Shares of Garware Polyester edged higher by 8 per cent to Rs 366, hitting a multi-year high on the BSE, in the intra-day trade on Friday after the company said it became the first paint protection films (PPF) manufacturer in India. The firm sees Rs 300 crore incremental revenue by financial year (FY) 2023 on the back of its entry into the PPF segment.
The stock of the flagship company of the Garware Group and a leading player in specialty polyester films in India was trading at its highest level since November 1994, the BSE data show. It hit an all-time high of Rs 515 on June 17, 1994. In the past two days, the stock has rallied 14 per cent.
Garware Polyester on Thursday said that it has commenced the production of PPF for automobile paint protection. Currently, PPPF has an estimated global market size of $500 million and is dominated by global giants like 3M, Llumar (from Eastman), XPEL etc.
“With no major domestic manufacturing competition, the company estimates PPF to contribute 20 per cent of FY23 revenue estimated at an incremental Rs 300 crore. The GPL PPF will also be more competitively priced than those available in the Indian market today, as it is manufactured in GPL’s highly efficient, integrated manufacturing set-up,” the company said in a press release.
Paint Protection Film is designed to give automobile paint coatings the highest level of protection and impact resistance, and these films are clear, self-healing Paint Protection Films. This extends the life of the paint coating on vehicles and has self-healing properties. The PPF is manufactured using a specially formulated Thermoplastic Polyurethane film (TPU), which offers high reliability and consistent performance. The highly specialized film protects the vehicle’s paint from scratches, dents and damage caused by road debris and rocks, as well as from environmental elements, through its force-dissipation properties, the company added.