware Hi-Tech Films build a technology-led TPU product platform in India. The company said the initiative will support product development, prototyping and commercialisation while reducing its dependence on imported TPU films.

Stock Market Snapshot

Garware Hi-Tech Films shares were trading at ₹6,491.50 as of 11:12 AM IST on September 23, 2026, up ₹125, or 1.96%, according to the market data shown.

The stock was under pressure through the morning and slipped towards ₹6,250 before changing direction sharply around 10:20 AM. It then moved above ₹6,400 and climbed to levels above ₹6,600 before easing back.

The Garware Hi-Tech Films share price was at ₹6,491.50 at the latest quoted time, with the stock still holding a gain of 1.96%.

₹118 Crore Investment Planned For TPU Manufacturing

Garware Hi-Tech Films said the TPU initiative is backed by an investment of ₹118 crore in advanced TPU film extrusion and manufacturing capabilities. Nearly 25% of this investment is expected to be directed towards new product development and technology capabilities.

The dedicated TPU extrusion facility is expected to be operational by December 2026. The company also plans to expand its PPF manufacturing capacity to more than 600 lakh square feet.

By bringing TPU extrusion in-house, Garware Hi-Tech Films expects greater control over an important raw material for its premium PPF business. The company said this could improve product consistency, manufacturing efficiency and supply-chain resilience.

The integration of TPU processing with PPF manufacturing is also expected to support faster product development and commercialisation. Garware Hi-Tech Films said the initiative is expected to strengthen the economics of its PPF business and support an incremental improvement in consolidated EBITDA margins of 150-200 basis points.

Garware Hi-Tech Films Targets New Specialty Film Applications

The new TPU platform is expected to widen Garware Hi-Tech Films’ addressable market beyond its existing specialty film applications.

The company said the partnership could create opportunities in automotive, architectural, industrial and electronics applications, while supporting the development of new technology-driven product categories in India.

Monika Garware, Joint Managing Director and Vice Chairperson of Garware Hi-Tech Films, said the association with Lubrizol would support the company’s focus on developing high-value specialty films and strengthening its technology capabilities.

Deepak Joshi, Director, Sales & Marketing, GHFL, said the planned ₹118 crore investment is expected to support the company’s move towards new TPU-based products and faster commercialisation.

About Garware Hi-Tech Films And Lubrizol

Garware Hi-Tech Films is a specialty films manufacturer with products including sun-control window films, paint protection films and high-end BOPET films for automotive, architectural and industrial applications.

The company said it has a presence in more than 90 countries and uses vertically integrated manufacturing, nano-dispersion technology and other advanced processes across its product portfolio.

Lubrizol is a Berkshire Hathaway company focused on specialty chemistry. According to the information provided in the company’s release, Lubrizol has more than 100 manufacturing facilities, sales and technical offices and over 7,000 employees globally.

The MoU brings Lubrizol’s TPU technology and material science capabilities together with Garware Hi-Tech Films’ existing manufacturing platform, with localisation and new product development forming key parts of the collaboration.

Conclusion

Garware Hi-Tech Films has entered into an MoU with Lubrizol to develop and manufacture advanced TPU-based film solutions, including premium paint protection films and specialty products for automotive, industrial, architectural and electronics applications.

The company plans to invest ₹118 crore in TPU film extrusion and manufacturing capabilities, with the dedicated facility expected to be operational by December 2026. Garware Hi-Tech Films shares were trading at ₹6,491.50, up 1.96%, as of 11:12 AM IST on September 23, 2026.

Source:

• https://www.nseindia.com/get-quote/equity/GRWRHITECH/Garware-Hi-Tech-Films-Limited
• https://nsearchives.nseindia.com/corporate/GRWRHITECH_23092026102246_Reg_-_30_-_Press_Release.pdf